[TOC]
↗ Web 3.0 & Decentralized Finance
Investment is traditionally defined as the "commitment of resources to achieve later benefits". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broader viewpoint, an investment can be defined as "to tailor the pattern of expenditure and receipt of resources to optimize the desirable patterns of these flows". When expenditures and receipts are defined in terms of money, then the net monetary receipt in a time period is termed cash flow, while money received in a series of several time periods is termed cash flow stream.
In finance, the purpose of investing is to generate a return on the invested asset. The return may consist of a capital gain (profit) or loss, realised if the investment is sold, unrealised capital appreciation (or depreciation) if yet unsold. It may also consist of periodic income such as dividends, interest, or rental income. The return may also include currency gains or losses due to changes in foreign currency exchange rates.
Investors generally expect higher returns from riskier investments. When a low-risk investment is made, the return is also generally low. Similarly, high risk comes with a chance of high losses. Investors, particularly novices, are often advised to diversify their portfolio. Diversification has the statistical effect of reducing overall risk.
经济或宏观经济方面
- 在经济学、或宏观经济方面，投资是指每单位时间内，所购入资本（财）的金额。所谓的资本，就是目的不在于消费、而主要着眼于其未来的生产能力，如公共建设、铁路、工厂等。而人力资本方面的投入，包括新设立学校、或在职进修机构等。存货（营运资本）的投资，就是指各种事业为营运需要、购置存货的行为，此一行为可能是经过审慎的管理流程、也有可能只是因应需要而为之；而进货的存量有时为正、有时候也可能变成负值。盈亏也是类似的概念。
- 在衡量政府收支的GDP计算上，如“GDP = C + I + G + NX”中，“I”就是投资（Investment，又称：固定资本毛额）是国内生产总值（GDP）的一部分。投资与收入和利率的关联〔I = (Y，i)〕, 可理解为，收入的增加促进更高额的投资，但是，高利率阻碍投资（因为借钱的费用变得昂贵）。
财务或金融方面
- 投资是在确认可获得一定担保（如存款保险、或事业的投入资本）后，将资金存放、或投入于具有安全性的组织（如金融机构、上市公司）的一种承诺。而与前述投资意义明显对立的一些行为，如定期定额（dollor cost averaging）、波段操作（market timing）、分散押宝（diversification）等，则与投机比较接近。但也有无法分辨者。
《国际会计准则》：
- 以让渡其它资产而获得的另一项资产。如：支付现金购买债券、股票等。
- An investment can be defined as the commitment of funds to one or more assets that will be held over some future time period.
投资、投机及赌博的不同：
- 持有投资标的的期间不同：普遍投资最长，投机次之，赌博几乎不持有或只有下注一瞬间。
- 需要注意的是，以投资或持有时间分类并不客观，时间长短只属相对，并非绝对。
- 分析的程度不同：投资所做分析最完整，投机大部分是小道消息，赌博靠运气。
- 需要注意的是，根据有效市场假说，因消息的流通限制、各参与者收入的信息及分析的不同（lack of perfect information），市场上没有“完整分析”。相对完善的分析可以是拟定进场、离场的策略，并套入历史记录中反复测试，得出在长期持有或长期重复操作的情况下倾向获利的方式进行投资，所以即使没有“完整分析”，亦有相对完善的策略投资。投机亦可以有策略，但投机者对胜率并没有如投资者一般的把握，因为投机的“机会”一般稍瞬即逝，或没有足够时间验证，或没有足够类似情况参考，所以多凭消息及个人判断。某程度上，投资、投机及赌博的不同在乎当事人对行为获胜率的确信程度。
- 获利的成分不同：投资会有孳息奖赏其延迟享受的行为，其他两项因所需时间较短，获利一般只会出现于卖出或兑现下注获胜当时，即没有利息收入，只有资本增值收入。
- 结果的出现时间：投资需要一定投资期间；视乎投机标的，一般投机结果出现时间较短（听信朋友购买外国土地可以升值是较长时间的投机；股票几天内买进卖出是较短时间的投机）；赌博几乎是立即。
- 赌博属投机的一种，但投机不一定是赌博。投机是根据现时形势判断作出利益最大化的行为，投机可以有根据，赌博不需要根据。股票市场没有“完整分析”不代表世上没有“投资”，如银行定存也属于极低风险的投资。
【【武汉科技大学】《证券投资学》（全二十六讲）余学斌教授】 https://www.bilibili.com/video/BV1wC41147sE/?p=3
投资与投机：investment— speculation
