第九章：投资基础知识
课程学习目标：
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9.1 Understanding Income from Investments
- 兴趣： 从存款账户或债券中赚取的钱。使用存款或借出的资金，按照预定的利率支付利息。
- 考虑一只债券，该债券投资 $10,000，每年支付 5% 利息，每年产生 $500 的利息收入。
- 考虑一只债券，该债券投资 $10,000，每年支付 5% 利息，每年产生 $500 的利息收入。
- 股息： 从公司收益中支付给股东的款项。股息为股东在公司股权上的投资提供回报。
- 如果您拥有某公司的 100 股股票，该公司每年支付每股 $1 的股息，那么您每年将获得 $100 的股息。
- 如果您拥有某公司的 100 股股票，该公司每年支付每股 $1 的股息，那么您每年将获得 $100 的股息。
- 资本收益： 投资以高于其购买价的价格出售时获得的利润。资本收益是投资价值随时间增加而产生的一种收入形式。
- 以 $100 的价格买入股票，然后以 $150 的价格卖出，将获得每股 $50 的资本收益。
- 以 $100 的价格买入股票，然后以 $150 的价格卖出，将获得每股 $50 的资本收益。
数字： $1 投资的增长：1926-2013 年
描述：
The chart illustrates the growth of a $1 investment over the period from 1926 to 2013 across various investment indices, with dividends and capital gains reinvested. The indices include Small Company Stocks, the S&P 500 Index, Intermediate Bonds, One-Month U.S. Treasury Bills, and the U.S. Consumer Price Index. The chart emphasizes the superior growth of small company stocks, which grew to nearly $17,000 by the end of 2013, outpacing other indices.
要点：
- 小型公司股票的优异增长：1926 年对小公司股票的 $1 投资到 2013 年底增长到近 $17,000。
- 标准普尔 500 指数： 多年来一直保持持续增长，尽管不如小公司股票那么明显。
- 中期债券和国库券：与股票相比，增长稳定但更为温和。
- 美国消费者物价指数：作为通货膨胀的衡量标准，显示美元的购买力随时间的下降。
信息应用：
该图表强调了股票（尤其是小型公司股票）的长期增长潜力，尽管市场周期性低迷。然而，它也凸显了多元化的重要性，因为不同的资产类别提供不同的风险回报状况。对于投资者来说，了解历史增长模式可以为做出配置决策提供背景信息，强调平衡投资组合的重要性，该投资组合既考虑增长潜力，又考虑风险承受能力。
数字： $1 的长期增长：股票 vs 债券 vs 通货膨胀
描述：
该图表显示了 $1 投资在一段较长时期内的增长轨迹，比较了股票、债券和通胀的表现。该图表强调了股票在长期内的巨大增长潜力，超过了债券和通胀。
要点：
- 股票长期表现优异： 从历史上看，从长期来看，股票的回报高于债券，且涨幅超过通货膨胀。
- 债券提供稳定性： 虽然债券可能无法提供与股票相同的增长潜力，但它们提供稳定性和收入，尤其是在动荡的市场条件下。
- 通货膨胀的侵蚀效应： 该图表强调了由于通货膨胀，美元的购买力随着时间的推移而下降。
- 多样化是关键： 由股票和债券组成的平衡投资组合可以帮助降低风险并实现预期的财务结果。
信息应用：
该图表证明了投资组合多元化的重要性。虽然股票具有增长潜力，但波动性较高。另一方面，债券则提供了稳定性，可以在市场低迷期间充当缓冲。对于投资者来说，了解这些资产类别的历史表现可以指导配置决策，确保投资组合符合他们的风险承受能力和财务目标
9.2 Types of Investments and Their Purpose
- 股票： 股权投资可让您拥有一家公司的所有权。股票具有高回报的潜力，但风险也较高。 例如，购买苹果公司的股票可让您获得部分所有权。
债券：
债务投资，即投资者将资金借给某个实体（企业或政府），该实体以浮动或固定利率在规定期限内借入资金。债券通常被认为比股票更安全，但潜在回报较低。 美国国债是政府提供的贷款，预期会连本带利偿还。
共同基金：
由股东出资、进行多元化持股交易并由专业人员管理的投资计划。 投资先锋共同基金可以分散您在众多股票或债券中的风险。
- 指数基金： 一种共同基金，其投资组合的构建旨在匹配或跟踪市场指数的成分，能够以较低的运营费用提供广泛的市场敞口。
交易所交易基金 (ETF):
与共同基金类似，但像个股一样在证券交易所交易， 例如 SPDR 标准普尔 500 指数 ETF 它们提供流动性并且成本较低。
房地产：
投资房地产，可以直接购买房地产，也可以间接通过房地产投资信托 (REIT) 进行投资。
- 货币市场和年金： 货币市场为短期投资提供了安全的地方。年金是提供有保障的收入来源的金融产品。
9.3 Tax Implications and Expenses
投资适用不同的税率，从而影响其税后回报。了解利息、股息和资本收益的税务处理方式对于评估信贷的真实成本和投资的实际回报至关重要。
购买、出售和持有金融资产的费用，例如管理费、佣金和费用率，直接影响投资的回报率。
股票、债券、共同基金、指数基金和 ETF： 这些投资的收入可以以各种方式征税。股票和共同基金的股息可能符合较低的税率，而债券利息通常作为普通收入征税。出售这些投资的资本收益如果持有时间不到一年，则按短期（普通收入税率）征税，如果持有时间较长，则按长期（降低税率）征税。
股票： 如果股票以盈利的方式出售，则需缴纳资本利得税，税率取决于持有期。
