Investment portfolio - an investor's portfolio, by today's standards, is a very profitable investment of free money that can bring significant profit with proper investment.

In one of the previous articles, I already told in detail what investments are and why they are needed. Today I propose to consider in detail what investment portfolio management is, how to properly form it and how to manage it.

What is an investment portfolio

If we explain the term investment portfolio in simple terms, then it is a complex of all the money that is invested in various directions. These can be both real-life items (real estate, currency, etc.), as well as stock market and enterprise objects (stocks, futures, certificates, bonds, bills, venture investments, and so on). The investment portfolio plays a very important role in financial science. It is thanks to this instrument that it is possible to diversify possible risks, that is, to compensate for possible losses at the expense of profits from other components of the portfolio.

An investor's portfolio is a complex of cash injections of legal entities and private investors into stock market objects.

Balanced

This investment portfolio can be formed by purchasing any shares in three ways. With a conservative approach, those stocks and bonds are bought that will bring little profit and have the lowest possible risk of losing the investment. With a moderate (compromise) approach, stocks and other securities are selected that have average performance: profit in the form of dividends is not huge, but not small either, capital is growing moderately, and the occurrence of risks is a big question. Aggressive buys stocks that can generate the highest possible return, comparable to that of bankruptcy auctions. That is, one that would exceed your investment several times in a short time, although the risk of not receiving such a profit will be impressive.

Conservative

It involves the purchase of government shares, other securities or precious metals. One of the easiest ways to get a stable profit with the ability to save your own investments: state assets are perfectly protected from any possible risks. Therefore, such principles for the formation of an investment portfolio are chosen by investors who are not inclined to choose high-risk investment instruments.

Aggressive

It is formed from various securities and assets that tend to grow and appreciate. By buying them, you can quickly make a significant profit. But the risk of losing the invested funds is too great. Basically, in this segment, shares of start-ups of a technical and innovative orientation, promising scientific areas are sold and bought. Buying such shares is quite simple, but finding a buyer for them is more difficult, since their liquidity is low.

Growth Portfolio

Forming such an investment portfolio, they buy shares of young and promising companies. Such companies tend to grow and develop, which is reflected in the price of their securities accordingly. At the stage of purchase, it is hardly possible to receive serious profits through dividends, and the risks are high. However, the bet is made precisely on the long term, as well as if investments are made in oneself. With the right choice of investment object, a significant increase in initial injections is possible.

Risk capital

The name speaks for itself: the level of risk is quite high. But, in the future, investments in modern technology companies, whose main activity is the development of technologies, the introduction of new products, scientific research and development, can bring profit, and investment infusions will grow several times. The fact is that the activities of these companies lie in a sector that is of interest to the state: there is a high probability for businesses to receive state grants and other types of assistance.

Such securities in your investment portfolio can play in a positive direction. You can take a passive position and just watch the growth of invested funds. Such long-term securities include bonds, promissory notes, notes, bonds, shares and other types of securities of private and state companies that are valid for more than one year. The possibility of losing your money is assessed as quite low, and dividend profits are received regularly.

Short-term securities

Similarly to long-term, short-term securities may include government short-term bonds, bills (bank, treasury, corporate), certificates of deposit. Such securities are limited in duration - usually no more than a year, but they sell well (liquidity is high), they are quite well protected from risks. In addition, the income received is not taxed. It is not possible to get a good profit from such securities. But this is an excellent investment portfolio for those who seek to save savings.

Foreign papers

Similar to Russian companies, foreign enterprises and foreign government agencies and structures put up various types of securities on stock exchanges, where any individual or organization can buy or sell them. There are also long-term and short-term liabilities. The only important point in the formation of such a portfolio is the need for careful analysis. For example, if you invest in short-term securities, you can increase your profit, but the investment risk is also high. Investments in long-term securities are able to protect the investor's injections quite well, it is necessary to choose government shares and issuers that have been and are known for a long time on the stock exchange.

One of the new directions is the investment of financial injections through the Internet. There is a fairly wide range of funds and companies where you can invest. Starting from PAMM investment in Forex exchanges, private investment funds, lending to legal entities and individuals, indirect lending through the WebMoney system, and ending with alternative cryptocurrency startups. When forming an investment portfolio of such instruments, there is a high probability of running into both scammers and a financial pyramid and losing investments. To prevent this from happening, you need to be able to forecast cryptocurrencies and their rates, and select only reliable projects.

Formation of an investment portfolio

The implementation of any investment, one way or another, is associated with the definition of tasks that the investor must achieve. This can be: increasing the amount of cash injections, making quick and big profits, accumulating securities with a high degree of liquidity and reducing the risk level for own funds.

In this case, the predominance of one of the indicated parameters invariably entails a change in all others. There is a direct relationship: an increase in profitability invariably increases risks, an increase in capital investments minimizes income, high liquidity minimizes the level of investment growth, and vice versa. But in order to form your own profitable investment portfolio, you need to go through several stages.

Setting investment goals

At the first stage, you need to decide what effect you want to achieve from investments. Make a profit, save up, become a co-owner of the company or participate in the management of the company, save the invested amount, etc. Together with the choice of the goal, they plan how long it takes to achieve it, what level of income will be, what risk you are ready to take and what level of liquidity of assets you are ready to operate.

Investment strategy

Under this concept, all those activities are hidden, the purpose of which is to achieve the tasks that an investment project has: the preservation or increase of capital, the formation of a source of constant profit, etc. The strategy can be aggressive - the investor's actions are aimed at investing little and getting a lot as quickly as possible. Next comes the conservative strategy: the investor invests to keep the money invested. And a moderate strategy: saving financial injections, increasing them and getting a certain profit. Choosing a strategy is the second stage.

Market analysis

At the third stage, a comprehensive study and analytical assessment of the objects where it is planned to invest portfolio investments is carried out. The investor chooses a financial market product that is able to fully meet his expectations. That is, from the mass of options, those that will be included in portfolio investments in the future are selected.

Selection of assets for investment

The investor chooses where and how to invest money, in what proportion. Either this is an independent acquisition of securities in a certain ratio, or the purchase of a share from the management company of an investment fund (in one of the articles I talked about the principles of trust management). The set of assets is formed in such a way as to correspond to the achievement of goals with the minimum possibility of the threat of losing investments. In addition, one should take into account the fact how it is planned to manage investments.

Investment and profit monitoring

When investing in assets, it is necessary to carry out such a procedure as monitoring. That is, tracking the current situation in the stock markets, buying promising and getting rid of non-income-generating assets. It is difficult to figure this out on your own, but under the trust management of experts, investments of funds will most likely remain and grow: experts will respond to all current changes and are able to identify niches that are attractive for investment.

Investment portfolio management

You can manage portfolio investments yourself if you have the appropriate experience and qualifications. Or entrust the management to a qualified expert. All actions of a specialist to change the composition, increase or decrease assets without fail will be agreed with you. The task that management must solve is to maintain income at a certain level. Management is of two types, we will dwell on each in detail.

Effective investment management requires a professional approach, knowledge of market mechanisms and the ability to quickly respond to any changes in it.

Active management

This method is suitable for experienced players in the investment market. Appropriate qualifications are required. It will not be superfluous to know the mechanisms of the investment market. Mandatory - the ability to quickly navigate and respond to any changes. Active management involves active redistribution of investments in accordance with market fluctuations.

Passive control

Passive is the type of management in which the creation of a diversified set of assets is achieved at the investment stage. Diversification of an investment portfolio means a set of securities of equal characteristics, due to the diversity of which the overall risks are reduced. The set of assets remains unchanged in the long run. Changes are possible only if there is a significant difference between expected and actual results. Diversification of the investment portfolio should be given close attention to any of the investors.

Investment portfolio risks

Risks can be systematic or non-systematic. It depends on the likelihood of their occurrence. Types of systematic risks:

• political - military situation, coup d'état, change of government and others;
• environmental - natural disasters: earthquakes, hurricanes, tsunamis and others;
• inflationary - a sharp rise in prices and a high level of inflation;
• currency - are formed as a result of the deterioration of the political and economic situation;
• interest - depend on changes in the key rate of the Central Bank of Russia.

Other risks categorized as non-systematic:

• credit - borrowers and guarantors do not cope with their obligations;
• sectoral - associated with a change in the situation in economic sectors;
• business - the management company made a mistake.

We examined such a concept as an investment portfolio: its possible composition, methods and methods of management, types and other concepts that are important for a novice investor. It doesn't matter what you invest in - the main thing is how you do it. Knowing the basics of money management and the desire to improve your financial literacy is the key to successfully obtaining a high income.

The development of technologies for raising capital, the constant entry into the market of new tools for making a profit makes investments even easier and significantly reduces the risk of being left with an empty pocket. Portfolio investment is the best option to increase your wealth and not work until retirement.

Global and local levels for investments imply high liquidity. At the same time, there are certain subtleties of the “infusion” of capital that everyone should be aware of. Therefore, the time has come for us to figure out what it is - portfolio investments, how to collect your own, earn on it and minimize risks.

Portfolio investment is

The desire to earn more than now drives every adequate person. When there are many options on the market, sometimes your eyes run wide, but experienced consultants recommend that you focus on portfolio investments. What is this type of investment? The classic form of entry into the market in order to purchase the company's securities without control over the stages of management and voting rights.

An excellent option for those who, having a certain amount of money and for portfolio investors, already have investments in different market shares, but at the same time absolute passive profit is the ultimate goal. At the same time, there is no time to control the activities of the firm, and its positive reputation or such close ties with management do not call into question the appropriateness of the use of funds.

