贵金属投资技术分析英文版33培训资料
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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35
Time makes a Difference!
Since 1950, if stocks were held for:
10 years -- no risk of loss 5 years -- 5% chance of loss 1 year -- 23% chance of loss
34,493 38,823 43,833 49,638 56,378 64,214 73,341 83,986
The Rule of 72
(years to double your money)
72
= Years to double money
Interest Rate
The Rule of 72
Futures Contracts Collectibles
Aggressive Growth, Junk Bonds, Stocks and Mutual Funds
Real Estate
Pyramid of Investment Risk
High Quality Corporate Stocks, Bonds and Mutual Funds
It’s Not What You Earn,
It’s What You Keep
Rate of Return to Account for Inflation and Taxes
Inflation Rate 100 - Federal, State & Local Tax Brackets
Rate of Return to Account for Inflation and Taxes
$2,000 Annual Investment
5%
贵金属投资技术分析英文版 19 优质课件
Exchange
– Over-the-counter (OTC) market
• buy and sell stock not listed on a securities exchange • Nasdaq—system through which most OTC stocks are
traded
– Bought and sold through an account executive or stockbroker
• The primary market
– investor purchases financial securities directly from the issuer of those securities
– Securities and Exchange Commission (SEC)
• enforces federal securities regulations
How Do Securities Earn You Income?
Securities (common and preferred stock) offer dividend income, but firm is not required to pay this
Chapter Twenty-One
Understanding Securities Marketsvestment Vehicles
Securities – certificates of
part ownership of a firm
– Discretionary order
• broker decides when to execute the transaction and at what price
– Over-the-counter (OTC) market
• buy and sell stock not listed on a securities exchange • Nasdaq—system through which most OTC stocks are
traded
– Bought and sold through an account executive or stockbroker
• The primary market
– investor purchases financial securities directly from the issuer of those securities
– Securities and Exchange Commission (SEC)
• enforces federal securities regulations
How Do Securities Earn You Income?
Securities (common and preferred stock) offer dividend income, but firm is not required to pay this
Chapter Twenty-One
Understanding Securities Marketsvestment Vehicles
Securities – certificates of
part ownership of a firm
– Discretionary order
• broker decides when to execute the transaction and at what price
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 优质课件
BUILDING LASTING Bes and Investment Options
1
Content
Introduction to Business Partnerships; Causes for High Failure of Clubs; How to Nurture a lasting Club; Intermediary Steps to Equity Partnerships.
6
WHY HIGH FAILURES CONT…
Socially-based Choice of Partners
Share(d) school, religion, social joints; Belong to the same tribe, clan, family,
social status; Grew up together, an acquaintance; A quote on business and friendships; Remember: Wealth does not know its…
9
NURTURING LASTING CLUBS CONT…
Members Should Mirror Each Other on Key Aspects
Financial Expectations e.g. cash flow needs and financial discipline;
2
INTRODUCTION
Importance of Partnerships: 2 Quotes One relating to a Journey; One on the acronym: TEAM.
3
1
Content
Introduction to Business Partnerships; Causes for High Failure of Clubs; How to Nurture a lasting Club; Intermediary Steps to Equity Partnerships.
6
WHY HIGH FAILURES CONT…
Socially-based Choice of Partners
Share(d) school, religion, social joints; Belong to the same tribe, clan, family,
social status; Grew up together, an acquaintance; A quote on business and friendships; Remember: Wealth does not know its…
9
NURTURING LASTING CLUBS CONT…
Members Should Mirror Each Other on Key Aspects
Financial Expectations e.g. cash flow needs and financial discipline;
2
INTRODUCTION
Importance of Partnerships: 2 Quotes One relating to a Journey; One on the acronym: TEAM.
3
贵金属投资技术分析英文版41
Construction in general slows. Business activity declines. Unlike an apartment building, land in urban areas usually does not produce any income.
Personal Finance Unit 3 Chapter 11 © 2007 Glencoe/McGraw-Hill
Describe collectibles investments. Analyze the risks of investing in precious metals,
gems, and collectibles.
