贵金属投资技术分析英文版28
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贵金属投资技术分析英文版26
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Long vs. Short Position in a Stock – Payoff Diagrams
*An American call option gives the buyer of the option (long call) a
right to buy the underlying asset, at the exercise price, on or before the expiration date
Fi8000 Basics of Options: Calls, Puts
Milind Shrikhande
Derivatives - Overview
Derivative securities are financial contracts that derive their value from other securities.
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贵金属投资技术分析英文版28
voting privileges growth profits maybe dividends Stock splits
STOCKS
Preferred stock – a type of stock that gives the owner the following advantages:
Decision is based on:
Income level Willingness to make your own plan
FINANCIAL PLANNERS
Fee-only planners – charge an hourly rate or percent of the value of the investments they manage
Retained Earnings – profits that a company reinvests, usually for expansion or to conduct research and development.
Investment Liquidity – the ability to buy or sell an investment quickly without substantially reducing its value.
Commission only planners- earn through commissions they make on sales of insurance mutual funds and other investments
CERTIFICATION
CFP – Certified Financial Planner ChFC – Chartered Financial Consultant
STOCKS
Preferred stock – a type of stock that gives the owner the following advantages:
Decision is based on:
Income level Willingness to make your own plan
FINANCIAL PLANNERS
Fee-only planners – charge an hourly rate or percent of the value of the investments they manage
Retained Earnings – profits that a company reinvests, usually for expansion or to conduct research and development.
Investment Liquidity – the ability to buy or sell an investment quickly without substantially reducing its value.
Commission only planners- earn through commissions they make on sales of insurance mutual funds and other investments
CERTIFICATION
CFP – Certified Financial Planner ChFC – Chartered Financial Consultant
贵金属投资技术分析英文版32
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Scientific measurement?
In all scientific endeavours, precision in the definition of the unit of measure has improved
The ONLY exception is economics and, in particular, monetary economics源自Final thoughts
The present financial crisis is far from over At its roots it’s a belated gold crisis Gold has been exiled internationally from the
IF SO, then:
❖ How good is our currency as a measure?
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Measures of money
Lots of aggregate measures of its supply
❖ M0, M1, M2, MZM, M3, etc
But what of the basic unit (of measure) itself?
monetary system and prevented from discharging its natural function
So it is prudent to measure one’s net worth in gold units rather than legal tender units
“Money has not been generated by law. In its origin it is a social, and not a state institution.”
贵金属投资技术分析英文版37
Derivatives: financial instruments that do not have a value by themselves but derive their value from the underlying security or asset such as shares, foreign exchange, commodities etc.except for cash flow hedges that are accounted for similar to trading securities;
CHAPTER 9
Investments
as line of business idle cash purpose financial instruments
stocks bonds derivatives
Chapter 9
Mugan-Akman 2010
2
Accounting for Debt and Equity Investments
Valuation Method
Short term
(trading securities)
Fair Value (Market Value)
Valuation Method
Short term (trading securities)
Fair Value (Market Value)
Debt
Long term
Minority, Passive Investments (less than
20% ownership)
Minority, Active Investments (typically
between 20% and 50% ownership)
CHAPTER 9
Investments
as line of business idle cash purpose financial instruments
stocks bonds derivatives
Chapter 9
Mugan-Akman 2010
2
Accounting for Debt and Equity Investments
Valuation Method
Short term
(trading securities)
Fair Value (Market Value)
Valuation Method
Short term (trading securities)
Fair Value (Market Value)
Debt
Long term
Minority, Passive Investments (less than
20% ownership)
Minority, Active Investments (typically
between 20% and 50% ownership)
贵金属投资技术分析英文版 19 优质课件
Exchange
– Over-the-counter (OTC) market
• buy and sell stock not listed on a securities exchange • Nasdaq—system through which most OTC stocks are
traded
– Bought and sold through an account executive or stockbroker
• The primary market
– investor purchases financial securities directly from the issuer of those securities
– Securities and Exchange Commission (SEC)
• enforces federal securities regulations
How Do Securities Earn You Income?
