- write an option 賣出期權(quán)
- The MSCI All Country World Index is a multi-market equity index because it represents stocks of 23 developed and 22 emerging markets.
摩根士丹利資本國際全球指數(shù)(MSCI All Country World Index)是一個多市場股票指數(shù)铛只，因為它代表了23個發(fā)達(dá)市場和22個新興市場的股票父晶。 - One of the decisions that must be made during the management phase of constructing and managing an index is when to rebalance the index. Rebalancing is necessary to maintain the weight of each security consistent with the index’s weighting method.
在構(gòu)建和管理索引的管理階段童叠，必須做出的決策之一是何時重新平衡索引祝高。為了保持每種證券的權(quán)重與指數(shù)的加權(quán)方法一致捣域，再平衡是必要的。 - A momentum anomaly occurs when securities that have experienced high short-term returns continue to generate higher returns in subsequent periods. Therefore, if a trader can obtain persistent abnormal returns by adopting an investment strategy that purchases stocks that have recently experienced high returns, then he or she is exploiting a momentum anomaly.
當(dāng)經(jīng)歷了高短期回報的證券在隨后的時期繼續(xù)產(chǎn)生高回報時有额，就會出現(xiàn)動量異常癣猾。因此，如果交易者通過投資策略購買最近經(jīng)歷了高回報的股票适秩，可以獲得持續(xù)的異嘲硇颍回報些侍，那么他或她就是在利用動量異常。 - price-weighted total return index 價格加權(quán)
- Sector indexes represent and track different economic sectors—such as consumer goods, energy, finance, health care, and technology—on a national, regional, or global basis. Sector indexes also serve as model portfolios for sector-specific ETFs (e.g., for a consumer goods ETF).
行業(yè)指數(shù)代表和跟蹤不同的經(jīng)濟部門——如消費品政模、能源岗宣、金融、醫(yī)療和技術(shù)——在國家淋样、地區(qū)或全球的基礎(chǔ)上耗式。行業(yè)指數(shù)也作為特定行業(yè)ETF(例如消費品ETF)的模型投資組合 - Fundamentally weighted indexes generally will have a contrarian “effect” in that the portfolio weights will shift away from securities that have increased in relative value and toward securities that have fallen in relative value whenever the portfolio is rebalanced.
基本面加權(quán)指數(shù)通常會產(chǎn)生一種反向“效應(yīng)”，即投資組合的權(quán)重將從相對價值上升的證券轉(zhuǎn)向在投資組合重新平衡時相對價值下降的證券趁猴。 - The constituents of equity indexes are more liquid than those of fixed-income indexes. The number of fixed-income securities is many times larger than the number of equity securities. Fixed-income markets are predominantly dealer markets, which means that dealers are assigned to specific securities and are responsible for creating liquid markets for those securities by purchasing and selling them from their inventory. In addition, many fixed-income securities do not trade frequently and are therefore relatively illiquid. As a result, index providers must contact dealers to obtain current prices on constituent securities to update the index, or they must estimate the prices of constituent securities using the prices of traded fixed-income securities with similar characteristics.
股票指數(shù)的組成部分比固定收益指數(shù)更具流動性刊咳。固定收益證券的數(shù)量是股票證券數(shù)量的許多倍。固定收益市場主要是交易商市場儡司，這意味著交易商被分配到特定的證券上娱挨，并通過從存貨中購買和出售這些證券，負(fù)責(zé)為這些證券創(chuàng)造流動性市場捕犬。此外跷坝，許多固定收益證券交易不頻繁，因此流動性相對較差碉碉。因此柴钻，指數(shù)提供者必須與交易商聯(lián)系，以獲得成分證券的當(dāng)前價格垢粮，以更新該指數(shù)贴届，或者他們必須使用具有類似特征的交易固定收益證券的價格來估計成分證券的價格。 - Commodity indexes are based upon futures contracts, not prices of the underlying commodities themselves.
商品指數(shù)基于期貨合約蜡吧，而不是標(biāo)的商品本身的價格毫蚓。 - Market capitalization= EV?Market value (MV) of debt?MV of preferred stock+Cash and short-term investments
- In the case of unsponsored DRs, the depository bank, not the investors in the DR, retains the voting rights.
就無擔(dān)保的存托憑證而言，持有投票權(quán)的是存款銀行昔善，而不是存托憑證的投資者元潘。 - For most publicly traded companies (that is, companies beyond the startup stage), practitioners assume that growth will ultimately fall into three stages: (1) growth, (2) transition, and (3) maturity. This assumption supports the use of a three-stage DDM.
對于大多數(shù)上市公司(即創(chuàng)業(yè)階段以外的公司)，從業(yè)人員認(rèn)為耀鸦，增長最終將分為三個階段:(1)增長柬批，(2)轉(zhuǎn)型，(3)成熟袖订。這個假設(shè)支持使用三階段DDM氮帐。 - The elements that need to be covered in strategic analysis of an industry encompass the macro level (macroeconomic, demographic, governmental, social, and technological influences affecting the industry), the forces driving industry competition (Porter’s five forces), industry life-cycle issues, business-cycle considerations, and position of the industry on the experience curve. Corporate governance and product life-cycle stages relate directly to company analysis.
行業(yè)戰(zhàn)略分析需要涵蓋的要素包括宏觀層面(宏觀經(jīng)濟、人口洛姑、政府上沐、社會和技術(shù)對行業(yè)的影響)、推動行業(yè)競爭的力量(波特五力)楞艾、行業(yè)生命周期問題参咙、商業(yè)周期考慮以及行業(yè)在經(jīng)驗曲線上的位置龄广。公司治理和產(chǎn)品生命周期階段與公司分析直接相關(guān)。
CFA level I 權(quán)益投資錯點
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