利率趨勢(shì)與穩(wěn)健投資策略講座—

投資風(fēng)險(xiǎn)的界定張仁良金融學(xué)講座教授亞太金融市場(chǎng)研究中心香港城市大學(xué)內(nèi)容回報(bào)和風(fēng)險(xiǎn)—美國(guó)市場(chǎng)投資的需要和目的新經(jīng)濟(jì)和舊經(jīng)濟(jì)中國(guó)加入世貿(mào)世界經(jīng)濟(jì)A.回報(bào)和風(fēng)險(xiǎn)-美國(guó)市場(chǎng)(I)

$1投資在不同的投資組合:1926-1998Source:TheMcGraw-HillCompanies,Inc.2000A捏.回顫報(bào)舍和渾風(fēng)揭險(xiǎn)矩-奧美絮國(guó)墊市胖場(chǎng)(I屆I顏)每伏年寸投汁資仇回父報(bào)務(wù)和些風(fēng)持險(xiǎn)怎溢使價(jià):艦1專9休2殺6魔-揀1堆9扣9左8投資宵項(xiàng)目舊平盡均角回報(bào)風(fēng)儉險(xiǎn)溢價(jià)大政型宮公糞司歌股努票園1五3汗.圈2頭%即9粱.北4父%小描型那公寺司較股虛票癥1對(duì)7扛.賀4販1壁3繩.落6長(zhǎng)期銜公騰司債券蹄6滴.腸1希2黑.時(shí)3長(zhǎng)期疫政鹿府債券手5價(jià).來(lái)7盟1其.牌9美國(guó)墾國(guó)連庫(kù)券御3勒.曠8挨0頌.竿0S鞏o餓u僚r捧c腸e橋:蛛T冊(cè)h痰e印M懂c數(shù)G景r煎a昂w恥-惠H尋i攀l自l管C混o早m公p帆a未n襖i乳e蹦s里,擦I圍n舞c南.聾2引0規(guī)0煎0A滲.回歸報(bào)垃和蠶風(fēng)紹險(xiǎn)制-朱美齡國(guó)刺市峰場(chǎng)(I柄I征I敏)過(guò)晃去庭回墻報(bào)截、內(nèi)標(biāo)則準(zhǔn)裕差假和哀頻江率賽分扮布,痰1遺9凈2仗6宮-練1陰9擺9軋8S貍o決u周r捏c輔e罩:鑼T鎮(zhèn)h姐e樹(shù)M墾c健G腫r襖a過(guò)w所-榆H海i稍l妨l逆C趙o卵m捉p裝a驕n喇i拳e脖s早,泉I丸n滲c城.款2嫁0舌0蒜0A司.回賄報(bào)換和土風(fēng)杰險(xiǎn)圣-國(guó)美愈國(guó)題市恩場(chǎng)(I隔V顯)S伐o仙u即r賺c醬e宣:綿D她a腎t馬a犁s防t團(tuán)r妄e牽a召mA獻(xiàn).回蟲(chóng)報(bào)牲和減風(fēng)棍險(xiǎn)歇-斥美萬(wàn)國(guó)譽(yù)市飯場(chǎng)(V逆)S也o靠u踏r崖c透e策:趣D神a佳t洋a姿s甩t垮r指e估a件mS皆o蛾u悠r抖c叔e(cuò)壘:斤D仔a押t胖a嫁s狂t盾r輛e攤a燒mA扔.回淹報(bào)必和出風(fēng)藏險(xiǎn)-美凡國(guó)盆市季場(chǎng)(V氧I窮)A掘.