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1、CHAPTER1THEINVESTMENTSETTINGAnswerstoQuestions1.Whenanindividual’scurrentmoneyincomeexceedshiscurrentconsumptiondesires,hesavestheexcess.Ratherthankeepthesesavingsinhispossession,theindividualmayconsideritworthwhiletoforegoimmediatepossessionofthemoneyforalargerfutureamountofconsumption.Thistrade-of
2、fofpresentconsumptionforahigherleveloffutureconsumptionistheessenceofinvestment.Aninvestmentisthecurrentcommitmentoffundsforaperiodoftimeinordertoderiveafutureflowoffundsthatwillcompensatetheinvestorforthetimevalueofmoney,theexpectedrateofinflationoverthelifeoftheinvestment,andprovideapremiumfortheu
3、ncertaintyassociatedwiththisfutureflowoffunds.2.Studentsingeneraltendtobeborrowersbecausetheyaretypicallynotemployedsohavenoincome,butobviouslyconsumeandhaveexpenses.Theusualintentistoinvestthemoneyborrowedinordertoincreasetheirfutureincomestreamfromemployment-i.e.,studentsexpecttoreceiveabetterjoba
4、ndhigherincomeduetotheirinvestmentineducation.3.Inthe20-30yearsegmentanindividualwouldtendtobeanetborrowersinceheisinarelativelylow-incomebracketandhasseveralexpenditures-automobile,durablegoods,etc.Inthe30-40segmentagaintheindividualwouldlikelydissave,orborrow,sincehisexpenditureswouldincreasewitht
5、headventoffamilylife,andconceivably,thepurchaseofahouse.Inthe40-50segment,theindividualwouldprobablybeasaversinceincomewouldhaveincreasedsubstantiallywithnoincreaseinexpenditures.Betweentheagesof50and60theindividualwouldtypicallybeastrongsaversinceincomewouldcontinuetoincreaseandbynowthecouplewouldb
6、e“empty-nesters.”Afterthis,dependinguponwhentheindividualretires,theindividualwouldprobablybeadissaverasincomedecreases(transitionfromregularincometoincomefromapension).4.Thesaving-borrowingpatternwouldvarybyprofessiontotheextentthatcompensationpatternsvarybyprofession.Formostwhite-collarprofessions
7、20-275(e.g.,lawyers)incomewouldtendtoincreasewithage.Thus,lawyerswouldtendtobeborrowersintheearlysegments(whenincomeislow)andsaverslaterinlife.Alternatively,blue-collarprofessions(e.g.,plumbers),where