In Russia, this type of investment, in which Germany has been steadily leading in Europe for several years in a row (in 2016, the total volume in this segment amounted to 8.5 billion euros, and the largest transaction - 3.3 billion euros), is just beginning to develop . This can be explained by many factors. It is noteworthy, but along with the start-up market and investments in gold, the agricultural segment has recently begun to loudly declare itself. According to Artem Belov, director of Soyuzmolok: “…agriculture is still at the investment stage, which is characterized by rapid growth, so it is difficult to objectively assess profitability, but rather low risks attract.” What else can compete with him? As in the good old comedy: "Wait and see."

Most investors still live by the old psychology, thinking that their control of the business is a lifesaver from scam and loss at all stages. How correct it is to constantly keep abreast of events, we understand further.

You can take specialized courses on business or clarify with your own consultants the difference between direct and portfolio investments. Yes, of course, they have fundamental differences, but there are much more common points of contact, namely:

• Profit orientation;
• Provide stable high growth rates of capital;
• Minimize risks;
• Increase the liquidity of the investment portfolio.

The main difference is that straight lines are voluminous and longer in time; For convenience, investments use trading on the stock exchange. At the same time, direct investments are sometimes not even singled out as an independent concept, saying that portfolio and direct investments are related concepts. Direct investments are typical for domestic investments, but in the case of international investments, they are still portfolio investments, occupying up to 90% of the entire market.

The main aspect is that the investor cannot influence the market situation in any way, therefore he faces increased risks. For example, having bought portfolio shares in a company that specializes in the manufacture of tables, a crisis arose in a month or two. Changes in the market and a drop in consumer ability led to it, but it is no longer possible to withdraw funds from capital.

At the same time, the security of the exchange market depends on the direct type of investments: imagine if all investors withdraw their shares from the capital of furniture factories on the same day, then the probability of the market falling will be 100%. With the help of direct investments, there is control over the market situation in a certain segment.

At the same time, private investment, with a competent approach, can do without the sale of securities, and work in the usual mode of stable profit, if you initially rely on various forms of diversification.

Securities for portfolio investment

It's simple: you invest in a business - you get your share in the capital in the form of securities. Today, the most common topics are:

1. Shares - up to 70% of all market transactions are related to them;
2. bills;
3. Bonds of financial institutions;
4. Municipal bonds.

The last two, let's be honest, have long lost their potential audience due to low liquidity and huge problems with bureaucracy, which venture capital investments that have taken a leading position have managed to take advantage of. Not only are transparent conditions, but also minimized risks, and a huge range of investment segments are an advantage.

Liquidity of portfolio investments

Starting a financial transaction, it is reasonable to weigh all the pros and cons, real and potential "income and expenses." If you choose financial investments, you will have to sweat a little to study the market position of the company of interest, to evaluate the development in the near future. As a rule, the emphasis is on negotiations with personal consultants who constantly delve into the intricacies of the process and understand the nuances of liquidity:

• In what currency will the injections be made?
• What is the average percentage of profit the company promises?
• How important is money at this moment of development for the company?
• Will they be used in business activities?

Plus, the company itself is responsible for liquidity, which is counting on cash injections. As a rule, in order to maintain it at a high level, 2 strategies for attracting customers are chosen:

1. Regular payment of dividends from profits;
2. Gradual increase in the price of securities on the stock exchange.

A variety of tools is a trump card for those who are thinking about starting a passive profit.

Become a portfolio investor

Simple and easy. If you initially evaluate all the risks and remember that a potentially large income of a security is a potential big risk, but knowing a few subtleties and having experience behind you, you can minimize it.

The convenience and friendliness of some legislative acts of world countries allows you to earn money on their territory. At the same time, many companies in our country also have equity participation of foreign investors. The statistics of the increase in foreign investment in private business in Russia is positive, which is also confirmed by the fact that investors rely on trust management of investments by experienced brokers or consultants, although they pursue different goals

Investment goals

Definitely a profit. Moreover, it is silly to say that someone is not aimed at receiving a stable passive income from various sources. Along with this, there are several additional goals that drive the investor:

1. "work" in two directions - receiving regular dividends and the ability to eventually sell shares at a higher price;
2. Diversification - keeping active money in different baskets;
3. Gradually expanding share participation in various market segments.

For those who have already bought investment coins and are waiting for their liquidity to increase in the market, it is quite logical that they want to deal with more active money - this is why portfolio investments are so popular. Plus, each company's operating time, as well as the promised profit, are different, as well as the strategies chosen by management.

Portfolio strategy

Traditionally, the financial market distinguishes between aggressive and conservative. The first is different in that the investment portfolio is formed to a greater extent from the securities of young companies; it is not yet clear in what direction the price of these shares will move in the market. The classic one is suitable for those who strive to receive even a small but stable profit, therefore they invest in more well-known companies that are distinguished by powerful capital and a fairly stable economic reputation. In some periods of the development of the securities market, a parallel strategy works: together with a well-known firm, a newcomer is “supported”.

Of course, it is much easier to control it today than at least 50 years ago. Along with this, there are often talks about cases when unattractive stocks do “shoot” (this reminds me of the early stage of denial of the success of today's popular cryptocurrency, which reached $9,000).

A rational approach is the use of exchange instruments, and if you do not understand such subtleties, then experts and personal consultants are happy to help. A successful investment depends on a number of things:

• Total investment;
• Scope of activity or production of the company;
• How “empty” is the proposed niche;
• Seasonal fluctuations.

As a rule, they must be calculated in advance.

Investment performance

It depends not only on a rational approach and the chosen money management strategy, but also on financial fortune. I am convinced that every investor has the right to know the approximate percentage of potential dividends, as well as the actual risks: regardless of whether he is offered classic or Internet earnings.

Profit is brought not by one security, but by the created package, which is supported by the results of the activities of a small company or a huge corporation. Today there is no direct correlation: the larger the set capital, the higher the efficiency for each investor.

You need to consider them from two sides: you want to invest in a foreign company, or foreign investors want to “inject capital” into your company. The situation is popular for the market, but it is worth remembering: the legislation of many countries clearly limits the scope of "foreign financial injection". As a rule, this is the defense complex, the media, in some countries, financial and banking institutions. Popular - medical centers, fitness rooms, food production or franchised services.

Here it is important to evaluate an important point - the risk associated with the conversion of money into a certain currency and the secondary conversion when withdrawing dividends. If the capital is already in euros and you invest in a European company, this risk disappears on its own. But there are other more difficult situations...

Portfolio investment risks

Given that the investment is small enough to ensure absolute control of the board of directors, there are still a number of certain potential difficulties, namely:

• Systematic risks (seasonal drop in demand for a service or product, the “era of an empty wallet” among the population);
• Non-systematic - force majeure, ranging from climatic disasters to production losses - fire, theft;
• General, related to binding to market conjecture;
• Liquidity risk - there is no 100% guarantee that the payback time will return the investment. But this is a rather rare situation, and directly contacts with unique niches, for example, the manufacture of brushes for the navel. Agree, a dubious investment; the investor will feel more confident if he invests in the coffee or transport business.

There are several more traditional risks, which will be discussed later.

Illiquid securities

In such a role, a package of securities can be at the time of purchase, or at the time of sale. For example, a company is going bust. A potential investor deep down feels that it can be avoided and that the company needs to be supported; therefore, it buys illiquid securities at a low cost and waits for them to grow. Positively, but the world knows many examples when it was possible to get out of the crisis.

If you are suddenly unlucky and the company "collapsed", you can try to get rid of illiquid assets on the exchange market, returning at least part of the investment. Demand and supply for such goods directly depends on the market situation.

Market situation

And now it’s not about the fact that it is formed taking into account many factors, but about the fact that sometimes the strategically right decision is to wait out the storm in order to wait for the financial breeze. The cyclical nature of development indicates that today less liquid stocks have a high probability of rising their price if the situation develops more favorably. This rule is also used when it comes to prices for precious metals and stones, shares of world-famous companies.

If you don't have the time or inclination to follow market curves, you should rely on industry experts. A well-thought-out strategy is an order of magnitude safer than the one that is set free.

Another one of the instruments that influence the price. In this regard, I like the philosophical assertion that there is no more terrible inflation, in which people become cheaper. One investor can have little effect on its growth, but 10 or 100 have an order of magnitude higher chances. In any case, in our realities, only an increase in this indicator is observed every year, but you still need to believe in the best, because the inflation rate around the world or on international exchanges is an order of magnitude lower than in individual countries.

The difficulty with inflation is that you cannot withdraw your investment when you see a noticeable drop in price, because there is no actual control over the capital of the firm.

Summing up, I will clarify that portfolio investment is a kind of compromise: you do not claim a management package over the company, but at the same time you can receive real stable passive income. No one is limited in time and in the amount of investments; therefore, I recommend considering the option of not only investing through exchanges, but also several options for companies from the internal and external segments for your participation. You can choose both portfolio and direct, but the intricacies of investments and why the rich only increase their capital with their help are already in the finished material on my blog.

Believe in yourself, your mind and the profitability of your wallet.

In this article, we will look at how to correctly form a balanced and diversified investment portfolio.

To do this, we will consider step by step how a full-fledged investment portfolio is formed:

Basic principles of investment portfolio formation.

Selection of fixed income assets for the investment portfolio.

The choice of risky assets for the portfolio.

Principles of working with risky and risk-free instruments in the portfolio.

Real modeling of an investment portfolio with full coverage of risks for it.

