2theassetallocationdecision中文2資產(chǎn)配置決策(已修改)
2025-03-12 05:44 本頁(yè)面
【正文】 Lecture Presentation Software to acpany Investment Analysis and Portfolio Management Seventh Edition by Frank K. Reilly Keith C. Brown Chapter 2 Chapter 2 The Asset Allocation Decision Questions to be answered: ? What is asset allocation? ? What are the four steps in the portfolio management process? ? What is the role of asset allocation in investment planning? ? Why is a policy statement important to the planning process? Chapter 2 The Asset Allocation Decision ? What objectives and constraints should be detailed in a policy statement? ? How and why do investment goals change over a person’s lifetime and circumstances? ? Why do asset allocation strategies differ across national boundaries? Financial Plan Preliminaries Insurance –Life insurance ? Term life insurance Provides death benefit only. Premium could change every renewal period ? Universal and variable life insurance – provide cash value plus death benefit Financial Plan Preliminaries Insurance –Health insurance –Disability insurance –Automobile insurance –Home/rental insurance –Liability insurance Financial Plan Preliminaries Cash reserve –To meet emergency needs –Includes cash equivalents (liquid investments) –Equal to six months living expenses remended by experts Individual Investor Life Cycle ? Accumulation phase – early to middle years of working career ? Consolidation phase – past midpoint of careers. Earnings greater than expenses ? Spending/Gifting phase – begins after retirement Individual Investor Life Cycle 25 35 45 55 65 75Net Worth Age Accumulation Phase Longterm: Retirement Children’s college Shortterm: House Car Consolidation Phase Longterm: Retirement Shortterm: Vacations Children’s College Spending Phase Gifting Phase Longterm: Estate Planning Shortterm: Lifestyle Needs Gifts Exhibit Life Cycle Investment Goals ? Nearterm, highpriority goals ? Longterm, highpriority goals ? Lowerpriority goals The Portfolio Management Process 1. Policy statement Focus: Investor’s shortterm and longterm needs, familiarity with capital market history, and expectations 2. Examine current and project financial, economic, political, and social conditions Focus: Shortterm and intermediateterm expected conditions to use in constructing a specific portfolio 3. Imple
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