Vashandi Vatsva Vanofanira Kusarudza Kuchengetedzwa Pamusoro Pokurima Paunenge Uchitenga Bond
Nzara inokosha kukosi wevatengesi uye baba vekuchengetedzwa kwekuchengetedzwa Benjamin Graham aifarira kutaura achiti, "Mari yakawanda yakarasikirwa kusvika kune imwe chibereko chekuwedzera [pane bhadha yekutsvaga] pane yakatorwa pamurongo wepfuti".
Dzimwe nguva izvi zvinobva pakubuda kunze kwenguva yakareba yehuwandu hwekukura, kuwedzera nguva yehukama. Kazhinji, zvinoitika kuti vashandi vezviitiko vasina ruzivo vanoona mazai ekuona maziso aripo pane izvo zvinonzi zvisungo zvisingabatsiri , vachicherechedza chete mari yepamusoro yekutora inobhadhara pasina kufunga nezvekukwanisa kuenzaniswa kwekusavapo (kuverenga: kwete kuwana mari yako zvakare musi hutano hwakakura uye, panzvimbo payo, huri kukwanisa kugamuchira chiziviso bhizinesi rakaiswa nokuda kwekuparadzwa). Kakawanda, vangave vari nani pakutenga mari yekuchengetedza mari kana bhadha index iyo 1.) isingashandisi, uye 2.) inoshanda padzibhadhari . Nenguva iyo vanodzidza izvi zvishoma, zvakanyanyisa. Vanhu vane chimiro chisingazivikanwi chekukandira mari yavo yakaoma-yakawana muzvinhu zvavasingagoni kutsanangura kune wechitatu muchengeti, uyo kazhinji ari mureza mutsvuku.
Kuti uwedzere maitiro ako ekubudirira kuchengetedza mari yemhuri yako paunenge uchiita mari isina mari kubva pazvisungo, unoda kuziva kuti chikwereti chekodhi chinoshanda sei; kunyanya, mabhizimisi ehurumende anosarudza sei zvikwereti zvichienderana nemukana uyo anopa chikwereti achange asiripo, asingafariri chikwereti kana kubhadhara kukuru.
Paunenge Uchiisa Muzvikwereti, Funga nezveKuda Mari
Chokutanga, ngatidzokerei kwechinguva. Pasinei nokuti uri kukweretesa mari kune shamwari kana kuHome Fortune 500, kune ngozi yokuti mari yacho haingadzokorwi. Zvinhu zvisingatarisirwi zvinoitika. Hakusi kurega izvi. Nokuda kwechikonzero ichocho, iyo yakanyanyosimbiswa chirevo chekuwana mari , chikamu chemari , uye mari yekubuda kwemari yeakwereta, iyo yakaderera chikamu chekufarira iwe unogona kukumbira sezvaunenge uchiziva kuti pane mikana shomanana iwe uchasiyiwa kumusoro uye wakaoma.
Ukama uhwu hunowanzobata zvokwadi pasinei nezvimwe zvose zvinokonzera, mu-high-interest rates rate uye nzvimbo dzakaderera dzezinga.
Kumasuo emunharaunda , pane mimwe miedzo yekuchengeteka iwe unogona kumhanyira kuchengetedza iwe wekutsvaga. Nokuda kwezvisungo zvekambani, unogona kuverenga hutengo hwekwereti hwekambani uchishanda iwe pachako kuburikidza nekupfuura nematauri ezvemari nekushanda zvinhu zvakadai sechirongwa chekugoverwa kwechido kana chikwata chekubhadhara chikwereti. Izvi zvinokuzivisa iwe kuti mari yakawanda sei iyo inogona kurasikirwa isati yasvika pangozi yekusava nemari yakakwana yekukutumira iwe chakanga chavimbisa. Zvimwe, unogona kukwevera chikwereti chechikwereti chechibvumirano chaicho kubva kune imwe sangano yakadai se Standard uye Poor's, Moody, kana Fitch. Aya mabhizimusi anoshandisa mazana evatsvakurudzi vasina chavanoita asi kuverenga nhamba dzakadaro zuva-muna uye masikati-kunze, kupa dhidhii gwaro rakafanana neyaunogona kugashira pane kupereta kwepelisi kuchikoro chepuraimari. Pasinei nokukundikana kwepamusoro, kunyanya munguva yep-prime crisis, masangano ehutano ehurumende akawanzoita basa rakanaka kufanidzira kushayikwa kwemari kuburikidza nekukwereta kwekwereti.
Chimwe nechimwe chinonyanya kuongororwa sangano ndiyo inonyanya kufanana maererano nemagumisiro uye nzira asi asi nokuda kwezvinangwa zvechikamu chino, tichatenderera kune Standard uye Poor's ranking system.
S & P inoparadzanisa zvisungo mu "bhizinesi yekutsvaga" uye "bhizinesi rekutsvaga" uchishandisa makero akasiyana-siyana (ona pasi apa). Cherechedza kuti zvikamu zvezvinotsanangurwa izvi zvakatorwa sezvinyorwa zvakananga kubva mumabhuku eS & P's nekugadzirisa zvigadziriswa zvishoma kuti zvive nyore kune mubatanidzwa wezvisungo kuti anzwisise.