Securities (common and preferred stock) offer dividend income, but firm is not required to pay this
Chapter Twenty-One
Understanding Securities Marketsvestment Vehicles
Securities – certificates of
part ownership of a firm
– Discretionary order
• broker decides when to execute the transaction and at what price
– Over-the-counter (OTC) market
• buy and sell stock not listed on a securities exchange • Nasdaq—system through which most OTC stocks are
traded
– Bought and sold through an account executive or stockbroker
• The primary market
– investor purchases financial securities directly from the issuer of those securities
– Securities and Exchange Commission (SEC)
• enforces federal securities regulations
How Do Securities Earn You Income?
Securities (common and preferred stock) offer dividend income, but firm is not required to pay this
Chapter Twenty-One
Understanding Securities Marketsvestment Vehicles
Securities – certificates of
part ownership of a firm
– Discretionary order
• broker decides when to execute the transaction and at what price
贵金属投资技术分析英文版4260页PPT
However, it is noБайду номын сангаас difficult to find individual stocks that, in the past, have not plotted on the SML.
3
13.1 The Efficiency of the Market Portfolio (cont'd)
This is evidence against the efficiency of the market portfolio.
Researchers have identified a number of characteristics that can be used to pick portfolios that produce high average returns.
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The Size Effect
Size Effect
The ratio of the book value of equity to the market value of equity
Portfolios based on the book-to-market ratio were formed.
Portfolios consisting of high book-to-market stocks had higher average excess returns than those consisting of low book-to-market stocks.
Expected Return 13.5 Methods Used in Practice
1
Learning Objectives
1. Describe the empirical findings about firm size, book-tomarket, and momentum strategies that imply that the CAPM does not accurately model expected returns.
3
13.1 The Efficiency of the Market Portfolio (cont'd)
This is evidence against the efficiency of the market portfolio.
Researchers have identified a number of characteristics that can be used to pick portfolios that produce high average returns.
4
The Size Effect
Size Effect
The ratio of the book value of equity to the market value of equity
Portfolios based on the book-to-market ratio were formed.
Portfolios consisting of high book-to-market stocks had higher average excess returns than those consisting of low book-to-market stocks.
Expected Return 13.5 Methods Used in Practice
1
Learning Objectives
1. Describe the empirical findings about firm size, book-tomarket, and momentum strategies that imply that the CAPM does not accurately model expected returns.
贵金属投资技术分析英文版28-PPT课件
INVESTMENT RISKS
Varying risk:
Stocks Corporate bonds Mutual Funds Real Estate
INVESTMENT RISKS
High Risk:
Commodities Options Precious Metals and gems Collectibles; coins, stamps, comic books
voting privileges growth profits maybe dividends Stock splits
STOCKS
Preferred stock – a type of stock that gives the owner the following advantages:
Investments
FINANCIAL GOALS
EMERGENCY FUND – A savings account that you can access quickly to pay for unexpected expenses or emergencies. Often thought to be 3 – 8 months of expenditures—very liquid
Cash dividends before common stockholders
FACTORS TO CONSIDER WHEN INVESTING IN STOCK
You are not guaranteed what you paid for each share Current value is determined by how much another investor will pay for share – supply and demand A corporation does not have to pay dividends.
贵金属投资技术分析英文版 (60)
16. Consider flexibility as one of your best friends 17. Use mathematical models, but understand they are not fail-safe1 18. Factor-in the impact of market liquidity and volatility 19. Appreciate the impact of business risk 20. Look at conflicts of interest as part of daily life
1. Capital
risk 2. Currency risk 3. Liquidity risk
4. 5. 6. 7. 8. 9.
Credit risk Inflation risk Interest rate risk Market risk Legal risk Counterparty risk
Investment refers to an asset which is purchased with the expectation that it will generate income in the future or its’ value will appreciate in future so that it will be sold at a higher price. There are usually three participants in an investment: 1.The Issuer 2.The Investor 3.The Broker
11. Always listen to contrarian opinion 12. Appreciate the need for rigorous risk management 13. Accept responsibility of your own decisions 14. Never hesitate to cut losses 15. Do damage control through limits and profit targets
贵金属投资技术分析英文版 (31)
Stocks, Bonds & Mutual Funds
What are mutual funds? Mutual funds are open-ended investments that are professionally managed and consist of a variety of investment instruments including stocks, bonds, options, commodities, and money market securities. Diversification provides greater safety and reduces risk. Mutual funds are long-term investments.