- 投资invest：一种依靠资本投入智力投入而获得更多财富的活动，是勤劳致富、信誉致富、依法致富。“巴非特投资型”。
- 投机speculate：主要靠钻别人空子、靠个人小聪明甚至靠违法乱纪行为而获取更多财富活动。“索罗斯投机型“
- 萨缪尔森曾说：“没有人能够在冒险的投机与稳健的投资之间划出界限！"
【【武汉科技大学】《证券投资学》（全二十六讲）余学斌教授】 https://www.bilibili.com/video/BV1wC41147sE/?p=5
【【武汉科技大学】《证券投资学》（全二十六讲）余学斌教授】 https://www.bilibili.com/video/BV1wC41147sE/?p=6 【【武汉科技大学】《证券投资学》（全二十六讲）余学斌教授】 https://www.bilibili.com/video/BV1wC41147sE/?p=7
融资融券交易：securities margin trading
- 又称“证券信用交易”或保证金交易，是指投资者向具有融资融券业务资格的证券公司提供担保物，借入资金买入证券（融资交易）或借入证券并卖出（融券交易）的行为。
- 融资交易：若你看好某支股票前景，认为股价一定上涨，想要买这支股票却缺乏现金，可以向证券公司借钱买下股票，将股票寄存在证券公司，等到股票上涨后委托证劵公司卖出，将借贷的钱与利息还给证券公司，赚取其中差额。
- 融券交易：则为投资人认为某支股票一定会跌，想要趁高档时逢高卖出，但苦于手中没有足够的持股，因此向证券公司缴交保证金，借来股票逢高卖出，等到股价下跌后，再逢低买回股票，还给证券公司。
🔗 https://en.wikipedia.org/wiki/List_of_investment_banks List of investment Banks /Security Firms
An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages include an ability to:
- hire professional investment managers, who may offer better returns and more adequate risk management;
- benefit from economies of scale, i.e., lower transaction costs;
- increase the asset diversification to reduce some unsystematic risk.
It remains unclear whether professional active investment managers can reliably enhance risk adjusted returns by an amount that exceeds fees and expenses of investment management. Terminology varies with country but investment funds are often referred to as investment pools, collective investment vehicles, collective investment schemes, managed funds, or simply funds. The regulatory term is undertaking for collective investment in transferable securities, or short collective investment undertaking (cf. Law). An investment fund may be held by the public, such as a mutual fund, exchange-traded fund, special-purpose acquisition company or closed-end fund, or it may be sold only in a private placement, such as a hedge fund or private equity fund. The term also includes specialized vehicles such as collective and common trust funds, which are unique bank-managed funds structured primarily to commingle assets from qualifying pension plans or trusts.
Investment funds are promoted with a wide range of investment aims either targeting specific geographic regions (e.g., emerging markets or Europe) or specified industry sectors (e.g., technology). Depending on the country there is normally a bias towards the domestic market due to familiarity, and the lack of currency risk. Funds are often selected on the basis of these specified investment aims, their past investment performance, and other factors such as fees.
🔗 https://en.wikipedia.org/wiki/Investment_fund#Internationally_recognised_collective_investments
Internationally recognized collective investments
- Exchange-traded funds (ETFs)—an open-end fund traded by listed shares on major stock exchanges.
- Real Estate Investment Trusts (REITs)—a close-ended fund that invests in real estate.
