投資是指投入當(dāng)前資金或其他資源以期待在未來獲得收益的行為。
An inverstment is the current commitent of money or other resources in the expectation of reaping future benefits.
例如，人們購買股票并期望這些股票給他們帶來的未來收益可以補(bǔ)償與這項(xiàng)投資相對(duì)應(yīng)的貨幣時(shí)間價(jià)值和風(fēng)險(xiǎn)。
For example, an individual might purchase shares of stock anticipating ?that the future proceeds from the shares will justify both the time what her money is tied up as well as the risk of the investment.?
你用來學(xué)習(xí)這本書的時(shí)間也是一項(xiàng)投資。
The time you will spend studying this text (not to mention its cost) also is an investment.
你放棄了當(dāng)天的休閑時(shí)間或是通過投資在很多方面都不相同，但它們具有一個(gè)重要的共同點(diǎn)，這也是所以投資的共性，那就是：投資者犧牲投資在很多方面以期待未來的收益。
You are forgoing either current leisure or the income you could be earning at a job in the expectation that your future career will be sufficiently enhanced to justify this commitment of time and effort. While these two investments differ in many ways, they share one key attribute that is central to all investments: You sacrifice something of value now, expecting to benefit from that sacrifice latter.
本書會(huì)讓你成為一個(gè)見多識(shí)廣的投資實(shí)干家。
This text can help you become an informed practitioner of investments.
盡管本書將重點(diǎn)放在證券投資（如股票、債券、期權(quán)和期貨等）上，但我們討論的大部分內(nèi)容適用于各種類型的投資分析。
We will focus on investments in securities such as stocks, bones, or options and futures contacts, but much of what we discuss will be useful in the analysis of any type of investment.
本書將介紹各種證券市場(chǎng)組織的背景；
This text will provide you with background in the organization of various securities markets;?
適用于特定市場(chǎng)的估值技術(shù)和風(fēng)險(xiǎn)管理原理，如債券市場(chǎng)和股票市場(chǎng)；
will survey the valuation and securities markets, such as those for bonds or stocks;
本書還將介紹構(gòu)建投資組合的原理。
and will introduce you to the principles of portfolio construction.
總的來說，本章將主要介紹三個(gè)方面的內(nèi)容，這些內(nèi)容將為你接下來的學(xué)習(xí)奠定良好的基礎(chǔ)。
Broadly speaking, this chapter addresses three topics that will provide a useful perspective for the material that is to come later.
在進(jìn)入“投資”這一主題之前，將首先介紹金融資產(chǎn)在經(jīng)濟(jì)中的作用。
First, before deliving into the topic of "investments", we consider the role of financial assets in the economy.
這部分內(nèi)容主要包括金融資產(chǎn)和那些實(shí)實(shí)在在為消費(fèi)者提供產(chǎn)品和服務(wù)的使用資產(chǎn)之間的關(guān)系，以及為什么金融資產(chǎn)在發(fā)達(dá)經(jīng)濟(jì)中起到至關(guān)重要的作用。
We discuss the relationship between securities and the "real" assets that actually produce goods and services for consumers, and we consider why financial assets are important to the functioning of a developed economy.
在介紹了這些背景知識(shí)之后，我們將討論投資者在構(gòu)建投資組合時(shí)所面臨決策的類型。
Given this background, we then take a first look at the types of decisions that confront iinvestors as they assemble a portfolio of assets.
這些決策都是都是在高收益伴隨高風(fēng)險(xiǎn)的環(huán)境下做出的，因此很少會(huì)有因定價(jià)失誤而導(dǎo)致價(jià)格明顯低估的情況。
These investment decisions are made in an environment where higher returns usually can be obtained only at the price of greater risk and in which it is rare to find assets that are so mispriced as to be obvious bargains.
風(fēng)險(xiǎn)和收益的權(quán)衡以及金融資產(chǎn)的有效定價(jià)是投資過程中的中心主題，本章將簡(jiǎn)要介紹一下它們的含義，這些內(nèi)容在以后的章節(jié)中將有更詳盡的闡述。
These themes--the risk-return trade-off and the efficient pricing of financial assets--are central to the investment process, so it is worth pausing for a brief discussion of their implications as we begin the text.These implications will be flesher out in much greater detail in later chapters.
最后，本章將介紹證券市場(chǎng)組織和各種類型的市場(chǎng)參與者。
We provide an overview of the organization of security markets as well as the various(concluded) players that participate in those markets.
這部分內(nèi)容將使你對(duì)證券市場(chǎng)的參與者和它們所處的環(huán)境有一個(gè)直觀的了解。
Together, these introductions should give you a feel for who the major participants are in the securities markets as well as the setting in which they act.
2007年爆發(fā)并于2008年達(dá)到高潮的金融危機(jī)形象地描繪了金融系統(tǒng)和實(shí)體經(jīng)濟(jì)的聯(lián)系。
The financial crisis that began playing out in 2007 and peaked in 2008 dramatically illustrates the connections between the financial system and the "real" side of the economy.?
