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【正文】 2023年 4月 17日星期一 10時 11分 30秒 10:11:3017 April 2023 1一個人即使已登上頂峰，也仍要自強不息。勝人者有力，自勝者強。 , April 17, 2023 閱讀一切好書如同和過去最杰出的人談話。 2023年 4月 17日星期一 上午 10時 11分 30秒 10:11: 1楚塞三湘接，荊門九派通。 10:11:3010:11:3010:114/17/2023 10:11:30 AM 1成功就是日復(fù)一日那一點點小小努力的積累。 2023年 4月 上午 10時 11分 :11April 17, 2023 1行動出成果，工作出財富。 :11:3010:11Apr2317Apr23 1故人江海別，幾度隔山川。s risk tolerance. Risk tolerance is a function of the following: ? Age. ? Family situation. ? Existing wealth. ? Insurance coverage. ? Current cash reserves. 14 Measure Your Risk Tolerance ? P46 15 LOS c: why investment objectives should be expressed in terms of risk and return ? .Return objectives may be stated in absolute terms (dollar amounts) or percentages. Return considerations also cover capital preservation, capital appreciation, current ine needs, and total returns. ? Specifying investment goals in terms of just return may expose an investor to inappropriate high risk investment strategies. Also, returnonly objectives can lead to unacceptable behavior on the part of investment managers, such as excessive trading to generate excessive missions 16 Merill Lynch Suggest Clients Stock bonds Cash Conservative for ine 30 60 10 Conservative for ine 60 30 10 Moderate Risk 50 40 10 Aggressive Risk 60 40 17 LOS e: Describe the return objectives of capital preservation, capital appreciation, current ine, and total return. ? Capital preservation is the objective of earning a return on an investment that is at least equal to the inflation rate. The concern here is the maintenance of purchasing power. To achieve this objective, the rate of return must equal the inflation rate. ? Capital appreciation is the objective of earning a nominal return that exceeds the rate of inflation over some period of time. Achieving this goal means that the purchasing power of the initial investment increases over time, usually through capital gains. 18 LOS e: Describe the return objectives of capital preservation, capital appreciation, current ine, and total return. ? Current ine is the objective of earning a return on an investment for the purpose of generating ine. The current ine objective is usually appropriate when an investor wants or needs to supplement other sources of ine to meet living expenses or some other planned spending need. ? Total return is the objective of having a portfolio grow in value to meet a future need through both capital gains and the reinvestment of current ine. The total return objective is riskier than the ine objective, but less risky
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