Fundamentals of Investing
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1 Fundamentals of Investing V.
2 Chapter 1 The Investment Environment 33 BETHICS IN The Price for Behaving Badly 50 B Your Money Back, Guaranteed 52 Opening Vignette 33 Investments and the Investment Process 34 Attributes of Investments 34 / The Structure of the Investment Process 37 Types of Investments 39 Short-Term Investments 39 / Common Stock 39 / Fixed-Income Securities 41 / Mutual Funds 41 / Exchange-Traded Funds 42 / Hedge Funds 42 / Derivative Securities 43 / Other Popular Investments 43 Making Investment Plans 44 Steps in Investing 44 / Considering Personal Taxes 45 / Investing over the Life Cycle 49 / Investments and the Business Cycle 49 Meeting Liquidity Needs with Short-Term Investments 51 The Role of Short-Term Investments 51 / Common Short-Term Investments 53 / Investment Suitability 53 Careers in Finance 56 Summary 59 / Discussion Questions 61 / Problems 62 / Case Problem / Case Problem / Excel with Spreadsheets 65 Chapter 2 Securities Markets and Transactions 66 No Time to Go Public 71 Opening Vignette 66 Securities Markets 67 Types of Securities Markets 67 / Broker Markets and Dealer Markets 72 / Alternative Trading Systems 77 / General Market Conditions: Bull or Bear 78
3 CONTENTS B SEC Bans Short Selling 93 Globalization of Securities Markets 79 Growing Importance of International Markets 79 / International Investment Performance 80 / Ways to Invest in Foreign Securities 80 / Risks of Investing Internationally 81 Trading Hours and Regulation of Securities Markets 82 Trading Hours of Securities Markets 82 / Regulation of Securities Markets 83 Basic Types of Securities Transactions 85 Long Purchase 85 / Margin Trading 85 / Short Selling 91 Summary 95 / Discussion Questions 97 / Problems 98 / Case Problem / Case Problem /Excel with Spreadsheets 102 B MARKETS Chapter 3 Investment Information and Securities Transactions 103 IN PUGS Feast on Wall Street 126 B MARKETS IN Bond Yields Hit Historic Lows 127 ETHICS IN Hello, I Am Tim, an Insider Trader 131 Opening Vignette 103 Investment Research and Planning 104 Getting Started in Investment Research 104 / Pros and Cons of the Internet as an Investment Tool 107 Types and Sources of Investment Information 108 Types of Information 109 / Sources of Information 111 Understanding Market Averages and Indexes 122 Stock Market Averages and Indexes' 122 / Bond Market Indicators 127 Making Securities Transactions 128 The Role of Stockbrokers 128 / Basic Types'of Orders 132/ Online Transactions 134 / Transaction Costs 136 / Investor Protection: SIPC and Arbitration 136 Investment Advisers and Investment Clubs 138 Using an In vestment Adviser 138/Investment Clubs 139 Summary 140 / Discussion Questions 143 / Problems 144/ Case Problem / Case Problem / Excel with Spreadsheets 148
4 10 CONTENTS Imm ports Bit Coneeptiial Chapter 4 Return and Risk 149 Recession Pushes Prices Down 153 Opening Vignette 149 The Concept of Return 150 Components of Return 150 / "Why Return Is Important 151 / Level of Return 152 /"Historical Returns 153 / Time Value of Money and Returns 154 Measuring Return 156 Real, Risk-Free, and Required Returns 157 / Holding Period Return 159/Yield: The Internal Rate of Return 161/Finding Growth Rates 164 Risk:The Other Side of the Coin 166 Sources of Risk 166 / Risk of a Single Asset 169/Assessing Risk 172 / Steps in the Decision Process: Combining Return and Risk 174 Summary 175 / Discussion Questions 177 / Problems 177 / Case Problem / Case Problem /Excel with Spreadsheets 183 / Chapter-Opening Problem 184 Appendix 4A The Time Value of Money 185 Opening Vignette 185 Interest:The Basic Return to Savers 185 Simple Interest 185 / Compound Interest 185 Computational Aids for Use in Time Value Calculations 187 Financial Calculators 187/Computers and Spreadsheets 188 Future Value: An Extension of Compounding 188 Future Value of an Annuity 190 Present Value: An Extension of Future Value 190 Present Value of a Stream of Returns 191 Present Value of a Mixed Stream 192/Present Value of an Annuity 193 Summary 194 / Problems 194
