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1、FinalPDFtoprinterCHAPTERTWOAssetClassesand2FinancialInstrumentsYOULEARNEDIN Chapter1thatthepro-markets.Moneymarketinstrumentsincludecessofbuildinganinvestmentportfoliousu-short-term,marketable,liquid,low-riskdebtallybeginsbydecidinghowmuchmoneytosecurities.Moneymarketinstrume
2、ntssome-allocatetobroadclassesofassets,suchassafetimesarecalledcashequivalents,orjustcashmoneymarketsecuritiesorbankaccounts,forshort.Capitalmarkets,incontrast,includelongertermbonds,stocks,orevenassetlongertermandriskiersecurities.Securitiesclasseslikerealestateorpreciousmet
3、als.Thisinthecapitalmarketaremuchmorediverseprocessiscalledassetallocation.Withineachthanthosefoundwithinthemoneymarket.classtheinvestorthenselectsspecificassetsForthisreason,wewillsubdividethecapitalfromamoredetailedmenu.Thisiscalledmarketintofoursegments:longertermbondsecur
4、ityselection.markets,equitymarkets,andthederivativeEachbroadassetclasscontainsmanyspe-marketsforoptionsandfutures.cificsecuritytypes,andthemanyvariationsWefirstdescribemoneymarketinstru-onathemecanbeoverwhelming.Ourgoalments.Wethenmoveontodebtandequityinthischapteristointrodu
5、ceyoutothesecurities.Weexplainthestructureofvariousimportantfeaturesofbroadclassesofsecuri-stockmarketindexesinthischapterbecauseties.Towardthisend,weorganizeourtourofmarketbenchmarkportfoliosplayanimpor-financialinstrumentsaccordingtoassetclass.tantroleinportfolioconstructio
6、nandevalua-Financialmarketsaretraditionallyseg-tion.Finally,wesurveythederivativesecuritymentedintomoneymarketsandcapitalmarketsforoptionsandfuturescontracts.PARTIbod61671_ch02_028-058.indd286/18/137:41PMFinalPDFtoprinterCHAPTER2AssetClassesandFinancialInstruments292.1TheMone
7、yMarketThemoneymarketisasubsectorofthefixed-incomemarket.Itconsistsofveryshort-termdebtsecuritiesthatusuallyarehighlymarketable.Table 2.1listsoutstandingvolumein2012forsomeofthemajorinstrumentsinthismarket.Manyofthesesecuritiestradeinlargedenominations,andsoareoutofthereachof
8、individualinvestors.Moneymar-ketfunds,however,areeasilyaccessibletos
