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1、Francis&IbbotsonChapter1:TheInvestmentSetting1Chapter1TheInvestmentSettingFrancis&IbbotsonChapter1:TheInvestmentSetting2WhatisInvesting?Criteriausedtodeterminewhetheraninvestmentofmoneyisinvestingorsomethingelse,including:Isitshort-termorlong-term?Isitproductiveorunproductive?Isitlegalorillegal?Is
2、itrationalorirrational?Francis&IbbotsonChapter1:TheInvestmentSetting3Gamblingvs.SpeculatingGamblingoccurswhenOutcomeisdeterminedveryquickly(arollofthedice,forinstance)AsourceofentertainmentOutcomeisnotbasedonaneconomicendeavor,but,rather,randomoutcomesCreatesriskwithoutexpectationofeconomicbenefit
3、SpeculationoccurswhenAnassetispurchasedwithhopethatpricewillriserapidly,leadingtoquickprofitNotbasedonrandomoutcomesExample:BuyinganIPOofastockonthefirstdayhopingtosellitinseveraldaysatahigherpriceFrancis&IbbotsonChapter1:TheInvestmentSetting4AssetsofChoiceMajorassetclassesincludePrimarysecurities
4、suchascommonandpreferredstock,governmentbonds,corporatebonds,Treasurybills,commercialpaperDerivedinstrumentssuchasmutualfunds,putandcalloptions,forwardandfuturescontractsPhysicalassetssuchashouses,land,buildings,diamonds,goldFrancis&IbbotsonChapter1:TheInvestmentSetting5OtherIssuesLargeinternation
5、alcorporationshavetheirsecuritiestradedsomewhereintheworld24hoursadayWhileotherareas—suchasChinaandAfrica—havealargerpopulationthantheU.S.,theU.S.hasthehighestGrossNationalProduct(GNP)[ameasureofanation’sincome]However,whenallocatingacountry’sGNPacrossthecountry’spopulation,theU.S.ranks6thButafter
6、adjustingforeachcountry’scostofliving,theU.S.ranks2ndbehindLuxembourgFrancis&IbbotsonChapter1:TheInvestmentSetting6TheWorld’sEquityCapitalWorld’sequitycapitalisconcentratedinNorthAmerica,westernandcentralEuropeandthePacificRim(mostlyJapan)Becausemarketpricesarerathervolatile,thissituationcanchange
7、rapidly.Forinstance,from1989-1990Japan’sstockmarketwasworthmorethantheU.S.stockmarket.Francis&IbbotsonChapter1:TheInvestmentSetting7TheWorld’sBondMarketFrancis&IbbotsonChapter1:TheInvestmentSetting8TheWorld’sBond
