CH10之资产组合的收益和方差.pptVIP

* * 第十九讲 1、关注最近的证券市场； 3、CH10之资产组合的收益和方差 证券投资学 ON INVESTMENTS 资产组合的收益与方差 No matter what you decide to do with your savings and investments, your money will always face some risk. You could stash your dollars under your mattress or in a cookie jar, but then youd face the risk of losing it all if your house burned down. You could keep your money in the bank, but the buying power of your dollars would barely keep up with inflation over the years, leaving you with possibly less dollars in real terms than when you started. Investing in stocks, bonds, or mutual funds carries risks of varying degrees. The second fact you need to face is that in order to receive an increased return from your investment portfolio, you need to accept an increased amount of risk. Keeping your money in a savings account reduces your risk, but it also reduces your potential reward. While risk in your portfolio may be unavoidable, it is manageable. The riddle of controlling risk and return is that you need to maximize the returns and minimize the risk. When you do this, you ensure that youll make enough on your investments, with an acceptable amount of risk. Most full-service brokerage firms maintain a suggested asset allocation for their customers. The firms chief investment strategist determines the optimal percentage of a typical portfolio that should be invested in particular asset classes at any time, and updates the asset allocation strategy on a regular basis. There are also advisors who recommend a portfolio thats always invested 100 percent in stocks, on the theory that this asset class delivers the best return. Mean-variance theory Mean-variance theory is an important model of investments based on decision theory. It is the simplest model of investments that is sufficiently rich to be directly useful in applied problems. Mean-variance theory was developed in the 50s and 60s by Markowitz, Tobin, Sharpe, and Lintner, among others. Ironically, it is still called Modern Portfoli