Principles of portfolio investment

One of the main tasks of investing is to obtain a stable and predictable return on the investment portfolio, and for these purposes, the investor has various tools.

It is impossible to realize this task with the help of just one instrument, whether it be the most attractive stock or the most stable and high-yield bond. What is needed here is a systematic approach to building an investment portfolio, where each type of asset plays its own role in the overall result of the portfolio.

From this point of view, it is necessary to single out the principal types of investment assets that just help to solve a difficult task in the investment portfolio, this is to ensure a more stable investment return, which significantly exceeds the most common form of savings - bank deposits.

Portfolio Investment Tools

All investment assets can be divided into several different groups, which differ from each other in the nature of the cash flow that the assets of these groups can bring:

Fixed Income Assets

The main criterion for such instruments is that the yield on them can be calculated with accuracy, and it is unchanged by a certain date in time. Whatever happens, the investor, provided that he has chosen a high-quality and reliable asset, receives the amount of the planned return. Therefore, these instruments are also called risk-free, since it can be assumed that the yield on them is guaranteed if the issuer is reliable and does not allow defaults. First of all, such instruments include bonds with a fixed or constant coupon. Bank deposits, of course, also belong to this class of instruments, but we will not consider them in detail within the framework of our today's article, since this is the most primitive instrument, which is inferior to bonds in all key investment parameters.

Bonds with a fixed coupon are characterized by the fact that the specific coupon rate for them is known until the moment of their redemption, and redemption, if the issuer does not allow default, always takes place at 100% of the face value.

Bonds with a floating coupon occupy a separate place. On the one hand, this is still a fixed income instrument, but with a certain degree of uncertainty, since the exact future coupon rate for them is not known, it is usually tied to one or another macroeconomic or market indicator. Most often, this is the consumer price index or the RUONIA rate, or directly the discount rate of the Central Bank.

In any case, here we can say that these bonds in the investment portfolio perform a specific protective function - this is protection from a specific type of market risk, for example, inflation risk or interest rate risk. You can read more about how to use bonds of this type correctly in our article "".

In general, fixed income instruments play a crucial role in the investment portfolio, as they serve as the base or foundation of the entire investment portfolio, providing its unshakable fixed part of the growth, and at the same time, this profit should compensate for the risks of other, more risky instruments in the portfolio. Therefore, if an investor adheres to a prudent investment strategy, then fixed income instruments must be strictly present in his investment portfolio. And moreover, they should make up the majority of it in order to provide effective protection against risks at current levels of profitability in the market. It is also worth noting that at the moment fixed income instruments do not have the task of ensuring high, above-standard profitability of the investment portfolio, this task lies with the risky instruments of the portfolio. The task of risk-free instruments is to ensure basic stability and safety of the investment portfolio, as well as to cover risks.

Assets with conditionally constant returns

In fact, this is an intermediate class of instruments between fixed income and risky instruments. Also often such instruments are referred to as "Quasi-bonds". That is, in their essence, they are able to bring a fixed cash flow, but according to the principle by which they generate it, they are fundamentally different from bonds.

First of all, such instruments should include dividend stocks with a stable dividend yield and a transparent and definite dividend policy. However, it should be understood that by its nature, this is still not a bond, and this instrument does not have the degree of guarantee and stability of cash flow that bonds have. In addition, stock quotes are much more volatile than bonds and are unpredictable in their movements, therefore, along with a stable cash flow in the form of dividends, such shares can simultaneously incur losses in market value. The dividend policy is also not an obligation of the company, but only an official intention that increases the attractiveness of the company in the eyes of investors. Therefore, dividend payments, even if they have not always been historically stable, can be considered only conditionally constant.

In general, this class of instruments with a conditionally constant return may be present in an investor's investment portfolio, but it cannot adequately replace classic fixed-income instruments such as bonds. This class of instruments can only serve as an addition to the block of fixed income instruments and additionally enhance the protective qualities of the investment portfolio.

Also, this class of instruments is often called in a “softer” way - instruments with a high level of uncertainty. First of all, these are stocks. The essence of this instrument is that it has a speculative nature and a very large and sharp amplitude of quotes fluctuations. Moreover, in the short and medium term, this is an unpredictable process of fluctuations, which can bring both profit and loss. But in working with such tools, we can rely on long-term, fundamental factors that definitely have an impact on the formation of long-term stock trends. In this regard, we expect that the more time passes, the more likely it is that significant fundamental factors will work and quotes will change significantly precisely under their influence.

In general, the behavior of the stock in the short and medium-term horizons is little predictable and the stock can be at any point in the range. From the area of ​​risks and losses to the area of ​​profit.

It is impossible to say at what specific point in the price range the securities will be in a given period of time, but investors operate with long-term fundamental factors that help determine growth potentials and the level of risk for each individual stock, and the time factor. Since the more time passes, the more likely it becomes that the stock will be at the upper limit of its potential growth range. In our service, such ranges are calculated for all stocks.

The task of these instruments in the investor's investment portfolio is to provide increased, above the standard yield, which should be several times higher than the yield on fixed income instruments. Due to this, the total return on the investment portfolio turns out to be significantly higher than other available alternatives for capital allocation and, first of all, bank deposits.

Diversification of the investment portfolio

Many novice investors ask a very simple question, why, in principle, form an investment portfolio? After all, there is a group of attractive assets, and among this group there is the most attractive asset. Why not buy this single and strongest asset? But it's all about risk. It is from risks that the principle of portfolio investment is repelled, from their control and their minimization.

By purchasing one single asset, the investor fully assumes its risks, both the risks of this particular company and the risks of the entire industry, as well as global macroeconomic and financial risks. By purchasing already several assets, the impact of the risks of a single company in the portfolio decreases, as well as industry and sectoral risks. As a result, on the portfolio of an investor who has bought a sufficient number of assets, the risks of a single asset and even various industries are much less affected, which increases the stability of the investment portfolio to various patterns of fluctuations at times.

This "golden" investment rule is used not only by private investors, but by all the world's largest investment funds without exception. Some funds make the strategy of the widest possible diversification their main and priority strategy, bringing diversification to an extremely wide coverage, both in terms of the geography of instruments, and in terms of their types and number. In the famous Ray Dalio investment fund BridgeWater, the breadth of diversification of investment portfolios reaches more than 1000 different assets.

At the same time, the diversification of instruments in the investment portfolio should not be blind, but carried out according to the principle of selecting assets that have the least correlation with each other. The more such assets and the less correlation between them, the more stable and stable the investment portfolio becomes.

Also, in practice, for these purposes, along with the correlation coefficient, investors use , which in essence is a modified correlation coefficient and reflects not only the degree of correlation of an individual asset to the portfolio as a whole, but also its sensitivity to fluctuations.

At the same time, the diversification of the investment portfolio should be carried out in different directions, both in terms of a significant number of assets, and in terms of various types and classes of instruments.

In our personal investment practice, we also actively apply the principles of broad quantitative and qualitative diversification of the investment portfolio.

An example of a wide diversification of the public investment portfolio of a Fin-Plan company as part of the Annual Analytics Support service:

In this example, in our public portfolio, within the share of shares, we have implemented a wide quantitative diversification, the portfolio currently includes 34 positions for risky assets, and also implemented a qualitative diversification, according to various investment characteristics and indicators of instruments, as well as their ability to generate cash flow. The portfolio includes various investment ideas of undervaluation, investment ideas of long-term growth and development, as well as papers that generate a conditionally constant cash flow and papers that compensate for currency risks.

Also, the portfolio has been subject to broad sectoral diversification, which to a large extent allows to reduce sectoral and sectoral risks.

Principles of portfolio mechanics

So, summing up the theoretical part of our article, we can say that any investment portfolio has the task of obtaining excess profit, which would be higher than available alternatives for investing capital, and on the other hand, reducing the level of risk. At the same time, the investor has specific practical tools for solving both the first and second tasks.

For the purpose of obtaining returns in excess of available alternatives, the investor must use proven and studied mechanisms for selecting reliable defensive assets and undervalued and promising risky assets. Moreover, this should be done not intuitively, but according to certain clear criteria and technologies. How to do this, we teach in more detail in our professional investment courses “School of Smart Investment”.

For the purposes of control and risk reduction by 100%, the mechanism of portfolio investment is used. If you look at the investment portfolio, there are three main types of risk:

the risk of a single company in the investment portfolio, this risk is also called non-systematic;

the risk of a single industry or company sector is an industry risk;

the risk of the global external and internal situation in the markets with which the company interacts. Debt market, capital market, money market, commodity market and so on. Such risks are also called systematic, as they affect the entire economic system as a whole and affect all companies.

The risks of a single company in the investment portfolio or even a single sector are effectively neutralized by diversifying the investment portfolio. If something happens to one issuer, it does not fundamentally affect the entire investment portfolio. Losses on one instrument are many times covered by the results on other instruments in the portfolio. The same applies to a single industry or sector of companies. First, sector-wide risks do not affect all companies in the sector in the same way, since we select companies that are slightly correlated with each other. Secondly, losses in one industry are offset by positive results in other industries and sectors. In this case, it is logical that the wider the degree of diversification, both sectoral and quantitative diversification in general, throughout the investment portfolio, the less impact the risks of a single company and the risks of the entire industry have.

Systematic risk, or it can be characterized as general market risk, cannot be neutralized by any degree of diversification. These are the risks of the global system, and they affect most markets and most companies. This is the case when neither the principles of correlation of various assets, nor the widest possible diversification, no longer work. These are the extreme external conditions in which all markets fall and all assets decline. The most striking example of the last decade is the global financial crisis of 2008.

