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1、Chapter12: PortfolioOpportunitiesandChoiceObjectiveTounderstandthetheoryofpersonalportfolioselectionintheoryandinpractice1Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHallChapter12Contents12.1Theprocessofpersonalportfolioselection12.2Thetrade-offbetweenexpectedreturnandrisk12.3Effici
2、entdiversificationwithmanyriskyassets2Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHallObjectivesTounderstandtheprocessofpersonalportfolioselectionintheoryandpractice3Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHallIntroductionHowshouldyouinvestyourwealthoptimally?Portfoli
3、oselectionYourwealthportfoliocontainsStock,bonds,sharesofunincorporatedbusinesses,houses,pensionbenefits,insurancepolicies,andallliabilities4Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHallPortfolioSelectionStrategyTherearegeneralprinciplestoguideyou,buttheimplementationwilldependsu
4、chfactorsasyour(andyourspouse’s)age,existingwealth,existingandtargetlevelofeducation,health,futureearningspotential,consumptionpreferences,riskpreferences,lifegoals,yourchildren’seducationalneeds,obligationstoolderfamilymembers,andahostofotherfactors5Copyright©2009PearsonEducation,Inc.Publishi
5、ngasPrenticeHall12.1TheProcessofPersonalPortfolioSelectionPortfolioselectionthestudyofhowpeopleshouldinvesttheirwealthprocessoftradingoffrisk&expectedreturntofindthebestportfolioofassets&liabilitiesNarrowerdfn:consideronlysecuritiesWiderdfn:housepurchase,insurance,debtBroaddfn:humancapital,edu
6、cation6Copyright©2009PearsonEducation,Inc.PublishingasPrenticeHallTheLifeCycleTheriskexposureyoushouldacceptdependsuponyourageConsidertwoinvestments(rho=0.2)Security1hasavolatilityof20%andanexpectedreturnof12%Security2hasavolatilityof8%andanexpectedreturnof5%7Copyright©2009PearsonEducation,Inc
7、.PublishingasPrenticeHallPriceTrajectoriesThefollowinggraphshowthethepriceofthetwosecuritiesgeneratedbyabivariatenormaldistributionforreturnsThemoreriskysecuritymaybethoughtofasashareofcommonstockorastockmutualfundThelessriskysecurityma
