2theassetallocationdecision中文2資產(chǎn)配置決策-全文預(yù)覽
【正文】 ersonal preferences such as socially conscious investments could influence investment choice ? Time constraints or lack of expertise for managing the portfolio may require professional management ? Large investment in employer’s stock may require consideration of diversification needs ? Institutional investors needs Constructing the Policy Statement ? Objectives risk and return ? Constraints liquidity, time horizon, tax factors, legal and regulatory constraints, and unique needs and preferences ? Developing a plan depends on understanding the relationship between risk and return and the importance of diversification The Importance of Asset Allocation ? An investment strategy is based on four decisions – What asset classes to consider for investment – What normal or policy weights to assign to each eligible class – Determining the allowable allocation ranges based on policy weights – What specific securities to purchase for the portfolio The Importance of Asset Allocation ? According to research studies, most (85% to 95%) of the overall investment return is due to the first two decisions, not the selection of individual investments Returns and Risk of Different Asset Classes ? Historically, small pany stocks have generated the highest returns. But the volatility of returns have been the highest too（ P38） ? Inflation and taxes have a major impact on returns（ P37） ? Returns on Treasury Bills have barely kept pace with inflation Returns and Risk of Different Asset Classes ? Measuring risk by probability of not meeting your investment return objective indicates risk of equities is small and that of Tbills is large because of their differences in expected returns ? Focusing only on return variability as a measure of risk ignores reinvestment risk Asset Allocation Summary ? Policy statement determines types of assets to include in portfolio ? Asset allocation determines portfolio return more than stock selection ? Over long time periods, sizable allocation to equity will improve results ? Risk of a strategy depends on the investor’s goals and time horizon Asset Allocation and Cultural Differences ? Social, political, and tax environments influence the asset allocation decision ? Equity allocations of . pension funds average 58% ? In the United Kingdom, equities make up 78% of assets ? In Germany, equity allocation avera
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