Transcript: Efficient Portfolio Investord needs in terms of income and capital appreciation are evaluated and appropriate securties are selceted to meet the needs of the investors The securities selected are usually high-quality and issued by stable, established companies and/or institutions. Assumptions Securties are interrelated They are combined to reduce risk Theory used to maximize return and minimize risk ri = αi + βirm + ei Investors are risk averse and utility maximizer's Market is perfect Investors have homogenous beliefs Multi-factor effect Dominance principle Efficient Frontier Equilibrium of the market Assumptions of Henry Markowitz Model The capital asset pricing model (CAPM), developed by William F. Sharpe and John Lintner, uses the beta of a particular security, the risk-free rate of return, and the market return to calculate the required return of an investment to its expected risk. Required Return = Risk-Free Rate + Risk Premium = Risk-Free Rate + [Beta × (Market Return – Risk-Free Rate)] Market is perfect and all information is known to public Investors are risk averse and try to minimize risk and maximize return Investors are rational and behave in a manner as to maximize their utitlity with a given level of income or money Investors have free access to fair and corect informstion on the return and risk Decisions are based on expected return and risk Prefer higher return to lower returns for a given level of risk Arbitrage Pricing Theory Return on an asset is dependent on various macro-economic factors like inflation, exchange rates, market indices, production measures, market sentiments, changes in interest rates, movement of yield curves etc. taking into consideration many factors that can affect the price of the asset and the degree to which it can affect it i.e. the asset’s sensitivity to those factors. Assumptions Arbitrage Pricing Theory Benefits APT model is a multi-factor model. APT model is based on arbitrage free pricing or market equilibrium assumptions which to a certain extent result in a fair expectation of the rate of return on the risky asset. APT based multi-factor model places emphasis on the covariance between asset returns and exogenous factors, unlike CAPM. CAPM places emphasis on the covariance between asset returns and endogenous factors. APT model works better in multi-period cases as against CAPM which is suitable for single period cases only. APT can be applied to the cost of capital and capital budgeting decisions. The APT model does not require any assumption about the empirical distribution of the asset returns, unlike CAPM which assumes that stock returns follow a normal distribution and thus APT a less restrictive model. Traditional Portfolio Theory Measure both the risk and the return of a stock Assumes that there is only 1 macroeconomic factor that causes the systematic risk affecting all stock returns and this factor can be represented by the rate of return on a market index, such as the S&P 500. Parameters for choosing a portfolio Dominant Portfolio is part of the efficient frontier in modern porfolio theory. If a portfolio has a higher expected return than another portfolio with the same level of risk A lower level of expected risk than another portfolio with equal expected return or A higher expected return and lower expected risk than the portfolio is dominant. Sharpes Single Index Model Expected Returns Variance of these returns Co-variance of the returns of the securties within the portfolio Dominant Portfolio Markowitz Theory of Portfolio Management Sharpe's Theory of Portfolio Management Capital Asset Pricing Model Arbitrage Pricng Theory Portfolio Construction Represents a set of portfolios that has the maximum rate of return for every level of risk and or the minimum risk for every level of return Provides greatest expected return for a given level of risk or equivalently The lowest risk for a given expected return Important Portfolio Theories Based on the work of HENRY MARKOWITZ Indicates the maximisation of returns through a combination of different securties Risk can be reduced by combining low risk securties with high risk Based on mainly diversifiction process CAPM Markowitz Theory of Portfolio Management Developed by Harry Markowitz in the early 1950's Portfolio Theory - sometimes referred to as Modern Portfolio Theory - provides a logical/mathematical framework in which investors can optimise their risk and return. Lays empasis on EFFICIENT PORTFOLIO - yeilds highest return for a low level of risk Modern Portfolio Theory Efficient Frontier The term βirm represents the stock's return due to the movement of the market modified by the stock's beta (βi), while ei represents the unsystematic risk of the security due to firm-specific factors
Transcript: bakuba samples Half-scale dress designed and constructed based on inspiration from a painting See also: http://prezi.com/3ilrmtmilbqt/design-portfolio/?utm_source=facebook&utm_medium=ending_bar_share Yoked dress Ladies Jacket Construction Portfolio fully lined with solid beading down the side legs petticoat straight over hips with tulle to create volume at the hem Pencil Skirt Fully lined Peplum jacket Construction http://lizmooregolding.com/2009/03/04/violet-parasol-acrylic-31x31x4-sold/ Panel skirt with piping to mimic parasol spokes Blue Parasol Tash Higman Bodice faced with interfaced panel to provide rigidity Final ensemble Blue Parasol by Elizabeth Moore Golding Hot pants Bakuba Bias Top