债券： 利息收入按普通收入税率征税。
互惠基金：股息和资本利得分配均需纳税。
房地产：租赁房产的收入作为普通收入征税，但投资者可以扣除费用和折旧。出售房地产可能会产生资本利得税。
货币市场和年金： 货币市场账户的利息作为普通收入征税。年金提供延税增长，但提款作为普通收入征税，提前提款可能会招致额外罚款。
商品：出售黄金或石油等商品的利润作为资本利得征税。可能适用特殊规则（如收藏品规则），这可能导致更高的税率。
9.4 Investment Risk and Return
- 风险与收益之间的关系是投资的基础。一般来说，高风险投资有较高的收益潜力，而低风险投资的收益则较为适中。
- “蓝筹”股票来自大型、成熟的公司，与投机性的互联网初创公司相比，其风险和回报通常较低，而后者可能提供高回报，但也承担着较高的亏损风险。
- 与波动性的互联网初创公司相比，投资强生这样的“蓝筹”股票可能会提供更稳定的回报和更低的风险，这反映了风险和潜在回报之间的权衡。
- 与波动性的互联网初创公司相比，投资强生这样的“蓝筹”股票可能会提供更稳定的回报和更低的风险，这反映了风险和潜在回报之间的权衡。
- 多样化 跨不同类型金融资产进行投资可以降低投资风险，确保投资组合不会过度依赖单一投资的表现。
- 例如，同时拥有防晒霜和遮阳伞市场的业务，无论天气如何都能提供稳定性，而不像同时拥有两家防晒霜业务那样，如果海滩天气恶劣，业务就会受到影响。
- 拥有互补季节性行业（例如滑雪胜地和海滩胜地）的投资者可以实现收入来源多样化，与拥有两个滑雪胜地相比，可以降低整体业务风险。
Speculative Investments
Speculative assets — such as collectibles, precious metals, and cryptocurrencies — carry higher risks due to extreme price volatility and the lack of consistent income streams.
例子：
- Bitcoin may triple in price in a year — or lose 80%.
- Rare baseball cards can gain value rapidly or drop if market interest fades.
Because these assets don’t provide regular income like dividends or interest, they rely entirely on price appreciation and are considered highly speculative investments.
9.5 Growth Stocks vs. Value Stocks
- Growth Stocks: Companies expected to grow earnings at an above-average rate compared to others. Investors buy them hoping for rapid price appreciation. (Example: Tech startups like Tesla or Meta.)
- Value Stocks: Companies considered undervalued relative to fundamentals (like earnings). These tend to offer dividends and slower but steadier returns. (Example: Johnson & Johnson, Procter & Gamble.)
Why it matters: Growth stocks are riskier but offer higher potential returns. Value stocks are typically more stable and suited for risk-averse investors.
- Growth Stocks: Companies expected to grow earnings at an above-average rate compared to others. Investors buy them hoping for rapid price appreciation. (Example: Tech startups like Tesla or Meta.)
9.6 Benchmarking Investment Performance
与基准比较：
投资者经常将投资组合的表现与标准普尔 500 指数等成熟市场指数进行比较，以衡量其投资策略的有效性。例如，投资组合主要由大盘股组成的投资者可能会使用标准普尔 500 指数作为基准，以评估其投资选择的表现是优于、匹配还是低于大盘表现。
数字： The Importance of Choosing the Right Benchmark
描述：
This image illustrates the concept of benchmarking in the world of investing, which is the practice of measuring the performance of an investment portfolio against a specific standard. It emphasizes that a benchmark, often a market index like the S&P 500, serves as a critical yardstick for success. The central message is that benchmarking provides essential context to an investor’s returns.
