戴2 cfa一级前导网课alternatives全球财经证书培训品牌

AlternativeAlternativeInstructor:TopicTopicIntroductionofAlternative1Hedgefunds PrivateequityfundsOthers:Tangibleassets(suchasfinewine,antiquefurnitureandandothercollectibles)andintangibleassets(suchaspatents).s,stamps,withtraditionalinvestmentsLowcorrelationswithtraditional----providingdiversification2LessMoreLowcorrelationwithtraditionalLessregulationandLessavailablehistoricalreturnandvolatilityDifferentlegalissuesandtaxComparedtotraditionalinvestments,alternativeinvestmentsaremostlikelytobe Alternativeinvestmentstendtousemoreleverageandaretypicallylessliquidandlesstransparentthantraditionalinvestments. Categoriesofalternativeinvestmentsleastlikelyinclude: Answer:Categoriesofalternativeinvestmentsincludehedgefunds,privateequity,realestate,commodities,andothernon-traditionalassetssuchascollectiblesorpatents.3Topic

BasicGeneralpartnerGPrunsthebusinessandtheoreticallybearsunlimitedliabilityforanythingthatmightgo Hedge

Limitedpartners

Theinvestorswhounderstandandabletoassumetherisksintheinvestment.Structureofhedge

CharacteristicsCharacteristicsofhedgeUseleverage,takelongandshortpositions,andusederivatives.Haveagoalofgeneratinghighreturns,fewinvestmentrestrictions.SetupasaprivateinvestmentpartnershipwithlimitednumberofinvestorsImposesrestrictionsonredemptions,includingalockupperiodandanotice

4FundofFundofFunds MakehedgefundsaccessibletosmallerHavesomeexpertiseinconductingduediligenceonhedgefunds.PossibleaccesstoclosedAdditionalmanagementfees,lowerWithdrawalsoffundsbyTheminimumperiodbeforeinvestorsareallowedtomakewithdrawalsorredeemsharesfromafund.Thelengthoftime(typically30to90days)inadvancethatinvestorsmayberequiredtonotifyafundoftheirintenttoredeem.FundofFundsFundofFunds先募集

HedgefundHedgefund MacroEquityhedgefund

5HedgefundStrategiesRelativevaluestrategies:FixedHedgefundStrategiesRelativevaluestrategies:FixedeconvertiblearbitrageFixedeassetbackedFixedegeneralMulti-HedgefundEquityhedgefundMarketFundamentalFundamentaltativeShortSector6HedgeHedgefundMergerActivistSpecialHedgefund Macrostrategies:Basedonglobaleconomictrendsandevents. Answer:Anoticeperiod,typically30to90days,istheamountoftimeafundhasafterreceivingnoticeofaredemptionrequesttofulfilltheredemptionrequest.Alockupperiodisaminimumlengthoftimebeforeaninvestormayredeemsharesormakewithdrawals.PrivateEquity Privateequity(PE)investseitherinprivaownedcompaniesorinpubliccompaniewiththeintenttotakethemprivate.LeveragebuyoutsLBOs7Theperiodoftimewithinwhichahedgefundmustfulfillaredemptionrequestisthe:noticelockupwithdrawalTopicTopicPrivateEquityPrivateEquityFunds:Leveraged 重BasicBasicVenturecapitalInvestinginorprovidingfinancingtostart-uporyoungcompanieswithhighgrowthLeveragedbuyoutsAcquirepubliccompaniesorestablishedprivatecompanieswithasignificantpercentageofthepurchasepricefinancedthroughdebt.PrivatePrivateEquityFunds:LeveragedCharacteristicsofAttractiveTargetUndervalued/depressedstockWillingInefficientStrongandsustainablecashLowPrivateEquityFunds:VentureStageofventurecapitalFormativeAngelinvesting:Ideastage,fundsmaybeusedtotransformtheideaintoabusiness nandtoassessmarketpotential.AmountoffinancingissmallandprovidedbyindividualsratherthanbyVCfunds.Seedstage:Supportsproductdevelopmentand/ormarketingefforts.ThefirststageatwhichVCfundsEarlystage:Financingmaybeprovidedtoinitiatecommercialproductionandsales.公司还没有生产和销售8PrivatePrivateEquityFunds:VentureStageofventurecapitalLaterstage:AftercommercialproductionandsaleshavebegunbutbeforeanyIPO.Fundsmaybeusedforinitialexpansion,suchasphysical expansion,productimprovement,or Mezzaninestage:PreparetogopublicrepresentthebridgebetweentheexpandingandtheIPO.PrivateEquityFundsExitExitTradeSale:Saleof toastrategicIPO(InitialPublicOfferings):ThehighestRecapitalization:The issuesdebttofundadividenddistributiontoequityholders.NotatrueexitstrategyasPEmaintainsPopularstrategywheninterestratesareApreludetoalaterexit.PESecondarySales:AsaletoanotherPE/otherWrite-off/Liquidation:Whenatransactionhasnotgonewell,liquidatetheinvestmenttomoveontoother Theformativestageofventurecapitalinvestingwhencapitalisfurnishedformarketresearchandproductdevelopmentisbestcharacterizedasthe:earlyseedangelinvesting Answer:Intheseedstageofventurecapitalinvesting,capitalisfurnishedforproductdevelopment,marketing,andmarketresearch.Theangelinvestingstageiswheninvestmentfundsareusedforbusinessnsandassessingmarketpotential.Theearlystagereferstoinvestmentsmadetofundinitialcommercialproductionandsales.9Fundsthatinvestintheequityofcompanies,primarilybyusingdebtfinancing,arebestcharacterizedas:hedgerealestateinvestmentprivateequity Answer:Leveragedbuyout(LBO)funds,atypeofprivateequityfund,useborrowedmoneytopurchaseequityinestablishedcompanies.TopicTopicRealEstateRealEstate KeyreasonsforinvestinginrealestateCompetitivelong-termtotalreturnsdrivenbybothegenerationandcapitalappreciation.Prospectthatmultiple-yearleaseswithfixedrentsforsomepropertytypesmaylessencashflowimpactfromeconomicshocks.Diversificationbenefitsmaybeprovidedbylessthanperfectcorrelationwithotherassetclasses.Provideaninflationhedgeifrentscanbeadjustedquicklyforinflation.RealRealFormsofRealEstate(比如:银行)securities(MBS)lizedDirectownershipofrealestate）Realestateinvestmenttrustsobligations residentialpropertiesandemployleverage,directequityresidentialpropertiesandemployleverage,directequityinvestmentsinleveragedrealestate.TimberlandandFarmland.RealEstateinvestmentCategoriesResidentialproperty:AdirectCommercialRealEstate:Directinvestmentinstitutionalfundsorhigh-net-worthindividualswithlongtimehorizonsandlimitedliquidityREITinvesting:IssuesharesthattradeMortgageREITs:InvestprimarilyinlikefixedeEquityREITs:Investprimarilyincommercial Answer:Wholeloans(i.e.,commercialpropertymortgages)areconsidereddirectinvestments.Commercialmortgage-backedsecurities(CMBS)andmortgageREITsareindirectAformofdirectinvestmentinmortgagescommercialmortgage-backedwholemortgagerealestateinvestmentTopicTopicInvestmentreturnsarebasedonchangesinpriceratherthanonanestreamsuchasinterest,dividendsorrent.Holdingcommoditiesincurscostsfortransportationandstorage.Thus,mostcommodityinvestorsdonottr