国际经贸高级英语19课件.pptVIP

TEXT Ⅰ. Introduction There is a subtle but pervasive revolution going on in the theory and practice of investment—a revolution in the most fundamental assumptions with which investors frame their notions of their investment assets. The old regime of security analysis emphasized individual assets, but over the last quarter century it has been gradually replaced by a new regime of portfolio management, with corresponding emphasis on composite assets. The new emphasis on composite assets is as revolutionary in relation to traditional investment perspectives as an Apollo astronaut’s photograph of the whole Earth rising above the Sea of Tranquility is to a map of the New York City subway system.; By “composite assets” I mean diversified investment aggregates, such as portfolios of stocks or bonds, that are themselves made up of individual assets, but are nonetheless thought of globally, as indivisible units. The composite asset perspective operates on the macrocosmic, whole-portfolio level, relegating individual assets to the role of mere building blocks. Ⅱ. Investment Strategies with Composite Assets As of this writing, approximately $200 billion is invested on behalf of America’s largest and most sophisticated corporate and public pension plans and endowments in various equity and fixed-income index funds. The phenomenal growth of index funds is only partially attributable to frustration with traditional active management. Perhaps it is just as well explained by a preference for systematic diversification, rigid investment discipline and tight cost control made possible by a perspective that treats the benchmark index as a single composite asset.; The impact of these enormous funds, and the attitude that has made them so popular, can be seen when a new stock is added to Standard and Poor’s 500, the most widely followed benchmark index. In the weeks following addition, new stocks can b