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Portfolio ManagementPortfolio Management: An OverviewDescribe the portfolio approach to investing1.The portfolio perspective refers to evaluating individual investments by theircontribution on the risk and return of an investor’s portfolio.投资组合视角指的是通过投资组合对风险和回报的贡献来评估个人投资。
2.把所有钱用于买一只股票并不是一种portfolio perspective，把钱分散在多只证券中才能降低风险，增加收益。
3.One measure of the benefits of diversification is the diversification ratio. It iscalculated as the ratio of the risk of an equally weighted portfolio of n securities to the risk of a single security selected at random from the n securities.衡量多样化的好处之一是多样化比率。
它计算的是n证券等加权组合的风险与随机从n证券中选择的单一证券的风险之比。
4.If the average standard deviation of returns for the n stocks is 25%, and thestandard deviation of returns for an equally weighted portfolio of the n stocks is 18%, the diversification ratio is 18/25=0.72.Describe types of investors and distinctive characteristics and needs of each1.Individual investor个人投资者就是个人为了满足生活目标而进行理财的投资者，是牺牲当前消费以期获得未来更高水平消费的个人。
英语课程中的投资与证券交易词汇在如今全球化的商业环境下，掌握英语对于从事金融和投资领域的人来说至关重要。
尤其是在投资与证券交易方面，了解相关词汇和术语是提高沟通能力和拓宽职业发展的关键因素之一。
本文将介绍一些在英语课程中常见的投资与证券交易词汇，以帮助读者更好地理解和运用这些词汇。
一、投资词汇1. Investment（投资）指将资金或其他资源用于期望获取回报的行为或活动。
2. Portfolio（投资组合）指个人或机构持有的所有投资项目的集合。
3. Asset（资产）指拥有的有价值的物品或权益，如股票、债券、不动产等。
4. Equity（股权）指投资者在公司中所持有的股份或股权。
5. Risk（风险）指投资可能面临的损失或不确定性。
6. Return（回报）指投资所产生的利润、收益或回报。
7. Diversification（分散投资）指将资金投资于多个不同的资产类别或领域，以降低风险。
二、证券交易词汇1. Stock（股票）指公司向公众发行的股份，代表持有者在公司中的权益。
2. Shareholder（股东）指持有某公司股份的个人或机构。
3. Dividend（红利）指公司根据盈利情况向股东支付的利润分配。
4. Bond（债券）指借款人以借款为基础发行给债权人的债务证券。
5. Coupon（票息）指债券上规定的每年支付给债券持有者的利息。
6. Principal（本金）指债券上规定的借款人要偿还给债权人的原始金额。
7. Maturity（到期日）指债券或其他金融产品到期的日期。
8. Yield（收益率）指投资产品的盈利能力及其相对于投资成本的比例。
三、其他相关词汇1. Broker（经纪人）指在买卖证券或货币等产品过程中充当中介的个人或公司。
2. Exchange（交易所）指进行证券交易的市场，例如纽约证券交易所（NYSE）。
3. Bull market（牛市）指证券市场价格持续上涨的市场状态。
CFA考试必考点精讲-数量分析方法：抽样与估计考点解析对于很多想参加CFA考试的同学来说，对于CFA的考试内容还不是很了解。
我就为大家分享一下CFA考试的考试科目：1、道德与职业行为标准(Ethics and Professional Standards)2、定量分析(Quantitative)3、经济学(Economics)4、财务报表分析(Financial Statement Analysis)5、公司理财(Corporate Finance)6、权益投资(Equity Investments)7、固定收益投资(Fixed Income)8、衍生工具(Derivatives)9、其他类投资（Alternative Investments）10、投资组合管理(Portfolio Management)推断统计是研究如何利用样本数据来推断总体特征的统计方法。
可以分为三个步骤：✔抽样（sampling）：采取一定的方法从总体中抽取一部分个体，组成样本（我们可以从总体中获得无数个样本）；✔估计（estimation）：根据样本信息估计总体特征；✔假设检验（hypothesis test）：利用样本信息判断在一定的置信水平下对总体的假设是否成立。
详述：抽样当总体中个体数量非常大时，我们不可能对个体进行一一观测。
例如，想要了解中国人的平均身高，我们就不可能对13亿人口都进行问卷调查，这时就需要进行抽样。
简单随机抽样假设一个总体内包含N个个体，如果通过逐个抽取的方法从中抽取n个个体组成一个样本，并且每次抽取时每个个体被抽到的概率相等，那么这样的抽样方法叫做简单随机抽样。
简单随机抽样的特征：✔每个个体被抽中的概率相等，个体之间是完全独立的。
✔总体个数N是有限的。
✔样本数n小于等于样本总体的个数N。
✔样本是逐个抽取的。
✔简单随机抽样是一种不放回的抽样。
分层随机抽样分层随机抽样首先将个体按一定的标准分为几类（或几层）；然后根据各类型个体数与总个体数的比例，确定每个类型应该抽取多少个个体；最后，根据随机抽样原则，从各类型中抽取相应数量的个体，组成最终的样本。
Chapter 11、Unified budget: The document which itemizes（逐项列出）all the federal government’s expenditures（支出）and revenues（收入）.统一预算：联邦政府在一种文件中将其支出逐项列出。
2、regulatory budget: An annual statement of the costs imposed on（施加影响于）the economy by government regulations.(Currently, there is no such budget.)管制预算：政府管制给经济造成的成本的年度报告。
（目前尚无）3、entitlement programs: Programs whose expenditures are determined by the number of people who qualify, rather than preset budget allocations（分配）.公民权力性计划其支出由符合条件的人数而非预先的预算安排来决定的计划。
Summary :1、public finance ,also known as public sector economics or public economics, focuses on the taxing and spending activities of government and their influence on the allocation of resources and distribution（分配）of income.财政学，也称公共部门经济学或公共经济学，以政府的收支活动及其资源配置与收入分配的影响为研究对象2、I n an organic view of society ,individuals are valued only by their contribution to the realization of social goals. These goals are determined by the government.按照社会有机论，个人只有在有助于社会目标实现时才有价值。
Portfolio Management 2017王老师和贾老师的CFA课堂考点Reading 考点R40 Portfolio Management: An Overview •投资者类别，不同投资者特点。
•三步走plan-execution -feedback。
R41 Risk Management: An Introduction •risk budgeting•the categorization of types of risks•methods of risk mitigationR42 Portfolio Risk and Return: Part I •Major return measurement and Theportfolio standard deviation formula•Minimum variance and efficient frontier•CAL•CAPM公式+假设+应用。