- ↗ Sovereign Wealth Fund (SWF)
Country-specific investment funds & collective investments
- US
- UK
- Canadian
- Ireland
Financial instruments are assets or contracts used in financial markets for trading, investment, or managing risks. They include equities, bonds, derivatives, and cash instruments. These tools allow investors and organizations to manage funds, gain returns, or hedge against potential losses
Financial instruments are monetary contracts between parties. They can be created, traded, modified and settled. They can be cash (currency), evidence of an ownership, interest in an entity or a contractual right to receive or deliver in the form of currency (forex); debt (bonds, loans); equity (shares); or derivatives (options, futures, forwards).
International Accounting Standards IAS 32 and 39 define a financial instrument as "any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity".
Financial instruments may be categorized by "asset class" depending on whether they are foreign exchange-based (reflecting foreign exchange instruments and transactions), equity-based (reflecting ownership of the issuing entity) or debt-based (reflecting a loan the investor has made to the issuing entity). If the instrument is debt it can be further categorized into short-term (less than one year) or long-term.
投资工具
==Financial instruments can be either cash instruments or derivative instruments:==
- Cash instruments – instruments whose value is determined directly by the markets. They can be securities, which are readily transferable, and instruments such as loans and deposits, where both borrower and lender have to agree on a transfer.
- Derivative instruments – instruments which derive their value from the value and characteristics of one or more underlying entities such as an asset, index, or interest rate. They can be exchange-traded derivatives and over-the-counter (OTC) derivatives Some of the more common derivatives include forwards, futures, options, swaps, and variations of these such as synthetic collateralized debt obligations and credit default swaps.
| Asset class | Instrument type | |||
|---|---|---|---|---|
| Securities | Other cash | Exchange-traded derivatives | OTC derivatives | |
| Debt (long term) 1 year |
Bonds | Loans | Bond futures Options on bond futures |
Interest rate swaps Interest rate caps and floors Interest rate options Exotic derivatives |
| Debt (short term) ≤ 1 year |
Bills, e.g. T-bills Commercial paper |
Deposits Certificates of deposit |
Short-term interest rate futures | Forward rate agreements |
| Equity | Stock | N/A | Stock options Equity futures |
Stock options Exotic derivatives |
| Foreign exchange | N/A | Spot foreign exchange | Currency futures | Foreign exchange options Outright forwards Foreign exchange swaps Currency swaps |
| Some instruments defy categorization into the above matrix, for example repurchase agreements. |
↗ Securities Analysis and Investment ↗ Financial Savings & Deposits
In modern economies, traditional investments include:
- Stocks - Business ownership, known as equity, in publicly traded companies
- Bonds - loans to governments and businesses traded on public markets
- Cash - holding a particular currency, whether in anticipation of spending or to take advantage of or hedge against changes in a currency exchange rate
- Real estate, which can be rented to provide ongoing income or resold if it increases in value
Alternative investments include:
- Private equity in businesses that are not publicly traded on a stock exchange, often involving venture capital funds, angel investors, or equity crowdfunding
- Other loans, including mortgages
- Commodities, such as precious metals like gold, agricultural products like potatoes, and energy deliveries like natural gas
- Collectables, including art, coins, vintage cars, postage stamps, and wine
- Carbon offsets and credits
- Digital entities like cryptocurrency and non-fungible tokens
- Hedge funds that use sophisticated techniques like:
- Derivatives, the value of which is determined by a contract and is derived by calculation from the performance of some other sort of underlying investment; these include forwards, futures, options, swaps, collateralized debt obligations, credit default swaps, and Tax Receivable Agreements
- Leveraged investing, which is the investment of borrowed money
- Short selling, which typically uses leverage and derivatives to bet that the value of a stock will decline
An alternative investment, also known as an alternative asset or alternative investment fund (AIF), is an investment in any asset class excluding capital stocks, bonds, and cash.
