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Jingdong book

机构投资的创新之路

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Jingdong book

机构投资的创新之路

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在《机构投资的创新之路》中，史文森将机构基金经理、养老基金受托人、投资经理以及大学、博物馆、医院、基金会的受托人所构成的投资领域生动地展示在读者面前。他经自己管理耶鲁基金的感受和经验私地奉献给了读者，大到捐赠基金的目的与投资理念，小到组合管理的战略与战术，还强调了一些基本概念，例如操作风险、投资顾问的选择、单个资产类别投资的机会与缺陷等，并且借助于具体案例来加强读者对这些概念的理解。在我们这个突飞猛进的时代里，金融市场上的竞争态势越来越激烈，史文森的这本书疑可以帮助机构基金经理构建成功的投资框架。
Author Description

大卫·F·史文森（David F.Swensen），早年师从诺贝尔经济学奖得主托宾，曾在华尔街崭露头角，后应恩师之邀于1985年出任耶鲁大学首席投资官，并在耶鲁大学商学院教书育人，至今二十余年。史文森培养出的人才不仅在耶鲁创造了佳绩，也向哈佛大学捐赠基金、麻省理工大学捐赠基金、普林斯顿大学捐赠基金、洛克菲勒基金会、希尔顿基金会、卡耐基基金会等重要投资机构输出了领导力量。
史文森主导的“耶鲁模式”使他成为机构投资的教父级人物。摩根士丹利投资管理公司前董事长巴顿·毕格斯说：“世界上只有两位真正伟大的投资者，他们是史文森和巴菲特。”
2009年2月，史文森被奥巴马总统任命为美国经济复苏顾问委员会委员，任期两年。
史文森还是另一本畅销书《非传统的成功——最好的个人投资方法》一书的作者。
Catalogue

第1章 绪论

第2章 捐赠基金的目的
第一节 保持独立性
第二节 增强稳定性
第三节 创造优越的教学环境
第四节 结论
本章注释

第3章 投资目标和支出目标
第一节 投资目标
第二节 支出政策
第三节 购买力评估
第四节 支出的可持续性评估
第五节 基金会的投资目标
第六节 异议观点
第七节 结论
本章注释

第4章 投资理念
第一节 资产配置
第二节 择时
第三节 证券选择
第四节 结论
本章注释

第5章 资产配置
第一节 定量分析和定性分析
第二节 资本市场假设
第三节 检验资产配置
第四节 结论
本章注释

第6章 资产配置管理
第一节 再平衡
第二节 积极投资管理
第三节 杠杆
第四节 结论
本章注释

第7章 传统资产类别
第一节 美国国内股票
第二节 美国长期国债
第三节 国外发达市场的股票
第四节 新兴市场股票
第五节 结论
本章注释

第8章 另类资产类别
第一节 绝对收益
第二节 实物资产
第三节 私人股权
第四节 结论
本章注释

第9章 资产类别管理
第一节 积极投资管理的游戏
第二节 外部顾问——个人品质特征
第三节 外部顾问——组织机构特征
第四节 投资管理报酬协议
第五节 结论
本章注释

第10章 投资步骤
第一节 积极管理还是被动管理
第二节 运行环境
第三节 组织结构
第四节 使用中介机构
第五节 投资决策过程
第六节 投资决策中的挑战
第七节 业绩评估
第八节 内部控制
第九节 结论
本章注释

附录 固定收益类别中的莠草
第一节 国内公司债券
第二节 高收益债券
第三节 资产支持证券
第四节 外国债券
第五节 固定收益资产2007年的收益更新
第六节 结论
本章注释

致谢
关键术语中英文对照
关键术语注释
Book Abstract

《机构投资的创新之路》：
2.分散化投资策略
由于股票投资的风险高，机构投资者一般将国内股票的持仓量控制在可承受范围内，同时增加大量的债券和现金投资来减轻投资组合的波动性。截至2005年6月30日，教育捐赠基金平均有53％的资产投资于国内股票、23％投资于国内固定收益证券、5％投资于现金，总共大约有81％的资产投资于国内上市有价证券。
这些教育捐赠基金将整整28％的组合资产集中投资到低收益的债券和现金中，因此承担了巨大的机会成本。在过去80年内，股票可以增值2600多倍，但捐赠基金为了分散投资将这部分资产投资于固定收益证券，而固定收益类证券中，公司债券同期只能增长100倍，长期国债增长71倍，现金仅仅增长18倍。
捐赠基金将超过80％的资产投资于美国证券市场，而且其中整整一半的资产集中在国内股票上，这种做法违背了分散化投资的基本原则。投资者如果将50％以上的组合资产投资于单一资产类别——国内股票上，将面临不必要的过度集中风险。由于国内股票和债券之间高度相关，集中投资于国内股票的后果进一步恶化。由于利率在市场中发挥重要作用，利率上升（下降）会导致债券、股票价格同时下降（上升），因此，分散化投资的预期效果被降低。许多情况下，一个普通教育机构的投资组合中，有超过五分之四的资产受同一经济因素影响，价格变动方向相同。
要想在实现分散化投资的同时减少固定收益类投资的机会成本，投资者需要寻找那些与国内上市有价证券相关度不高的高收益资产类别。对美国投资者来说，最常用的策略是在投资组合中加入一些外国股票。
……

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