Only the share of fixed income instruments can protect an investment portfolio from such a risk. These instruments are used by us by the maturity or offer dates, and if the issuer is chosen qualitatively and has a sufficient margin of financial strength, then the bonds bring their planned yield and provide cash flow, which means they compensate for the risks of risky instruments, regardless of how serious the risky happening. Risks are compensated even under the most negative scenarios for the fall of all assets. At the same time, the ratio of the share of risky and risk-free instruments in the investment portfolio is extremely important, and it should be built in such a way that the return on the share of risk-free assets effectively compensates for risks, in terms of the risky part in accordance with the acceptable risk for the investment portfolio as a whole.

Let's consider how risk overlapping is carried out in practice in a widely diversified investment portfolio.

For these purposes, we will use the service, where it is possible to quickly create a widely diversified investment portfolio and evaluate its risk and return profile.

In general, the portfolio consists of 15 positions in risky assets (stocks) and 61 positions in fixed income assets (bonds).

We have included stocks of companies that have good financial performance in the equity portfolio. The company's revenue for the last year has grown by more than 10%, while profits have also grown by more than 10%. The return on equity of these companies is greater than the alternative rate of return, that is, greater than the current average OFZ yield. And yet these companies are undervalued. That is, their current market value is less than their fair value calculated using the discounted cash flow method. The share of shares in this investment portfolio is 33.7%.

The share of bonds in the investment portfolio consists of 61 bond positions. The share of bonds in the structure of the entire investment portfolio is 65.9%, the share of cash in the investment portfolio is 0.4%. We have included the most stable and reliable securities in the bond portion of the portfolio: these are OFZs, subjects of the federation and municipal securities, as well as corporate bonds of the largest companies in the Russian Federation, which are high-quality and reliable borrowers.

With a given ratio of risky and risk-free assets in the investment portfolio, we get that even with the condition of realization of systematic risks, that all shares in the portfolio will simultaneously fall by the value of their calculated drawdowns, the yield of the bond part of the portfolio, due to the fact that it is guaranteed and fixed , will ensure full coverage of risks in the portfolio and ensure the break-even of the investment portfolio. At the same time, it should be understood that such an option, when the risks for all shares will come true at the same time, has a rather small probability. And even this low-probability risk in such a portfolio will be covered.

This is one of the basic and key principles of portfolio investment. At the same time, by changing the balance of shares of risky and risk-free instruments in the portfolio, it is possible to regulate the overall risk / return profile for the entire investment portfolio and customize it for the specific personal goals of each investor. For some, it is important to form an investment portfolio that is 100% protected from risk, and some investors are willing to put up with small temporary negative capital drawdowns for the sake of greater potential profitability. This is something everyone can decide for themselves.

findings

Successful investing is based on two main principles of work - this is the use of portfolio investment methods in work, which, first of all, allows you to reduce risks and keep them under control. And also on the principle of choosing high-quality assets, for bonds it is primarily the reliability and stability of the issuer, and for stocks it is the current market undervaluation of securities, as well as further prospects and growth potentials.

How to choose high-quality reliable bonds and promising stocks with high growth potential, we teach in our training program from scratch to professional level. Get started with a free introductory webinar. You can sign up using the link -.

Good luck with your investment!

There is no investment portfolio just like that, there must be a clear financial goal.

For example, if your goal is to go on vacation to Greece in a year, another goal is passive income, on which you could live comfortably in 5 years, then the financial instruments to achieve these goals will be different.

After setting financial goals, you need to check that your investment portfolio is protected from the main risks.

Principles of creating an investment portfolio

1. Reserve fund in liquid instruments in the amount of 3-6 monthly expenses
2. Insurances:
   • Property;
   • Life (protection against death, disability, critical illness, exemption from contributions);
3. Investment portfolio:
   • Liquid at least 50%;
   • Diversified by currencies, countries, industries, asset classes (stocks, bonds, commodities, etc.);
   • Partially - in an insurance shell and / or trust, in order to avoid recovery and division in a divorce;
   • Suitable for your financial goals and preferences for profitability and risk.

Algorithm for compiling an investment portfolio

Trendy, cool, relevant, relevant, stylish - these epithets do not apply to an investment portfolio. It is necessary to focus on your own capabilities and goals.

1. Determine the risk profile (not only risk readiness, but also acceptable risk), investment period, amount
2. Select asset classes for investment
3. Select investment instruments (if you are a conservative, fixed income instruments will be the basis of your portfolio) in the selected asset classes, taking into account:
   • risk awareness;
   • Amount of investment;
   • Liquidity wishes;
   • costs;
   • Wishes for replenishment and withdrawal, etc.
4. Define the parameters of the selected instruments (currency, term, etc.)

Asset classes

When and why are they used

Asset class	When and why is it used
Money market	The minimum amount of liquidity; "Sit out" unfavorable times or wait for the moment of entry; Save for a goal up to 1 year
Bonds, Debt market	Conservative investments for a period of 1 year; Regular income; Period of overheating of the stock market and/or raw materials
Precious metals	Currency wars; Devaluation; Large-scale crisis
The property	Rental strategy: regular income + conservative investments from 2-3 years; Development: aggressive strategy of capital increase, from 2 years (ideal during a recession)
	Aggressive capital multiplication strategy, from 2 years (ideal during a downturn)

Ways to invest in an asset class

Asset class	Ways to invest in an asset class
Money market	cash; bank cards; deposits; Funds (mutual funds and ETFs)
Bonds, Debt market	Bonds directly; Bond funds; Investments through a trust management agreement (IMU); Structural products; Loans to businesses and individuals
Precious metals	Ingots; Coins (commemorative and investment); Impersonal metal accounts; Structural products; Shares of gold mining companies; Derivatives (options, futures) for precious metals; investment through IMU or funds
The property	Purchase of a ready-made residential or commercial property in the Russian Federation and abroad: a hotel, a warehouse, apartments, a storage cell, a hotel room, a house, etc.; Real estate funds and notes (ZPIF - closed-end funds; Real estate in the Russian Federation, REIT - abroad, etc.); Structural products;
	Structural notes; Equity funds; Directly through a brokerage account and IPO; Investments through the IMU; Investment in business directly

Money market

If you are afraid of a crisis, then add a large number of money market instruments to your portfolio. These are instruments from where you can quickly enter other stock market instruments, because if you keep cash in the "bedside table", then all investment ideas will be missed.

Cache is not a "bedside table". Personally, I keep cash in bank deposits with the possibility of partial withdrawal without loss of interest, short liquid bonds with maturity in a year, money market funds (for assets in foreign currency).

Debt market

Fixed income instruments that we go into when we want to get a fixed income and do not want to depend on fluctuations in the stock market, precious metals and everything else.

How can I enter the debt market? Buy bonds directly, invest in microfinance companies, you can buy bonds through funds, through a trust, through a structured product, through investment life insurance, or invest in loans. These are all fixed income instruments, but with different risks.

Bonds

A bond is an IOU of a country or company that is issued and traded on an exchange and has a specific maturity date. In the moment between the issue and redemption of the bond, you have the opportunity to buy it at the market price. As a rule, on a bond you have a coupon and income twice a year with a difference of six months. And when you buy a bond, you know in advance when the coupon arrives.

Bonds are similar to a deposit, however, it is not a deposit because there is a risk of default by the issuer. If you are a conservative investor, choose bonds of the most reliable countries and companies.

There is a risk associated with bonds, which is losses. You can buy a bond at one price, do not wait for redemption and exit earlier, that is, the probability of exiting the bond at a price lower than you entered.

There is a risk called "floating coupon" - floating interest. You were hoping for one return, but the percentage has changed and become much lower.

There is a risk of non-liquidity. You bought bonds and want to sell them, but they are not traded.

On the one hand, the tool is quite simple, but on the other hand, it requires a certain understanding of how to approach it.

What you need to know when you start investing in bonds?

Bonds: key parameters

• Denomination;
• Minimum lot (may be from 1-2 thousand dollars to 250 thousand);
• Purchase and sale price (in % of the face value);
• Maturity (may be unlimited), the possibility of an early offer;
• Coupon (from face value) — floating or fixed;
• Currency

Extra options:

• Subordination;
• Hybridity (convertibility into shares, etc.);
• The presence of a call or put option;
• How to make money on Eurobonds: price change + coupon.

You also need to understand the risks associated with bonds. Bonds are not a deposit, and due to the fact that the yield on them is higher, it is necessary to take on certain risks:

• Exit early/maturity at a price below the purchase price, especially high risk for perpetual bonds;
• Issuer's financial difficulties: non-payment of coupons, default, restructuring, etc. It is especially dangerous for subordinated securities;
• Failure to exercise a call option that the investor could have counted on;
• Conversion into shares or other transformation (for hybrid Eurobonds);
• Illiquidity;
• Margin call when using leverage, etc.

When choosing bonds, you must:

• Issuer risk analysis — analysis of reporting for at least 3 years, quarterly, parameters: profit, ratio of current assets and liabilities (about 1), ratio of equity and debt capital (about 50/50 or more equity), net debt/ebitda ratio not higher than 4 , debt/ebitda not higher than 7, ebit/total interest expenses higher than 1;
• Bond risk analysis (subordination, convertibility, liquidity, perpetuity, coupon change, etc.);
• To reduce risk, purchase Eurobonds without leverage.

You can set the parameters of the bond (maturity date, fixed coupon, etc.) and:

• request a broker manager to send a sample according to certain parameters,
• arrange a paid subscription to the relevant resources,
• invest through an investment fund.

