http://www.enrally.com/yinpin/free/mutualfunds/rm-1/fund7-1.rmCommon Sense on Mutual Funds
ON ASSET ALLOCATION
Striking Your Own Balance
As you develop your strategic asset allocation, modify the model's broad guidelines to account for your own financial circumstances, your AGE, ASSETS, AND ASSET ALLOCATION-
MIXED REVIEWS It would not be imprudent for a highly risk-tolerant young investor (25 years old or so), who is just beginning to invest for retirement, to allocate everything to stocks, provided that the investor had confidence that regular investments could be made through thick and thin. In the distribution phase, a highly risk-averse older investor who has substantial means could cut the stock allocation to as low as 30 percent. A key factor in that decision is the relationship between the dollars to be invested and the capital already accumulated. A young investor just beginning with, say, a $150 monthly contribution to an IRA (or corporate-defined contribution pension or thrift plan) has time as an ally and has very little to risk at the outset.
我喜欢千万法，我用压码和右脑给千万别学英语一个杠杆，撬起零基础到达自由王国；压码只有一个指标：通过滞后提高速度，速度就是质量,给它注入一个加速器，就会产生一个个奇迹.
[楼 主] | Posted:2005-01-13 13:11|
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http://www.enrally.com/yinpin/free/mutualfunds/rm-1/fund6-7.rmCommon Sense on Mutual Funds
ON ASSET ALLOCATION
Striking Your Own Balance
During the distribution phase of your investment cycle--when you enjoy the fruits of the accumulation phase--you depend on a relatively fixed pool of capital to generate income for your needs. You are withdrawing the income generated by your investments, and you cannot afford substantial short-term loss. At the start of the distribution phase, you might reduce your stock allocation to 60 percent or so. As you age, you might want to cut it to 50 percent. Even then, earning adequate income presents a challenge. In the latter part of 1998, with blue-chip stocks yielding about 1.4 percent and U.S. Treasury bonds yielding about 5.4 percent, a 50/50 balanced market portfolio was providing a yield of 3.3 percent. Given the average operating costs of the typical stock and bond fund, a similar mutual fund portfolio would yield only 2.0 percent--a reduction of almost 40 percent in your income. This simple calculation reinforces the giant impact of fund costs. The selection of funds in your asset allocation underlines why I repeatedly stress the vital role of fund costs in your investment decision-making process.
我喜欢千万法，我用压码和右脑给千万别学英语一个杠杆，撬起零基础到达自由王国；压码只有一个指标：通过滞后提高速度，速度就是质量,给它注入一个加速器，就会产生一个个奇迹.
[1 楼] | Posted:2005-01-13 13:28|
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http://www.enrally.com/yinpin/free/mutualfunds/rm-1/fund6-6.rmCommon Sense on Mutual Funds
ON ASSET ALLOCATION
RISK TO THE FORE
So far, I've described risk mostly in academic terms: standard deviation, or the volatility of monthly or annual returns (described in Chapter 1). In truth, however, risk is something far more difficult to quantify. It relates to how much you can afford to lose without excessive damage to your pocketbook or your psyche.
BENEFITING FROM BALANCE
The greatest benefit of a balanced investment program is that it makes risk more palatable. An allocation to bonds moderates the short-term volatility of stocks, giving the risk-averse long-term investor the courage and confidence to sustain a heavy allocation to equities. Choose a balance of stocks and bonds according to your unique circumstances--your investment objectives, your time horizon, your level of comfort with risk, and your financial resources.
Striking Your Own Balance
How can you determine an appropriate balance for your own needs? During the accumulation phase of your personal investment cycle, when you are building assets, you are putting aside money that you would otherwise spend. (It's never easy, but always essential.) You invest your capital, and you reinvest your dividends and your capital gains distributions. Because you have no immediate need for these assets, you can put your capital at greater risk in pursuit of higher return. As a younger investor, you might allocate as much as 80 percent or more of your portfolio to stocks, with the remainder in bonds. As the later years of your accumulation phase begin, you are older and you have less time to recoup any decline in the value of your portfolio. At that point, you might limit your stock exposure to no more than 70 percent.
我喜欢千万法，我用压码和右脑给千万别学英语一个杠杆，撬起零基础到达自由王国；压码只有一个指标：通过滞后提高速度，速度就是质量,给它注入一个加速器，就会产生一个个奇迹.
[2 楼] | Posted:2005-01-13 13:36|
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http://www.enrally.com/yinpin/free/mutualfunds/rm-1/fund6-5.rmCommon Sense on Mutual Funds
ON ASSET ALLOCATION
FROM THE TALMUD TO MODERN PORTFOLIO THEORY
My guidelines also respect what I call the four dimensions of investing: (1) return, (2) risk, (3) cost, and (4) time. When you select your portfolio's long-term allocation to stocks and bonds, you must make a decision about the real returns you can expect to earn and the risks to which your portfolio will be exposed. You must also consider the costs of investing that you will incur. Costs will tend to reduce your return and/or increase the risks you must take. Think of return, risk, and cost as the three spatial dimensions--the length, breadth, and width--of a cube. Then think of time as the temporal fourth dimension that interplays with each of the other three. For instance, if your time horizon is long, you can afford to take more risk than if your horizon is short, and vice versa.
我喜欢千万法，我用压码和右脑给千万别学英语一个杠杆，撬起零基础到达自由王国；压码只有一个指标：通过滞后提高速度，速度就是质量,给它注入一个加速器，就会产生一个个奇迹.
[3 楼] | Posted:2005-01-13 13:42|
