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1、8-3Titman/Keown/Martin•FinancialManagement,TwelfthEditionChapter8SolutionstoStudyQuestions8-1.Vanguard,oneoftheleadingmutualfundfamilies,identifiesfourkeyguidelinesyoushouldconsiderwhenmakingpersonalinvestmentdecisions:1.Selectinvestmentproductssuitedtoyourobjective.2.Findacomfortable
2、balancebetweenriskandreturn.3.Diversifywiselytohelpmanagerisks.4.Evaluateyourportfolioperiodically.8-2.Heistalkingaboutthedifferencebetweenexpectationsandoutcome.WillRogerswasconcernedabouthowmuchhisinvestmentwouldactuallyearnratherthanwhatpeopletoldhimitwouldreturn.8-3.Theexpectedrat
3、eofreturnforaportfolioofinvestmentsissimplyaweightedaverageoftheexpectedratesofreturnoftheindividualinvestmentsinthatportfolio.Tocalculateaportfolio’sexpectedrateofreturnweweighteachindividualinvestment’sexpectedrateofreturnusingthefractionoftheportfoliowhichisinvestedinthatparticular
4、investment.Forinstance,ifyouputhalfyourmoneyinthestockofExxonMobil,withanexpectedrateofreturnof12%,andtheotherhalfinGeneralElectric(GE)stock,withanexpectedrateofreturnof8%,thenwecancalculatetheexpectedrateofreturnoftheportfolioasfollows:(½x12%)+(½x8%)=10%.8-4.Theideabehinddiversificat
5、ionistofindthingsthatdon’tmovepreciselytogether,thatwhywhenonegoesdown,theotherwon’tnecessarilygodown(hopefullyitwillgoup),andasaresultsomeofthevariabilitywillbeeliminated.Whenyoupicktwostocksinthesameindustrytodiversifywith,muchofthevariabilitymaybeassociatedwiththatindustry.Inthisca
6、se,whentheautoindustrysuffers,bothFordandToyotamaysuffertogetherandasaresult,thevalueofdiversificationmaybelessthanitwouldhavebeenifyourgrandfatherhadpickedstocksindifferentindustries.8-5.Thisstatementisfalse.Theamountofriskreductionthattakesplaceasaresultofdiversificationisafunctiono
7、fthecorrelationcoefficient.Thehigherthecorrelationcoefficientbetweentwoassets,thelessbenefit,orriskreduction,thereisfromdiversification.Forexample,ifyoucanfindstocksthatareextremelyrisky,butmoveinanoppositedirectionfromyourportfolio,youcouldaddthoseveryriskystockstoyourportfolioandend
8、upwit