If you are interested in the overseas market, please visit: http://www.nasdaq.com/dividend-stocks/

Investment funds assume that you do not buy shares yourself, but enter a fund that invests in some index or in shares of a certain industry. Then it's either a mutual fund or an ETF.

If you want to invest in stocks, but are afraid of hard losses, then you should remember about the instrument - a structured product with full protection.

It is possible to invest in shares through structured products, but it is already risky when the structured product is tied to the shares of certain companies. And if they do not sink below a certain limit, you get a certain profitability. But if at least one share sags heavily, you will receive exactly that share for the entire amount, and then there may be serious losses.

If you are not satisfied with the “invest in the index and sit” position and want something more aggressive, but trust management is not available to you, you can use active trading.

Comon.ru is a service for automatic repetition of transactions, where you can select traders who show their management results; choose the amount you want to invest in the strategy and make auto follow.

There are investments in IPO shares - this is when a company enters the market and becomes public. You think its stock will skyrocket in value. It happens that this is exactly what happens, and it happens that they collapse by 50-60%. This is a short-term stock strategy, but if you are willing to risk a certain amount and lose half or more for the opportunity to earn 50-60% or more per annum, why not.

If we return to the question of where to invest, then today the trend is as follows: the portfolio should be as diversified as possible. If until 2008 the portfolio consisted of stocks and bonds of their native country, then, starting from 2009, a full-fledged portfolio of a private investor is stocks and bonds of their country, foreign, and also a portfolio of alternative investments. Asset classes are interconnected with each other, so the more diverse the portfolio, the better. Many instruments are now available: cheap stocks, affordable bonds...

To create an investment portfolio, you need to determine for yourself:

• Your risk appetite (depends on the share of risky instruments)
• Deadline to the goal and its importance (the less important the goal, the longer the time - the higher the share of aggressive tools can be)
• Target currency (defines portfolio currency)
• The need for regular income (instruments with or without regular payments)
• Desire to independently manage capital (active or passive investment option).

Questions

1. Are there tests for a person's propensity to take risks?

The propensity to risk is determined by two questions: how much you want to earn and how much of the investment you are ready to lose (irrecoverably).

2. How to determine the situation in the world and in Russia in terms of market overheating?

The European bond market is overheated (long European bonds are not worth buying). In America this year there will be at least two rate hikes, there is a risk that there will be a slowdown in growth. Investing in long-term growth is the countries that collapsed in the fall of 2018 - the "fragile five": Turkey, South Africa, Brazil, Indonesia, Mexico, China. From the point of view of gold, it is better not to go into debt and keep it at the level of 10%.

3. In which group do you include structural products? How do you feel about them? What is their risk?

They are very different: both extremely risky and extremely calm. If these are structural products with full capital protection, built on bonds of maximum reliability, then this is a conservative instrument. If these are “barrier” structural products that can lead to the fact that, under certain conditions, the investor will lose all the money, then this is the aggressive part. The ways of entering instruments are very different, so it is impossible to name one level of risk. For me, structured products are a way to structure an idea and minimize risks.

4. There are 100,000, you need to multiply, but there is nothing to save yet. What do you advise?

There is no understanding of financial goals, acceptable risk ...

5. How do you assess the possibility of a cyclical crisis?

If everyone knew when it would come, it would be easier. There is no serious location in stocks in my portfolio, half of the fixed income instruments, and rather short ones with maturities in 2020-2021-2022. If the crisis starts, they will save me. Plus, I have about 15% in the cache, there are no long stories on stocks.

6. What can you say about metal accounts? Is it time to buy gold?

Gold has grown a lot since the end of last year, but I can’t say that now is the ideal entry point to buy gold one-time and much, but it’s worth buying it. But for averaging, I don’t really like metal accounts, I like ETFs more, because metal accounts are large spreads, and it’s impossible to shift to something else here.

7. Through which Russian brokers can I buy US ETFs? Or is it better to become a client of a foreign broker?

Through all Russian brokers, you can buy ETFs on foreign markets. If you want to work on a foreign market through a non-Russian broker, then this can also be done. It is worth remembering that if you work through an American broker, then the corresponding taxes are taken there. For example, if you invest in America, then if you exceed $60,000. the tax will be 40%, and most Russian brokers work through Cyprus, where there is no inheritance tax. Therefore, when you choose a broker, you should pay attention to the tax implications.

8. Which ETFs/REITs should I look out for?

9. How do you feel about OFZ for the population?

I have a bad attitude, because early exit fees are high, entry fees are higher than brokerage fees, and if you exit earlier than in a year, then the entire coupon for the whole year is lost. The minimum entry thresholds are higher than for market OFZs.

10. Returns from your portfolio for 2018 and on average for the last three years?

I can’t answer this question, because I have to disclose the goals. I have many portfolios: one funded by my parents, the second is my passive income, the third is venture capital, the fourth is to support my business.

11. How do you feel about Warren Buffett's statement that it is enough to invest only in the S&P 500? Is there any truth in this in your opinion?

The strategy of creating an investment portfolio, starting from 2009, involves maximum diversification. Moreover, Buffett is an American, all his goals are associated with dollars and the United States. If you are not an American, then your portfolio will at least be expanded to invest in your country and some additional.

12. Why can't the broker send paper documents?

This may be the policy of the broker.

13. What do you think about cryptocurrency?

I regard it as an alternative high-risk asset class. I had it in my portfolio, now it's gone.

14. Can you tell me a conservative tool for regularly investing small amounts in foreign currency?

Eurobonds in our market.

15. What is the right way to take ETFs? Is it true that some of them do not consist of real assets, but of derivative instruments? Can there be problems with ETFs during a crisis?

An ETF is what is made up of securities. They may or may not be derived. It all depends on the strategy. ETFs can fall because stocks or bonds that are in the portfolio fall during a crisis. Therefore, if we are talking about the choice of ETFs, then the first thing to choose is the strategy of these same ETFs, either bond or stock.

16. You said that you need to look into the portfolio once a quarter. What is there to see and what actions to take?

You need to look into the portfolio once a quarter to see if coupons or dividends have accumulated, and what to do with the accumulated cash.

17. What are your thoughts on China?

China last year showed not the highest growth rates. If we are talking about the risks of China as a country, then the trade war with the United States is not over, China is starting to grow more slowly than in previous years, so I go to China for a very short time. If you are ready to invest a little bit every month, average and hold for at least 5 years, you can put ETFs on China.

18. Through which broker can I buy REIT ETFs?

Through any Russian broker that has access to the US market.

19. What is the situation in Venezuela fraught with for us?

Venezuela is an oil country, so now I see oil volatility, and for me this is a way to earn extra money.

I love IB the most.

21. Is it worth investing now in emerging markets other than Russia?

I like Mexico, South Africa, Turkey, Venezuela, and Argentina. If you're willing to take the risk, then yes.

22. What is the current growth of the Russian market?

Obviously, this is growth on Sberbank. For me, the Russian market is an absolute speculation. If we are talking about high dividend yield, then these are Severstal, MTS, MGTS, Aeroflot.

23. Can you tell me a specific real estate ETF?

24. How to declare income from assets of a foreign broker?

This is called a tax return, which can be downloaded from the website of the Federal Tax Service.

25. What is the current situation with the law on financial advisors?

This is not a financial law. advisers, then the law on investment advice. It was adopted in 2017 and entered into force in December 2018.

26. How to actively trade Sberbank? How big will it grow?

It all depends on how much you are willing to "sit" in it. For today, I have determined for myself: the entry point is lower than 200-205; the exit point is higher than 210.

Portfolio investment

(portfolio investment)

Portfolio is a set of securities owned by one investor, invested in economic activity in order to generate income.

Definition, classification and types of portfolio investment, risks associated with portfolio investment, the role of international portfolio investment in the development of the Russian economy

The principle of forming an investment portfolio The principle of investment portfolio conservatism The principle of investment portfolio diversification The principle of sufficient liquidity of the investment portfolio The purpose of forming an investment portfolio Classification of investment portfolios Investment Portfolio Growth Portfolio High return investment portfolio Types of investment portfolios Formation and investment portfolio Systematic portfolio investment Equity securities Debt securities Portfolio foreign investment in Russia Sources and links

Portfolio investment is, the definition

Portfolio investments are investing in securities for the purpose of subsequently playing for a change in the exchange rate or receiving a dividend, as well as participation in the management of an economic entity. Portfolio investment do not allow the investor to establish an effective over the enterprise and do not indicate the presence of investor long-term interest in development enterprises.

A portfolio is a specific set of corporate stocks, bonds with varying degrees of collateral and risk, as well as government-guaranteed fixed-income securities, i.e. with minimal risk losses on principal and current receipts. Theoretically, a portfolio can consist of securities of the same type, as well as change its structure by replacing some securities with others. However, each security alone cannot achieve such a result. The main task of portfolio investment is to improve investment conditions by giving aggregate valuable papers such investment characteristics that are unattainable from the standpoint of a single security, and are possible only with their combination.

In the most general way investments are defined as cash, bank deposits, shares and other securities invested in objects of entrepreneurial activity or other types of activity in order to generate income and achieve a positive social effect.

By financial definition portfolio investment represent all types of funds invested in economic activity in order to obtain income.

Portfolio investment allows you to plan, evaluate, control the final results of all investment activities in various segments of the stock market.

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Thus, the portfolio of securities is the instrument by which investor required stability is provided income with a minimum risk.

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None of the investment values ​​has all the properties listed above. Therefore, a compromise is inevitable. If reliable, it will be low, since those who prefer reliability will offer high price and shoot down profitability.