Personal Finance Unit 3 Chapter 11 © 2007 Glencoe/McGraw-Hill
Discuss the advantages and disadvantages of real estate investments.
Section 11.2
Identify the different types of precious metal and gem investments.
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
You can buy participation certificates from these federal agencies:
Personal Finance Unit 3 Chapter 11 © 2007 Glencoe/McGraw-Hill
Describe collectibles investments. Analyze the risks of investing in precious metals,
gems, and collectibles.
Personal Finance Unit 3 Chapter 11 © 2007 Glencoe/McGraw-Hill
Discuss the advantages and disadvantages of real estate investments.
Section 11.2
Identify the different types of precious metal and gem investments.
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
You can buy participation certificates from these federal agencies:
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31
The bondholder lends money to the bond issuer for a set amount of time and interest. When the bonds are “sold” back to the issuer, the interest earned is given to the bondholder.
Real estate is a long-term investment.
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.
ROI rates vary with each investment.
Stocks, Bonds & Mutual Funds
What are stocks? Stock is an instrument that signifies ownership i claim on a share of a corporation’s assets and profits.
Stocks, Bonds & Mutual Funds
Skip will be retiring in 38 years. He has an emergency fund that could support him for nine months if something were to happen. Skip wants his money to work for him and he is not scared of market fluctuations. Where might he invest? Why?
Real estate is a long-term investment.
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.
ROI rates vary with each investment.
Stocks, Bonds & Mutual Funds
What are stocks? Stock is an instrument that signifies ownership i claim on a share of a corporation’s assets and profits.
Stocks, Bonds & Mutual Funds
Skip will be retiring in 38 years. He has an emergency fund that could support him for nine months if something were to happen. Skip wants his money to work for him and he is not scared of market fluctuations. Where might he invest? Why?
贵金属投资技术分析英文版 (60)
16. Consider flexibility as one of your best friends 17. Use mathematical models, but understand they are not fail-safe1 18. Factor-in the impact of market liquidity and volatility 19. Appreciate the impact of business risk 20. Look at conflicts of interest as part of daily life
1. Capital
risk 2. Currency risk 3. Liquidity risk
4. 5. 6. 7. 8. 9.
Credit risk Inflation risk Interest rate risk Market risk Legal risk Counterparty risk
Investment refers to an asset which is purchased with the expectation that it will generate income in the future or its’ value will appreciate in future so that it will be sold at a higher price. There are usually three participants in an investment: 1.The Issuer 2.The Investor 3.The Broker
11. Always listen to contrarian opinion 12. Appreciate the need for rigorous risk management 13. Accept responsibility of your own decisions 14. Never hesitate to cut losses 15. Do damage control through limits and profit targets
贵金属投资技术分析英文版41精品文档
Construction in general slows. Business activity declines. Unlike an apartment building, land in urban areas usually does not produce any income.
Personal Finance Unit 3 Chapter 11 © 2007 Glencoe/McGraw-Hill
A real estate syndicate offers you and the other partners a variety of benefits.
Personal Finance Unit 3 Cha-Hill
10
Section 11.1 Real Estate Investment
1
Collecting
Q: Are collectible action figures a smart investment for retirement?
A: Although collecting can be an enjoyable and sometimes profitable pursuit, collectibles are not a mainstay of retirement planning. It would be best if you focused your retirement planning efforts on building a diversified portfolio that may include stock and bond investments. You could still use collectibles as a small part of your portfolio, but their returns are very unpredictable.
Personal Finance Unit 3 Chapter 11 © 2007 Glencoe/McGraw-Hill
A real estate syndicate offers you and the other partners a variety of benefits.
Personal Finance Unit 3 Cha-Hill
10
Section 11.1 Real Estate Investment
1
Collecting
Q: Are collectible action figures a smart investment for retirement?
A: Although collecting can be an enjoyable and sometimes profitable pursuit, collectibles are not a mainstay of retirement planning. It would be best if you focused your retirement planning efforts on building a diversified portfolio that may include stock and bond investments. You could still use collectibles as a small part of your portfolio, but their returns are very unpredictable.