要点：
- A benchmark is a standard, typically a market index, against which the performance of an investment portfolio or a fund manager is measured.
- The main goal of benchmarking is to determine if an investment strategy is outperforming (doing better than) or underperforming (doing worse than) the broader market.
- It is crucial to select an appropriate benchmark; for instance, a portfolio of international stocks should be compared to a global index, not a domestic one.
- Consistent outperformance of a relevant benchmark is often considered a sign of a skilled investment manager or a successful investment strategy.
- As an investor, you must use benchmarking to objectively evaluate the performance of your own investments or any mutual fund you own.
- It helps you understand if your returns are due to your specific investment choices or simply because the entire market is going up.
- When setting investment goals, you should also identify the correct benchmark that you will use to measure your progress and success over time
了解基准指数：
热门的基准指数包括标准普尔 500 指数（大型股）、道琼斯工业平均指数（30 家重要的美国公司）和纳斯达克综合指数（科技股指数）。通过比较这些指数的表现，投资者可以了解各个细分市场的趋势。例如，如果纳斯达克综合指数在某一年的表现明显优于标准普尔 500 指数，则可能表明科技行业表现强劲。
跟踪市场指数的ETF的优势：
跟踪市场指数的交易所交易基金 (ETF) 比主动管理型共同基金或个股和债券投资具有多项优势。首先，它们提供多元化投资，降低了投资单一股票或行业的风险。例如，跟踪标准普尔 500 指数的 ETF 可投资于不同行业的 500 家不同公司。其次，ETF 的费用率通常低于主动管理型基金，因此对投资者来说是一种经济实惠的选择。最后，ETF 具有流动性和灵活性，因为它们可以在交易日内像股票一样买卖。
实例：
假设一位投资者正在评估一只年费为 1% 的主动管理型共同基金和一只年费为 0.03% 的标准普尔 500 指数 ETF。20 年来，费用差异可能会对净回报产生重大影响，尤其是当共同基金未能持续跑赢标准普尔 500 指数时。此外，ETF 提供广泛的市场敞口，从而减轻了主动管理型基金因选股不当或行业低迷而导致业绩不佳的风险。
Why Benchmarking Matters
Investors use benchmarks like the 标准普尔 500 或者 罗素2000 to compare their portfolio’s performance against broader markets.
- If your portfolio returns 5%, but the S&P 500 returns 8%, you are underperforming.
- Investing in ETF that track these indices ensures that your portfolio matches market returns at low cost, avoiding underperformance due to high fees or poor stock picking.
短期投资与长期投资
短期投资（如储蓄账户或短期债券）的回报率通常低于长期投资（如股票或长期债券）。这反映了长期内更大的不确定性和增长潜力。
Long-Term Bonds vs. Short-Term Bonds
Bonds with longer maturities generally offer higher interest rates (yields) because they expose investors to more risks over time — such as inflation or rising interest rates.
- A 30-year Treasury bond might offer 4%,
- A 2-year Treasury bond might offer only 2.5%.
This reflects the fundamental investing principle that the longer investors commit money, the more return they expect as compensation for uncertainty
9.7 Influence of Economic Factors on Investment Prices
利率、经济状况和政府政策都会影响金融资产的价值。例如，利率上升通常会导致债券的当前价值下降。
政府提供关键的监督以确保市场公平透明并保护投资者。例如，有关公司财务状况的准确信息对于做出明智的投资决策至关重要。
由于新债券以更高的利率发行，利率上调会降低现有债券的市场价值，从而使旧债券的吸引力降低。
9.8 Modern Financial Technology in Investing
The evolution of financial technology—often referred to as “fintech”—has profoundly transformed the investment landscape, making it more accessible, efficient, and personalized. One of the most impactful developments is the emergence of robo-advisors, which use algorithms and artificial intelligence to build and manage investment portfolios based on an individual’s risk tolerance and financial goals. These platforms, such as Betterment and Wealthfront, typically charge lower fees than traditional human advisors, enabling everyday investors—especially younger or first-time investors—to enter the market with ease.
