共同基金与对冲基金 Mutual Funds and Hedge Funds.ppt

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1、FinancialMarketsandInstitutions:MutualFundsandHedgeFundsChapterPreviewSupposeyouwantedtostartsavingsforretirement,butyoucanonlyaffordtoinvest$100/month.Howdoyoudevelopadiversifiedportfolio?ChapterPreviewWestudywhymutualfundshavebecomesopopular,thev

2、arioustypesofmutualfunds,theirregulation,andscandalsinthemutualfundindustry.Topicsinclude:TheGrowthofMutualFundsMutualFundStructureInvestmentObjectiveClassesFeeStructureofInvestmentFundsRegulationofMutualFundsHedgeFundsConflictsofInterestintheMutualF

3、undIndustryMutualFundsAmutualfundisaprofessionally-managedcollectiveinvestmentvehiclethatpoolsmoneyfrommanyinvestorsbysellingthemsharesandthenusesthefundstoinvestinsecuritiesaccordingtoprespecifiedinvestmentobjectiveandapproachinitsprospectus.Investo

4、rs,likeshareholdersofacompany,takethelossandgainproportionaltotheirinvestment.AdvantagesofMutualFundsManagerialexpertise:manyinvestorsprefertorelyonprofessionalmoneymanagerstoselecttheirinvestments.Diversification:investorsimmediatelyrealizethebenefi

5、tsofdiversificationevenforsmallinvestments.Denominationintermediation:investorscanparticipateinequityanddebtofferingsthat,individually,requiremorecapitalthantheypossess.Liquidityintermediation:investorscanquicklyconvertinvestmentsintocashwhilestillal

6、lowingthefundtoinvestforthelongterm.Costadvantages:thefundcannegotiatelowertransactionfeesthanwouldbeavailabletotheindividualinvestor.DisadvantagesThedisadvantagesofmutualfundsinclude:FeesLesscontrolovertimingofrecognitionofgainsLesspredictableincome

7、NoopportunitytocustomizeGrowthofMutualFundsinU.S.ThefirstmutualfundsimilartothefundsoftodaywasintroducedinBostonin1824.Thestockmarketcrashof1929setthemutualfundindustrybackbecausesmallinvestorsavoidedstocksanddistrustedmutualfunds.Congresspassedaseri

8、esofactsregulatingthesecuritiesmarketsingeneralandmutualfundsinparticular.LawsRelatedtoMutualFundsTheSecuritiesActof1933requiresthatallinvestmentssoldtothepublic,includingmutualfunds,beregisteredwiththeSecuritiesandExchangeCommission(SEC)andthattheyp