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1、Chapter28:InvestmentPolicyandtheFrameworkoftheCFAInstituteChapterOpenerPART VIIp.952TRANSLATINGTHEASPIRATIONSandcircumstancesofdiversehouseholdsintoappropriateinvestmentdecisionsisadauntingtask.Thetaskisequallydifficultforinstitutions,mostofwhichhavemanystakeholdersandoftenareregulatedbyvari
2、ousauthorities.Theinvestmentprocessisnoteasilyreducedtoasimpleormechanicalalgorithm. Whilemanyprinciplesofinvestmentsarequitegeneralandapplytovirtuallyallinvestors,someissuesarepeculiartothespecificinvestor.Forexample,taxbracket,age,risktolerance,wealth,jobprospects,anduncertaintiesmakeeach
3、investor'scircumstancessomewhatunique.Inthischapterwefocusontheprocessbywhichinvestorssystematicallyreviewtheirparticularobjectives,constraints,andcircumstances.Alongtheway,wesurveysomeofthemajorclassesofinstitutionalinvestorsandexaminethespecialissuestheymustconfront. Ofcourse,thereisnouni
4、que“correct”investmentprocess.However,someapproachesarebetterthanothers,anditcanbehelpfultotakeonehigh-qualityapproachasausefulcasestudy.Forthisreason,wewillexaminethesystematicapproachsuggestedbytheCFAInstitute.Amongotherthings,theInstituteadministersexaminationstocertifyinvestmentprofession
5、alsasCharteredFinancialAnalysts.Therefore,theapproachweoutlineisalsoonethatahighlyrespectedprofessionalgroupendorsesthroughthecurriculumthatitrequiresinvestmentpractitionerstomaster. Thebasicframeworkinvolvesdividingtheinvestmentprocessintofourstages:specifyingobjectives,specifyingconstrain
6、ts,formulatingpolicy,andlatermonitoringandupdatingtheportfolioasneeded.Wewilltreateachoftheseactivitiesinturn.Westartwithadescriptionofthemajortypesofinvestors,bothindividualandinstitutional,aswellastheirspecialobjectives.Weturnnexttotheconstraintsorcircumstancespeculiartoeachinvestorclass,an
7、dweconsidersomeoftheinvestmentpoliciesthateachcanchoose. Wewillexaminehowthespecialcircumstancesofbothindividualsaswellasinstitutionssuchaspensionfundsaffectinvestmentdecisions.Wealsowillseehowthetaxsystemcanimpartasubstantialeffectoninvest
