Question 2: What is an effective portfolio? Effective portfolio investors always want to get as much income as possible with as little risk as possible when making decisions, or reduce the risk as much as possible at a certain rate of return. At the same time, starting from the problem of portfolio investment based on risk diversification, this paper studies the determination of the effective frontier of portfolio investment, and on the basis of the study of the effective frontier of portfolio investment with short selling, analyzes the influence of the introduction of risk-free investment on the effective frontier of portfolio investment, and gives some mathematical results of the effective frontier of risk-free investment and the reorganization of portfolio investment.
Question 3: What is an effective portfolio? Effective portfolio investment can be divided into short-term and medium-and long-term. The purpose of portfolio is to spread risks and maximize profits.
Question 4: What is an effective portfolio and what is Kyle Weitz's portfolio theory? Man Kun's books are all very good.
(1) Basic analysis:
For those who study economics, it should not be a problem to link the changes in the economic situation with the stock market. The key is whether they have a keen sense of smell and quick judgment in this respect. Therefore, after finishing the basic course of economics and learning some accounting, the basic analysis should be no problem. Others, sometimes need to be analyzed in detail for each industry or product, and they can do it while looking for information, so there is no way to prepare in advance.
(2) Technical analysis
1, technical analysis of stock market trend
[America] Robert? d？ Edward John? Mackey
Oriental Publishing House, 1 99610 June1version.
ISBN 7-5060-0802-5/F？ 98
This book is a pioneering work of graphic analysis. The English version was first published in 1948, and it is still regarded as "the international standard of graphic analysis".
2. Technical analysis of futures market
John? potato
Seismological press, 1 May 19941Edition.
ISBN 7-5028-09 15-5/F？ 47
Although there is such a qualifier as "futures", from the perspective of technical analysis, the price trend analysis and technical indicators of "futures" and "securities" are the same except for the slightly different volume changes. This book is more comprehensive than the above one, and basically covers all aspects of common tools and methods for technical analysis. If you only read a book on technical analysis, then this is it.
Third, theory.
1, portfolio and selection
Ham? Louis Marshall? Sanat
Sun Yat-sen University Press, August 1997.
ISBN 7-306-0 1243-6/F？ 220
More comprehensive exposition of portfolio theory and related topics, intermediate difficulty.
2. Principles of securities investment
Gordon? Alexander William? sharp
Southwestern University of Finance and Economics Press, 1992 February.
ISBN 7-8 10 17-376-7/F？ 295
The works of famous artists are just a bit old-fashioned and entry-level.
3. Portfolio selection and mean-variance analysis of capital market
Harry? m？ Makoway Z.
Shanghai Sanlian Bookstore Shanghai People's Publishing House 1 May 19991Edition.
ISBN 7-208-03044-8/F？ 609
The works of Nobel Prize winner markowitz.
4. Financial Economics
One of the Frontier Series of Modern Economics published by Wuhan University Press, the editor-in-chief of which is Zou Hengfu, is a textbook; Because the book is borrowed, it is impossible to write the specific author. Although the book is not long, it has a large capacity and is worth reading.
5. China Capital Market Frontier Theory Collection.
Editor-in-Chief Liu Shucheng and Shen Pei
Social Science Literature Publishing House, April 2000.
ISBN 7-80 149-3 17-6/F？ 088
Including related articles published by Economic Research magazine, the quality depends on how you evaluate them. You can download this book on the home page of the publishing house (). It is a ZIP package made of TXT text and lacks charts.
Fourth, others.
1, Edwin Lefel: Memories of a Stock Operator
Written in 1923, but up to now, in interviews with world-class investment masters, many people will say that this book has a great influence on them. The name of the Chinese translation in my hand was changed to Zhi Gu Jin (ISBN 7-80 147-003-6/f? 00 1) is a set of books published by 1998 enterprise management publishing house called "vertical and horizontal investment in the library" (referred to as * * * three books). Some time ago, I saw another translation, the name seems to be "Memories of a Stock Dealer".
2. The latest investment guide of DD90 roaming Wall Street in 1990s.
[America] b? g？ Malkiel
Sichuan People's Publishing House, 1994 September,
"Random walk" is the author's basic view on the stock trend. This book is full of fun and unique perspectives, and people who borrow it from me will finally be tempted to copy it.
3. Financial alchemy
George? George Soros
Jilin People's Publishing House, 1998 February.
The expected self-realization was not invented by Soros, but Soros knew it well and developed it to the extreme, named it "Reflection Theory". For those who are superstitious about "intrinsic value", this book is a sobering agent.
4. New Market Wizards-Company ...>& gt
Question 5: What is a complete portfolio? Modern modern portfolio theory is a systematic method to study how to allocate the funds available for investment to more assets under various uncertain circumstances, so as to find the most suitable and satisfactory asset portfolio that matches the acceptable income and risk level of different types of investors. In modern modern portfolio theory, if we consider the decision of a single investor, we can further discuss the price decisions of various asset markets, and then further consider the response of asset selection decisions when prices change, which becomes the equilibrium theory of capital markets, that is, the asset price decision theory. This shows the important position of modern modern portfolio theory in the financial field.