回含報(bào)跪和魂風(fēng)賺險(xiǎn)若-莫美腫國(guó)載市裕場(chǎng)(V障I掌I坦)H牙i群s齒t爭(zhēng)o套r渡i漠c崖a詳l費(fèi)E蘆x遙p醋e蜘r易i勾e蔽n漢c齊eS殺o捧u灘r圖c為e鄰:怪S澇h持i貫l煤l零e碧r還,掘R共.泳J丙.后(予2潑0醋0浙0陣)蟲(chóng),行“扁I等r章r弊a臥t餐i金o目n盾a澡l同E集x銀u戰(zhàn)b殲e典r任a嚇n晶c滴e登”B后.投捆資窯的構(gòu)需村要物和閣目稅的(I特)1糠.組餓合底策們略洪的宅訣嗓定找因方素目放的歇限饅制背策哄略所釣需朋回礎(chǔ)報(bào)跨率向流導(dǎo)通階性老資街產(chǎn)趨調(diào)發(fā)配風(fēng)卡險(xiǎn)用容局限緊時(shí)促限鋤多魔元趨化監(jiān)喉管欠風(fēng)兵險(xiǎn)由狀撲況稅扒項(xiàng)磨稅王務(wù)恐狀借況特運(yùn)別匠需切要功收深益狀況B首.投貝資誓的刪需煙要診和藝目鋪的(I旗I紅)2皺.投傾資橡者突接再受含風(fēng)賺險(xiǎn)栽程添度3風(fēng)5歲以余下怕3先5搬-秤5洗4歲5疏5歲以惜上無(wú)明風(fēng)狹險(xiǎn)圈5分4允%濕5瘋7混%上7繳1蛾%少伐風(fēng)炸險(xiǎn)湯3會(huì)0丑3荒0肉2廉1一忠般籌風(fēng)鉆險(xiǎn)開(kāi)1識(shí)4筋1鑼8聰8高宮風(fēng)稱險(xiǎn)的2姥1照1S岔o縮慧u絕r棒c普e飾:臨M盡a完r蜂k涌e風(fēng)t沫F鏈a瞎c傲t條I杏n背c該:殖C禍h呈i沫c蜓a(bǔ)鑰g老o批,繪I都L堅(jiān).B賺.投么資踏的歌需沸要淘和善目侍的(I許I屑I激)3鼠.美盞林心証急券梁資覆產(chǎn)條調(diào)窮配闖的存建女議S倡o肺u混r箱c綠e瀉:爽M克e回r桃r吐i氧l括l捧L患y源n弱c如hC兵.新邪經(jīng)應(yīng)濟(jì)寸和華舊陳經(jīng)遮濟(jì)(I味)G階E彎M氧I靈n騾d殺e哀x正p月e拆r妖f厚o銅r默m膊a斗n球c恒eP砍e頓r粥c孟e鄭n年t避a橫g冬e狡o靈f詢d輩e擠c鵲l緣瑞i破n亭e符(恨i集n擇2淘0傭0童0保)沈:M導(dǎo)a奮r臉–音N仇o心v乖J念u他l刮1恒7蓋–灶O完c宏t窗1因7G遙E煌I警-勵(lì)6頁(yè)6占%遭-僻2強(qiáng)7絨%K掃o志s饒d終a挖q交-丟7擦2久%繭-吵3塑9事%H爭(zhēng)a秒n文g夕S填e淚n洗gT躁e廟c站h圖n腳o氏l艱o唯g版y抖-淹4求9討%艇-羅3滅9沾%N箭e陜u檢e華r妄M座a呼r呼k畫(huà)e唯t寫(xiě)-拜5糠2徒%蓬-丹2糠7昏%S席o換u夕r瘡c通e踢:諸S朵C碗M媽P努,顧N純o原v童3符0鉛,醋2殿0妄0伏0C侄.新巨經(jīng)耍濟(jì)碌和糊舊震經(jīng)輕濟(jì)(I攝I飲)S崗o旅u瞧r唉c留e勒:獵G透E功MC修.新療經(jīng)含濟(jì)竊和筑舊黑經(jīng)饑濟(jì)(I鄙I盾I涂)A臨v捏e帝r秒a芳g子e蛾m蓮o曲n幼t芒h遲l慈y仇t梯u蘆r趟n沈o俊v享e化r價(jià)r太a棍t噸i供o富(鈔D強(qiáng)e嶼c度1外9島9組9頭–撥A惱u煤g銀2頸0顫0蜻0獅)S喉o澇u塘r根c哨e農(nóng):饒S末C傷M血P枝,爪N匹o類v閑3贊0想,百2詳0涌0闖0C訓(xùn).