Transcript: Pioneers of style and Essence floor plan.... Max Construction OUR COMPANY OUR COMPANY About Our Company Max Construction is the best construction companies in chennai & Builders in chennai Building contractors in South India headquartered in Chennai and having presents in Bangalore. Max Construction comprises of a team of professional who have an obsession for perfection and punctuality. We have top of the line professionals & partners to carry through all the multifarious business of our organization and we believe in giving the very best to our clients. ABOUT OUR COMPANY Our Motto OUR MOTTO Max Construction has marked history in providing the Commercial, Residential, Entertainment and Retail segment in the Construction industry. The foundation stone of our organization was laid with a vision to bring about a better tomorrow, providing our clients an improved lifestyle and unmatched living standards. Our Vision and Mission statement VISION : VISION AND MISSION We are a dedicated team - motivated to grow our company by supporting you and make your dream house come true. MISSION : We aim to provide value-added construction services to loyal customers like you by providing the market price and maintaining professionalism. WE BUILD BEYOND YOUR EXPECTATIONS!! VALUES AND QUALITY OUR QUALITY Our Quality : We strive to achieve the highest level of quality management and are committed in improving your quality of life. We also provide high quality construction and on time delivery. OUR VALUES For us, quality is not an act; it is a habit that we follow. Our aspect of delivering on time and using product materials is of high standard. OUR VALUES OUR SERVICES OUR SERVICES The Max Construction comprises of a team of professional who have an obsession for perfection and punctuality. We have top of the line professionals to carry through all the multifarious business of our organization and we believe in giving the very best to our clients. architects in Chennai To construct commercial residential building and apartments for our clients where all the facilities like lift, electricity, Power backup, car parking , swimming pool and security can be accessed without any mess. Construction Service Construction Service Cost of Home Construction in Chennai Cost of Home construction in Chennai is Rs. 1,450 per square foot for a standard model. For luxury/Designed home Rs.1750 per square foot onwards. Cost of construction includes Bathroom Hardware fittings, Electrical works, Plumbing & Sanitary works, Painting and it doesn’t include Building Plans, Electrical, Water Supply, Sanitary Approval [These will be charged extra.] Residential Services Residential Project OUR PORTFOLIO OUR PORTFOLIO CONTACT US THANK YOU !!! CONTACT US 159, KP Tower 2nd Floor Arcot Road,. PO Box 345678 Phone: 044-65556554 firstname.lastname@example.org,
Transcript: Fixed Take risk assessment test Have a consultation meeting Figure out the best level of risk for you of the following: Growth oriented Assets still involved in value oriented securities for safe keeping Middle ground; in between high risk and low risk Made up of 60% of the funds in riskier entities Has the safety net of the lower risk securities Conservative Contains fixed income securities Introduces equities to diversify the portfolio Lower end of the risk spectrum Made up of a series of bonds Consistent coupon rate Portfolio Construction Equity Focused on the growth of your assets All investable assets being put in equity funds Aggressive Moderate Decide Risk Level Majority of Global Equity Portfolios Increased risk Potentially increase the rate of return Normal
Transcript: WOOLIES RISK,RETURN AND PROFITABILITY The portfolio is for a 26 year old female at the accumulation phase of her life her short term goals are to pay for her tuition fees, buy a car and pay for her house bond she will be investing in shares traded on the JSE Stocks are much riskier than other asset classes therefore she expects higher returns, because she is risk tolerant she is expecting a return above the inflation by at least 4% Capitec bank was founded in 2010 it offers retail banking services to lower income earners and it practices unsecured lending S&P credit rated south Africa long-term outlook for banks to BBB+ (Negative outlook) following a downgrade of Capitec credit rating from positive to stable as at 1 October 2012 because of unsecured lending.it still continued to give positive returns PORTFOLIO CONSTRUCTION The amount to invest in the portfolio is R100 000 000 MONTSENG MOENO ASSET ALLOCATION ASSET ALLOCATION GOAL! WOOLIES RISK,RETURN AND PROFITABILITY This portfolio is for a 26 year old female at the accumulation phase of her life Her short term goals are to pay for her tuition fees, buy a car and pay for her house bond She will be investing in