the investment environment

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1、FinalPDFtoprinterCHAPTERONETheInvestmentEnvironment11ANINVESTMENTISthecurrentcommitmentBroadlyspeaking,thischapteraddressesofmoneyorotherresourcesintheexpecta-threetopicsthatwillprovideausefulperspec-tionofreapingfuturebenefits.Forexample,tiveforthematerialthat

2、istocomelater.First,anindividualmightpurchasesharesofstockbeforedelvingintothetopicof“investments,”anticipatingthatthefutureproceedsfromtheweconsidertheroleoffinancialassetsintheshareswilljustifyboththetimethathermoneyeconomy.Wediscusstherelationshipbetweenisti

3、edupaswellastheriskoftheinvestment.securitiesandthe“real”assetsthatactuallyThetimeyouwillspendstudyingthistextproducegoodsandservicesforconsumers,and(nottomentionitscost)alsoisaninvestment.weconsiderwhyfinancialassetsareimportantYouareforgoingeithercurrentleisu

4、reorthetothefunctioningofadevelopedeconomy.incomeyoucouldbeearningatajobintheGiventhisbackground,wethentakeaexpectationthatyourfuturecareerwillbesuf-firstlookatthetypesofdecisionsthatcon-ficientlyenhancedtojustifythiscommitmentfrontinvestorsastheyassembleaportf

5、olioofoftimeandeffort.Whilethesetwoinvest-assets.Theseinvestmentdecisionsaremadementsdifferinmanyways,theyshareonekeyinanenvironmentwherehigherreturnsattributethatiscentraltoallinvestments:Youusuallycanbeobtainedonlyatthepriceofsacrificesomethingofvaluenow,expe

6、ctingtogreaterriskandinwhichitisraretofindbenefitfromthatsacrificelater.assetsthataresomispricedastobeobvi-Thistextcanhelpyoubecomeaninformedousbargains.Thesethemes—therisk–returnpractitionerofinvestments.Wewillfocusontrade-offandtheefficientpricingoffinanciali

7、nvestmentsinsecuritiessuchasstocks,bonds,assets—arecentraltotheinvestmentprocess,oroptionsandfuturescontracts,butmuchofsoitisworthpausingforabriefdiscussionwhatwediscusswillbeusefulintheanalysisoftheirimplicationsaswebeginthetext.PARTIofanytypeofinvestment.Thet

8、extwillpro-Theseimplicationswillbefleshedoutinmuchvideyouwithbackgroundintheorganizationgreaterdetailinlaterchapters.ofvarioussecuritiesmarkets;willsurveytheWeprovideanoverv