新曉經(jīng)案濟(jì)要和起舊島經(jīng)診濟(jì)(I雀V改)海把外熄經(jīng)吸驗(yàn)錘—K背O濤S豬D酸A狀Q糖(倚I償)網(wǎng)湖上悟交籠易億佔(zhàn)毀4沉5逝%零翁售討投故資著者發(fā)佔(zhàn)付9寧5鍋%從熊9觀8錄年載1救月霧到假9鍋9覺(jué)年劍1決1遷月眾增賤加偷2斧5歌2哭倍C虧.新依經(jīng)刊濟(jì)法和尾舊雄經(jīng)宋濟(jì)(V非)海舟外疤經(jīng)腿驗(yàn)飽—K拳O姻S嶼D洽A追Q佳(饅I言I直)1扔9添9附6絕年冷7展月交設(shè)丑立4廣8峰0殖個(gè)座注恐冊(cè)絕公昌司市瘦值切超什過(guò)獲1緒0代0廟t碰r色i都l到l蔥i筍o謊nK悼R師W自問(wèn)從讀1塑9沿9盞8模年轉(zhuǎn)十鵝月享,餃指布數(shù)減已暗經(jīng)召上走升掛3毒0嚷0材%日災(zāi)平愈均義交盟易友量玻從洋1栗9互9擔(dān)8刮年鉆底霉的數(shù)5怨.侄5雪b阿i臘l脫l辛i車o梢nK疾R泥W增迫加幅到躲5桿t歷r逼i適l忘l居i女o些nK睬R閘WC席.新慶經(jīng)弓濟(jì)棚和顆舊劇經(jīng)刊濟(jì)(V臣I匠)S杯o欣u糊r敗c拆e親:猜D儉a剩t置a美s蓋t嘩r稅e利a邪mC源.新教經(jīng)贊濟(jì)烘和拆舊駝經(jīng)微濟(jì)(V棒I奏I念)S養(yǎng)o寨u哪r殲c直e幅:謀D課a敗t完a門s立t晴r神e佛a耀mD防.濃中黃國(guó)主加瘡入母世意貿(mào)博(枝I栗)中牢國(guó)色加夾入目世椒貿(mào)方對(duì)孝世想界挽的暈影霸響世擇界蝴第存九爭(zhēng)大當(dāng)貿(mào)厚易體大憤幅槐度嚇的分關(guān)僵稅綱削修減更盟多面的謝貿(mào)毫易英伙程伴關(guān)比稅處削俗減京使猛比障較怪優(yōu)勒勢(shì)笛得影以馳發(fā)鬼?yè)]世兄界床銀件行棵的冰預(yù)廢計(jì)嬸(侵I可)未曬來(lái)機(jī)五邪年均，槐中野國(guó)越在井世珠界侮出和口總墊值看中弱的糠份午額左將含增繪加涌一長(zhǎng)倍到飼2歐0幕0專5泰年勻，王從鈔3蜂.抱7洪%腹增脈加茅到絞7怖.骨3以%中潑國(guó)暮在凝世顧界主進(jìn)孤口碼總詳值綠中珍的沾份咬額暈的枝邊初際雕增溫長(zhǎng)封速腐度脊快喉過(guò)汪其餐在奮出暖口返總聾值著中灣的上份撐額熟的幟增沙長(zhǎng)掛速羊度到盾2揭0盛0步5劫年棗，代從終3粥.銹4丸%管增紋加堅(jiān)到悼7圈.濤2嘩%D其.唐中貍國(guó)尼加周入樣世睬貿(mào)窩(萌I忌I吩)D跌.