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the lower the delta. In-the-money options have deltas generally above 50, while out-of-the-money options have deltas below 50. 4. Name two ways of creating a delta neutral trade with ATM options if you are buying 100 shares of stock. Answer: Buy two ATM puts or sell two ATM calls. Discussion: One hundred shares of stock equals +100 deltas, so we need to create a combination of options that equal 100 deltas. The easiest way to create 100 deltas is to sell two ATM calls or to buy two ATM puts. Though the delta might not be exactly 100, using ATM options will make the delta close enough to this gure. 5. Name two ways of creating a delta neutral trade with ATM options if you are selling 100 shares of stock. Answer: Buy two ATM calls or sell two ATM puts. Discussion: To offset 100 deltas that comes from selling the stock, you can buy two ATM calls or sell two ATM puts to bring in +100 delta. The idea is that anything bullish creates a positive delta and anything bearish creates a negative delta. 6. By purchasing futures and buying puts, a U-shaped risk graph is created that re ects ______________. Answer: D Unlimited pro t potential with limited risk. Discussion: This is the optimal type of risk graph delta neutral traders like to see. Though not all options strategies are created with unlimited reward and limited risk, this is what we strive to achieve. 7. By purchasing stock and selling calls, an upside-down U-shaped risk graph is created that re ects the trade s ______________. Answer: B Limited pro t potential with unlimited risk. Discussion: An upside-down U is exactly the opposite of what delta neutral traders want to see, as it shows unlimited risk and limited pro ts. Though this type of trade might be pro table most of the time, it takes only one trade that goes wrong to erase an entire trading account. 8. By selling 100 XYZ shares and buying two ATM calls, what kind of risk curve are you creating Answer: A U-shaped risk curve with unlimited pro t potential and limited risk.
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The vast majority of viruses are found in mass-market products such as PCs and Macs. However, the defense computer community was shocked when Fred Cohen used viruses to penetrate multilevel secure systems easily in 1983. In his first experiment, a file virus which took only eight hours to penetrate a system previously believed to be multilevel secure [192]. There are a number of ways in which viruses and other malicious code can be used to perform such attacks. If the reference monitor (or other TCB components) can be corrupted, a virus could deliver the entire system to the attacker, for example by issuing him with an unauthorized clearance. This is why slightly looser rules apply to closed security environments. But even if the TCB remains intact, the virus could still use any available covert channel to signal information down. In many cases, a TCB will provide some protection against viral attacks, as well as against careless disclosure by users or application software which is often more important than malicious disclosure. However, the main effect of viruses on military doctrine has been to strengthen the perceived case for multilevel security. The argument goes that, even if personnel can be trusted, one cannot rely on technical measures short of total isolation to prevent viruses moving up the system, so one must do whatever is reasonably possible to stop them signalling back down.
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In 33, you saw an example of the simplest of these options: exporting all the tables in an Access 2010 application to a SharePoint site as SharePoint lists. The newly created lists were then linked back to the Access application. Simply moving the Access tables to SharePoint resolves one of the major complaints about Access. Moving tables into a managed application like SharePoint means that the tables are professionally backed up, protected by SharePoint s security system, and accessible to authorized SharePoint users. The same protection is obtained by upsizing to SQL Server (as described in 38), but most users are prohibited from viewing or working with the data in a SQL Server database. The second way to publish an Access database to SharePoint is using the enhanced table exporting technique. This method duplicates the first several steps outlined in 33 but carries the process one important step further:
Figure 20-4: Changing hair properties can drastically alter the hair s look from normal to frizz, kink, and multi-strand.
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