Developing A Personal Asset Allocation Strategy个人资产配置策略的开发.pptVIP

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Developing A Personal Asset Allocation Strategy个人资产配置策略的开发.ppt

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Developing Your Asset Allocation Strategy for Retirement Developed by Barbara O’Neill, Ph.D., CFP, Rutgers Cooperative Extension Adapted by Jean Lown, Ph.D. Family, Consumer Human Development, USU Financial Planning for Women Second Wednesday of the month 12:30-1:30 in Family Life 318 bring your lunch 7-8:30 at Family Life Center (500 N 700 E – bottom of Old Main Hill) Same program For email reminder: Sign up sheet or send email to Lown@ Overview Asset Allocation Principles Risk-Return Relationship Application to Utah Retirement System (URS) options Application to TIAA-CREF Retirement Investment Options 9 new investment choices (as of 2003) What Is Asset Allocation? Process of diversifying portfolio investments among several investment categories to reduce investment risk Example: 50% stock, 30% bonds, 20% cash assets (e.g., Treasury bills) Objective: lower investment risk by reducing portfolio volatility Loss in one investment may be offset by gains in another Determinants of Portfolio Performance The Callan Periodic Table of Investment Returns Illustrates the need for asset allocation Shows how various asset classes performed during the last 20 years Best performing asset class changes (e.g., large company growth stocks: 1995-99 versus 2000) One year’s “winner” can be next year’s “loser,” so you invest in them all Why Asset Allocation? Because Market Timing is Futile Value of $100 invested in large company stocks (SP 500 index) from June 1980 to June 2000: $2,456 stayed invested entire time $613 if you missed the best 15 months Biggest market gains are often concentrated in short periods (can’t afford to miss) Second Example: The Futility of Market Timing If investor stayed fully invested, return was 41.4% If investor missed top 10 trading days of 1998, 1999, and 2000: -41.7% return Based on SP 500 stock market index Moral: stay invested in both bull bear markets The Importance of Asset Allocation Asset allocation is the MOST important decision an in