The main goal in the formation of a portfolio is to achieve the most optimal combination between risk and gain for the investor. In other words, an appropriate set of investment instruments is designed to reduce the investor's risk to a minimum and at the same time increase his income to a maximum.

The main question in portfolio management is how to determine the proportions between securities with different properties. So, the main principles of building a classical conservative (low-risk) portfolio are: the principle of conservatism, the principle of diversification and the principle of sufficient liquidity.

Portfolio investment is

When forming a portfolio, one should be guided by:

Attachment security (invulnerability from events on market capital);

- Liquidity investments (the ability to turn into cash money or product).

Portfolio investment is

None of the investment values ​​possesses such properties in full. If the security is reliable, then profitability will be low, as those who prefer reliability will offer high price and destroy profitability. The main goal in the formation of achieving a compromise between risk and profit for the investor.

Regular income investment portfolio

The portfolio of regular income is formed from highly reliable securities and brings an average income with a minimum level of risk. The portfolio of income securities consists of high-yield corporate bonds, securities that bring high income with an average level of risk.

The formation of this type of portfolio is carried out in order to avoid possible losses in the stock market both from a fall in the market value and from low dividend or interest payments. One part of the financial assets included in this portfolio brings the owner an increase in capital value, and the other part - income. The loss of one part can be compensated by the increase of another.

Types of investment portfolios

The type of investment portfolio depends on the ratio of two main indicators: the level of risk that the investor is willing to bear, and the level of desired return on investment.

Portfolio investment is

The investment portfolio by type is divided into:

Portfolio investment is

Moderate investment portfolio;

Aggressive investment portfolio.

Portfolio investment is

Conservative investment portfolio

In a conservative portfolio, the distribution of securities usually occurs as follows: most of them are bonds (reduce risk), a smaller part are shares of reliable and large Russian enterprises (provide profitability) and bank deposits. A conservative investment strategy is optimal for short-term investment and is a good alternative to bank deposits, since on average bond mutual funds show an annual yield of 11-15% per annum.

Moderate investment portfolio

A moderate investment portfolio includes:

Shares of enterprises;

Government and corporate bonds.

Typically, the proportion of stocks in a portfolio is slightly higher than the proportion of bonds. Sometimes a small proportion of funds may be invested in bank deposits. A moderate investment strategy is best suited for short-term and medium-term investment.

Aggressive investment portfolio

An aggressive investment portfolio consists of high-yielding stocks, but bonds are also included to diversify and reduce risk. An aggressive investment strategy is best suited for long-term investment, as such investments for a short period of time are very risky. But over a period of 5 years or more, investing in shares gives a very good result (some mutual funds of shares have shown returns of more than 900% over 5 years!).

Formation and profitability of the investment portfolio

portfolio return. The expected return of the portfolio is understood as the weighted average of the expected values ​​of the return on the securities included in the portfolio. In this case, the "weight" of each security is determined by the relative amount of money directed by the investor to purchase this security.

Portfolio risk is explained not only by the individual risk of each individual security of the portfolio, but also by the fact that there is a risk that changes in the observed annual returns of one share will affect the change in the returns of other shares included in the investment portfolio.

The key to solving the problem of choosing the optimal portfolio lies in the theorem on the existence of an efficient set of portfolios, the so-called efficiency frontier. The essence of the theorem is that any investor must choose from the entire infinite set of portfolios such a portfolio that:

Provides the maximum expected return for each level of risk;

Provides a minimum risk for each value, the expected return.

The set of portfolios that minimize the level of risk for each expected return form the so-called efficiency frontier. An efficient portfolio is a portfolio that provides the minimum risk for a given value of the arithmetic mean rate of return and the maximum return for a given level of risk.

To compile an investment portfolio, you must:

Formulating the main goal and setting priorities (maximizing profitability, minimizing risk, preserving and increasing capital);

Selection of investment-attractive securities that provide the required level of profitability and risk;

Search for an adequate ratio of types and types of securities in the portfolio to achieve the goals;

Monitoring of the investment portfolio as its main parameters change;

Principles of investment portfolio formation:

Ensuring security (insurance against all kinds of risks and stability in generating income);

Portfolio investment is

Achieving an acceptable return for the investor;

Achieving the optimal ratio between profitability and risk, including through portfolio diversification.

Formation and control portfolio in order to obtain a high permanent income. The most successful way to achieve this goal is to simply buy reliable and relatively high-yield bonds and hold them until maturity.

There are a number of ways to build portfolios that solve the problem of accumulating a given amount of money, including by assigning the amounts received to specific payments and through immunization.

Portfolio prescription is a strategy in which the investor's goal is to create a portfolio of bonds with an income structure that completely or almost completely coincides with the structure of upcoming payments.

A portfolio is considered immunized if one or more of the following conditions are met:

The actual annual geometric average yield for the entire planned investment should be at least not lower than the yield to maturity that was at the time of the portfolio formation;

The accumulated amount received by the investor at the end of the holding period is at least not less than what he would have received by placing the initial investment amount in bank at interest equal to the portfolio's original yield to maturity and investing all interim coupon payments at the rate of yield to maturity;

Portfolio investment is

The present value of the portfolio and its duration are equal to the present value and duration of those obligatory payments for which the portfolio was created.

The simplest way to immunize a portfolio is to purchase zero-coupon bonds whose maturity is equal to the scheduled period and whose total face value at maturity matches the investor's objective.

Formation and control portfolio in order to increase the total return. Usually, two possible strategies for increasing the total return are considered:

portfolio transformation based on the forecast of future changes in the interest rate.

Portfolio Investment Methods

Portfolio investment can be carried out personally - this requires the investor to constantly monitor the composition of his own portfolio, the level of its profitability, etc. A more preferred way is portfolio investment with the help of an investment fund. Benefits of this portfolio investment:

Ease of investment portfolio management and lower maintenance costs;

Diversification of portfolio investments and, accordingly, reduction of investment risks;

Higher return on investment and minimization of costs due to the fund's economies of scale;

- decline intermediate taxation - income received from portfolio investment remains in the fund and increases the investor's assets without additional payment of income tax. All tax liabilities of the investor come after receiving payments from the fund.

Choosing a way for a profitable investment of their money, the investor, of course, pursues the main goal - to secure the future of his family, quickly get a large profit or guarantee the safety of his funds without any claims for high income.

What can be an investment portfolio?

Portfolio investment is

The portfolio must be:

Firstly, it can be highly profitable (we mean high profit from current investments);

Secondly, the portfolio can be with an average profit (this is a more reliable type of investment with a constant profit);

Thirdly, the investment portfolio can be mixed, that is, combined (a great way to reduce your risks and invest in securities of several companies that differ in both the level of profitability and the degree of riskiness).

The main advantage of such an investment is the opportunity for the investor to choose the country for investment, where the optimal income will be provided, with minimal risks.

However, no matter what form of portfolio investment you choose, you will hardly be able to do without a highly qualified consultant in this matter. The better you prepare and calculate all the nuances of investing, the more likely your financial success is.

Also, this investment can be used as a means of protection against inflation.

When forming portfolio investments, investors make decisions taking into account only two factors: expected return and risk. The risk associated with investing in any risky financial instrument can be divided into two types:

Systematic;

Portfolio investment is

Unsystematic.

Systematic risk of portfolio investment

Systematic risk arises from general market and economic changes that affect all investment vehicles and are not unique to a particular asset.

Systematic risk cannot be reduced, but the impact of the market on the returns on financial assets can be measured. As a measure of systematic risk, the beta indicator is used, which characterizes the sensitivity of a financial asset to changes in market returns. Knowing its value, one can quantify the amount of risk associated with price changes in the entire market as a whole. The greater this value for a stock, the stronger it grows with the general growth of the market, but vice versa - they fall more with a fall in the market as a whole.

Systematic risk is due to general market reasons - the macroeconomic situation in the country, the level of business activity in the financial markets. The main components of systematic risk are:

The risk of legislative changes is the risk of financial losses from investments in securities due to changes in their market value caused by changes in legislation.

decline the purchasing power of the ruble leads to a drop in investment incentives;

Inflationary risk arises from the fact that at high rates inflation the returns that investors receive from securities are being provided faster than they will increase in the near future. World experience confirms that high inflation destroys securities.

Portfolio investment is

Interest risk - losses of investors due to changes in interest rates in the market;

Interest risk is the loss that investors may incur due to changes in interest rates in the market for credit resources. Banking growth interest rate leads to a decrease in the market value of securities. With a low increase in interest on deposit accounts, a massive dumping of securities issued at lower interest rates may begin. These securities may be returned to the issuer ahead of schedule under the terms of money issue.

Structural and financial risk is a risk that depends on the ratio of own and borrowed funds in the structure of the financial resources of the enterprise-issuer.

The larger the share of borrowed funds, the higher the risk of shareholders to be left without dividends. Structural and financial risks are associated with operations in the financial market and the production and economic activities of the enterprise — issuer and include: credit risk, interest rate risk, currency risk, risk of lost financial benefit.

Portfolio investment is

Portfolio investment is

Currency risks of portfolio investments are associated with investments in foreign currency securities and are caused by changes in the foreign exchange rate. Investor losses arise due to an increase in national currency in relation to foreign currencies.

Unsystematic risk of portfolio investment

Reducing unsystematic risk can be achieved by building a diversified portfolio of a sufficiently large number of assets. Based on the analysis of the indicators of individual assets, it is possible to assess the profitability and risk of investment portfolios made up of them. At the same time, it does not matter what investment strategy the portfolio is focused on, whether it is a market following strategy, rotation of industry sectors, bullish or bearish play. Risks associated with the formation and management of a portfolio of securities are usually divided into two types.