shares of companies listed on the JSE Stocks are much riskier than other asset classes therefore she expects higher returns, because she is risk tolerant COMPARING CAPITEC TO ITS PEERS MONTSENG MOENO 2008112670 PORTFOLIO CONSTRUCTION This portfolio is for a 26 year old female at the accumulation phase of her life Her short term goals are to pay for her tuition fees, buy a car and pay for her house bond She will be investing in shares of companies listed on the JSE Stocks are much riskier than other asset classes therefore she expects higher returns, because she is risk tolerant SABMILLER RISK, RETURN AND PROFITABILITY refines platinum, nickel, copper and cobalt, it operates six units which are impala, Zimplats, Marula, mimosa, two rivers and Impala Refining services Expanding of its refinery in Zimbabwe will lead to a higher share price and higher returns(Sunday times: business times) CAPITEC’S RISK,RETURN AND PROFITABILITY INVESTMENT OBJECTIVES MONTSENG MOENO 2008112670 PORTFOLIO CONSTRUCTION Capitec bank was founded in 2010 it offers retail banking services to lower income earners and it practices unsecured lending S&P credit rated south Africa long-term outlook for banks to BBB+ (Negative outlook) following a downgrade of Capitec credit rating from positive to stable as at 1 October 2012 because of unsecured lending.it still continued to give positive returns INVESTMENT OBJECTIVES INVESTMENT OBJECTIVES MONTSENG MOENO 2008112670 SABMiller plc is in the beer and soft drinks business. The world’s second largest brewing company and are one of the world’s largest bottlers of Coca-Cola drinks. they also produce a portfolio of wholly-owned soft drinks brands. INVESTMENT OBJECTIVES PORTFOLIO CONSTRUCTION Woolworths Holdings Limited is a retail group In South Africa it has a respected chain of retail stores offering its selective customers a selected range of goods quality clothing, food, home-ware, beauty and financial services under its own private label brand. Woolworths Holdings also recently owned Country Road Limited, a leading clothing and home-ware retailer listed on the Australian Stock Exchange. This portfolio is for a 26 year old female at the accumulation phase of her life Her short term goals are to pay for her tuition fees, buy a car and pay for her house bond She will be investing in shares of companies listed on the JSE Stocks are much riskier than other asset classes therefore she expects higher returns, because she is risk tolerant COMPARISON TO ITS PEERS On the 18th of July 2014 Alarn Clark the Chief Executive of SABMiller said that SABMiller sold its ordinary shares of Tsogo Sun holdings for R7.6billion.[www.SABMiller plc.com] the intention is to reinvest the money back into the company to increase the value of the share price and returns to the investors
Transcript: INVESTMENT OBJECTIVES CAPITEC 15% 0.1402% 1.4922% IMPLATS 5% -0.0342% 2.1927% SHOPRITE 15% 0.0504% 1.6621% RICHMT 15% 0.0889% 1.5029% SAB 20% 0.1327% 1.7398% This portfolio is for a 26 year old female at the accumulation phase of her life Her short term goals are to pay for her tuition fees, buy a car and pay for her house bond She will be investing in shares of companies listed on the JSE Stocks are much riskier than other asset classes therefore she expects higher returns, because she is risk tolerant She is expecting a return above the current inflation with at least 3% PORTFOLIO CONSTRUCTION MONTSENG MOENO 2008112670 ASSET ALLOCATION
Transcript: comparing parts of a construction company to a cell nucleus: the nucleus is in charge of the cell. the construction foreman is in charge of the construction site. cytoplasm: moves constantly within a cell carrying along the nucleus and other organelles that have specific jobs. the vehicles are the cytoplasm. endoplasmic reticulum: an organelle with a network of membranes that produce many substances. the cement trucks are what creates some substances. cell wall: the cell wall is the boundary of the cell. the cell wall is the fence that surrounds the construction site Vacuole: stores water, food, and other materials needed for the cell. the refrigerator would be the vacuole.
Transcript: 1.APPLE 2.Cupertino, CA 95014-2084 4.102 Countries. They mostly operate in China, and since 1983, France 5.AAPL 6. S&P 100 S&P 500 S&P 1500 Super Comp Dasdaq 100 7. Personal Computers Entertainment Devices 8. Technology- Personal Computers 9. Steve Jobs, Stephen Wozniak, Mike Markkula 10. Bill Cambell Millard Drexler Albert Gore Jr. Steve Jobs Andrea Jung Aurthur D. Levinson, Ph. D. 11.1976 12. December 12, 1980 13.On December 12, 1980 Apple went public at $22.00 per share.Since then,the stock has split three times, so on a split-adjusted basis, the IPO price per share was $2.75. 14. Apple's fiscal for 2011 is from September 26, 2010 to September 24, 2011. 15.High- $319 Low- $185.57 16. No 17. Has not been determined 18. The shareholders. 19. Steve Jobs 21. They don't have charities. 22. A) The first Apple logo featured Isaac Newton B) The Apple 1 cost $666.66 C) Apple made the first Mass-Market Color Digital Camera 20. 23. 3.
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