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32
9
Scientific measurement?
In all scientific endeavours, precision in the definition of the unit of measure has improved
The ONLY exception is economics and, in particular, monetary economics源自Final thoughts
The present financial crisis is far from over At its roots it’s a belated gold crisis Gold has been exiled internationally from the
IF SO, then:
❖ How good is our currency as a measure?
8
Measures of money
Lots of aggregate measures of its supply
❖ M0, M1, M2, MZM, M3, etc
But what of the basic unit (of measure) itself?
monetary system and prevented from discharging its natural function
So it is prudent to measure one’s net worth in gold units rather than legal tender units
“Money has not been generated by law. In its origin it is a social, and not a state institution.”
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
– the MFDA will expect you to have completed the Canadian Investment Funds Course through the Investment Funds Institute of Canada, or the Investment Funds in Canada Course through the Institute of Canadian Bankers or the Canadian Securities Course through the Canadian Securities Institute.
• Credit unions (ethical funds) • Banks • Insurance Companies • Investment Companies • Brokerage Houses • Trust Companies • Independent Mutual Fund Dealers
• A mutual fund is a financial organization that accepts funds from numerous investors, pools these funds and invests them in bonds, stocks, real estate precious metals and other investments. It then issues shares or units to investors in proportion to the funds each investor contributes.
Pays management fee to
General Distributor
• Credit unions (ethical funds) • Banks • Insurance Companies • Investment Companies • Brokerage Houses • Trust Companies • Independent Mutual Fund Dealers
• A mutual fund is a financial organization that accepts funds from numerous investors, pools these funds and invests them in bonds, stocks, real estate precious metals and other investments. It then issues shares or units to investors in proportion to the funds each investor contributes.
Pays management fee to
General Distributor
贵金属投资技术分析英文版46
Pays management fee to
General Distributor
Sells shares/units to investors either through investment dealers or through own direct sales organization/employees
Mutual Funds
E - 13
About The Mutual Fund
• Can be organized in two ways
• As a corporation • As a unit trust
Mutual Funds
E - 14
Mutual Fund Complex
Net asset value (price of shares/units)
– the MFDA will expect you to have completed the Canadian Investment Funds Course through the Investment Funds Institute of Canada, or the Investment Funds in Canada Course through the Institute of Canadian Bankers or the Canadian Securities Course through the Canadian Securities Institute.
• Credit unions (ethical funds) • Banks • Insurance Companies • Investment Companies • Brokerage Houses • Trust Companies • Independent Mutual Fund Dealers
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 (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41
9
Section 11.1 Real Estate Investment
syndicate
a temporary association of individuals or business firms organized to perform a task that requires a large amount of funds
Personal Finance Unit 3 Chapter 11 © 2007 Glencoe/McGraw-Hill
6
Section 11.1 Real Estate Investment
commercial property
land and buildings that produce rental income
Describe collectibles investments. Analyze the risks of investing in precious metals,
gems, and collectibles.
Personal Finance Unit 3 Chapter 11 © 2007 Glencoe/McGraw-Hill
Indirect investments include: Real estate syndicates Real estate investment trusts High-risk mortgages Participation certificates
Personal Finance Unit 3 Chapter 11 © 2007 Glencoe/McGraw-Hill
Real Estate Syndicates or Limited Partnerships