Figure: Key Financial Technology (FinTech) Trends
描述：
This image highlights some of the most important technology trends that are currently transforming the financial services industry. It likely showcases innovations such as Artificial Intelligence (AI), Blockchain， 和 Digital Banking as key drivers of change. The graphic’s purpose is to provide a quick visual overview of the technologies shaping the future of finance.
要点：
- Financial Technology (FinTech) refers to the use of technology to improve and automate financial services, making them more efficient and accessible.
- Artificial Intelligence (AI) 和 Machine Learning are being used for everything from fraud detection and credit scoring to personalized financial advice through robo-advisors.
- Digital Banking has shifted services from physical branches to mobile apps and websites, offering customers 24/7 access to their accounts.
- Blockchain technology offers the potential for highly secure and transparent transactions, which could revolutionize areas like payments and asset transfers.
信息应用：
- Understanding these FinTech trends is essential for anyone interested in the future of finance, as they are fundamentally changing how we save, borrow, and invest.
- As an investor, identifying companies that are effectively using these technologies can point to significant growth opportunities.
- This knowledge helps you appreciate how technology is making financial services more efficient, secure, and customer-focused, which impacts everything from your personal banking to the global economy.
Digital currencies like Bitcoin and Ethereum have introduced an entirely new asset class. These decentralized, blockchain-based currencies offer the potential for high returns and innovation in financial systems but also come with significant volatility, limited regulation, and security risks. As a result, investors must approach crypto assets with caution, balancing opportunity with proper research and risk management.
Additionally, discount brokerage apps like Robinhood, Fidelity, and Charles Schwab have eliminated traditional barriers such as high trading commissions and account minimums. These tools empower users to trade stocks, ETFs, and even fractional shares directly from their smartphones. However, while this ease of access promotes financial inclusion, it can also encourage impulsive trading behaviors, particularly among inexperienced investors, and raises concerns about the “gamification” of investing.
Fintech has also introduced micro-investing platforms like Acorns and Stash, which allow users to invest small amounts of money, often by rounding up daily purchases and investing the spare change. This fosters early investment habits and helps users build wealth incrementally over time.
Despite these innovations, investors must remain vigilant. Issues such as data privacy, cybersecurity, lack of financial literacy, and the emotional impact of market fluctuations are more prevalent than ever. As such, it’s essential to combine modern tools with sound financial education, diversified strategies, and a long-term mindset to take full advantage of what financial technology offers while mitigating its risks.
9.9 Investment Accounts
退休账户（401（k）、IRA）、教育储蓄账户（529计划）和应税投资账户各自服务于特定的投资目标，提供各种税收优惠和影响。
数字： Types of Investment Accounts
描述：
This image provides a helpful overview of the different types of investment accounts that are available for individuals to build wealth. It categorizes the accounts based on their purpose, primarily distinguishing between tax-advantaged retirement accounts (like 401(k)s and IRAs) and standard taxable brokerage accounts. The goal is to illustrate that different accounts are designed to help you achieve different financial goals.
要点：
- Investment accounts can be divided into two main categories: retirement accounts, which offer special tax benefits, and taxable accounts, which offer more flexibility.
- Employer-sponsored accounts, such as a 401（k）, are a popular way to save for retirement and may come with valuable company matching contributions.
- 个人退休账户（IRA）, like the Traditional IRA or Roth IRA, are opened by individuals and also provide significant tax advantages for long-term saving.
- A standard taxable brokerage account allows you to buy and sell investments like stocks and bonds at any time but does not offer the same tax breaks as a dedicated retirement account.
信息应用：
- Understanding these different account types is the first step in creating an effective and tax-efficient 投资计划.
- For retirement savings, it’s often wise to prioritize contributing to 税收优惠账户 first, especially if your employer offers a 401(k) match.
- The choice of which account to use depends on your specific financial goals, your employment situation, and your timeline for needing the money.
- 退休账户 （例如 401（k）、IRA）提供税收优惠以鼓励退休储蓄。 401(k) 和 IRA：提供税收优惠，方便退休储蓄。例如，Roth IRA 提供免税增长和提款。
- 教育账户 （例如 529 计划）为教育费用提供免税增长。 529 计划：未来教育费用的储蓄计划，提供税收优惠。
- 应税账户 提供灵活性，但缺乏特定的税收优惠。每种账户类型都有自己的一套规则、优惠和限制，影响投资选择。
Target Date Retirement Funds
Target Date Funds automatically adjust their asset allocation based on a target retirement year.
- Early years: Heavily invested in stocks for growth.
- Approaching retirement: Shift towards bonds and cash for stability.