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
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Chapter 13 Investing Fundamentals
Chapter 13 Learning Objectives
Describe why you should establish an investment program
Assess how safety, risk, income, growth and liquidity affect your investment decisions
Investments range from very safe to very risky
Annual Rates of Return 1926-2002
Standard Deviation
Small-
33.2%
Stock
Large-
20.5
Stock
Long-term
8.7
Corp-bond
Long-term
Use various sources of financial information that can reduce risks and increase investment returns
2
Preparing for an Investment Program
Objective 1: Describe why you should establish an investment program
Cash advance on your credit card
6
Preparing for an Investment Program (continued)
GETTING THE MONEY NEEDED TO START AN INVESTMENT PROGRAM
How badly do you want to achieve your investment goals Are you willing to sacrifice some purchases to provide
financing for your investments What do you value Participate in elective savings programs
Payroll deduction or electronic transfer Make extra effort to save one or two months each year Take advantage of gifts, inheritances, and windfalls
13
Factors Affecting the Choice of Investments
Company A
ห้องสมุดไป่ตู้
Company B
0.5 0.45 0.4 0.35 0.3 0.25 0.2 0.15 0.1 0.05
0 4
8
12
0.2 0.18 0.16 0.14 0.12 0.1 0.08 0.06 0.04 0.02
5
Preparing for an Investment Program
(continued)
PERFORMING A FINANCIAL CHECKUP Work to balance your budget
Do your regularly spend more than you make Pay off high interest credit card debt first Start an emergency fund you can access quickly
3
Preparing for an Investment Program
(continued)
What possible economic or personal conditions could alter your investment goals?
Given your economic circumstances, are your investment goals reasonable?
Three to nine months of living expenses Have access to other sources of cash for emergencies
Line of credit is a short-term loan approved before the money is needed
ESTABLISHING INVESTMENT GOALS -- accumulating retirement funds -- enhancing current income -- saving for major expenditures -- sheltering income from taxes
12
Factors Affecting the Choice of Investments
Objective 2: Assess how safety, risk, income, growth, and liquidity affect your investment decisions
Safety and risk Safety in any investment means minimal risk of loss Risk means a measure of uncertainty about the outcome
8
Preparing for an Investment Program (continued)
The value of long term investment program After graduation, you plan to invest $400 per month in
the stock market. If you earn 6% per year on your stocks, how much will you have accumulated after 15 years? Use time value of money calculation: pmt = 400, I = 6/12 = 0.5, n = 15*12 = 180 FV = ? FV = $116,327
9.4
Gov-bond
U.S. Tre-bill
3.2
Real Average Return 13.8%
9.1
3.1
2.7
0.7
16
Factors Affecting the Choice of Investments
The potential return on any investment should be directly related to the risk the investor assumes
Calculate return on an investment Rate of return: income you receive on an investment over a
9
Preparing for an Investment Program (continued)
The value of long term investment program After graduation, you plan to invest $400 per month in
the stock market. If you earn 12% per year on your stocks, how much will you have accumulated after 15 years? Use time value of money calculation: pmt = 400, I = 12/12 = 1, n = 15*12 = 180 FV = ? FV = $199,832
10
Preparing for an Investment Program (continued)
The value of long term investment program After graduation, you plan to invest $400 per month in
the stock market. If you earn 12% per year on your stocks, how much will you have accumulated when you retire in 30 years? Use time value of money calculation: pmt = 400, I = 12/12 = 1, n = 30*12 = 360 FV = ? FV = $1,397,985
11
Preparing for an Investment Program (continued)
Comparison: $200, 6%, 10 years 32,775 $400, 6%, 15 years 116,327 $400, 12%, 15 years 199,832 $400, 12%, 30 years 1,397,985
Speculative investments are high risk The Risk-Return Trade-Off
17
Factors Affecting the Choice of Investments (continued)
18
Factors Affecting the Choice of Investments (continued)
