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家家有譜 發表于2024-06-01 22:21:00
終極股息投資2-2:?從簡單的借條開始-英文

繼續整理學習美國投資書《終極股息投資攻略》第2章,作者來自美國基金評級公司晨星(Morningstar)。



Begin with the Humble IOU

To illustrate the dividend dynamics that give stocks value, let's begin by backing up into the simpler world of bonds. Bonds and stocks have more in common than you might think: The value of both is derived from their future returns of cash. The principal differences are (1) bonds return the original bondholder's investment at some point in the future, whereas stocks do not; and (2) the income of a bond is generally fixed, while that of a stock can and usually does rise over time.
Let's start by creating a simple IOU, also known as a bond. In exchange for giving me $10,000 today, I promise to return your $10,000 one year from now. I even give you a piece of paper, complete with my legally binding signature, that gives you the power to enforce your right to timely repayment in court. From your point of view, this loan is an investment. From mine, it's a debt.

If you're a good friend of mine, and I happen to be a bit down on my luck, you might let me have the $10,000 without interest. You might even be willing to be flexible on the repayment terms if my fortunes haven't improved by then. But if this is a true arm's-length transaction, the time value of your money, as well as any risk that I might fail to repay, must enter into your decision to make this loan. So let's add a reward. Not only do I promise to repay your $10,000 loan, but I'll chip in another $800 when the IOU comes due. With our terms now mutually agreed upon, that piece of paper with "IOU"in bold print at the top is now a claim on my personal assets, including my future earnings.
The extra $800 I promise to repay in a year's time represents interest, which provides you with income in addition to the return of the original loan amount (known separately as principal). The ratio of interest income to the IOU's principal--its yield--is $800 divided by $10,000, or 8 percent. This rate is fixed in the terms of our contract, hence the term fixed-income investment. You figure this 8 percent will more than offset the likely rate of inflation and provide a decent reward for trusting in my ability to repay. As long as you hold on to this bond until I pay it off, the market price doesn't enter into the equation.


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