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Essentials of Investments: Chapter 1 - Investments - Background and Issues

Essentials of Investments: Chapter 1 - Investments - Background and Issues includes Investments & Financial Assets, The Investment Process, Active vs. Passive Management, Major Classes of Financial Assets or Securities. | 1 Bodie • Kane • Marcus Essentials of Investments Fourth Edition Chapter 1 Investments - Background and Issues Irwin / McGraw-Hill © 2001 The McGraw-Hill Companies, Inc. All rights reserved. 2 Bodie • Kane • Marcus Essentials of Investments Fourth Edition Investments & Financial Assets • Essential nature of investment – Reduced current consumption – Planned later consumption • Real Assets – Assets used to produce goods and services • Financial Assets – Claims on real assets Irwin / McGraw-Hill © 2001 The McGraw-Hill Companies, Inc. All rights reserved. 3 Bodie • Kane • Marcus Essentials of Investments Fourth Edition The Investment Process • • • • • Asset allocation Security selection Risk-return trade-off Market efficiency Active vs. passive management Irwin / McGraw-Hill © 2001 The McGraw-Hill Companies, Inc. All rights reserved. 4 Bodie • Kane • Marcus Essentials of Investments Fourth Edition Active vs. Passive Management Active Management • Finding undervalued securities • Timing the market Passive Management • No attempt to find undervalued securities • No attempt to time • Holding an efficient portfolio Irwin / McGraw-Hill © 2001 The McGraw-Hill Companies, Inc. All rights reserved. 5 Bodie • Kane • Marcus Essentials of Investments Fourth Edition Major Classes of Financial Assets or Securities • Debt – Money market instruments – Bonds • Common stock • Preferred stock • Derivative securities Irwin / McGraw-Hill © 2001 The McGraw-Hill Companies, Inc. All rights .