辭中菠國(guó)戶加辨入禮世悠貿(mào)齒(奔I俊I熊I抵)世察界釘銀鍵行程的姻預(yù)東計(jì)踏(嚼I困I肝)中需國(guó)遣將潤(rùn)對(duì)擁其繁它芒投塑資優(yōu)者燦開(kāi)卷放嗚相雙當(dāng)獨(dú)多垮的完部暢門-能-伸電吐訊團(tuán)業(yè)-改-吼金汽融蹲服測(cè)務(wù)膠業(yè)-籠-鑄銷甩售斗渠鋪道奔等堤等入博關(guān)局會(huì)位為寸中刊國(guó)斷的五企協(xié)業(yè)坑帶犁來(lái)爽競(jìng)渾爭(zhēng)-歉-怪將宮加女快豎企陜業(yè)鴉改藥革D樸.慈中備國(guó)券加伙入悶世張貿(mào)伐(姿I爆V希)對(duì)謊香且港總的洲影雜響短爽期勉影利響-撕-形本削地連對(duì)絡(luò)大鼻陸僑的顆出祝口電維蹦持威不句變-驚-診對(duì)錘大斑陸聰?shù)倪M(jìn)轉(zhuǎn)新口詠貿(mào)榮易絹將壟增催加-羽-連香派港掃G盞D時(shí)P似的扯增膏長(zhǎng)弦將船增君加倡0蜂.僻5具%鑰到滲1別%-搞-坦對(duì)遍金艘融珠、餓科勵(lì)技叼和且專位業(yè)藏行栽業(yè)跡的受需湯求慨增疾加D撲.引中遼國(guó)公加駐入循世銷貿(mào)痕(巴V般)對(duì)蝦銀超行務(wù)和縮慧金乳融休業(yè)券的娛影論響鄭(禁I脆)本鋪地踢銀羅行-舟-淋商妙業(yè)萌原掠則間和介市資場(chǎng)葛為素基軌礎(chǔ)芹的劈燕信漲貸淘政演策寶的責(zé)完織全肢引挑入-六-斤會(huì)痕計(jì)戶準(zhǔn)拒則拆的踏改挽進(jìn)-金-牢對(duì)喘商凱業(yè)誓銀削行躬治樸理榴結(jié)構(gòu)奏和與企若業(yè)泥文禽化覽的針影微響-俱-夸-舉》睬更跨高確的漂透楊明甚度購(gòu)和糟可趨信爽度-宿-榆未孟來(lái)筒需雹要殖更渾明趟確理的武企燙業(yè)玻戰(zhàn)風(fēng)略濾和濱I火T艷戰(zhàn)林略D款.榮中粒國(guó)穴加伸入絞世物貿(mào)烏(竊V由I篇)對(duì)謠銀遭行坐和推金程融貓業(yè)拒的涉影妄響伍(騎I純I立)外討國(guó)響銀孩行-巴-康-兩備年跳之班後擺，轎外也國(guó)怖銀抄行緞將胡能吩夠遠(yuǎn)與屯中叮國(guó)涌的猾企屋業(yè)肯進(jìn)沉行識(shí)人含民鞏幣石業(yè)呢務(wù)潑：迅上企海趣、劑深分圳卡、盡天梳津餅和掠大勞連-映-敢-睬五會(huì)年怨之梳後嶼，繡他殼們銀將呆沒(méi)曲有房誠(chéng)任弦何崖地帳理總限谷制鬧地物與修所抗有退的區(qū)中貿(mào)國(guó)住企御業(yè)畫(huà)進(jìn)彎行駝交紗易-摩-瓜-皂在理佔(zhàn)良領(lǐng)膊中膠國(guó)桶市侍場(chǎng)刊方遠(yuǎn)面隆，師香灶港筒的貞銀摧行惱具炒有蹦優(yōu)捏勢(shì)D毅.予中冤國(guó)崗加別入與世蘆貿(mào)溝(寒V已I云I震)對(duì)名貨矮幣堅(jiān)政疾策去的扛影濕響人請(qǐng)民羊幣神的俗可夠?qū)ζ葥Q入森關(guān)抹之瓶後領(lǐng)，溜公畜眾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