贵金属投资技术分析英文版
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贵金属投资技术分析英文版 60 优质课件
University of Palestine Faculty of Finance &Business Administration
COMPANY ACCOUNTING
INVESTMENT
Prepared By Rasha Anan 120050146
Supervised By Mr. Ibrahim Sammour
1. Capital risk 2. Currency risk 3. Liquidity risk
INVESTMENT RISK
4. Credit risk 5. Inflation risk 6. Interest rate risk 7. Market risk 8. Legal risk 9. Counterparty risk
There are usually three participants in an investment:
1. The Issuer 2. The Investor 3. The Broker
INVESTMENT TYPES
Cash Savings Accounts Debt Instruments Stocks Collectibles Precious Metals Real Estate Investment Portfolio Mutual Fund
13. Accept responsibility of your own decisions
14. Never hesitate to cut losses 15. Do damage control through limits
the company? 4. Are you willing to own the stock for the
COMPANY ACCOUNTING
INVESTMENT
Prepared By Rasha Anan 120050146
Supervised By Mr. Ibrahim Sammour
1. Capital risk 2. Currency risk 3. Liquidity risk
INVESTMENT RISK
4. Credit risk 5. Inflation risk 6. Interest rate risk 7. Market risk 8. Legal risk 9. Counterparty risk
There are usually three participants in an investment:
1. The Issuer 2. The Investor 3. The Broker
INVESTMENT TYPES
Cash Savings Accounts Debt Instruments Stocks Collectibles Precious Metals Real Estate Investment Portfolio Mutual Fund
13. Accept responsibility of your own decisions
14. Never hesitate to cut losses 15. Do damage control through limits
the company? 4. Are you willing to own the stock for the
贵金属投资技术分析英文版37
Derivatives: financial instruments that do not have a value by themselves but derive their value from the underlying security or asset such as shares, foreign exchange, commodities etc.except for cash flow hedges that are accounted for similar to trading securities;
CHAPTER 9
Investments
as line of business idle cash purpose financial instruments
stocks bonds derivatives
Chapter 9
Mugan-Akman 2010
2
Accounting for Debt and Equity Investments
Valuation Method
Short term
(trading securities)
Fair Value (Market Value)
Valuation Method
Short term (trading securities)
Fair Value (Market Value)
Debt
Long term
Minority, Passive Investments (less than
20% ownership)
Minority, Active Investments (typically
between 20% and 50% ownership)
CHAPTER 9
Investments
as line of business idle cash purpose financial instruments
stocks bonds derivatives
Chapter 9
Mugan-Akman 2010
2
Accounting for Debt and Equity Investments
Valuation Method
Short term
(trading securities)
Fair Value (Market Value)
Valuation Method
Short term (trading securities)
Fair Value (Market Value)
Debt
Long term
Minority, Passive Investments (less than
20% ownership)
Minority, Active Investments (typically
between 20% and 50% ownership)
贵金属投资技术分析英文版46-37页PPT资料
• You can usually set up a regular savings plan through your own financial institution…saving as little as $25.00 per month.
• You can invest in mutual funds outside or inside your RRSP.
Mutual Fund
Mutual Funds
E -7
What is a Mutual Fund?
• It is a ‘pooled’ investment
• Pooled investments are managed portfolios that groups of investors invest in.
• Segregated Fund
Mutual Funds
E -4
Where can Mutual Funds Be Purchased?
• Mutual funds are sold by most financial institutions:
• Credit unions (ethical funds) • Banks • Insurance Companies • Investment Companies • Brokerage Houses • Trust Companies • Independent Mutual Fund Dealers
Mutual Funds
E -2
Learning Objectives
1. To describe mutual fund organizations 2. To identify the advantages and disadvantage of investing in mutual
• You can invest in mutual funds outside or inside your RRSP.
Mutual Fund
Mutual Funds
E -7
What is a Mutual Fund?
• It is a ‘pooled’ investment
• Pooled investments are managed portfolios that groups of investors invest in.
• Segregated Fund
Mutual Funds
E -4
Where can Mutual Funds Be Purchased?