Maitiro uye Mashoma ekutsvaga Chikwereti Bond Ratings
Bhuku rekutsvaga mabhizimusi rinonzi rakachengeteka kudarika zvimwe zvisungo nokuti zvigadzirwa zvevabudisi zvakakwana kuti varatidze kukwanisa kwakakwana kubhadhara zvisungo. Mitemo yakawanda nemitemo iri muUnited States inoda hurumende uye zvirongwa nezvisungo zvekuchengetedza, zvakadai semakambani einishuwarenzi nemari yepensheni, kushandiswa chete kana kuti kunyanya mukushambadzira mabhizinesi ebhizinesi. Bank trust madhipatimendi , nenzira yekuenzanisira, ichaendeswa kune imwe chete munharaunda iyi.
- AAA = Nhare yakasimba yekugadzirisa zvipimo zvemari.
- AA = Nhare yakasimba yekusangana nemhiko dzezvemari.
- A = Simba guru rekugadzirisa zvipikirwa zvezvemari, asi zvimwe zvinogona kukanganisa mamiriro ehupfumi uye kuchinja mumamiriro ezvinhu.
- BBB = Kukwanisa kukwanise kugadzirisa zvipikirwa zvemari, asi zvakawanda zvinotarisana nemamiriro ezvinhu ehupfumi ehupfumi.
Nhepfenyuro uye Varombo Vasingatengesi Bhizinesi Bond Ratings (aka "Junk Bonds)
Nhengo dzepasi-pasi dzakabatana dzinofungidzira. Pane mukana wakaisvonaka iwe haungatori chikwereti chako chikuru kana chikwereti zvachose, chakakwana kana chikamu. Iyo inonyanya kuipa kana ichiwanikwa neine chikwereti chemari, sezvave iine fad munguva ichangopfuura ine zvimwe zvikwereti zvakanyanya zvehupfumi mari iyo iri kuedza kugadzirisa mari yakaderera-inowanikwa nehuputi hwejicing inodzoka. Zvinondityisidzira kurasikirwa kune vamwe vatengi vanozviisa pachena, vachifunga kuti vakachengeteka nokuti shoko rokuti "bond" riri mumabhuku.
- BB = Vashoma vanotambudzwa munguva iri pedo asi vanotarisana nekusava nechokwadi kwakanyanya kuenderera mberi kushandura mabhizinesi, mari uye zvehupfumi.
- B = Zvimwe zvinowanzoshungurudzwa nebhizimisi, mari uye zvehupfumi asi ikozvino ine simba rokusangana nekuzvipira kwemari.
- CCC = Iye zvino akachengetedzwa uye anovimba nemabhizimisi anofanirwa, mari uye zvehupfumi kutarisana nemhiko dzezvemari.
- CC = Iye zvino anonyanya kuoma.
- C = mhemberero dzepamusana pekuchengetedzwa uye zvimwe zvinotsanangurwa mamiriro ezvinhu.
- D = Kubhadhara kusagadzikana pane zvipimo zvemari.
Vose mabhizimisi ekutsvaga mabhizimisi uye kusina kwekutsvaga mabhizimisi ebhidhiyo yakarongwa AAA kuburikidza neCCC inogona kuchinjwa nechisimbiso (plus) + kana kuti (-) kuratidzira kuenzaniswa kwechikamu mukati mechikamu chacho. Semuenzaniso, AAA + inoonekwa seyepamusoro-soro yekushambadzira bhizinesi bhizimisi apo BBB- inofungidzirwa kuti ndiyo yakaderera yepamusoro yekushambadzira bhizinesi bhizinesi. Panguva iyi, BB + inonzi inonyanya kukoshesa, kana kusina basa, musungo, apo CCC- inonzi inonyanya kukoshesa maitiro, kana kusagadzikana, kusungwa.
Kana iwe ukaona chisungo chakanzi "NR kana NA", izvo zvinoreva "Hauna kuverengwa" kana "hazviwaniki". Kana iwe ukaona bvumo yakarongwa "WD" iyo inoreva kuti "Kurega kubviswa". Kune zvikonzero zvakasiyana-siyana izvi zvingava zvakadaro asi kana ukazviona, zvichida zvakanakisisa kuti usachengete kuchengeteka. Murairo wekutanga wekutsvaga kwekuchengetedza usingawanzo kuwana chimwe chinhu chausinganyatsonzwisisi. Kune zvakawanda zvepamusoro-bhidhiyo, hutano hwehutano hwehutano hunowanikwa (mushamba wehutano hukuru zvikuru kupfuura yemusika wekutengesa maererano nehuwandu hunokosha) saka hapana chikonzero chokuita zvinhu zvakaoma kupfuura zvavanoda kuva. Iyi ndeimwe yezviitiko apo mutemo we "KISS" unoshanda .