Unsystematic risk associated with a particular security. This type of risk can be reduced through diversification, which is why it is called diversifiable. It includes such components as:

Selective - the risk of an incorrect choice of securities for investment due to an inadequate assessment of the investment qualities of securities;

Selective risk is the risk of losing income due to the wrong choice of a particular security. issuer when forming a portfolio of securities. This risk is associated with the evaluation of the investment qualities of the security

Temporary risk - associated with untimely purchase or sale of a security;

Time risk is the risk of buying or sales securities at the wrong time, which inevitably entails losses for the investor. For example, seasonal fluctuations in the securities of trading, processing agricultural enterprises.

Liquidity risk - arises due to difficulties in selling the portfolio's securities at an adequate price;

Liquidity risk is associated with the possibility of losses in the sale of securities due to changes in their quality. This type of risk is widespread in the stock market. Russian Federation when securities are sold at a rate lower than their actual value. Therefore, the investor refuses to see them as reliable product.

Credit risk is inherent in debt securities and is due to probability failing to meet its obligations to pay interest and par debt;

Credit risk or business risk is observed in a situation where the issuer that issued debt (interest-bearing) securities is unable to pay interest on them or the principal amount debt. The credit risk of the issuing corporation requires attention from both financial intermediaries and investors. The financial position of the issuer is often determined by the ratio between borrowed and own funds in the liabilities side of the balance sheet (financial independence ratio). The higher the share of borrowed funds in passive balance, the higher probability for shareholders to be left without dividends, since a significant part of the income will go bank as interest on a loan. In the event of a bankruptcy corporations most of the proceeds from sales assets will be used to pay off the debt borrowers- banks.

Revocation risk - associated with possible conditions issue of securities bonds, when the issuer has the right to withdraw (repurchase) the bonds from their owner before the maturity date. The risk of the enterprise - depends on the financial condition of the enterprise - the issuer of securities;

With revocation risk, possible losses for the investor if the issuer withdraws its bonds from the stock market due to the excess of the fixed income level on them over the current market interest.

The risk of delivering securities in futures is associated with a possible failure to fulfill obligations on a timely basis. supply securities held by the seller (especially when conducting speculative transactions with securities), i.e., in short sales.

Operational risk - arises due to violations in the operation of systems involved in the securities market.

Operational risk is caused by malfunctions in work computer networks for processing information associated with securities, low qualification of technical personnel, violation of technologies, etc.

Methods for reducing the risk of portfolio investment management

The composition of a particular portfolio may pursue various goals, for example, providing the highest return for a given level of risk, or, conversely, providing the least risk for a given level of return.

Portfolio investment is

However, since portfolio investors are engaged in more or less long-term investments and manage a fairly large amount of capital, in our economy the most likely task is to minimize risk while maintaining a stable level of income.

The higher the risks in the securities market, the more requirements are placed on the portfolio manager in terms of the quality of portfolio management. This problem is especially relevant if the securities market is volatile. Management refers to the application to a set of different types of securities of certain methods and technological capabilities that allow: to save the initially invested funds; reach the maximum level of income; ensure the investment orientation of the portfolio. In other words, process management is aimed at maintaining the main investment quality of the portfolio and those properties that would correspond to the interests of its holder.

From the point of view of portfolio investment strategies, the following regularity can be formulated. The type of the portfolio also corresponds to the type of investment strategy chosen: active, aimed at maximizing the use of market opportunities, or passive.

The first and one of the most expensive, labor-intensive elements of management is monitoring, which is a continuous detailed analysis of the stock exchange, its development trends, stock market sectors, and investment qualities of securities. The ultimate goal of monitoring is to select securities that have investment properties appropriate for this type of portfolio. Monitoring is the basis of both active and passive management.

Portfolio investment is

To reduce the level of risk, two methods of management are usually distinguished:

Active management;

Passive control.

Portfolio investment is

Active model of investment portfolio management

Active management is a management that is associated with constant monitoring of the securities market, the acquisition of the most effective securities, and the fastest possible disposal of low-yielding securities. This type implies a fairly rapid change in the composition of the investment portfolio.

An active management model involves careful monitoring and immediate acquisition of instruments that meet the investment objectives of the portfolio, as well as a rapid change in the composition of stock instruments included in the portfolio.

The domestic stock market is characterized by a sharp change in quotations, dynamic processes, and a high level of risk. All this allows us to consider that an active monitoring model is adequate for its condition, which makes portfolio management effective.

Monitoring is the basis for predicting the amount of possible income from investment funds and intensifying operations with securities.

Manager An active manager must be able to track down and purchase the best performing securities and get rid of low-yielding assets as quickly as possible.

At the same time, it is important to prevent a decrease in the value of the portfolio and the loss of investment properties, and therefore, it is necessary to compare the cost, profitability, risk and other investment characteristics of the "new" portfolio (that is, take into account newly acquired securities and sold low-yielding ones) with similar characteristics of the existing "old" portfolio. » portfolio.

This method requires significant financial costs, since it is associated with information, analytical expert and trading activity in the securities market, in which it is necessary to use a wide base of expert assessments and conduct independent analysis, carry out forecasts the state of the securities market and the economy as a whole.

This can only be afforded by large banks or financial companies that have a large portfolio of investment securities and seek to maximize income from professional work On the market.

Portfolio investment is

Passive model of investment portfolio management

Passive management involves the creation of well-diversified portfolios with a predetermined level of risk, designed for the long term.

Such an approach is possible with sufficient efficiency of the market saturated with good quality securities. The duration of the portfolio implies the stability of processes in the stock market.

Portfolio investment is

In conditions of inflation, and, consequently, the existence, mainly, of the market for short-term securities, as well as unstable conjuncture stock exchange, this approach seems to be ineffective: passive management is effective only in relation to a portfolio consisting of low-risk securities, and there are few of them on the domestic market. Securities must be long-term in order for the portfolio to exist in an unchanged state for a long time. This will allow you to realize the main advantage of passive management - a low level of overhead costs for goods. The dynamism of the Russian market does not allow the portfolio to have a low turnover, as there is a great loss not only of income, but also of value.

Portfolio investment is

An example of a passive strategy is the even distribution of investments between money issues different urgency (method of "stairs"). Using the portfolio ladder method manager buys securities of various maturities with distribution by maturity until the end of the portfolio's existence period. It should be borne in mind that a portfolio of securities is a product that is sold and bought on the stock market, and therefore, the question of the costs of its formation and management is very important. Therefore, the question of the quantitative composition of the portfolio is of particular importance.

Passive management is such management of an investment portfolio that leads to the formation of a diversified portfolio and its preservation for a long time.

If there are 8-20 different securities in the portfolio, the risk will be significantly reduced, although a further increase in the number of securities will not have such an impact on it. A necessary condition for diversification is a low level of correlation (ideally - negative correlation) between changes in securities quotes. For example, the purchase of shares in RAO UES Russian Federation” and Mosenergo, is hardly an effective diversification, since the shares of these companies are closely related and behave in approximately the same way.

Portfolio investment is

There is a way to minimize risk with "risk hedging".

Portfolio investment is

Risk hedging is a form of price and profit insurance when making futures transactions, when salesman() simultaneously purchases (sells) the corresponding number of futures contracts.

Risk hedging gives businessmen the opportunity to insure themselves against possible losses by the time the transaction is liquidated for a period of time, increases the flexibility and efficiency of commercial operations, and reduces the costs of financing trade in real goods. risk reduction allows to reduce the risk of the parties: losses from changes in product prices are offset by gains on futures.

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The essence of risk hedging is the purchase of futures contracts or options (opening a term position) that are economically related to the content of your investment portfolio. In this case, the profit from operations with futures contracts should fully or partially compensate for the losses from the fall in the price of your portfolio securities.

Portfolio investment is

One of the methods of portfolio risk hedging is the acquisition of financial instruments (assets) with a yield that is opposite to existing investments in the same market. A good example of hedging the risk of financial instruments on the futures exchange is the acquisition of forward futures and options contracts. On the currency stock exchange it looks like this. If the investor has currency for sale, then either the sale of a part of the available currency at a more favorable rate is carried out with its further acquisition when the price of it falls, or an additional currency is purchased at a low price for its further sale at a higher price. Risk hedging is always associated with costs, as additional investments must be made to reduce risks.

International portfolio investment

Portfolio foreign investment is the investment of investors' funds in the securities of the most profitable enterprises, as well as in securities issued by state and local authorities in order to obtain the maximum return on invested funds.

Portfolio investment is

A foreign investor does not actively participate in the management of an enterprise, takes the position of an "outside observer" in relation to the enterprise - the object of investment and, as a rule, does not interfere in its management, being content with receiving dividends.

The main motive for the implementation of international portfolio investment is the desire to invest in that country and in such securities in which it will bring the maximum profit for an acceptable level of risk. Sometimes portfolio investments are considered as a means of protecting funds from inflation and obtaining speculative income.

Portfolio investment is

The goal of a portfolio investor is to obtain a high rate of return and reduce risk by hedging the risk. Thus, the creation of new assets with this investment does not occur. However, portfolio investment allows you to increase the amount of capital raised in the enterprise.

Such investments are predominantly based on private entrepreneurial capital, although it is not uncommon for governments to purchase foreign securities.

More than 90% of foreign portfolio investments are made between developed countries and are growing at a rate that is significantly ahead of direct investment. The outflow of portfolio investments by developing countries is very unstable, and in some years there was even a net outflow of portfolio investments from developing countries. International organizations are also actively acquiring foreign securities.

