Содержание
- 2. Learning Objectives Set your goals and be ready to invest. Understand how taxes affect your investments.
- 3. Investing Versus Speculating When you buy an investment, you put money in an asset that generates
- 4. Investing Versus Speculating With speculation, assets don’t generate an income return and their value depends entirely
- 5. Investing Versus Speculating Derivative securities derive their value from the value of another asset. Futures -
- 6. Investing Versus Speculating Futures contracts deal with commodities such as oil, soybeans, or corn. It requires
- 7. Investing Versus Speculating Options markets and futures markets are a “zero sum game.” If someone makes
- 8. Setting Investment Goals When you make a plan, you must: Write down your goals and prioritize
- 9. Setting Investment Goals Formalize goals into: Short-term – within 1 year Intermediate-term – 1-10 years Long-term
- 10. Setting Investment Goals Focus on which goals are important by asking: If I don’t accomplish this
- 11. Fitting Taxes into Investing Compare returns on an after-tax basis: Marginal tax is the rate you
- 12. Starting Your Investment Program Tips to Get Started Pay yourself first – set aside savings, so
- 13. Investment Choices Lending Investments Savings accounts and bonds. Debt instruments issued by corporations and the government.
- 14. Lending Investments A savings account pays interest on the balance held in the account. With a
- 15. Ownership Investments Real estate investments in income-producing properties are illiquid. Stocks, or equities, are the most
- 16. Market Interest Rates Interest rates affect the value of stocks, bonds, and real estate. Nominal rate
- 17. What Makes Up Interest Rate Risk? Real risk-free rate of return is what investors receive for
- 18. What Makes Up Interest Rate Risk? Inflation Risk Premium Return above the real rate of return
- 19. What Makes Up Interest Rate Risk? Maturity Risk Premium Additional return demanded by investors on longer-term
- 20. How Interest Rates Affect Returns on Other Investments Expected returns on all investments are related. What
- 21. Look at Risk-Return Trade-Offs Risk is related to potential return. The more risk you assume, the
- 22. Sources of Risk in the Risk-Return Trade-Off Interest Rate Risk – the higher the interest rate,
- 23. Sources of Risk in the Risk-Return Trade-Off Financial Risk – associated with the use of debt
- 24. Sources of Risk in the Risk-Return Trade-Off Market Rate Risk – associated with overall market movements.
- 25. Diversification “Don’t put all your eggs in one basket.” Extreme good and bad returns cancel out,
- 26. Systematic and Unsystematic Risk As you diversify, the variability or risk of the portfolio should decline.
- 27. Systematic and Unsystematic Risk Systematic Risk Market-related or non-diversifiable risk. That portion of a stock’s risk
- 28. How to Measure the Ultimate Risk on Your Portfolio For risk associated with investment returns, look
- 29. How to Measure the Ultimate Risk on Your Portfolio If investment time horizon is long and
- 30. Asset Allocation How your money should be divided among stocks, bonds and other investments. Investors should
- 31. Asset Allocation and Approaching Retirement The Golden Years (Age 55-64) Preserve level of wealth and allow
- 32. Asset Allocation and Approaching Retirement The Retirement Years (Over Age 65) Spending more than saving. Income
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