個人理財 - 資產配置 Asset Allocation

1、Chapter 19Asset AllocationCopyright 2007 Pearson Addison-Wesley. All rights reserved.19-2Chapter ObjectivesExplain how diversification among assets can reduce riskDescribe strategies that can be used to diversify among stocksExplain asset allocation strategiesIdentify factors that affect your asset

2、allocation decisionsCopyright 2007 Pearson Addison-Wesley. All rights reserved.19-3How Diversification Reduces RiskBenefits of portfolio diversificationAsset allocation: the process of allocating money across financial assets with the objective of achieving a desired return while maintaining risk of

3、 a tolerable levelBuilding a portfolioPortfolio: a set of multiple investments in different assetsCopyright 2007 Pearson Addison-Wesley. All rights reserved.19-4How Diversification Reduces Risk (contd)Focus on Ethics: The risk of insider tradingInsider information: information known by insiders (suc

4、h as managers) of a firm, but not known by investorsInvestors can legally only use information that is publicly availableSecurities and Exchange Commission prosecutes violatorsCopyright 2007 Pearson Addison-Wesley. All rights reserved.19-5How Diversification Reduces Risk (contd)Determining portfolio

5、 benefitsCompare return on the investments within the portfolio to the overall portfolioDiversification reduces the exposure of your investments to the adverse effects of any individual investmentCopyright 2007 Pearson Addison-Wesley. All rights reserved.19-6How Diversification Reduces Risk (contd)F

6、actors that influence diversification benefitsVolatility of each individual stockImpact of correlations among stocksHighly correlated stocks limit diversificationConsider stocks that are not influenced by the same conditionsCopyright 2007 Pearson Addison-Wesley. All rights reserved.19-7Copyright 200

7、7 Pearson Addison-Wesley. All rights reserved.19-8How Diversification Reduces Risk (contd)Copyright 2007 Pearson Addison-Wesley. All rights reserved.19-9How Diversification Reduces Risk (contd)Copyright 2007 Pearson Addison-Wesley. All rights reserved.19-10Financial Planning Online: Correlations amo

8、ng Stock ReturnsGo to: This Web site provides a graph that shows the returns on two stocks so that you can determine their degree of correlation. To perform your own comparison, insert a stock symbol, and then click on “Charts”Copyright 2007 Pearson Addison-Wesley. All rights reserved.19-11Financial

9、 Planning Online: Correlations among Stock Returns (contd)Next, enter the symbol for another stock in the box just below the chart where is says “Compare”Copyright 2007 Pearson Addison-Wesley. All rights reserved.19-12Strategies for Diversifying Among StocksDiversification of stocks across industrie

10、sLess risky than a portfolio of stocks all from the same industryEven such a portfolio is still susceptible to general economic conditionsCopyright 2007 Pearson Addison-Wesley. All rights reserved.19-13Strategies for Diversifying Among Stocks (contd)Copyright 2007 Pearson Addison-Wesley. All rights

11、reserved.19-14Strategies for Diversifying Among Stocks (contd)Diversification of stocks across countriesEconomic conditions tend to vary among countriesForeign stocks typically more volatile than U.S. stocks so it is best to diversify among stocks within each foreign countryMany advisors recommend a

12、n 80/20 split between U.S. and foreign stocksCopyright 2007 Pearson Addison-Wesley. All rights reserved.19-15Copyright 2007 Pearson Addison-Wesley. All rights reserved.19-16Asset Allocation StrategiesIncluding bonds in the portfolioBond and stock returns are not highly correlatedInvesting in more bo

13、nds lowers market risk but increases interest rate riskIncluding real estate investments in the portfolioReal estate investment trusts (REITs): trusts that pool investments from individuals and use the proceeds to invest in real estateCopyright 2007 Pearson Addison-Wesley. All rights reserved.19-17A

14、sset Allocation Strategies (contd)Similar to closed-end mutual fundsManaged by real estate professionalTypes of REITsEquity REITs: REITs that invest money directly in propertiesMortgage REITs: REITs that invest in mortgage loans that help to finance the development of propertiesCopyright 2007 Pearso

15、n Addison-Wesley. All rights reserved.19-18Asset Allocation Strategies (contd)Role of REITs in asset allocationREITs could perform well when stocks or bonds are performing poorlyCopyright 2007 Pearson Addison-Wesley. All rights reserved.19-19Asset Allocation Strategies (contd)Including stock options

16、 in the portfolioStock option: an option to purchase or sell stocks under specified conditionsTraded on exchangesCall option: provides the right to purchase 100 shares of a specified stock at a specified price by a specified expiration dateCopyright 2007 Pearson Addison-Wesley. All rights reserved.1

17、9-20Asset Allocation Strategies (contd)Exercise (strike) price: the price at which a stock option is exercisedPremium: the price that you pay when purchasing a stock optionPut option: provides the right to sell 100 shares of a specified stock at a specified price by a specified dateCopyright 2007 Pe

18、arson Addison-Wesley. All rights reserved.19-21Asset Allocation Strategies (contd)The role of stock options in asset allocationVery risky; should only pay a minimal role in asset allocationCovered call strategy: selling call options on stock that you ownHow asset allocation affects riskTo maintain a

19、 low risk, asset allocation should emphasize low risk investmentsCopyright 2007 Pearson Addison-Wesley. All rights reserved.19-22Asset Allocation Strategies (contd)Benefits of asset allocationInvestors who diversify experience better performanceAn affordable way to conduct asset allocationInvest in

20、different types of mutual fundsAsset Allocation Strategies (contd)19-23Copyright 2007 Pearson Addison-Wesley. All rights reserved.19-24Asset Allocation Strategies (contd)Copyright 2007 Pearson Addison-Wesley. All rights reserved.19-25Factors That Affect the Asset Allocation DecisionYour stage in lif

21、eYounger investors need safer, more liquid securitiesInvestors not needing liquidity might consider investing in securities with high growth potentialInvestors nearing retirement may choose investments that will generate incomeCopyright 2007 Pearson Addison-Wesley. All rights reserved.19-26Factors T

22、hat Affect the Asset Allocation Decision (contd)Your degree of risk toleranceYour expectations about economic conditionsIf you expect a strong stock market, invest in stocksIf you expect a weak stock market, invest in bondsIf you expect lower interest rates, invest in long-term bondsIf you expect favorable real estate conditions, invest in REITsCopyrigh