投资学第一章 investments-introduction

转载请注明来自souldak，微博:@evagle
砖搬多了有点累，今天学学投资学。
这章主要是一些重要的概念。
 
real assets / financial assets ,
fixed-income (debt) securities /equity /derivative securities ,
asset allocation /security selection
risk–return trade-off /passive management /active management /financial intermediaries
primary market /secondary market
globalization /pass-through securities /MBS(mortgate-backed securities)/ securitization

1. real assets VS financial assets

Real assets: the land, buildings, machines, and knowledge that can be used to produce goods and services.

Financial assets: Financial assets are claims to the income generated by real assets (or claims on income 

from the government)

2. A taxonomy(分类) of financial assets

a)fixed income 固定收入promise either a fixed stream of income or a stream of income that is determined according to a specified formula.

b)equity 普通股票 represents an ownership share in the corporation.

c)derivatives 衍生产品（例如 options期权 and futures contracts 期货）provide payoffs that are determined by the prices of other assets such as bond or stock prices. 

3. Financial markets and the economy

  3.1 Financial markets play a central role in the
 
allocation of capital resources.

  3.2 Consumption Timing: shift your wealth from you are in high-earnings periods to low-earning periods(壮年的时候存，老年的时候用)

  3.3 allocation of risk：转移风险

  3.4 separate ownership and management

4. The investment process

Saving, Investing, and Safe Investing

Saving: 即你存下的money

board asset category（资产分类）:stocks, bonds, real estate, commodities ....

如果要投资那就需要做决定投资组合，通常需要两个decision：asset allocation和security selection

asset allocation：choose some asset categories

security selection: select particular securities to hold within each asset category

简言之：选投资哪些类别，然后每个类别投资哪些产品

可以top-down决定：先选分类再选securities

也可以bottom-up策略：直接选attractive的securities

5. Markets are competitive

a) 任何Risk-Return Trade-Off

b) efficient markets假说：市场对一个公司的价值衡量是完全准确的。

这假说不完全对，应该说是near-efficient，因为markets也会有一些没考虑全面或者估计错误的时候。

6. Players

a) firms: borrowers

b) households: savers

c) Governments either borrowers or lenders:发行政府债券的时候是borrowers，给公司贷款投资的时候是lenders

Financial Intermediaries

including
 
Banks,
 
investment companies,
 
insurance companies,
 
credit union.

投资银行
Investment Bankers：帮助公司上市，发行股票。首次发行在primary market，然后可以在secondary market流通

primary market： where new issues of securities are offered to the public.

secondary market: where investors trade among themselves.

7. Recent Trends

a) Globalization : 国际化

b) securitization : 证券化

securitization of mortgage（抵押）

例如:房屋的抵押，房子抵押给银行，自己得到了贷款，但是银行将抵押证券化之后让其在市场上流通，从而将成本转移给其他人。最终贷款得到钱启示是从其它投资者那儿来的。银行只是intermediate 

 mortgage声明了投资者对房屋的所有权。

c) financial engineering

use of mathematical models and computer-based trading technology to synthesize new financial products(eg:principal-protected equity-linked note)

2 ways:

1>unbundling  securities: breaking up and allocating the cash flows from one security to create several new securities

2>bundling : combining more than one security into a composite security

d) information and computer networks

包括：online trading, online information dissemination, and automated trade crossing.

书上的summary：

1 . Real assets create wealth. Financial assets represent claims to parts or all of that wealth. Financial
 

assets determine how the ownership of real assets is distributed among investors.
 

2. Financial assets can be categorized as fixed income, equity, or derivative instruments. Top-down
 

portfolio construction techniques start with the asset allocation decision—the allocation of funds
 

across broad asset classes—and then progress to more specific security-selection decisions.
 

3. Competition in financial markets leads to a risk–return trade-off, in which securities that offer
 

higher expected rates of return also impose greater risks on investors. The presence of risk, however, implies that actual returns can differ considerably from expected returns at the beginning of
 

the investment period. Competition among security analysts also promotes financial markets that
 

are nearly informationally efficient, meaning that prices reflect all available information concerning the value of the security. Passive investment strategies may make sense in nearly efficient
 

markets.
 

4. Financial intermediaries pool investor funds and invest them. Their services are in demand
 

because small investors cannot efficiently gather information, diversify, and monitor portfolios.
 

The financial intermediary sells its own securities to the small investors. The intermediary invests
 

the funds thus raised, uses the proceeds to pay back the small investors, and profits from the difference (the spread).
 

5. Investment banking brings efficiency to corporate fund-raising. Investment bankers develop
 

expertise in pricing new issues and in marketing them to investors.
 

6. Recent trends in financial markets include globalization, securitization, financial engineering of
 

assets, and growth of information and computer networks.