The term is a relatively loose one and includes tangible assets such as precious metals, collectibles (art, wine, antiques, vintage cars, coins, watches, musical instruments, or stamps) and some financial assets such as real estate, commodities, private equity, distressed securities, hedge funds, exchange funds, carbon credits, venture capital, film production, financial derivatives, cryptocurrencies, non-fungible tokens, and Tax Receivable Agreements. Investments in real estate, forestry and shipping are also often termed "alternative" despite the ancient use of such real assets to enhance and preserve wealth. Alternative investments are to be contrasted with traditional investments.
🔗 https://zh.wikipedia.org/wiki/%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91
对冲基金（英语：Hedge Fund），又称避险基金或套利基金，是指由金融期货、金融期权等金融衍生工具与金融组织结合后，以盈利为目的的金融基金。其最初目的为通过对冲（Hedging）避免损失。
人们把期货与期权称为金融衍生工具，它们通常被利用在金融市场中作为“套期保值”、“规避风险”的手段。随着时间的推移，在金融市场上，部分基金组织利用金融衍生工具采取多种以盈利为目的投资策略，这些基金组织便被称为对冲基金。目前，对冲基金早已失去风险“对冲”的内涵，相反的，现在人们普遍认为对冲基金实际是基于最新的投资理论和极其复杂的金融市场操作技巧，充分利用各种金融衍生工具的杠杆效用，承担高风险、追求高收益的投资模式。
对冲基金中最著名的莫过于乔治·索罗斯的量子基金及朱里安·罗伯逊的老虎基金，它们都曾创造过高达40%至50%的复合年度收益率。采取高风险的投资，为对冲基金可能带来高收益的同时也为对冲基金带来不可预估的损失。最大规模的对冲基金都不可能在变幻莫测的金融市场中永远处于不败之地。
Notable hedge fund managers
- John Meriwether of Long-Term Capital Management, most successful returns from 27% to 59% through 1993 to 1998 until its collapse and liquidation.
- George Soros of Quantum Group of Funds
- Ray Dalio of Bridgewater Associates, the world's largest hedge fund firm with US$160 billion in assets under management as of 20173738
- Steve Cohen of Point72 Asset Management, formerly known as SAC Capital Advisors3940
- John Paulson of Paulson & Co., whose hedge funds as of December 2015 had $19 billion assets under management41
- David Tepper of Appaloosa Management
- Paul Tudor Jones of Tudor Investment Corporation
- Daniel Och of Och-Ziff Capital Management Group42 with more than $40 billion in assets under management in 201343
- Israel Englander of Millennium Management, LLC
- Leon Cooperman of Omega Advisors44
- Michael Platt of BlueCrest Capital Management (UK), Europe's third-largest hedge-fund firm45
- James Dinan of York Capital Management46
- Stephen Mandel of Lone Pine Capital with $26.7 billion under management as of June 201547
- Larry Robbins of Glenview Capital Management with $9.2 billion of assets under management as of July 201448
- Glenn Dubin of Highbridge Capital Management4950
- Paul Singer of Elliott Management Corporation, an activist hedge fund with more than US$23 billion in assets under management in 2013,51 and a portfolio worth $8.1 billion as of the first quarter of 20155253
- David E. Shaw of D. E. Shaw & Co.
- Michael Hintze, Baron Hintze of CQS with $14.4 billion of assets under management as of June 201554
- David Einhorn of Greenlight Capital5556
- Bill Ackman of Pershing Square Capital Management LP
- Kenneth Griffin of Citadel with over $62 billion in assets under management as of December 2022.5758
🔗 https://en.wikipedia.org/wiki/Derivative_(finance) 🔗 https://zh.wikipedia.org/wiki/%E9%87%91%E8%9E%8D%E8%A1%8D%E7%94%9F%E5%B7%A5%E5%85%B7
In finance, a derivative is a contract between a buyer and a seller. The derivative can take various forms, depending on the transaction, but every derivative has the following four elements:
- an item (the "underlier") that can or must be bought or sold,
- a future act which must occur (such as a sale or purchase of the underlier),
- a price at which the future transaction must take place, and
- a future date by which the act (such as a purchase or sale) must take place.