Example: A “Target Date 2050 Fund” will be aggressive now, but by 2045, it will become more conservative, protecting accumulated savings.
9.10 Decision-Making in Investing
- 投资者的风险承受能力受个人因素和生活环境的影响，决定了他们的投资选择和策略。了解个人的投资状况对于建立符合个人目标和风险承受能力的投资组合至关重要。
- 政府的职责包括确保金融市场的透明度和公平性，使投资者能够根据准确的公司数据做出明智的决策。
- 退休人员可能优先考虑稳定和收入，青睐债券或派息股票，而年轻的单身人士可能通过高风险投资追求增长。
9.11 Understanding Personal Risk Tolerance
An individual’s risk tolerance — the ability and willingness to endure declines in the value of investments — is shaped by factors such as age, income, financial stability, life goals, and personal comfort with uncertainty.
例子:
- A young professional with a secure job may be more comfortable investing in volatile stocks.
- A retiree living on a fixed income may prefer conservative investments like bonds.
Understanding personal risk tolerance is crucial to developing a portfolio that matches an individual’s financial goals and emotional ability to handle market fluctuations.
9.12 Managing Investment Expenses and Understanding Returns
- 了解与投资相关的成本（例如费用和税金）及其对回报的影响对于有效的投资管理至关重要。
- 管理投资的成本，例如共同基金的管理费（费用比率）、买卖股票的佣金和运营成本，都会降低投资者的净回报。
- 例如，费用率为 1% 的共同基金每年将使您的投资收益减少 1%，随着时间的推移，这种减少会显著增加，从而减少总累计金额。购买费用率为 1% 的共同基金意味着您每投资 $1,000 美元，每年就要支付 $10 美元，这会直接减少您的收益。如果该基金的市场表现产生 7% 的收益，那么扣除费用后，投资者实际获得的收益为 6%。
市场动态和投资定价
市场上金融资产的价格由买卖双方的集体行动决定。例如，债券的预期风险增加可能会导致其价格下跌，因为买家要求承担更大风险以获得更高收益，从而影响卖家的收益和买家的未来回报。
金融知识和专业建议
- 应对投资的复杂性通常需要专业建议。选择合适的理财顾问需要考虑专业知识、经验、费用和投资理念等因素。
- 选择财务顾问时，请考虑他们的资质（CFP®、CFA）、经验、费用结构和投资理念。关于费用和投资策略的透明沟通至关重要。
9.13 Choosing a Financial Professional
When seeking investment advice, selecting a qualified professional is critical. Look for:
- Certifications: CFP® (Certified Financial Planner), CFA® (Chartered Financial Analyst)
- Licensing: Ensure they are registered with FINRA or the SEC.
- Fee Structure: Understand if they are fee-only (preferred) or commission-based.
- 经验: Longer track records and client testimonials add trustworthiness.
了解信息的重要性
- 成为一名知情投资者需要不断学习并及时了解市场状况、监管变化和新的投资机会。这种积极主动的方法有助于做出符合长期财务目标的明智决策。
9.14 Role of Federal Regulators and Insider Trading
Federal agencies like the Securities and Exchange Commission (SEC) ensure companies provide accurate, full financial disclosures to protect investors.
Insider Trading, where individuals act on confidential company information before it’s public, is illegal because it gives unfair advantage and undermines trust in markets.
The SEC actively investigates insider trading cases and can impose heavy fines and penalties, maintaining fairness and integrity in financial markets.
9.15 Digital Currency as an Investment
比特币等数字货币是受市场需求影响的波动性投资。它们提供了投机机会、交易隐私以及无需传统银行费用的国际支付，但由于其波动性和监管不确定性，它们也承担着巨大的风险。
投资策略和原则
- 制定长期投资策略可以利用复利的力量，随着时间的推移显著影响财富积累。
- 跨资产类别（股票、债券、房地产）进行多元化投资可以降低风险并带来更稳定的回报。
通过了解投资的基本方面，包括回报机制、监管框架以及风险承受能力和多样化等战略考虑，投资者能够更好地做出符合其财务目标和风险偏好的明智决策。
Risks and Volatility in Digital Currencies
Digital currencies like Bitcoin are extremely volatile.
- Bitcoin’s price rose from ~$5,000 to ~$65,000 in a few years, then crashed to ~$20,000.
- Cryptocurrencies are also subject to regulation risks, technological issues, and lack of consumer protections compared to traditional investments.
Investors should limit crypto exposure to a small, speculative part of a diversified portfolio.
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