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The question stated that: "theta is always negative for long calls and long puts and positive for short calls and short puts" The answer sheet indicated that this statement is correct. However, the review book clearly states ( page 342) that isn't true in some cases for European options...

I would like to get your opinion about the following question/answer Question: Sam Neil, the new quantitative analyst, has been asked by portfolio manager to calculate the portfolio 1-day VAR measure based on the past 100 trading days. What will this be if worst 5 losses in the past 100...