TAILIEUCHUNG - Essentials of Investments, Fifth Edition

Tham khảo sách 'essentials of investments, fifth edition', tài chính - ngân hàng, tài chính doanh nghiệp phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | Bodie-Kane-Marcus Front Matter Essentials of Investments Fifth Edition A Note from the Authors The McGraw-Hill Companies 2003 The last decade has been one of rapid profound and ongoing change in the investments industry. This is due in part to an abundance of newly designed securities in part to the creation of new trading strategies that would have been impossible without concurrent advances in computer and communications technology and in part to continuing advances in the theory of investments. Of necessity our text has evolved along with the financial markets. In this edition we address many of the changes in the investment environment. At the same time many basic principles remain important. We continue to organize our book around one basic theme that security markets are nearly efficient meaning that most securities are usually priced appropriately given their risk and return attributes. There are few free lunches found in markets as competitive as the financial market. This simple observation is nevertheless remarkably powerful in its implications for the design of investment strategies and our discussions of strategy are always guided by the implications of the efficient markets hypothesis. While the degree of market efficiency is and will always be a matter of debate we hope our discussions throughout the book convey a good dose of healthy criticism concerning much conventional wisdom. This text also continues to emphasize asset allocation more than most other books. We prefer this emphasis for two important reasons. First it corresponds to the procedure that most individuals actually follow when building an investment portfolio. Typically you start with all of your money in a bank account only then considering how much to invest in something riskier that might offer a higher expected return. The logical step at this point is to consider other risky asset classes such as stock bonds or real estate. This is an asset allocation decision. Second in most cases

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