Stocks, Bonds & Mutual Funds
What are collectibles?
Collectibles are items which have value due to its rarity and desirability, such as antiques, coins, cars, and art. Collectibles are long-term investments.
Stocks, Bonds & Mutual Funds
What are stocks? Stock is an instrument that signifies ownership in a corporation and represents claim on a share of a corporation’s assets and profits. Stocks are typically riskier and long-term investments.
贵金属投资技术分析英文版41精品文档
Construction in general slows. Business activity declines. Unlike an apartment building, land in urban areas usually does not produce any income.
Personal Finance Unit 3 Chapter 11 © 2007 Glencoe/McGraw-Hill
A real estate syndicate offers you and the other partners a variety of benefits.
Personal Finance Unit 3 Cha-Hill
10
Section 11.1 Real Estate Investment
1
Collecting
Q: Are collectible action figures a smart investment for retirement?
A: Although collecting can be an enjoyable and sometimes profitable pursuit, collectibles are not a mainstay of retirement planning. It would be best if you focused your retirement planning efforts on building a diversified portfolio that may include stock and bond investments. You could still use collectibles as a small part of your portfolio, but their returns are very unpredictable.
Personal Finance Unit 3 Chapter 11 © 2007 Glencoe/McGraw-Hill
A real estate syndicate offers you and the other partners a variety of benefits.
Personal Finance Unit 3 Cha-Hill
10
Section 11.1 Real Estate Investment
1
Collecting
Q: Are collectible action figures a smart investment for retirement?
A: Although collecting can be an enjoyable and sometimes profitable pursuit, collectibles are not a mainstay of retirement planning. It would be best if you focused your retirement planning efforts on building a diversified portfolio that may include stock and bond investments. You could still use collectibles as a small part of your portfolio, but their returns are very unpredictable.
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INVESTMENT RISKS
Varying risk:
Stocks Corporate bonds Mutual Funds Real Estate
INVESTMENT RISKS
High Risk:
Commodities Options Precious Metals and gems Collectibles; coins, stamps, comic books
Cash dividends before common stockholders
FACTORS TO CONSIDER WHEN INVESTING IN STOCK
You are not guaranteed what you paid for each share
Current value is determined by how much another investor will pay for share – supply and demand
Investments
FINANCIAL GOALS
EMERGENCY FUND – A savings account that you can access quickly to pay for unexpected expenses or emergencies.
Often thought to be 3 – 8 months of expenditures—very liquid
Government Bond – a written pledge of a government or a municipality such as a city to repay a specific sum of money with interest
MUTUAL FUNDS
A mutual fund is an investment in which investors pool their money to buy stocks, bonds, and other securities selected by professional managers who work for an investment company.
FINANCIAL GOALS
Pay yourself first Take advantage of 401K or 403B plans -
employer often matches Elective Savings Programs Gifts, inheritances and windfalls
STOCKS
Equity capital – money that a business gets from its owners to operate
Common stock – a unit of ownership of a company, it entitles the owner or stockholder to:
Retained Earnings – profits that a company reinvests, usually for expansion or to conduct research and development.
Investment Liquidity – the ability to buy or sell an investment quickly without substantially ducing its value.
A corporation does not have to pay dividends.
BONDS
A bond is lending money to a corporation or government entity for a period of time
Corporate Bond – a written pledge to repay a specific amount of money along with interest
SAVINGS ACCOUNTS
Very liquid Compounds interest Flexible amounts and withdrawal times FDIC Insured
Certificate of Deposit
Time specification Amount specification Penalty for early withdrawal FDIC insured
voting privileges growth profits maybe dividends Stock splits
STOCKS
Preferred stock – a type of stock that gives the owner the following advantages:
REAL ESTATE
Resale for profit Rental Income
COLLECTIBLES
Coins Stamps Beanie Babies Sports cards
Diversification-the process of spreading your assets among several different types of investments to reduce risk.
INVESTMENT DECISIONS
Safety and risk
Safe investment – low return
Speculative Investment (high risk) – high return
INVESTMENT RISKS
SAFE:
Government Bonds Savings Accounts Certificates of Deposit