AssetAllocationDecision(资产定价上海交大,蔡明.pptx

Lec 2The Asset Allocation Decision;Chapter 2The Asset Allocation Decision;Financial Plan Preliminaries;Financial Plan Preliminaries;Financial Plan Preliminaries;Individual InvestorLife Cycle;Individual Investor Life Cycle;Life Cycle Investment Goals;LOS a: The Portfolio Management Process;The Need For A Policy Statement;Constructing A Policy Statement;Constructing A Policy Statement;Inputs to Policy Statement;LOS d: List the factors that may affect an investors risk tolerance.;Measure Your Risk Tolerance;LOS c: why investment objectives should be expressed in terms of risk and return;Merill Lynch Suggest Clients;LOS e: Describe the return objectives of capital preservation, capital appreciation, current income, and total return.;LOS e: Describe the return objectives of capital preservation, capital appreciation, current income, and total return.;LOS f: Discuss the investors investment constraints ;Investment Constraints*;Investment Constraints*;Equivalent Taxable Yield;Effect of Tax Deferral on Investor Wealth over Time;Methods of Tax Deferral*;Legal and Regulatory Factors*;Unique Needs and Preferences*;The Importance of Asset Allocation;The Importance of Asset Allocation;Returns and Risk of Different Asset Classes;Returns and Risk of Different Asset Classes;Asset Allocation and Cultural Differences;Asset Allocation Summary;Summary;The InternetInvestments Online;Appendix :Objectives and Constraints of Institutional Investors Mutual Funds – pool investors funds and invests them in financial assets Different funds have their own investment objective Constraints comes from laws and its prospectus ;Pension Funds;Endowment Funds;Insurance Companies;9、青少年是一个美好而又是一去不可再得的时期，是将来一切光明和幸福的开端。。8月-218月-21Wednesday, August 25, 2021 10、人的志向通常和他们的能力成正比例。18:15:2818:15:2818:158/25/2021 6:15:28 PM 11、夫学须志也，才须学也，非学无以广才，非志无以成学。8月-2118:15:2818:15Aug-2125-Aug-21 12、越是无能的人，越喜欢挑剔别人的错儿。18:15:2818:15:2818:15Wednesday, August 25, 2021 13、志不立，天下无可成之事。8月-218月-2118:15:2818:15:28August 25,