First, the evolution track of modern modern portfolio theory
(A) From markowitz Model to Single Exponential Model
The origin of modern modern portfolio theory can be traced back to Harry? Markowitz published an article entitled "Portfolio" in 1952, and later published a monograph of the same name (1959). In the above articles and monographs, markowitz expounded the basic assumptions, theoretical basis and general principles of "asset portfolio", thus establishing his historical position as a pioneer of "asset portfolio" theory.
1, the basic hypothesis of markowitz's "portfolio" theory.
(1) The purpose of investors is to maximize their expected utility, where sum is the expected rate of return and variance, which is used to describe the expected rate of return and the degree of risk, and is an important reference variable for investors to make investment decisions.
(2) Investors are risk-averse, and the risk is expressed by the variance of expected return.
(3) The securities market is effective, that is, the changes of risks and returns of various securities in the market and their influencing factors are all known or at least known to investors.
(4) investors are rational, that is, at any given risk level, investors are willing to choose securities with high expected returns or securities with certain expected returns and low risks.
(5) Investors use different probability distributions to evaluate investment results.
(6) Analysis in a limited time range.
(7) Excluding the influence of market supply and demand factors on securities prices and yields, that is, assuming that the market has sufficient supply elasticity.
2. Brief introduction of markowitz model structure.
Markowitz first quantifies the return and risk of a single asset, and thinks that the expected return of a single asset is:, that is, the probability of the actual return and a certain return. Risk can be expressed by the variation range (variance) of the rate of return. The greater the range of change, the greater the variance and the greater the risk.
(2) The return rate and risk of the portfolio are given by the following two equations: where is the expected return rate of the portfolio and the expected return rate of such assets that constitute the portfolio, indicating the weight of such assets in the whole portfolio.
The risk of portfolio can be expressed by variance, and its formula is: the composition of portfolio, after knowing the income and variance calculation of single asset and portfolio composed of different proportions, the proportion of each asset in the whole portfolio can be determined according to the principle of maximizing profit under a certain risk.
Simplification of markowitz Model by Single Exponential Model. Using markowitz model to select portfolio requires a lot of complicated calculations. In order to solve this defect of markowitz model, Villian. F sharp (1963) put forward a single exponential model in the paper "Simplified Model of Portfolio Analysis". The model assumes that the return of each security is related to the return of other securities for some reason and only for that reason, and the change of return of each security is related to the change of the whole market. Compared with markowitz model, the single exponential model is greatly simplified, but this simplification is at the expense of certain accuracy, so its application is also limited.
(2) The inevitable extension of modern modern portfolio theory: two asset pricing models.
1, capital asset pricing model
Basic assumptions of CAPM;
(1) Investors are risk-averse, and their purpose is to maximize the expected return.
(2) All investors have the same estimation of the mean and variance of all securities.
(3) Do not consider the influence of tax factors.
(4) a complete capital market, namely:
A. No trading market ... >>
Question 6: The difference between an effective portfolio and an optimal portfolio MM theorem: MM theorem means that under certain conditions, whether an enterprise finances through debt or equity capital will not affect the total market value of the enterprise. If enterprises prefer debt financing, the debt ratio will increase accordingly, and the risk of enterprises will increase accordingly, which will be reflected in the stock price and the stock price will decline. In other words, the benefits of debt financing will be erased by the decline of stock price, which will lead to the total value of the enterprise (stock plus debt) remaining unchanged. Different ways of financing only change the distribution ratio of the total enterprise value between shareholders and creditors, but do not change the total enterprise value. MM theorem is a conclusion drawn on the basis of highly abstract real life, and it is bound to meet challenges from real life. Because of the sequence of tax payment, the possibility of bankruptcy, the restriction of administrator's behavior and the challenge of maintaining life. Five factors, such as good corporate image and corporate control, show that equity capital financing and bond financing have different effects on corporate income, and then directly or indirectly affect the total value of the company market.
Question 7: What is a portfolio? Investors invest their funds in different kinds of securities or multiple varieties of the same kind of securities according to a certain proportion. This decentralized investment method is portfolio. Risk can be dispersed through portfolio, that is, "you can't put your eggs in one basket", which is one of the meanings of the establishment of securities investment funds.
The fund portfolio can be divided into two levels: the first level is the combination of stocks, bonds, cash and other assets, that is, how to allocate them in proportion among different assets; The second level is the combination of bonds and stocks, that is, which varieties of bonds and stocks are selected in the same asset class, and what are their respective weights.
In order to protect the interests of investors, fund investment must follow the principle of portfolio investment, even a single market fund can not only buy one or two securities. The terms of some funds expressly stipulate that the investment portfolio shall not be less than 20 varieties, and the purchase of each kind of securities has a certain proportion limit. Investment funds make a mickle, so they have the ability to invest in dozens or even hundreds of securities. Because of this, the fund risk is greatly reduced.