•SML和CML的特点及对比R43 Portfolio Risk and Return: Part IIR44 Basic of Portfolio Planning andConstruction•IPS中的Objective and constraints•SAA和TAA考点一投资者类别，不同投资者特点□Portfolio perspective□The types of investment management clients □Characteristics of different types of investors•Characteristics of different types of investorsInvestor Type Risk Tolerance Investment Horizon Liquidity Needs Income NeedsIndividuals Depends on individual Depends on individual Depends on individual Depends on individualDB pensions High Long Low Depends on age Banks Low Short High Pay interest Endowments High Long Low Spending levelInsurance Low Long—life;Short—P&CHigh LowMutual funds Depends on fund Depends on fund High Depends on fund✐Which of the following types of institutions is most likely to have a long investment time horizon and a higher level of risk tolerance?A.A bankB.An endowmentC.An insurance companyAnswer=B✐Which of the following institutional investors are most likely to have a low tolerance for investment risk and relatively high liquidity needs?A.Insurance companyB.Charitable foundationC.Defined benefit pension planAnswer=AA is correct because insurance companies need to be relatively conservative and liquid given the necessity ofpaying claims when due.考点二Three steps in the portfolio management资产管理三步走□Planning step □Execution step □Feedback step考点二资产管理三步走2Three steps in the portfolio management资产管理三步走●Planning stepDetermine client needs and circumstance,including investor’s risk tolerance,return objectives,time horizon,tax exposure,liquidity needs,income needs,unique circumstances.Create and then periodically review and update an investment policy statement(IPS).IPS:details about the investor’s needs and circumstance;specify an objective benchmark;update at least every few years and anytime the investor’s objectives or constraints change significantly.●Execution step:asset allocation;top-down analysis and bottom-up analysis;portfolio construction●Feedback step:monitor and rebalance the portfolio;Measure portfolio performance.常考点：security analysis是execution过程中的一步Which of the following is least likely a part of the execution step of the portfolio management process?A.Security analysisB.Portfolio constructionC.Performance measurementAnswer=CC is correct.Performance measurement is a part of the feedback step of the portfolio management process.The execution step includes asset allocation,security analysis,and portfolio construction考点三risk budgeting□Risk and risk management□Financial risks and non-financial risks □Measure of risk□Methods of risk modification➢Risk management is most likely the process by which an organization:A.minimizes its exposure to potential losses.B.adjusts its risk to a predetermined level.C.maximizes its risk-adjusted return.B is correct.➢A major benefit of employing a risk budgeting process is that it most likely :A. allows the organization to determine its enterprise risk tolerance.B. forces risk tradeoffs across the organization.C.eliminates the need for hedging within the organization.B is correct.Adding a risk budgeting process causes the organization to consider how its total risk tolerance will be allocated across its subsidiaries. Either the total current risks the subsidiaries are engaging in will exceed the risk tolerance and subsidiaries will have to compete for risk by demonstrating highest returns per unit of risk or the total current risks will be less than the risk tolerance and a search will be underway for the subsidiaries that can best utilize the remaining risk budget. The risk tolerance is determined and then sets the risk budget, rather than being determined by it. Hedging can be a part of risk budgeting if hedging produces the superior risk adjusted returns.A is incorrect because the risk tolerance of the organization defines its risk budget, not the other way around.C is incorrect because hedging can be a part of risk budgeting if it produces the best returns per unit of the risk budget.考点三risk budgeting3Financial risks and non-financial risks●Financial risksFinancial risks refer to the risks that arise from events occurring in the financial markets,including credit risk,liquidity risk and market risk.•Credit riskThe risk that a counterparty will not pay an amount owed.交易对手方无法还钱。
