中文2资产配置决策

2TheAssetAllocationDecision中文2资产配置决策2024/3/25中文2资产配置决策Chapter2

TheAssetAllocationDecisionQuestionstobeanswered:Whatisassetallocation?Whatarethefourstepsintheportfoliomanagementprocess?Whatistheroleofassetallocationininvestmentplanning?Whyisapolicystatementimportanttotheplanningprocess?中文2资产配置决策Chapter2

TheAssetAllocationDecisionWhatobjectivesandconstraintsshouldbedetailedinapolicystatement?Howandwhydoinvestmentgoalschangeoveraperson’slifetimeandcircumstances?Whydoassetallocationstrategiesdifferacrossnationalboundaries?中文2资产配置决策FinancialPlanPreliminariesInsuranceLifeinsuranceTermlifeinsurance-Providesdeathbenefitonly.PremiumcouldchangeeveryrenewalperiodUniversalandvariablelifeinsurance–providecashvalueplusdeathbenefit中文2资产配置决策FinancialPlanPreliminariesInsuranceHealthinsuranceDisabilityinsuranceAutomobileinsuranceHome/rentalinsuranceLiabilityinsurance中文2资产配置决策FinancialPlanPreliminariesCashreserveTomeetemergencyneedsIncludescashequivalents(liquidinvestments)Equaltosixmonthslivingexpensesrecommendedbyexperts中文2资产配置决策IndividualInvestorLifeCycleAccumulationphase–earlytomiddleyearsofworkingcareerConsolidationphase–pastmidpointofcareers.EarningsgreaterthanexpensesSpending/Giftingphase–beginsafterretirement中文2资产配置决策IndividualInvestorLifeCycleNetWorthAgeAccumulationPhaseLong-term: Retirement Children’scollege Short-term: House CarConsolidationPhaseLong-term: RetirementShort-term:VacationsChildren’sCollegeSpendingPhaseGiftingPhaseLong-term: EstatePlanningShort-term: LifestyleNeedsGifts

Exhibit2.1中文2资产配置决策LifeCycleInvestmentGoalsNear-term,high-prioritygoalsLong-term,high-prioritygoalsLower-prioritygoals中文2资产配置决策ThePortfolioManagementProcess1.Policystatement-Focus:Investor’sshort-termandlong-termneeds,familiaritywithcapitalmarkethistory,andexpectations2.Examinecurrentandprojectfinancial,economic,political,andsocialconditions-Focus:Short-termandintermediate-termexpectedconditionstouseinconstructingaspecificportfolio3.Implementtheplanbyconstructingtheportfolio-Focus:Meettheinvestor’sneedsattheminimumrisklevels4.Feedback:Monitorandupdateinvestorneeds,environmentalconditions,portfolioperformanceExhibit2.2中文2资产配置决策ThePortfolioManagementProcess1.Policystatementspecifiesinvestmentgoalsandacceptablerisklevelsshouldbereviewedperiodicallyguidesallinvestmentdecisions中文2资产配置决策ThePortfolioManagementProcess2.Studycurrentfinancialandeconomicconditionsandforecastfuturetrendsdeterminestrategiestomeetgoalsrequiresmonitoringandupdating中文2资产配置决策ThePortfolioManagementProcess3.Constructtheportfolioallocateavailablefundstominimizeinvestor’srisksandmeetinvestmentgoals中文2资产配置决策ThePortfolioManagementProcess4.MonitorandupdateevaluateportfolioperformanceMonitorinvestor’sneedsandmarketconditionsrevisepolicystatementasneededmodifyinvestmentstrategyaccordingly中文2资产配置决策TheNeedForAPolicyStatementHelpsinvestorsunderstandtheirownneeds,objectives,andinvestmentconstraintsSetsstandardsforevaluatingportfolioperformanceReducesthepossibilityofinappropriatebehavioronthepartoftheportfoliomanager

中文2资产配置决策InvestmentObjectivesRiskToleranceAbsoluteorrelativepercentagereturnGeneralgoals中文2资产配置决策InvestmentObjectives

GeneralGoalsCapitalpreservationminimizeriskofreallossCapitalappreciationGrowthoftheportfolioinrealtermstomeetfutureneedCurrentincomeFocusisingeneratingincomeratherthancapitalgains中文2资产配置决策InvestmentObjectives