5 CONTENTS 11 Chapter 5 Modern Portfolio Concepts 198 Bulging Betas 213 Opening Vignette 198 Principles of Portfolio Planning 199 Portfolio Objectives 199 / Portfolio Return and Standard Deviation 199 / Correlation and Diversification 202 / International Diversification 207 Part Thn The Capital Asset Pricing Model 209 Components of Risk 209 / Beta: A Measure of Undiversifiable Risk 210 / The CAPM: Using Beta to Estimate Return 213 Traditional Versus Modern Portfolio Management 216 The Traditional Approach 216 / Modern Portfolio Theory 217 / Reconciling the Traditional Approach and MPT 223 Summary 224 / Discussion Questions 226 / Problems 227 / Case Problem / Case Problem / Excel with Spreadsheets 236 / Chapter-Opening Problem 237 CFA Exam Questions 239 L Chapter 6 Common Stocks 241 G The Lumbering Bear 242 Opening Vignette 241 What Stocks Have to Offer 242 The Appeal of Common Stocks 242 / Putting Stock Price Behavior in Perspective 242 / From Stock Prices to Stock Returns 243 / A Real Estate Bubble Goes Bust and So Does the Market 244 / The Pros and Cons of Stock Ownership 244 ' Basic Characteristics of Common Stock 247 Common Stock as a Corporate Security 247 / Buying and Selling Stocks 250 / Common Stock Values 252 Common Stock Dividends 254 The Dividend Decision 254 / Types of Dividends 256 / Dividend Reinvestment Plans 258 Types and Uses of Common Stock 259 Types of Stocks 259 / Investing in Foreign Stocks 265 / Alternative Investment Strategies 269
6 12 CONTENTS Summary 272 / Discussion Questions 274 / Problems 275 / Case Problem / Case Problem / Excel with Spreadsheets 280 / Chapter-Opening Problem 280 Chapter 7 Analyzing Common Stocks 281 B Lahde Earns 1,000% and Retires 284 B ETHICS IN Cooking the Books: What Were They Thinking? 298 Credit Constraints Bind 302 Opening Vignette 281 Security Analysis 282 Principles of Security Analysis 282 / Who Needs Security Analysis in an Efficient Market? 283 Economic Analysis 284 Economic Analysis and the Business Cycle 285 / Key Economic Factors 285 / Developing an Economic Outlook 286 Industry Analysis 289 Key Issues 290 / Developing an Industry Outlook 291 Fundamental Analysis 292 The Concept 292 / Financial Statements 293 / Financial Ratios 297 / Interpreting the Numbers 307'. Summary 311 / Discussion Questions 313 / Problems 313 / Case Problem / Case Problem / Excel with Spreadsheets 320 / Chapter-Opening Problem 321 Chapter 8 Stock Valuation 322 B P/E Ratios Can Be Misleading 327 BETHICS IN Stock Analysts: Don't Always Believe the Hype 335 Opening Vignette 322../'" Valuation: Obtaining a Standard of Performance 323 Valuing a Company and Its Future 323 / Developing an Estimate of Future Behavior 329 / The Valuation Process 332 Stock Valuation Models 334 The Dividend Valuation Model 334 / Other Approaches to Stock Valuation 343 / Other Price-Relative Procedures 347 Summary 350 / Discussion Questions 351 / Problems 353 / Case Problem / Case Problem / Excel with Spreadsheets 358 / Chapter-Opening Problem 359
7 CONTENTS 13 Chapter 9 Market Efficiency and Behavioral Finance 360 Loss Aversion and Trading Volume 373 Opening Vignette 360 Efficient Markets 361 The Efficient Markets Hypothesis 363 / Market Anomalies 367 / Possible Explanations 370 Behavioral Finance: A Challenge to the Efficient Markets Hypothesis 371 Investor Behavior and Security Prices 371 / Implications of Behavioral Finance for Security Analysis 377 Technical Analysis 377 Measuring the Market 378 / Trading Rules and Measures 381/Charting 384 Summary 387 / Discussion Questions 389 / Problems 390 / Case Problem / Case Problem / Excel with Spreadsheets 395 OFA Ei» Questions 398 F n Chapter 10 Fixed-Income Securities 398 B Yield Spreads Approach Records 413 B Rating Agencies Miss a Big One 415 B Implicit Guarantee Becomes Explicit 416 Opening Vignette 398 Why Invest in Bonds? 399 Putting Bond Market Performance in Perspective 400 / Exposure to Risk 404 Essential Features of a Bond 405 Bond Interest and Principal 405 / Maturity Date 406 / Principles of Bond Price Behavior 406 / Quoting Bond Prices 408 / Call Features Let the Buyer Beware! 408 / Sinking Funds 409 / Secured or Unsecured Debt 410 / Bond Ratings 410 The Market for Debt Securities 413 Major Market Segments 414 / Specialty Issues 421 / A Global View of the Bond Market 425 Convertible Securities 427 Convertibles as Investment Outlets 427 / Sources of Value 430 / Measuring the Value of a Convertible 431
