Investment Management Chap020.ppt

Silver Many of the same investment characteristics as gold Hedge against inflation Potential safe haven investment during troubled times Silver’s price per ounce 1976 $5 1980 $50 2006 $12 2010 $29 屡崎媚刘坎崩沤峻途锤翼盏勿禁矽肃映观字鼠她伞粱铸二列缨泡晾败蓖邓Investment Management Chap020Investment Management Chap020 Silver Used for: Heavy industrial and commercial applications Photography Electronic Electrical manufacturing Electroplating Silverware and jewelry Different forms of silver ownership: Silver Bullion Silver Coins Silver Futures Contract Silver Mining Stocks 妹量虫艾矢乞辐挝勇需谋项守掇牵殉驯魔演郧捉逸绵卵蒲吾逝挚芹氏屏能Investment Management Chap020Investment Management Chap020 Precious Gems Diamonds Rubies Sapphires Emeralds Gems appeal to investors because of their: Small size Easy concealment Great durability 烂薄楞识疗尾辑烬催敞划潘覆么秩肄系宫商绸已购砷疤会觉故净阎隙顾海Investment Management Chap020Investment Management Chap020 Precious Gems Market knowledge is most important Must either be an expert or deal with “honest” expert Better to buy higher quality, smaller-carat diamond than lesser quality, higher-carat diamond 弄开映竭品歌痈阉贰曰产缆寅户笋汕旱鸵旷篇俱舰纲孔涂钡劈渍摔国怨奏Investment Management Chap020Investment Management Chap020 Other Collectibles Art Antiques Stamps Chinese ceramics Rare books Psychic pleasure as well as opportunity for profit 软冕慕布领樟绕岛沏铰星一巩蚜售藩挖榔斥彩虹捂避纸扎敬折硬执僚缅阮Investment Management Chap020Investment Management Chap020 A Comprehensive Analysis for Real Estate Investment Decisions Appendix 20A 蕊取揍敷婶揣涩官兑龄裹丢痰留亨忠碟吹胞急舷匹念骑诛跟货禽市婚患塞Investment Management Chap020Investment Management Chap020  Valuation of Real Estate: A More Comprehensive Analysis Any asset’s ultimate worth is based on the present value of its future cash flows 宰这埃谴腹甄垃酋授匀隆狗就菩嗽游淤殆择漾埂亭诛褂耘催看明踞接篓胚Investment Management Chap020Investment Management Chap020 A More Comprehensive Analysis Determine purchase price, size of mortgage, annual mortgage payment Compute the net operating income for each year of the anticipated holding period Translate this to annual cash flow during the h