Izvo zvibvumirano zvesungano ndezvakanaka zvekugadzirisa bhadha yechikwereti. Izvo zvisinganzwisisiki yehutano-bhizinesi bhizinesi yekuwira mujunk bond status (kana izvi zvichiitika, hutano hunonzi "ngirozi yakarara"). Chero bedzi iwe une hurongwa hwakasimba hwekutengesa zvisungo izvo zvinowira pasi pehuwandu hunotenderwa kukosha kwekudiwa, kunyange kana zvichireva zvinokonzera kurasikirwa kukuru, iwe unogona kunyanya kudzivisa zviitiko zvezvinhu zvinotyisa zvaunoona kune vanhu vanotenga zvinhu sepenny mashizha. (Uye kwete, musati mavakumbira, kubhadhara mari yepennyisi inenge iri nguva yakaipa pfungwa .) Kupa muenzaniso wenyika chaiyo wezvinorevei muzvikamu zvakasvibirira, regai titarise nguva shomanana yezvakaitika apo hupfumi hwakanga huri mumatambudziko.
- Bond Zvinyorwa Zvakaitika MuHurumende Kukuruka kwegore ra2009: Mukudzika kweKukuru Kwekudzoka muna 2009, yakakonzerwa ne-sub-prime uye dzimba dzekugara dzichibuda, Wall Street yaifamba, Main Street iri kuparadza mabasa, uye hupfumi hwakanga huri pasi Kuvhiringidza. Gore iroro, 0.32% chete yezvikwata zvekutsvaga mabhizimusi zvakasara. Nokuda kwenjodzi yakaipisisa kubvira Kubwinya Kukuru, izvi zvinoshamisa. Zvichakadaro, 9,6% yekusashandisa mabhizinesi ebhidhiyo yakasarudzwa gore iroro. Iko mari yepamusoro yemari yakanga isinganzwisisiki. Iwe ungangodaro wakaunganidza ma-fatter checks kwekanguva asi yakasvika nekutengesa kukuru, kazhinji kuchinja purogiramu yenguva murasi.
- Bond Default Rates MuSeptember 11th, 2001 Kuparara: Muna 2001, nehupfumi hwenyika yakaendeswa kune imwe nyika shure kwekurwisana kuNew York, Pennsylvania, neWashington, DC, 0,23% yekushambadzira mabhizinesi ebhizinesi asiri kuenzaniswa ne 9.77% kubhadhara mabhizimisi ebhizimisi.
- Bond Default Rates MuKwata Kwekuchengetedzwa Kwekuchengetwa Kwemari uye Kubhadharwa Kwemari muna 1991: Kuderera uye mushure mekuparadzwa kweS & L muUnited States yakatadza kukanganisa kubhadhara-bhizinesi zvisungo kusvika ku1.14% uye zvisingaiti mabhizinesi ebhidha kusvika ku11.05%. Kusiyanisa pakati pemhando mbiri idzi kunoshamisa.
Zvichibva kune zvakanyanya kushanda kwepakati pekutsvaga mabhizinesi ebhizinesi uye kusina kubhadhara mabhizinesi ebhizinesi, sei vatengesi vachiramba vachiedzwa kuti vawane mari yakaoma yekuwana mari? Vanoona zviyero zviviri zvechirongwa chezvivimbiso uye vanozununguka mumanzwiro enhema ekuchengetedza nemakore sa193 apo kusagadzikana kwekutsvaga kwekutsvaga-bhizinesi bhizimisi kwakamira pa 0.76% uye kungorema 2.93% pane zvisungo zvisina kumira. Apo hupfumi huri kuita zvakanaka, kune chimiro chevanhu chaiwo chekuwedzera izvo izvo mune ramangwana uye kufunga kuti nguva dzose zvicharamba zvichiita zvakanaka. Haisi iyo nzira, hongu, uye zvinhu zvinoenda kumaodzanyemba, vanhu vanorasikirwa nemari yakawanda, uye kutenderera kunotanga zvakare. Izvi hazvirevi kuti vakangwara, vezvemari vanoziva nezvemari havagone kuita mari muzvisungo zvisina kuchena - vanokwanisa zvachose - ndeye chete kuguma kwakadzika kwedziva uye 99% yevanhu havana bhizinesi kushambira ikoko.
Zvinorevei Izvi zvinoreva Avhareji Bond Investors
Idzidziso yehutano hwemari yakashambadzirana mari ndeyekuti: Kunze kwekuti iwe unogona kuongorora kuchengetedzwa kwemunhu mumwe panjodzi, unamatira zvachose nekushambadzira-bhizinesi zvisungo, zvichida izvo zvakaverengwa A kana kupfuura. Zvibereko zvako zvichava zvishoma - panguva iyo nyaya ino yakabudiswa, makore gumi AA-rated bond bond yaizobereka chibereko che 2.14% apo CCC kana kuti zvisungo zvishoma zvakabereka pakati pe 9,57% uye 10.00% - asi iwe uri kure zvichida kunyatsorega kurasikirwa kunokonzerwa nekodzero isina kukwana. Kana iwe uchatora dambudziko rakadaro, kune dzimwe nguva nzira dzakawanda dzekunzwisisa kuzviita.