V2_2011年6月CFA一级Alternative-李&aeli

V2_2011年6月CFA一级Alternative-李&aeli

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金程教育 2011 6 CFA 一级基础班讲义 Alternative Investments 讲师:李斯克 011 日期: 2011 3 地点:■上海 □ 北京 □深圳 上海金程国际金融专修学院 1
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教师简介 ¾ 李斯克 金程高级培训师 CFA 三级候选人 ¾ 职称 金程教育金融研究院高级研究员、高级培训师、 CFA 三级候选人 ¾ 教育背景 上海交通大学学士学位、德国 Karlsruhe 大学学士学位、上海交通大学硕士学 ¾ 工作经验 曾服务于兆威投资咨询管理有限公司,从事房地产 PE 股权投资,有丰富的房 地产投资宏观分析、实务开发经验,此外还服务于花旗银行全球资产交易服 ynovate 场咨询有限公司等 务部、 Synovate 市场咨询有限公司等。 ¾ 授课 FA® Level I 20 FA® Level II 10 课范围广泛 生品投资 讲授 e v e 0 次, e v e 0 次,授课范围广泛:衍生品投资、 权益投资、公司财务、固定收益投资、财务报表分析、经济学、投资组合、 资产配置、个人理财、私募投资、折合现金流模型( DCF )建模等,此前在 东方任英语讲师 学经验丰富 100% Contribution Breeds Professionalism 2-49 49 新东方任英语讲师,教学经验丰富。
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CFA 一级课程框架 Study Session 1 Ethics & Professional Standards 15 Study Session 2-3 Quantitative Methods 12 Study Session 4-6 Economic Analysis 10 Study Session 7-10 Financial Statement Analysis 20 Study Session 11 Corporate Finance 8 Study Session 12 Portfolio Management 5 Study Session 13-14 Equity Investments 10 Study Session 15-16 Fixed Income Analysis 12 Study Session 17 Derivative Investments 5 Study Session 18 Alternative Investments 3 Total: 100 100% Contribution Breeds Professionalism 3-49 49
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Framework of Alternative Investments R74 Alternative Investments 75 Investing in Commodities R75 Investing in Commodities 100% Contribution Breeds Professionalism 4-49 49
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Framework of alternative investments Open Open-end& closely end& closely-end fund end fund Fund ETF Real estate investment REITs aluation methods: NOI, CF Alternative Venture capital Valuation methods: NOI, CF Stage alculate NPV Investments Hedge fund Calculate NPV Benefits Benefits &drawbacks drawbacks urvivorship Bias sks Survivorship Bias Survivorship Bias & risks risks Commodity Commodity-linked securities linked securities ommodit f t re ret rn securities& commodities Commodity future return Contango & Backwardation 100% Contribution Breeds Professionalism 5-49 49 Active strategies
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R73. Alternative Investments ¾ Open-end fund VS. closed-end fund Open Open-End Fund End Fund 9 Trading – Ready to redeem shares at the closing value on any trading day 9 Liquidity – Provided by the investment company managing it Close Close-End Fund End Fund 9 Trading – Traded (after issuance) in the secondary market through rganized exchanges (e g NYSE) organized exchanges (e.g., NYSE) 9 Liquidity – Determined in the open market, price different from NAV
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This note was uploaded on 11/02/2011 for the course FINANCE 612 taught by Professor Liyang during the Spring '11 term at Covenant School of Nursing.

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V2_2011年6月CFA一级Alternative-李&aeli

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