• Mutual funds are sold by most financial institutions:
• Credit unions (ethical funds) • Banks • Insurance Companies • Investment Companies • Brokerage Houses • Trust Companies • Independent Mutual Fund Dealers
Mutual Funds
E -2
Learning Objectives
1. To describe mutual fund organizations 2. To identify the advantages and disadvantage of investing in mutual
贵金属投资技术分析英文版 11 优质课件
1997
1998
1999
2000
2001
2002
2003
2004
M2Y (1987=100) GDP DEFLATOR (1987=100)
8
Dollarization and Monetary Transmission in Turkey, Erdem BAŞÇI Vice Governor Central Bank of Turkey December 2006
1950 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004
900000
800000
700000
600000
500000
400000
300000
200000
100000
0 1996
Monetary Policy
90
80
ISE Bonds and Bills Market Benchm ark
Interest Rate (Com pound)
70
CBRT O/N Interest Rate (Com pound)
60
ห้องสมุดไป่ตู้
50
40
30
20
10
02/01/02 15/05/02 23/09/02 05/02/03 27/06/03 03/11/03 17/03/04 23/07/04 02/12/04 11/04/05 16/08/05 23/12/05 04/05/06 11/09/06
Store of Value—used to save purchasing power; allows intertemporal substitution of income
贵金属投资技术分析英文版 (31)
Stocks, Bonds & Mutual Funds
What are mutual funds? Mutual funds are open-ended investments that are professionally managed and consist of a variety of investment instruments including stocks, bonds, options, commodities, and money market securities. Diversification provides greater safety and reduces risk. Mutual funds are long-term investments.
Stocks, Bonds & Mutual Funds
What are collectibles?
Collectibles are items which have value due to its rarity and desirability, such as antiques, coins, cars, and art. Collectibles are long-term investments.
Stocks, Bonds & Mutual Funds
What are stocks? Stock is an instrument that signifies ownership in a corporation and represents claim on a share of a corporation’s assets and profits. Stocks are typically riskier and long-term investments.
贵金属投资技术分析英文版 (63)
17-15
Investing in Precious Metals, Gems, and Collections
Objective 4: Analyze the risks and rewards of investing in precious metals, gems, and collectibles
17-17
Investing in Precious Metals, Gems, and Collections (continued)
• Silver, platinum, palladium and rhodium
– Silver prices have fluctuated from $24.25 an ounce in 1932, to over $50 an ounce in early 1980, and then back to less than $18.49 an ounce in June 2010.
17-1
Chapter 17 Learning Objectives
1. Identify types of real estate investments 2. Evaluate the advantages of real estate investments 3. Asses the disadvantages of real estate investments 4. Analyze the risks and rewards of investing in
17-12
Advantages of Real Estate Investments
Objective 2: Evaluate the advantages of real estate investments
Investing in Precious Metals, Gems, and Collections
Objective 4: Analyze the risks and rewards of investing in precious metals, gems, and collectibles
17-17
Investing in Precious Metals, Gems, and Collections (continued)
• Silver, platinum, palladium and rhodium
– Silver prices have fluctuated from $24.25 an ounce in 1932, to over $50 an ounce in early 1980, and then back to less than $18.49 an ounce in June 2010.
17-1
Chapter 17 Learning Objectives
1. Identify types of real estate investments 2. Evaluate the advantages of real estate investments 3. Asses the disadvantages of real estate investments 4. Analyze the risks and rewards of investing in
17-12
Advantages of Real Estate Investments
Objective 2: Evaluate the advantages of real estate investments
贵金属投资技术分析英文版 50 优质课件
– Need for cash on short notice increases liquidity requirement, normally entails sacrifice in return
• Investment Horizon
– The planned liquidation date – Affects portfolio risk and security maturity
Chapter 22
Investors and the
Investment Process
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
22.1 The Investment Management Process
• Personal Trusts
– An interest in an asset held by a trustee for the benefit of another person.
– Management is subject to prudent investor rules
• Mutual Funds
22-2
Overview of the Investment Process
22-3
Overview of the Investment Process
22-4
Overview of the Investment Process
22-5
22.2 Investor Objectives
2Байду номын сангаас-6
• Sources of funds: predominantly deposits and some borrowed funds
• Investment Horizon
– The planned liquidation date – Affects portfolio risk and security maturity
Chapter 22
Investors and the
Investment Process
McGraw-Hill/Irwin
Copyright © 2010 by The McGraw-Hill Companies, Inc. All rights reserved.
22.1 The Investment Management Process
• Personal Trusts
– An interest in an asset held by a trustee for the benefit of another person.
– Management is subject to prudent investor rules
• Mutual Funds
22-2
Overview of the Investment Process
22-3
Overview of the Investment Process
22-4
Overview of the Investment Process
22-5
22.2 Investor Objectives
2Байду номын сангаас-6
• Sources of funds: predominantly deposits and some borrowed funds
贵金属投资技术分析英文版 (64)
2. Calculating the Return on Investment using Fina ncial Leverage. Suppose Dave invested only $20,
000 of his own money and borrowed $180,000 (90% financing). Whment?