Intermediaries in foreign portfolio investments are mainly investment banks, through which investors gain access to the national market of another country.

Portfolio investment is

The international portfolio investment market is much larger in terms of the volume of the international direct investment market. However, it is much less than the aggregate domestic market for portfolio investments in developed countries.

Thus, foreign portfolio investments are capital investments in foreign securities that do not give the investor the right to real control over the investment object. These securities can be either equity securities, certifying the property right of their owner, or debt securities, certifying a credit relationship. The main reason for portfolio investment is the desire to place capital in that country and in such securities in which it will bring maximum profit with an acceptable level of risk.

International portfolio investment is classified as it appears in the balance of payments. They are divided into investments:

In stock securities - a monetary document circulating on the market, certifying the property right of the owner of the document in relation to the person who issued this document;

Portfolio investment is

Debt securities - a monetary document circulating on the market, certifying the relationship of the loan of the owner of the document in relation to the person who issued this document.

Portfolio investment is

Equity securities

Thus, the international diversification of investments in stocks and bonds at the same time offers an even better risk-reward ratio than either of them, as evidenced by many empirical studies. In general, the optimal allocation of international assets increases the return on investment without the investor taking on greater risk. At the same time, there are huge opportunities in constructing an optimal portfolio to extract higher risk-adjusted returns.

In today's world, as barriers to international capital flows are lowered (or even removed, as in developed countries), and the latest communications and processing technologies data provide low-cost information on foreign securities, international investing holds very high potential for both generating returns and managing financial risks. Passive international portfolios (which are based on market capitalization weights published by many of the world's leading financial publications) improve risk-adjusted returns, but an active strategy to build an optimal portfolio has the potential to give the professional investor much more. In the latter case, the investment strategy bases the portfolio proportions of domestic and foreign investment on the expected benefits and their correlations with a shared portfolio.

Portfolio investment is

Debt securities

Debt securities - a monetary document circulating on the market, certifying the ratio of the credit of the owner of the document in relation to the person who issued this document. Debt securities may take the form of:

Bonds, promissory notes, promissory notes - monetary instruments that give their holder an unconditional right to a guaranteed fixed cash approach or to a variable cash income determined by agreement;

Money market instruments - monetary instruments that give their holder an unconditional right to a guaranteed fixed cash income on a certain date. These tools are sold on the market at a discount, the amount of which depends on the size interest rate and the time remaining to maturity. These include treasury bills, certificates of deposit, banker's acceptances, etc.;

Portfolio investment is

Financial derivatives - derivative monetary instruments having a market price that satisfy the owner's right to sell or purchase primary securities. Among them are options, futures, warrants, swaps.

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For the purposes of accounting for the international movement of portfolio investment in balance of payments the following definitions have been adopted:

Note / IOU - a short-term monetary instrument (3-6 months), issued creditor in your name under an agreement with a bank that guarantees its placement on the market and the purchase of unsold notes, the provision of reserve loans;

- Option- an agreement giving buyer the right to buy or sell a certain security or product at a fixed price after a certain time or on a certain date. Buyer pays him a premium seller in exchange for his obligation to exercise the above right;

Portfolio investment is

Portfolio investment is

At the same time, the share of portfolio investments in small and medium-sized Russian enterprises is quite low. This is due to the high risks of investing in such companies, which makes it difficult for them to attract foreign investment.

Portfolio investment is

Attracting foreign portfolio investment is also the most important task for the Russian economy. With the help of foreign portfolio investors, it is possible to solve the following economic problems:

Replenishment of the equity capital of Russian enterprises for the purpose of long-term development by placing shares of Russian joint-stock companies among foreign portfolio investors;

Portfolio investment is

Accumulation of borrowed funds by Russian enterprises for the implementation of specific projects by placing debt securities of Russian issuers among portfolio investors;

Replenishment of the federal and local budgets of the constituent entities of Russia by placing among foreign investors debt securities issued by the relevant authorities authorities;

Portfolio investment is

Effective restructuring of Russia's external debt by converting it into government debt. bonds with their subsequent placement among foreign investors.

The main flows of foreign portfolio investments attracted to the Russian Federation are:

Portfolio investment is

Portfolio investors' investments in shares and bonds of Russian joint-stock companies freely circulating on the Russian and foreign securities markets;

Investments of foreign portfolio investors in external and internal debt obligations of Russia, as well as securities issued by the subjects of the federation;

Portfolio investment in real estate.

Portfolio investment is

Problems of Optimal Achievement of Investment Goals

The Russian market is still characterized by negative features that impede the application of the principles of portfolio investment, which to a certain extent hinders the interest of market entities in these issues.

Portfolio investment is

First of all, it should be noted that it is impossible to maintain normal statistical series for most financial instruments, that is, the lack of a historical statistical base, which leads to the impossibility of using classical Western methods in modern Russian conditions, and indeed any strictly quantitative methods of analysis and forecasting.

The next problem of a general nature is the problem of internal organizations those structures that are engaged in portfolio management. As the experience of communication with our clients, especially regional ones, shows, even in many fairly large banks the problem of current monitoring of their own portfolio (not to mention management) has not yet been solved. Under such conditions, one cannot speak of any more or less long-term planning for the development of the bank as a whole.

Although it should be noted that recently departments and even portfolio investment departments have been created in many banks, however, this has not yet become the norm, and as a result, individual divisions of banks do not realize the general concept, which leads to reluctance, and in some cases to loss of the ability to effectively manage both a portfolio of assets and liabilities bank and client portfolio.

Regardless of the chosen level of forecasting and analysis, in order to set the task of forming a portfolio, it is necessary to clearly describe the parameters of each financial market instrument separately and the entire portfolio as a whole (that is, an accurate definition of such concepts as profitability and reliability of certain types of financial assets, as well as a specific indication, how to calculate the profitability and reliability of the entire portfolio based on these parameters). Thus, it is required to give a definition of profitability and reliability, as well as to predict their dynamics in the near future.

In this case, two approaches are possible: heuristic - based on an approximate forecast the dynamics of each type of asset and the analysis of the portfolio structure, and statistical- based on the construction of the probability distribution of the profitability of each instrument separately and the entire portfolio as a whole.

The second approach practically solves the problem of forecasting and formalizing the concepts of risk and return, however, the degree of realism of the forecast and the probability of error when compiling a probability distribution are highly dependent on the statistical completeness of information, as well as the market's exposure to changes in macro parameters.

After describing the formal parameters of the portfolio and its components, it is necessary to describe all possible models of portfolio formation, determined by the input parameters that are set by the client and the consultant.

The models used can have various modifications depending on the problem statement by the client. The client can form both term and perpetual portfolio.

Term-type securities, as you might guess from their name, have a certain period of validity, or, as economists say, a "lifetime", after which either dividends are paid or the security is canceled, depending on its type. At the same time, urgent papers are distinguished by three subspecies: short-term, medium-term and long-term. Short-term securities are a type of securities, the validity of which is limited to 1 year; medium-term have a "lifetime" of five or ten years, and long-term - about 20 to 30 years.

Perpetual securities are the most common type of securities, which traditionally exist in documentary "paper" form. Perpetual securities have no restrictions on the term of their circulation, since it is not regulated by anything. These securities exist "forever" or until such time as they are repaid. At the same time, the repayment period itself is also not regulated when issuing.

At the same time, the development of the economy around the world has led to the fact that even perpetual securities began to be issued in non-documentary form, that is, exclusively in the form of a register of owners. Such a decision sometimes greatly simplifies the system of control over the circulation of securities.

The portfolio can be replenished or withdrawn.

The replenishment of the portfolio is understood as the opportunity within the framework of the already existing agreements increase the monetary value of the portfolio at the expense of external sources that are not the result of an increase in the initially invested aggregate of money supply.

The recallability of a portfolio is an opportunity, within the framework of the current agreement, to withdraw part of the funds from the portfolio. Replenishment and recall can be regular or irregular. The portfolio replenishment is regular if there is a schedule of receipt of additional funds approved by the parties. Model modifications can also be determined by client-specified risk limits.

It is also appropriate to introduce a restriction on the liquidity of the portfolio (it is introduced in case the client has an unforeseen need in the contract to urgently disband the entire portfolio). The liquidity level is defined as the number of days required to complete conversions all assets of the portfolio into cash and transfer them to the client's account.

The next block of problems is directly related to the solution of optimization problems. It is necessary to determine the main optimization criterion in the portfolio formation procedure. As a rule, only profitability and risk (or several types of risks) can act as objective functions (criteria), and all other parameters are used as restrictions.

When forming a portfolio, there are three main formulations of the optimization problem:

Portfolio investment is

- objective function - profitability (the rest - in restrictions);

- objective function - reliability (the rest - in limitations);

- two-dimensional optimization in terms of "reliability-profitability" parameters, followed by the study of the optimal set of solutions.

It often happens that a small decrease in the value of one criterion can be sacrificed for the sake of a significant increase in the value of another (with one-dimensional optimization, this kind of possibility is absent). Naturally, multidimensional optimization requires the use of a more complex mathematical apparatus, but the problem of choosing mathematical methods for solving optimization problems is a topic for a special discussion.

Sources and links

en.wikipedia.org - Wikipedia, The Free Encyclopedia

finic.ru - Finance and loans

Legal encyclopedia More, V. R. Evstigneev. The monograph examines various strategies of portfolio investors in the developed (American) and developing domestic stock market. The author shows that the specifics of the developing ...