贵金属投资技术分析英文版 (15)

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1、InvestmentAnalysisandPortfolioManagementEighthEditionbyFrankK.Reilly&KeithC.BrownChapter3SelectingInvestmentsinaGlobalMarketChapter3-SelectingInvestmentsinaGlobalMarketQuestionstobeanswered:Whyshouldinvestorshaveaglobalperspectiveregardingtheirinvestments

2、?WhathashappenedtotherelativesizeofU.S.andforeignstockandbondmarkets?WhatarethedifferencesintheratesofreturnonU.S.andforeignsecuritiesmarkets?HowcanchangesincurrencyexchangeratesaffectthereturnsthatU.S.investorsexperienceonforeignsecurities?Isthereanadditio

3、naladvantageofdiversifyingininternationalmarketsbeyondthebenefitsofdomesticdiversification?Whatalternativesecuritiesareavailable?Whataretheircashflowandriskproperties?Whatisthehistoricalreturnandriskcharacteristicsofthemajorinvestmentinstruments?Whatisthere

4、lationshipamongreturnsforforeignanddomesticinvestmentinstruments?Whatistheimplicationoftheserelationshipsforportfoliodiversification?ReasonsfortheexpansionofinvestmentopportunitiesGrowthanddevelopmentofforeignfinancialmarkets2.Advancesintelecommunicationste

5、chnology3. MergersoffirmsandsecurityexchangesTheCaseforConstructingGlobalInvestmentPortfoliosIgnoringforeignmarketscansubstantiallyreducetheinvestmentchoicesforU.S.investorsTheratesofreturnonnon-U.S.securitiesoftenhavesubstantiallyexceededthoseforU.S.-onlys

6、ecuritiesThelowcorrelationbetweenU.S.stockmarketsandmanyforeignmarketscanhelptosubstantiallyreduceportfolioriskRelativeSizeofU.S.FinancialMarketsTheshareoftheU.S.inworldstockandbondmarketshasdroppedfromabout65percentofthetotalin1969toabout51percentin2003Ove

7、rallvalueofthetotalinvestablecapitalmarkethasincreasedfrom$2.3Trillionin1969to$70.9Trillionin2003andtheU.S.portionhasdeclinedtolessthanhalf.ThegrowingimportanceofforeignsecuritiesinworldcapitalmarketsislikelytocontinueThistrendislikelytocontinueTheCaseforGl

8、obalInvestmentsRatesofreturnavailableonnon-U.S.securitiesoftenexceedU.S.Securitiesduetohighergrowthratesinforeigncountries,especiallytheemergingmarketsDiversificationwithforeignsecuritiescanhelpreducep