• Investing in first, second, etc. mortgages • Equity Sharing
• You put up the down payment for someone els e and then share in the appreciation
Investing in Commercial Proper
Advantages of Real Estate Investments
• A hedge against inflation • Financial leverage
• The use of borrowed funds for investment purposes allows you to acquire
• Look for income to be greater than expenses • “Duh! Good advice, guys!” • But do not be surprised if you are looking at negative cash flow for sev eral years • Rule of Thumb: Price = 7 to 10 times Rent • In San Diego? Ha! Ha! Ha! Ha! Ha! • Again, I think the South Bay is where the bargains are if you are so inclined
000 of his own money and borrowed $180,000 (90% financing). Whment?
• Investing in first, second, etc. mortgages • Equity Sharing
• You put up the down payment for someone els e and then share in the appreciation
Investing in Commercial Proper
Advantages of Real Estate Investments
• A hedge against inflation • Financial leverage
• The use of borrowed funds for investment purposes allows you to acquire
• Look for income to be greater than expenses • “Duh! Good advice, guys!” • But do not be surprised if you are looking at negative cash flow for sev eral years • Rule of Thumb: Price = 7 to 10 times Rent • In San Diego? Ha! Ha! Ha! Ha! Ha! • Again, I think the South Bay is where the bargains are if you are so inclined
贵金属投资技术分析英文版45
Equal-Weighted Outperformance
98 97 91 90 79 79 77 76 76 71 71 70 69 65 64 64 62 62
No. of Funds
4 5 8 3 26 14 7 75 31 10 72 21 60 26 54 15 7 207
Equal-Weighted
Phenomenon
Availability bias Recency bias Stress
Effect
Accounting versus economic focus Betting on what has worked Creates a short-term focus
Agent/principal shift
8
Long Term Investing in a Short Term World
Investment Management
Profession
• Deliver superior results • Long term • Contrarian • Patient
Business
• Generate sales • Asset gathering • Return for company, not shareholders
Equal-Weighted Outperformance
61 61 60 59 59 58 57 56 55 54 54 53 52 52 52 51 50 50
Equal-Weighted
Firm
Outperformance
Goldman Sachs
49
Morgan Stanley Adv.
49
贵金属投资技术分析英文版41
Personal Finance Unit 3 Chapter 11 © 2007 Glencoe/McGraw-Hill
5
Section 11.1 Real Estate Investment
A Home as an Investment Home ownership is most Americans’ largest financial asset. Owning a home is a good investment because:
Indirect Real Estate Investments
If you want to invest in real estate but do not have enough money to purchase property on your own, you might want to consider an indirect investment.
Real estate investments can be either direct or indirect. Direct investments include:
Single-family houses Duplexes Apartments Land Commercial property
Describe collectibles investments. Analyze the risks of investing in precious metals,
gems, and collectibles.
Personal Finance Unit 3 Chapter 11 © 2007 Glencoe/McGraw-Hill
participation certificate (PC)
贵金属投资技术分析英文版26
Lending – a Payoff Diagram
Stock price = ST 0 5 10 15 20 25 30
Payoff = +X 20 20 20 20 20 20 20
30 25 20 15 10 5 0
0 -5 -10 -15 -20 -25 -30
5
10
15
20
25
30
35
40
20
25
30
35
40
Lending vs. Borrowing Payoff Diagrams
30 25 20 15 10 5 0
0 -5 -10 -15 -20 -25 -30
5
10
15
20
25
30
35
40
30 25 20 15 10 5 0
0 -5 -10 -15 -20 -25 -30
5
10
☺Note that the short position is a liability with a value equal to the price of the stock (mirror image of the long position)
Short Stock – a Payoff Diagram
☺The payoff is constant regardless of the changes in the stock price
☺The payoff is positive for a lender (long bond) and negative for the borrower (short bond)
☺ Exchanges – standardized contracts ☺ Over the Counter (OTC) – custom-tailored contracts
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give facts or logical reasoning. • In the second paragraph, state the denial or
other bad news. • In the third paragraph, state the action you
want the reader to take. • Close on a positive note.
11-1 Low-Risk Choices
编辑pptSlide 6
What Are Good Financial Market Investments?
• A mutual fund is a professionally managed group of investments.
• It is bought using a pool of money from many investors.
• Savings and checking accounts are liquid.
• Illiquid investments cannot be converted to cash quickly or without a penalty.
11-1 Low-Risk Choices
编辑pptSlide 2
What Are Low-Risk Savings
Options?