本章簡(jiǎn)要地介紹了這次金融危機(jī)的起源以及它帶給我們的關(guān)于系統(tǒng)性風(fēng)險(xiǎn)的教訓(xùn)。
We look at the origins of the crisis and the lessons that my be drawn about systemic risk.
最后一節(jié)概述本章的所有內(nèi)容。
We close the chapter with an overview of the remainder of the text.
SUMMARY
1. 實(shí)物資產(chǎn)創(chuàng)造財(cái)富，金融資產(chǎn)對(duì)標(biāo)對(duì)財(cái)富的索取權(quán)，金融資產(chǎn)決定如何在投資者之間分配實(shí)物資產(chǎn)的所有權(quán)。
1. Real assets create wealth. Financial assets represent claims to parts or all of that wealth. Financial assets determine how the ownership of real assets is distributed among investors.
2. 金融資產(chǎn)分為固定收益型、權(quán)益型和衍生工具。自上而下的投資組合構(gòu)建方法的起點(diǎn)是資產(chǎn)配置決策，即將資金在大類資產(chǎn)之間進(jìn)行分配，然后在大類資產(chǎn)中選擇具體證券。
2. Financial assets can be categorized as fixed income, equity, or derivative instruments. Top-down portfilio construction techniques start with the asset allocation decision--the allocation of funds across broad asset classes--and then progress to more specific security-selection decisions.
3. 金融市場(chǎng)中的競(jìng)爭(zhēng)使得風(fēng)險(xiǎn)和收益相互權(quán)衡，期望收益率更高的證券意味著投資者將承擔(dān)更大的風(fēng)險(xiǎn)。然而，風(fēng)險(xiǎn)的存在意味著投資期初實(shí)際收益率與期望收益率可能會(huì)相差甚遠(yuǎn)。證券分析師之間的競(jìng)爭(zhēng)會(huì)促進(jìn)金融市場(chǎng)向信息有效的方向發(fā)展，即價(jià)格反映了所有關(guān)于證券價(jià)值的可獲得信息。消極性投資策略在近似有效市場(chǎng)上是有效的。
3. Competition in financial markets leads to a risk-return trade-off, in which securities that offer higher expected rates of return also impose greater risks on investors. The presence of risk, however, implies that actual returns can differ considerably from expected return at the beginning of the investment period. Competition among security analysts also promotes financial markets that are nearly informationally efficient, meaning that prices reflect all available information concerning the value of the security. Passive investments strategies may make sense in nearly efficient markets.
4. 金融中介匯集投資者的資金并進(jìn)行投資。這種中介服務(wù)是存在需求的，因?yàn)樾⌒屯顿Y者不能有效地收集信息、多樣化并監(jiān)控投資組合。金融中介把自有的證券出售給小型投資者，然后用募集到的額資金再進(jìn)行投資，最后把獲得的收益償還給小型投資者，并從中賺取價(jià)差。
4. Financial intermediaries pool investor funds and invest them. Their service are in demand because small investors cannot effciently gather information, diversify, and monitor portfolios. The financial intermediary sells its own securities to the small investors. The intermediary invests the funds thus raised, uses the proceeds to pay back the small inverstors, and profits from the difference (the spread).
5. 投資銀行提高了公司融資的效率，投資銀行家在新發(fā)行的證券定價(jià)和推銷方面具有專業(yè)優(yōu)勢(shì)。截止到2008年年末，美國所有主要的獨(dú)立的投資銀行都并入了商業(yè)銀行，或是重組為商業(yè)銀行股份公司。在歐洲，全能型銀行從來未被禁止，大型銀行通常既包括商業(yè)銀行部門又包括投資銀行部門。
5. Investments banking brings effciency to corporate fund-raising. Investments bankers develop expertise in pricing new issues and in marketing them to investors. By the end of 2008, all the major stand-alone U.S. investments banks had been absortbed into commercial banks or had reorganized themselves into bank holding companies. In Europe, where universal banking had never been prohibited, large banks had long maintained both commercial and investment banking divisions.
6. 2008年的金融危機(jī)說明了系統(tǒng)性風(fēng)險(xiǎn)的重要性?？刂葡到y(tǒng)性風(fēng)險(xiǎn)的措施包括：提高透明度以使交易商和投資者可以評(píng)估對(duì)手的風(fēng)險(xiǎn)；提高資本充足率以避免交易參與者由于潛在損失破產(chǎn)；頻繁結(jié)算收益或損失以避免某機(jī)構(gòu)的累計(jì)損失超出其承受能力；制定有助于阻止承擔(dān)過度風(fēng)險(xiǎn)的激勵(lì)措施；由評(píng)估證券風(fēng)險(xiǎn)的機(jī)構(gòu)進(jìn)行更準(zhǔn)確的風(fēng)險(xiǎn)評(píng)估。
6. The financial crisis of 2008 showed the importance of ?systemic risk. Policies that limit this risk include transparency to allow traders and investors to aeecess the risk of their counterparties, capital adequacy to prevent trading participans from being brought down by potential losses, frequent settlement of gains or losses to prevent losses from accumulating beyond an institution's ability to bear them, incentives to discourage excessive risk taking, and accurate and unbiased risk assessment by those charged with evaluating security risk.
