《1970-2001年,美国平均通货膨胀率5%》精选课件.ppt

Copyright ? 2003 by Harcourt Brace Company All rights reserved Chapter 1 THE INVESTMENT SETTING Chapter 1 Questions What is an investment ? What are the components of the required rate of return on an investment? What key issues should investors always consider? What types of investments can we make? Where do investors place funds for investment and savings purposes? What are some basic investment philosophies that individual and institutional investors follow? Why are ethics and regulations a concern to all investment professionals? What are some career paths available for persons interested in investments? What is an investment ? An investment is the current commitment of resources for a period of time in the expectation of receiving future resources that will compensate the investor for: the time resources are committed the expected rate of inflation the uncertainty of future payments What is an investment ? Is hiding money in a mattress or keeping it in a piggy bank an investment ? No! The “safe-keeping” of money does not involve any expected compensation. What is an investment ? How about baseball cards? Are they an investment? Possibly, but compensation is highly uncertain, and some of the value of ownership may be “sentimental” rather than financial in nature. Components Of The Required Rate of Return In order to defer consumption, investors need compensation from three sources the pure or real interest rate (Real risk free rate ) inflation protection risk The real interest rate : Compensation for time The real risk-free rate of interest is the exchange rate between future consumption and present consumption. This rate of interest can be thought of as the “pure” rental rate on money in the absence of inflation and risk. Why is the real risk-free rate positive? Borrowers are willing to pay to be able to spend more than their current resources allow. Savers need compensation in order to give up the right to consume today. Inflation Protection If the