• Savings accounts • Money market accounts
o Two types: deposit account or fund
• Certificates of deposit
o Money set aside for specific length of time at a fixed interest rate
11-1 Low-Risk Choices
编辑pptSlide 5
Building Communications Skills
Bad News Messages
• Use an indirect approach. • In the first paragraph, refer to the issue and
What Are Low-Risk Investing Options?
Bonds
• A bond is a loan that a buyer makes to a bond issuer.
• Government and corporations issue bonds.
• The face value is the amountd on the maturity date.
Corporate Bond
Face value: $5,000 Discount rate: 4% Coupon rate: 4% yearly (paid semiannually) Term: 2 years
Purchase price: $5,000 × 0.04 = $200 discount amount $5,000 $200 = $4,800 discounted purchase price
• Life insurance savings plans
o Borrow against the policy’s cash value
• Brokerage accounts
o An account at an investment company
11-1 Low-Risk Choices
编辑pptSlide 3
Chapter 11 Saving and Investing Options
What Are Low-Risk Savings Options?
• Liquid savings include cash or investments that can be changed into cash quickly.
Percent of Holdings
20%
20%
20% 20%
15% 5%
ASSET ALLOCATION
Type of Fund Bond fund
Growth fund
Global fund Money market fund Income fund New venture fund
• A personal residence (home) is typically a safe investment and good tax shelter.
11-2 Medium-Risk Choices
编辑pptSlide 7
Asset Allocation in a Mutual Fund
• The maturity date is the date the borrowed money must be repaid.
• Bonds can be purchased at a discount or premium.
11-1 Low-Risk Choices
编辑pptSlide 4
Return on a Corporate Bond
$ 5,400 total amount received ($5,000 face value + $400 interest) 4,800 amount invested $ 600 total profit in dollars
$600 ÷ $4,800 = 0.125 = 12.5% total return on investment
Semiannual interest: $5,000 × 0.04 = $200 interest per year ($100 semiannual payment) $200 × 2 years = $400 total interest received
Return on investment: At the end of the second year, the bond is redeemed for $5,000 (face value).
other bad news. • In the third paragraph, state the action you
want the reader to take. • Close on a positive note.
11-1 Low-Risk Choices
编辑pptSlide 6
What Are Good Financial Market Investments?
• A mutual fund is a professionally managed group of investments.
• It is bought using a pool of money from many investors.
• Savings and checking accounts are liquid.
• Illiquid investments cannot be converted to cash quickly or without a penalty.
11-1 Low-Risk Choices
编辑pptSlide 2
What Are Low-Risk Savings
Options?
• Savings accounts • Money market accounts
o Two types: deposit account or fund
• Certificates of deposit
o Money set aside for specific length of time at a fixed interest rate
11-1 Low-Risk Choices
编辑pptSlide 5
Building Communications Skills
Bad News Messages
• Use an indirect approach. • In the first paragraph, refer to the issue and
What Are Low-Risk Investing Options?
Bonds
• A bond is a loan that a buyer makes to a bond issuer.
• Government and corporations issue bonds.
• The face value is the amountd on the maturity date.
Corporate Bond
Face value: $5,000 Discount rate: 4% Coupon rate: 4% yearly (paid semiannually) Term: 2 years
Purchase price: $5,000 × 0.04 = $200 discount amount $5,000 $200 = $4,800 discounted purchase price
• Life insurance savings plans
o Borrow against the policy’s cash value
• Brokerage accounts
o An account at an investment company
11-1 Low-Risk Choices
编辑pptSlide 3
Chapter 11 Saving and Investing Options
What Are Low-Risk Savings Options?
• Liquid savings include cash or investments that can be changed into cash quickly.
Percent of Holdings
20%
20%
20% 20%
15% 5%
ASSET ALLOCATION
Type of Fund Bond fund
Growth fund
Global fund Money market fund Income fund New venture fund
• A personal residence (home) is typically a safe investment and good tax shelter.
11-2 Medium-Risk Choices
编辑pptSlide 7
Asset Allocation in a Mutual Fund
• The maturity date is the date the borrowed money must be repaid.
• Bonds can be purchased at a discount or premium.
11-1 Low-Risk Choices
编辑pptSlide 4
Return on a Corporate Bond
$ 5,400 total amount received ($5,000 face value + $400 interest) 4,800 amount invested $ 600 total profit in dollars
$600 ÷ $4,800 = 0.125 = 12.5% total return on investment
Semiannual interest: $5,000 × 0.04 = $200 interest per year ($100 semiannual payment) $200 × 2 years = $400 total interest received
Return on investment: At the end of the second year, the bond is redeemed for $5,000 (face value).