8 14 CONTENTS Summary 434 / Discussion Questions 436 / Problems 437/ Case Problem / Case Problem / Excel with Spreadsheets 442 / Chapter-Opening Problem 443 Chapter 11 Bond Valuation 444 Signs of a Recession 446 Opening Vignette 444 The Behavior of Market Interest Rates 445 Keeping Tabs on Market Interest Rates 445 / What Causes Rates to Move? 446 / The Term Structure of Interest Rates and Yield Curves 448 The Pricing of Bonds 453 The Basic Bond Valuation Model 454 / Annual Compounding 454 / Semiannual Compounding 456 / Accrued Interest 457 Measures of Yield and Return 458 Current Yield 458 / Yield to Maturity 458 / Yield to Call 461 / Expected Return 462 / Valuing a Bond 464 Duration and Immunization 464 The Concept of Duration 465 / Measuring Duration 466 / Bond Duration and Price Volatility 468 / Effective Duration 469 / Uses of Bond Duration Measures 470 Bond Investment Strategies 472 Passive Strategies 472 / Trading on Forecasted Interest Rate Behavior 473 / Bond Swaps 473 Summary 475 / Discussion Questions 476 / Problems 477 / Case Problem / Case Problem / Excel with \ Spreadsheets 481 CFA Exam Questions 482 Chapter 12 Mutual Funds and Exchange-Traded Funds 484 B Mutual Fund Vulnerability 487 Opening Vignette 484 The Mutual Fund Concept 485 An Overview of Mutual Funds 485 / Exchange-Traded Funds 491 /
9 CONTENTS 15 C ETHICS IN When Mutual Funds Behaved Badly 492 Some Important Considerations 495 / Other Types of Investment Companies 496 Types of Funds and Services 499 Types of Mutual Funds 500 / Investor Services 505 Investing in Mutual Funds 507 Investor Uses of Mutual Funds 508 / The Selection Process 508 / Investing in Closed-End Funds 510 / Measuring Performance 513 Summary 518 / Discussion Questions 520 / Problems 521 / Case Problem / Case Problem / Excel with Spreadsheets 525 / Chapter-Opening Problem 525 ^ Chapter 13 J* *, Managing Your Own Portfolio 526 D MARKETS IN Baby Boomers Delay Retirement 532 ETHICS IN The Virtues of Ethical Investing: The Remarkable Life of John Templeton 545 Opening Vignette 526 Constructing a Portfolio Using an Asset Allocation Scheme 527 Investor Characteristics and Objectives 527 / Portfolio Objectives and Policies 527 / Developing an Asset Allocation Scheme 528 Evaluating the Performance of Individual Investments 531 Obtaining Data 531/Indexes of Investment Performance 532/ Measuring the Performance of Investments 533 / Comparing Performance to Investment Goals 535 Assessing Portfolio Performance 537 Measuring Portfolio Return 537 / Comparison of Return with Overall Market Measures 540 / Portfolio Revision 543 Part Six Timing Transactions 544 Formula Plans 544 / Using Limit and Stop-Loss Orders 549 / Warehousing Liquidity 550 / Timing Investment Sales 550 Summary 551 /Discussion Questions 553 /.Problems 555/ Case Problem / Case Problem / Excel with Spreadsheets 560 CFA Exam Questions 562 Chapter 14 Options: Puts and Calls 564 Opening Vignette 564 Put and Call Options 565
10 16 CONTENTS BETHICS IN Extraordinarily Good Timing 575 B The Volatility Index 577 Basic Features of Puts and Calls 565 / Options Markets 568 / Stock Options 568 Options Pricing and Trading 572 The Profit Potential from Puts and Calls 572 / Intrinsic Value 573 / What Drives Option Prices? 575 / Trading Strategies 579 Stock-Index and Other Types of Options 587 Stock-Index Options: Contract Provisions 587 / Investment Uses 589/Other Types of Options 590 Summary 593 / Discussion Questions 594 / Problems 595 / Case Problem / Case Problem / Excel with Spreadsheets 599 / Chapter-Opening Problem 600 ETHICS IN Trading Energy Futures at Enron 614 B Oil Isn't Recession Proof 615 Chapter 15 Futures Markets and Securities 601 Opening Vignette 601 The Futures Market 602 Market Structure 602 / Trading in the Futures Market 605 Commodities 608 Basic Characteristics 608 / Trading Commodities 612 Financial Futures 616 The Financial Futures Market 616 / Trading Techniques 620 / Financial Futures and the Individual Investor 6237 Options on Futures 623 Summary 626 / Discussion Questions 628 / Problems 628 / Case Problem / Case Problem / Excel with Spreadsheets 632 CFA Exam Questions 633 Glossary G-1 Index 1-1 Credits C-1 Web Chapters (atwww.pearsoninternationaleditions.com/gitman) Chapter 16 Investing in Preferred Stocks Chapter 17 Tax-Advantaged Investments Chapter 18 Real Estate and Other Tangible Investments
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