金融学 第二版 兹维.博迪 罗伯特C默顿等著Bodie2_IM_Ch12.pdfVIP

CHAPTER 12 - Portfolio Opportunities and Choice End-of-Chapter Problems 1. Analyze the expert’s ans wers to the following questions: a. Question: I have appr oximately one-thir d of my investments in stocks, and the rest in a mone y market. What do you suggest as a some what “safer” pl ace to invest another one-thir d? I like to keep one-thir d accessible for emergencies. Expert’s answer: Well, you could try 1 or 2 year Treasury bonds. You’d get a little bit more yield with no risk. b. Question: Where would you invest if you were to start today? Expert’s answer: Th at de pe n ds o n yo ur age and short-term goals. If you are very young – say under 40 – and don’t need the money you’re investing for a home or college tuition or such, you would put it in a stock fund. Even if the market tanks, you have time to recoup. And, so far, nothing has beaten stocks over a period of 10 years or more. But if you are going to need money fairly soon, for a home or for your retirement, you need to play it safer. Solution: a. You are not getting a little bit more yield with no risk. The real value of the bond payoff is subject to inflation risk. In addition, if you ever need to sell the Treasury bonds before expiration, you are subject to the fluctuation of selling price caused by interest risk. b. The expert is right in pointing out that your investment decision depends on your age and short-term goals. In addition, the investment decision also depends on other characteristics of the investor, such as the special character of the labor income (whether it is highly correlated with the stock market or not), and risk tolerance. Also, the fact that over any period of 10 years or more the stock beats everything else cannot be used to predict the future. 2. Suppose that your 58-year-old father works for the Ruffy Stuffed Toy Company and has contributed regularly to his company-matched savings plan for the past 15 years. Ruffy contributes $0.50 for every $1.00 y