Question 8: What is a stock portfolio and what is a portfolio?
Portfolio: It consists of stocks, bonds and derivative financial products held by investors or financial institutions. The purpose of portfolio is to spread risks.
Two levels of fund portfolio
The first level is the combination of stocks, bonds, cash and other assets, that is, how to allocate them in proportion among different assets; The second level is the combination of bonds and stocks, that is, which varieties of bonds and stocks are selected in the same asset class, and what are their respective weights.
Investors invest their funds in different kinds of securities or multiple varieties of the same kind of securities according to a certain proportion. This decentralized investment method is portfolio. Risk can be dispersed through portfolio, that is, "you can't put your eggs in one basket", which is one of the meanings of the establishment of securities investment funds.
In order to protect the interests of investors, fund investment must follow the principle of portfolio investment, even a single market fund can not only buy one or two securities. The terms of some funds expressly stipulate that the investment portfolio shall not be less than 20 varieties, and the purchase of each kind of securities has a certain proportion limit. Investment funds make a mickle, so they have the ability to invest in dozens or even hundreds of securities. Because of this, the fund risk is greatly reduced.
How to choose a fund portfolio
The market continues to fluctuate and the risks are highlighted. When choosing a fund for financial investment, adhering to the concept of "a pile of eggs, multiple baskets", optimizing the fund into a portfolio will help you resist risks. The fund portfolio should combine its own life cycle, risk tolerance and investment period, invest in more than one fund of various types, balance risk management, enhance the stability of investment, and make the fund investment get better returns at all stages, instead of simply adding stock funds.
So, how should investors choose funds as their investment portfolio?
First, we must have our own investment philosophy. Many investors blindly follow the market and others to buy and sell funds, chasing which fund is the top gainer, without putting the safety margin of funds in the first place. It is suggested that before entering the market, you should learn the knowledge of fund management, weigh your risk tolerance, understand the country's economic trend or trend, and then grasp the investment strategy.
Second, make clear the goal of sustainable investment. All kinds of stock funds have their own characteristics. If you are in the accumulation stage of your life and want to invest in future house purchase and children's school expenses, then you should choose growth stock funds as the main choice; If you are in the distribution stage of life cycle, and you want to provide for your children's schooling and provide for their own retirement, then you should choose income-oriented stock funds (value funds) as the main ones. In short, we must be clear about the expected goals of our fund portfolio and insist on continuous investment.
Third, investment must have a core portfolio. Which mainstream funds should be the core of your portfolio? I quite agree with the "core-satellite" strategy of stock investment, which is also applicable when investing in funds. You should choose excellent fund companies with stable performance from stock funds (active, partial and balanced) to form a core portfolio. Young people can account for 80% of your fund portfolio, and the elderly can account for 40%-50%. In addition, 65,438+00% can be invested in defensive funds (bond funds, monetary funds), and 65,438+00% can be invested in satellite funds with outstanding performance in the market, thus obtaining higher returns.
4. "It's your fault not to invest in index funds." Borrow Buffett's words to guide your investment skills. This year's market also proves his experience. Therefore, in every portfolio investment, the stock market should have 1-2 index funds. For example, Harvest 300, small and medium-sized ETF, it is wise to have the whole market method.
5. Don't set up a contract fund. Although the name of the fund is different, but pay attention to "cut thin, sausage slices or sausages." The merger of funds of the same type is invalid. If you hold too many similar funds, your portfolio will be unbalanced, which will unconsciously amplify market risks and hinder the realization of your investment goals. Effective fund portfolio should be of different types, such as stock (active, partial and balanced), bond and currency.
Punishment 6. Don't expect too much from your investment. The market experienced the share reform in 2005, which doubled the performance of the fund, which can be said to be largely a supplement to the market before the share reform. This kind of performance is hard to meet in a mature market. Investors should give up >>
Question 9: What does portfolio mean? Hello, classmate, I'm glad to answer your question!
Portfolio A portfolio of assets held by investors, such as stocks, bonds and mutual funds. In order to reduce risk, investors tend to hold more than one kind of stocks and other assets.
At present, the qualification examination subjects for futures practitioners are "futures basic knowledge" and "futures laws and regulations". After passing the above two subjects, you can apply for Futures Investment Analysis.
I hope my answer can help you solve the problem. If you are satisfied, please adopt it as the best answer.
Thank you again for your question. More accounting questions are welcome to be submitted to enterprises in Gao Dun.
Gao Dun wishes you a happy life!
Question 10: What is the efficient boundary of the portfolio? It refers to those portfolios with the highest returns (the same standard deviation and the highest expected return) under the same risk or the same return.
, the portfolio with the lowest risk (the lowest standard deviation under the same expected value), that is, the upper left boundary of all portfolio opportunity sets.