[[特许金融分析师读书笔记].cfa.2008].cfa-investment.analysis.and.portfoli.brown)7th.edt(1)

《[[特许金融分析师读书笔记].cfa.2008].cfa-investment.analysis.and.portfoli.brown)7th.edt(1)》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。

1、Chapter1TheInvestmentSettingAfteryoureadthischapter,youshouldbeabletoanswerthefollowingquestions:➤Whydoindividualsinvest?➤Whatisaninvestment?➤Howdoinvestorsmeasuretherateofreturnonaninvestment?➤Howdoinvestorsmeasuretheriskrelatedtoalternativeinvestments?➤Whatfactorscontrib

2、utetotheratesofreturnthatinvestorsrequireonalternativeinvestments?➤Whatmacroeconomicandmicroeconomicfactorscontributetochangesintherequiredratesofreturnforindividualinvestmentsandinvestmentsingeneral?Thisinitialchapterdiscussesseveraltopicsbasictothesubsequentchapters.Webe

3、ginbydefiningtheterminvestmentanddiscussingthereturnsandrisksrelatedtoinvestments.Thisleadstoapresentationofhowtomeasuretheexpectedandhistoricalratesofreturnsforanindi-vidualassetoraportfolioofassets.Inaddition,weconsiderhowtomeasurerisknotonlyforanindividualinvestmentbuta

4、lsoforaninvestmentthatispartofaportfolio.Thethirdsectionofthechapterdiscussesthefactorsthatdeterminetherequiredrateofreturnforanindividualinvestment.Thefactorsdiscussedarethosethatcontributetoanasset’stotalrisk.Becausemostinvestorshaveaportfolioofinvestments,itisnecessaryt

5、oconsiderhowtomeasuretheriskofanassetwhenitisapartofalargeportfolioofassets.Theriskthatprevailswhenanassetispartofadiversifiedportfolioisreferredtoasitssystematicrisk.Thefinalsectiondealswithwhatcauseschangesinanasset’srequiredrateofreturnovertime.Changesoccurbecauseofboth

6、macroeconomiceventsthataffectallinvestmentassetsandmicroeconomiceventsthataffectthespecificasset.WHATISANINVESTMENT?Formostofyourlife,youwillbeearningandspendingmoney.Rarely,though,willyourcurrentmoneyincomeexactlybalancewithyourconsumptiondesires.Sometimes,youmayhavemorem

7、oneythanyouwanttospend;atothertimes,youmaywanttopurchasemorethanyoucanafford.Theseimbalanceswillleadyoueithertoborrowortosavetomaximizethelong-runben-efitsfromyourincome.Whencurrentincomeexceedscurrentconsumptiondesires,peopletendtosavetheexcess.Theycandoanyofseveralthings

8、withthesesavings.Onepossibilityistoputthemoneyunderamattressorburyitinthebackyarduntilsom