A derivative's value depends on the performance of the underlier, which can be a commodity (for example, corn or oil), a financial instrument (e.g. a stock or a bond), a price index, a currency, or an interest rate.
买卖金融衍生工具的主要原因有三个，分别是对冲、投机及套利。
Derivatives are used for the following:
- Hedge or to mitigate risk in the underlying, by entering into a derivative contract whose value moves in the opposite direction to their underlying position and cancels part or all of it out
- Create option ability where the value of the derivative is linked to a specific condition or event (e.g., the underlying reaching a specific price level)
- Obtain exposure to the underlying where it is not possible to trade in the underlying (e.g., weather derivatives)
- Provide leverage (or gearing), such that a small movement in the underlying value can cause a large difference in the value of the derivative
- Speculate and make a profit if the value of the underlying asset moves the way they expect (e.g. moves in a given direction, stays in or out of a specified range, reaches a certain level)
- Switch asset allocations between different asset classes without disturbing the underlying assets, as part of transition management
- Avoid paying taxes. For example, an equity swap allows an investor to receive steady payments, e.g. based on SONIA rate, while avoiding paying capital gains tax and keeping the stock.
- For arbitraging purpose, allowing a riskless profit by simultaneously entering into transactions into two or more markets
Some common examples of these derivatives are the following:
| UNDERLYING | CONTRACT TYPES | ||||
|---|---|---|---|---|---|
| Exchange-traded futures | Exchange-traded options | OTC swap | OTC forward | OTC option | |
| Equity | DJIA Index future Single-stock future |
Option on DJIA Index future Single-share option |
Equity swap | Back-to-back Repurchase agreement |
Stock option Warrant Turbo warrant |
| Interest rate | Eurodollar future Euribor future |
Option on Eurodollar future Option on Euribor future |
Interest rate swap | Forward rate agreement | Interest rate cap and floor Swaption Basis swap Bond option |
| Credit | Bond future | Option on Bond future | Credit default swap Total return swap |
Repurchase agreement | Credit default option |
| Foreign exchange | Currency future | Option on currency future | Currency swap | Currency forward | Currency option |
| Commodity | WTI crude oil futures | Weather derivative | Commodity swap | Iron ore forward contract | Gold option |
【【武汉科技大学】《证券投资学》（全二十六讲）余学斌教授】 https://www.bilibili.com/video/BV1wC41147sE/?p=3&share_source=copy_web&vd_source=7740584ebdab35221363fc24d1582d9d
deposit
insurance
forex
- qdii
- qfii
- rqfii
venture capital
- 风投四要素
- 风险资本
- 风险企业
- 风险投资人
- 风险投资人大体可分为以下四类：
- 第一类称为风险资本家 （adventure capitalists）第二类是风险投资公司（Venture Capital Firm）第三类是产业附属投资公司第四类叫天使投资人（Angels）
- 风险投资人大体可分为以下四类：
- 资本市场
- 风险投资退出渠道：
- 公开上市IPO:Initial Public Offering.风险投资最理想目标，称为“黄金收获方式”。
- 企业兼并收购：受资企业被大公司兼并后，上市转让。
- 风险投资公司将所持股份出售给受资企业及其职工。
- 清算：约30%风险投资，作为投资失败的一种迫不得已的特殊退出方式。
期货-future / 现货-spot
- 种类
- 商品期货：包括农产品（小麦、大麦、燕麦、大米、大豆、油菜、玉米等谷物和棉花、橡胶、可可、咖啡等经济作物，以及木材、猪、牛等动物内脏）、矿产品（由铜、铝、锌、镍、铂等金属，白银、黄金等贵金属，以及原油、取暖油、汽油等能源物质）等商品。
- 金融期货：外汇、利率、股指期货三类。
期权-option
- 流动性风险
- 信用风险
- 市场风险
- 系统风险
- 操作风险
- 法律风险
↗ Security Investment Fundamental Analysis (FA) ↗ Security Investment Technique Analysis (TA)