Zvikamu zveMutengi Anodiwa Mutero Wekudzoka

Kunzwisisa Kuti Rational Investors Vanokoshesa Cash Flows

Mune nhepfenyuro yezvemari, chiyero chekudzoka apo kushandiswa kwekutsvaga kwekutsvaga iko kukwana kwezvikamu zvishanu zvakasiyana. Mune nguva shomanana, izvi zvinogona kunge zvisina musoro asi kwenguva yakareba nguva, mafaji emari anowanzovaratidza zvakanaka. Kune avo vanoda kuverenga kukoshesa zvikwata, vanzwisise kuti sei zvisungo zvinoshandiswa pane zvimwe zvikwereti, kana kuti kunyange zvakadini iwe unogona kubhadharira pamiriri yega yega, ichi chikamu chinokosha cheheyo.

1. The Real Risk-Free Interest Rate
   Iyi ndiyo muyero kune mamwe mazvikwereti anoenzaniswa. Ndiyo mutengo wekudzorera mumwe mukoti anokwanisa kuwana pasina risungo chero ipi zvayo munyika isina kutengesa.

2. An Inflation Premium
   Iri ndiro chikwata chinowanikwa kunekutsvaga kwekutsvaga kuti chigadzirise icho kutarisira kwemusika kwekutsvaga kwemazuva ano. Semuenzaniso, purogiramu yekutengesa mari inotarisirwa kwegore rimwe bhizimisi yehurumende ingangodaro yakawanda kwazvo kudarika makumi matatu emakore bhizimisi yekambani nekambani imwechete nokuti varairi vanofunga kuti kutengesa kwezvinhu kunenge kwakaderera pamusoro penguva pfupi, asi kutora mune ramangwana se mugumisiro wezvokutengeserana uye kubhadharwa kwemari kwemakore akapfuura.

3. A Premium Liquidity
   Nzvimbo dzekutengesa zvakatengeswa zvakadai sematokisi uye zvisungo mumakambani anotungamirirwa nemhuri zvinoda premium yemari. Izvi zvinoreva kuti vashandi havasi kuzobhadhara zvakakwana kukosha kweafa kana pane chikonzero chaicho chokuti havazokwanisi kurasa zvigadzirwa kana kusungwa munguva pfupi nokuti vatengi vashoma. Izvi zvinotarisirwa kuvabhadhara ivo nekuda kwekurasikirwa ikoko. Uwandu hwehuwandu hwemari inotengeswa hunoenderana nemutengi wemafungiro ekushanda kwemusika chaiwo.

1. Default Risk Premium
   Ko vanotengesa vangave vachidavira sei kuti iyo kambani ichave isina kukwana pane zvainofanira kuita kana kuti inopera? Kazhinji, kana zviratidzo zvekutambudzika zvikaonekwa, kambani yemakambani kana zvibvumirano zvichawiswa semagumisiro evarimari vanoda mari yekutengesa ngozi. Kana mumwe munhu aikwanisa kuwana pfuma yaitengeserana patsika huru sekukonzerwa kwekupera pangozi yepamusoro iyo yakanga yakakura kwazvo, inogona kuita mari yakawanda. Makambani mazhinji ekutungamirira masimba akatenga chikamu chemari yechikwereti cheEnron munguva ino yave yakakurumbira yekudengenyeka kwesimba guru rekutengesa. Muchidimbu, vakatenga $ 1 yechikwereti nemapeni mashoma chete. Kana vakakwanisa kuwana zvakawanda kupfuura zvavakabhadhara kana zviitiko zvekuvharwa kana kugadziriswazve, zvinogona kuita kuti zvive zvakanyanya, zvakanyanya.
   
   K-Mart muenzaniso wakanaka. Isati yapera, hedge fund maneja Eddie Lampert uye akaora mwoyo chikwereti Marty Whitman weTatu Avenue Avenue, akatenga chikamu chikuru chechikwereti chomutengesi. Apo kambani iyi yakarongedzwa zvakare mumatare edzimhosva, vatengi vemari vakagoverwa kuenzana mukambani itsva. Lampert akabva ashandisa bhora rake idzva rekudzivirira reK-Mart stock nehuwandu hwemari yakarongedzwa kuti atange kuisa mune zvimwe zvinhu.

1. Maturity Premium
   Izvo zviri mberi mune ramangwana kukura kwezvisungo zvekambani, mutengo mukuru unozochinja kana huwandu hwezvibereko huchichinja. Izvi ndezvikonzero zvekuwedzera kwema premium. Heino chidimbu chakareruka kuti chienzanise pfungwa iyi: Fungidzira iwe une $ 10 000 musungo ne 7% mukohwi apo yakabudiswa iyo ichakura mumakore makumi matatu. Gore roga roga, uchawana $ 700 muchifarira mune tsamba. Makore makumi matatu mune ramangwana, uchawana $ 10,000 yako yepakutanga kumashure. Iye zvino, kudai waizoenda kutengesa bhadha yako zuva raitevera, iwe ungangodaro unowirirana nemari yakafanana (zvisizvo, zvichida, iyo premium yemari sezvatakambokurukura.)
   
   Funga kana zvikwereti zvinokwira zvichikwira ku 9%. Hapana mutengesi achazobvuma kusunga kwako, iyo inopa 7% chete, apo yaigona nyore kuenda kumusika wakatarwa uye kutenga bhisho idzva inobereka 9%. Saka, vanongobhadhara mutengo wakaderera kupfuura hutano hwako hunokosha - kwete huwandu $ 10 000 - kuitira kuti zvibereko zvive 9% (vanoti, zvichida $ 7 775.) Ichi ndicho chikonzero kusungirirana nehurefu hwakareba kune huwandu hukuru hwekuwana mari kana kurasikirwa. Kudai zvaifarira mitengo yakawira, mubatanisi angadai akakwanisa kutengesa nzvimbo yake kune zvakawanda - vanoti mari yakawira kusvika ku5% uye ingadai yakatengesa $ 14,000. Zvakare, iyi ichinyorwa chakareruka chekuti ingadai ichiitwa sei uye pane chaicho chakanaka chechiargebra chakabatanidzwa asi mhinduro yacho yakafanana zvakafanana.

Maitiro aya Ezvishanu Anowanikwa Mudiwa Anoshandiswa Nomutengi Wokudzoka Akabatana pamwe chete

Ramba uchifunga kuti hapana munhu angangogara pasi achiti, "Munoziva, ndinofunga kuti ndichabhadhara chikamu chemari ye% x%." Pane kudaro, vanowanzotarisa chikamu, bhandi, mutual fund , motokari kushamba, hotele , patent, kana imwe nzvimbo uye kuenzanisa nemutengo unotengeserana pamusika. Parizvino, mitemo yekupa nekudzvara kunowanzoputirwa kusvikira kuenzana kwasvika.

Kuti uwane rumwe ruzivo, tarisa nyaya 3 Bond Investing Strategies for Long-Term Investors kuti uwane dzimwe nzira dzinogona kukubatsira kuti uwane mari, uye kuderedza ngozi, mune yako yakasarudzwa mari yako .