GeneralGoalsTotalreturnIncreaseportfoliovaluebycapitalgainsandbyreinvestingcurrentincomeMaintainmoderateriskexposure中文2资产配置决策InvestmentConstraintsLiquidityneedsVarybetweeninvestorsdependinguponage,employment,taxstatus,etc.TimehorizonInfluencesliquidityneedsandrisktolerance中文2资产配置决策InvestmentConstraintsTaxconcernsCapitalgainsorlosses–taxeddifferentlyfromincomeUnrealizedcapitalgain–reflectpriceappreciationofcurrentlyheldassetsthathavenotyetbeensoldRealizedcapitalgain–whentheassethasbeensoldataprofitTrade-offbetweentaxesanddiversification–taxconsequencesofsellingcompanystockfordiversificationpurposes中文2资产配置决策InvestmentConstraintsTaxconcerns(continued)interestonmunicipalbondsexemptfromfederalincometaxandfromstateofissueinterestonfederalsecuritiesexemptfromstateincometaxcontributionstoanIRAmayqualifyasdeductiblefromtaxableincometaxdeferralconsiderations-compounding中文2资产配置决策EquivalentTaxableYield中文2资产配置决策ExampleIfaninvestorisinthe28%marginaltaxrate,ataxableinvestmentyieldof8%hasanafter-taxyieldof8%(1-0.28),or5.76%;Anequivalent-riskmunicipalsecurityofferingayieldgreaterthan5.76%offerstheinvestorgreaterafter-taxreturns.Ontheotherhand,amunicipalbondyielding6%hasanequivalenttaxableyieldof6%/(1-0.28)=8.33%中文2资产配置决策EffectofTaxDeferralonInvestorWealthoverTime$1,000InvestmentValueTime$10,062.66$5,365.91Exhibit2.6中文2资产配置决策MethodsofTaxDeferralRegularIRA-taxdeductibleTaxonreturnsdeferreduntilwithdrawal

RothIRA-nottaxdeductibletax-freewithdrawalspossibleCashvaluelifeinsurance–fundsaccumulatetax-freeuntiltheyarewithdrawnEmployer’s401(k)and403(b)plans–tax-deferredinvestments中文2资产配置决策LegalandRegulatoryFactorsLimitationsorpenaltiesonwithdrawalsFiduciaryresponsibilities-“prudentman”ruleInvestmentlawsprohibitinsidertrading中文2资产配置决策UniqueNeedsandPreferencesPersonalpreferencessuchassociallyconsciousinvestmentscouldinfluenceinvestmentchoiceTimeconstraintsorlackofexpertiseformanagingtheportfoliomayrequireprofessionalmanagementLargeinvestmentinemployer’sstockmayrequireconsiderationofdiversificationneedsInstitutionalinvestorsneeds中文2资产配置决策ConstructingthePolicyStatementObjectives-riskandreturnConstraints-liquidity,timehorizon,taxfactors,legalandregulatoryconstraints,anduniqueneedsandpreferencesDevelopingaplandependsonunderstandingtherelationshipbetweenriskandreturnandtheimportanceofdiversification中文2资产配置决策TheImportanceofAssetAllocationAninvestmentstrategyisbasedonfourdecisionsWhatassetclassestoconsiderforinvestmentWhatnormalorpolicyweightstoassigntoeacheligibleclassDeterminingtheallowableallocationrangesbasedonpolicyweightsWhatspecificsecuritiestopurchasefortheportfolio中文2资产配置决策TheImportanceofAssetAllocationAccordingtoresearchstudies,most(85%to95%)oftheoverallinvestmentreturnisduetothefirsttwodecisions,nottheselectionofindividualinvestments中文2资产配置决策ReturnsandRiskofDifferentAssetClassesHistorically,smallcompanystockshavegeneratedthehighestreturns.Butthevolatilityofreturnshavebeenthehighesttoo（P38）Inflationandtaxeshaveamajorimpactonreturns（P37）ReturnsonTreasuryBillshavebarelykeptpacewithinflation中文2资产配置决策ReturnsandRiskofDifferentAssetClassesMeasuringriskbyprobabilityofnotmeetingyourinvestmentreturnobjectiveindicatesriskofequitiesissmallandthatofT-billsislargebecauseoftheirdifferencesinexpectedreturnsFocusingonlyonreturnvariabilityasameasureofriskignoresreinvestmentrisk中文2资产配置决策AssetAllocationSummaryPolicystatementdeterminestypesofassetstoincludeinportfolioAssetallocationdeterminesportfolioreturnmorethanstockselectionOverlongtimeperiods,sizableallocationtoequitywillimproveresultsRiskofastrategydependsontheinvestor’sgoalsandtimehorizon中文2资产配置决策AssetAllocationand

CulturalDifferencesSocial,political,andtaxenvironmentsinfluencetheassetallocationdecisionEquityallocationsofU.S.pensionfundsaverage58%IntheUnitedKingdom,equitiesmakeup78%ofassetsInGermany,equityallocationaverages8%InJapan,equitiesare37%ofassets中文2资产配置决策SummaryIdentifyinvestmentneeds,risktolerance,andfamiliaritywithcapitalmarketsIdentifyobjectivesandconstraintsEnhanceinvestmentplansbyaccurateformulationofapolicystatementFocusonassetallocationasitdetermineslong-termreturnsandrisk中文2资产配置决策TheInternet

InvestmentsOnline/planidx.html/home.html中文2资产配置决策Appendix

ObjectivesandConstraintsofInstitutionalInvestorsMutualFunds–poolinvestorsfundsandinveststheminfinancialassetsasperitsinvestmentobjective中文2资产配置决策PensionFundsReceivecontributionsfromthefirm,itsemployees,orbothandinveststhosefundsDefinedBenefit–promisetopayretireesaspecificincomestreamafterretirementDef