0 -10 -5 0 5 10 15 20 25 30
14
Factors Affecting the Choice of Investments
Chapter 13 Learning Objectives
Describe why you should establish an investment program
Assess how safety, risk, income, growth and liquidity affect your investment decisions
Investments range from very safe to very risky
Annual Rates of Return 1926-2002
Standard Deviation
Small-
33.2%
Stock
Large-
20.5
Stock
Long-term
8.7
Corp-bond
Long-term
Use various sources of financial information that can reduce risks and increase investment returns
2
Preparing for an Investment Program
Objective 1: Describe why you should establish an investment program
Cash advance on your credit card
6
Preparing for an Investment Program (continued)
GETTING THE MONEY NEEDED TO START AN INVESTMENT PROGRAM
How badly do you want to achieve your investment goals Are you willing to sacrifice some purchases to provide
financing for your investments What do you value Participate in elective savings programs
Payroll deduction or electronic transfer Make extra effort to save one or two months each year Take advantage of gifts, inheritances, and windfalls
13
Factors Affecting the Choice of Investments
Company A
ห้องสมุดไป่ตู้
Company B
0.5 0.45 0.4 0.35 0.3 0.25 0.2 0.15 0.1 0.05
0 4
8
12
0.2 0.18 0.16 0.14 0.12 0.1 0.08 0.06 0.04 0.02
5
Preparing for an Investment Program
(continued)
PERFORMING A FINANCIAL CHECKUP Work to balance your budget
Do your regularly spend more than you make Pay off high interest credit card debt first Start an emergency fund you can access quickly
3
Preparing for an Investment Program
(continued)
What possible economic or personal conditions could alter your investment goals?
Given your economic circumstances, are your investment goals reasonable?
Three to nine months of living expenses Have access to other sources of cash for emergencies
Line of credit is a short-term loan approved before the money is needed
ESTABLISHING INVESTMENT GOALS -- accumulating retirement funds -- enhancing current income -- saving for major expenditures -- sheltering income from taxes
12
Factors Affecting the Choice of Investments
Objective 2: Assess how safety, risk, income, growth, and liquidity affect your investment decisions
Safety and risk Safety in any investment means minimal risk of loss Risk means a measure of uncertainty about the outcome
8
Preparing for an Investment Program (continued)
The value of long term investment program After graduation, you plan to invest $400 per month in
the stock market. If you earn 6% per year on your stocks, how much will you have accumulated after 15 years? Use time value of money calculation: pmt = 400, I = 6/12 = 0.5, n = 15*12 = 180 FV = ? FV = $116,327
9.4
Gov-bond
U.S. Tre-bill
3.2
Real Average Return 13.8%
9.1
3.1
2.7
0.7
16
Factors Affecting the Choice of Investments
The potential return on any investment should be directly related to the risk the investor assumes
Calculate return on an investment Rate of return: income you receive on an investment over a
9
Preparing for an Investment Program (continued)
The value of long term investment program After graduation, you plan to invest $400 per month in
the stock market. If you earn 12% per year on your stocks, how much will you have accumulated after 15 years? Use time value of money calculation: pmt = 400, I = 12/12 = 1, n = 15*12 = 180 FV = ? FV = $199,832
10
Preparing for an Investment Program (continued)
The value of long term investment program After graduation, you plan to invest $400 per month in
the stock market. If you earn 12% per year on your stocks, how much will you have accumulated when you retire in 30 years? Use time value of money calculation: pmt = 400, I = 12/12 = 1, n = 30*12 = 360 FV = ? FV = $1,397,985
11
Preparing for an Investment Program (continued)
Comparison: $200, 6%, 10 years 32,775 $400, 6%, 15 years 116,327 $400, 12%, 15 years 199,832 $400, 12%, 30 years 1,397,985
Speculative investments are high risk The Risk-Return Trade-Off
17
Factors Affecting the Choice of Investments (continued)
18
Factors Affecting the Choice of Investments (continued)
0 -10 -5 0 5 10 15 20 25 30
14
Factors Affecting the Choice of Investments