Max Osbon

Personal Finance, Retirement, Investing
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“Max Osbon, Partner of Osbon Capital Management, wants to make the most of what his clients have saved for their retirement and he does not want them to outlive their assets.”
Firm:

Osbon Capital Management, LLC

Job Title:

Partner, Investment Advisor

Biography:

Max Osbon, Partner of Osbon Capital Management, shares responsibility with his partner, John, for all investment decisions including security selection, allocation, and risk assessment for clients on a case-by-case custom basis. Osbon Capital is 100% owned by the Osbon family and is its sole investment vehicle.

Max earned full Osbon Capital partnership status in 2014 with the goal of building it for the next generation.

Previously, he worked for Bloomberg L.P. in NYC leading the coverage of the Goldman Sachs account. He left voluntarily after three years for a self funded six month trip in the southern hemisphere, writing neverinamerica.com along the way.

Max Osbon began contributing to Osbon Capital in 2007 as a sophomore in college, doing analysis and special projects. He proceeded by turning an internship at Bloomberg into subsequent employment and a quick advancement to a competitive sales position. A landmark event for Osbon Capital occurred when Max Osbon joined Osbon Capital as a partner in 2013.

He has a B.S. in mathematics and a B.A. in finance from Santa Clara University, graduating top in his class by number of class credits.

Max participates annually in the Wall Street Decathlon, benefiting Memorial Sloan-Kettering Cancer Research. He is a Young Partner of Boston Ballet with a focus on event planning and audience building for that organization. Previous volunteer activities have included Advisory Board member for the Design Museum of Boston, and fundraising for the Boys & Girls Club of Boston.

Max resides in the Fort Point area in Boston.

Education:

BA, BS, Finance and Mathematics , Santa Clara University

CRD Number:

6244193

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All Answers
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    Personal Finance, Stocks
What are the ramifications of selling a covered call?

Yes, that's naked selling. If you do that, you will now be at unlimited liability, meaning you could lose more than 100%. Unless you're approved, most brokerages won't allow you to sell naked calls. There are many ruinous stories of naked call sellers losing their shirts.

You wouldn't want to sell in the money call options on your underlying because you'd be locking in a loss. With that math, you'd have to give the shares to the owner of the options at $82, not the current market value of $84.5. Yes, you'd earn the premium at $2.20/share. That means you'd get $82 + $2.20 = $84.20. So, you're looking at an immediate loss of -$.30/share. Not what you intended.

Covered call writing typically looks like this; Stock at 84.5, write calls 10-20% out of the money, so $95 or $100 strike. Earn the premium and hope the stock doesn't go up more than your strike. In 2013, lots of ETF investors were really disappointed that they capped their gains at 10-20% when their ETFs went up 30%. Personally, I'm not a fan of covered call writing, especially now when volatility is very low, you won't be compensated enough to make it interesting. I recommend reading all of Nassim Talebs books before you do anything else with options. If you don't really know what you're doing, options markets are the fastest way to lose all of your money. It's worth taking the time to study up. Maybe befriend a few institutional options traders as well. I'm a resource too.

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