- write an option 卖出期权
- The MSCI All Country World Index is a multi-market equity index because it represents stocks of 23 developed and 22 emerging markets.
摩根士丹利资本国际全球指数(MSCI All Country World Index)是一个多市场股票指数，因为它代表了23个发达市场和22个新兴市场的股票。 - 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.
在构建和管理索引的管理阶段，必须做出的决策之一是何时重新平衡索引。为了保持每种证券的权重与指数的加权方法一致，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.
当经历了高短期回报的证券在随后的时期继续产生高回报时，就会出现动量异常。因此，如果交易者通过投资策略购买最近经历了高回报的股票，可以获得持续的异常回报，那么他或她就是在利用动量异常。 - price-weighted total return index 价格加权
- 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).
行业指数代表和跟踪不同的经济部门——如消费品、能源、金融、医疗和技术——在国家、地区或全球的基础上。行业指数也作为特定行业ETF(例如消费品ETF)的模型投资组合 - 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.
基本面加权指数通常会产生一种反向“效应”，即投资组合的权重将从相对价值上升的证券转向在投资组合重新平衡时相对价值下降的证券。 - 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.
股票指数的组成部分比固定收益指数更具流动性。固定收益证券的数量是股票证券数量的许多倍。固定收益市场主要是交易商市场，这意味着交易商被分配到特定的证券上，并通过从存货中购买和出售这些证券，负责为这些证券创造流动性市场。此外，许多固定收益证券交易不频繁，因此流动性相对较差。因此，指数提供者必须与交易商联系，以获得成分证券的当前价格，以更新该指数，或者他们必须使用具有类似特征的交易固定收益证券的价格来估计成分证券的价格。 - Commodity indexes are based upon futures contracts, not prices of the underlying commodities themselves.
商品指数基于期货合约，而不是标的商品本身的价格。 - 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.
就无担保的存托凭证而言，持有投票权的是存款银行，而不是存托凭证的投资者。 - 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.
对于大多数上市公司(即创业阶段以外的公司)，从业人员认为，增长最终将分为三个阶段:(1)增长，(2)转型，(3)成熟。这个假设支持使用三阶段DDM。 - 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.
行业战略分析需要涵盖的要素包括宏观层面(宏观经济、人口、政府、社会和技术对行业的影响)、推动行业竞争的力量(波特五力)、行业生命周期问题、商业周期考虑以及行业在经验曲线上的位置。公司治理和产品生命周期阶段与公司分析直接相关。
CFA level I 权益投资错点
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