Английский язык. Практический курс для решения бизнес-задач
Шрифт:
hedge v – хеджировать
20. Consumer Price Index (CPI) – индекс потребительских цен
21. Separate Trading of Registered Interest and Principal of Securities (STRIPS) – раздельная торговля основной суммой и купонами казначейских облигаций
22. Government-Sponsored Enterprise (GSE) – предприятия, созданные при поддержке правительства
23. Agencies n – ценные бумаги федеральных агентств США
24. Fannie Mae (Federal National Mortgage Association) –
25. Freddie Mac (Federal Home Loan Mortgage Corporation) – Федеральная корпорация жилищного ипотечного кредита
26. mortgage-backed securities (mortgages) – ценные бумаги, обеспеченные ипотекой
27. pass-through securities – «пропускающие» ценные бумаги
28. Сollateralized Mortgage Obligation (CMO) – обеспеченная ипотечная облигация
29. corporate bond (corporate) – корпоративная облигация
30. high-grade bond – облигация с высоким рейтингом
31. high-yield bond – высокодоходная облигация
32. risk-tolerant investor – инвестор, приемлющий риск
33. municipal bond – муниципальная облигация
34. General Obligation (GO) bond – облигация общих обязательств
35. revenue bond – доходная облигация
36. tax bracket – налоговый разряд
37. taxable а – налогооблагаемый
38. certificate of deposit (CD) – депозитный сертификат
39. Federal Deposit Insurance Corporation (FDIC) – Федеральная корпорация страхования депозитов (США)
40. jumbo CD – крупный депозитный сертификат
41. laddered portfolio – портфель-лестница
42. yield curve – кривая доходности
Exercise 1. Answer the following questions.
1. Why do investors like bonds? 2. What are callable and bullet structures? 3. What are the key benefits of government securities? 4. What are the most popular types of Treasuries? 5. Why are Agencies considered second in quality only to the US government securities? 6. What is the mechanism of mortgages? 7. Why do companies issue corporates? 8. What is credit quality? 9. What are the main types of municipals? 10. Why isn’t credit risk a concern with CDs? 11. How can you construct an optimum investment portfolio? 12. What are the best strategies for bond investors?
Exercise 2*. Find terms in the text that match definitions given below and make sentences of your own with each term.
1. the issuer can redeem the bond before maturity due to specific conditions
2. certificate that indicates a specific deposit has been given to the bank; the bank pays interest on the funds until the maturity date
3. the likelihood of default rated from AAA and below
4. credit quality of AA or AAA
5. an obligation with a maturity of more than one year from when it was issued
6. the date that a contract expires
7. a bond offered by state and local government
8. a company’s purchase of its outstanding stock
9. a negotiable debt obligation issued by the U.S. Treasury with maturities of 13, 26, and 52 weeks; non interest bearing but issued on a discount basis instead
10. coupon securities issued by the U.S. Treasury with semi-annual interest and maturities of 10 to 30 years
11. securities issued by the U.S. Treasury bearing interest and with maturities of 2 to 10 years
12. annual percentage rate of return, determined by dividing income by principal; or the effective rate of interest paid on a note or bond
13. the normal tendency of yields to rise with the increasing maturity of the security
Exercise 3. Read the following text describing different types of investors. Identify which type is closest to your personality and devise an investment strategy for yourself, and for the following individuals: 1. A semi-retired professor; 2. A 40-something engineer with two teenage children; 3. A housewife in her early thirties married to a rich businessman; 4. A computer genius in his mid twenties.
The Successful Investment Journey
Know Yourself
Nobody knows you and your situation better than you do. Therefore, you may be the most qualified person to do your own investing – all you need is a bit of help. Identify the personality traits that can assist you or prevent you from investing successfully and manage them accordingly.
A very useful behavioral model that helps investors to understand themselves was developed by Bailard, Biehl & Kaiser.
The model classifies investors according to two personality characteristics: method of action (careful or impetuous) and level of confidence (confident or anxious). Based on these personality traits, the BB&K model divides investors into five groups:
Individualist – careful and confident, often takes a
«do-it-yourself» approachAdventurer – volatile, entrepreneurial and strong willed
Celebrity – follower of the latest investment fads
Guardian – highly risk averse, wealth preserver
Straight Arrow – shares the characteristics of all of the above equally
Not surprisingly, the best investment results tend to be realized by an individualist, or someone who exhibits analytical behavior and confidence and has a good eye for value. However, if you determine that your personality traits resemble those of an adventurer, you can still achieve investment success if you adjust your strategy accordingly. In other words, regardless of which group you fit into, you should manage your core assets in a systematic and disciplined way.