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Lecture Investment analysis & portfolio management 4: Basic introduction investment analysis

Our earlier lectures have introduced us about investment analysis and defined the concept of a security. It has looked at the securities that are traded and where they are traded. In addition, it has begun the development of the concepts of risk and return that characterize securities. The fact that these are related - an investor cannot have more of one without more of another - has been stressed. This theme will recur throughout the book. The chapter has also emphasized the role of uncertainty in investment analysis. This, too, is a continuing theme. | Basic Introduction Investment Analysis Lecture: 4 Course Code: MBF 702 Recap Our earlier lectures have introduced us about investment analysis and defined the concept of a security. It has looked at the securities that are traded and where they are traded. In addition, it has begun the development of the concepts of risk and return that characterize securities. The fact that these are related - an investor cannot have more of one without more of another - has been stressed. This theme will recur throughout the book. The chapter has also emphasized the role of uncertainty in investment analysis. This, too, is a continuing theme. Outline Investment process Buying and selling Markets Characteristics of good market Classification of market Investment companies Intermediaries Brokers Summary Investment Process The investment process is description of the steps that an investor should take to construct and manage their portfolio. These proceed from the initial task of identifying . | Basic Introduction Investment Analysis Lecture: 4 Course Code: MBF 702 Recap Our earlier lectures have introduced us about investment analysis and defined the concept of a security. It has looked at the securities that are traded and where they are traded. In addition, it has begun the development of the concepts of risk and return that characterize securities. The fact that these are related - an investor cannot have more of one without more of another - has been stressed. This theme will recur throughout the book. The chapter has also emphasized the role of uncertainty in investment analysis. This, too, is a continuing theme. Outline Investment process Buying and selling Markets Characteristics of good market Classification of market Investment companies Intermediaries Brokers Summary Investment Process The investment process is description of the steps that an investor should take to construct and manage their portfolio. These proceed from the initial task of identifying investment objectives through to the continuing revision of the portfolio in order to best attain those objectives. The steps in this process are: Determine Objectives: Investment policy has to be guided by a set of objectives. Before investment can be undertaken, a clear idea of the purpose of the investment must be obtained. The purpose will vary between investors. Some may be concerned only with preserving their current wealth. Others may see investment as a means of enhancing wealth. What primarily drives objectives is the attitude towards taking on risk. Some investors may wish to eliminate risk as much as is possible, while others may be focussed almost entirely on return and be willing to accept significant risks. Investment Process Choose Value: The second decision concerns the amount to be invested. This decision can be considered a separate one or it can be subsumed in the allocation decision between assets (what is not invested must either be held in some other form which, by .