[揭秘系列-投资]Investing.Demystified

INVESTINGDEMYSTIFIEDThispageintentionallyleftblankINVESTINGDEMYSTIFIEDPaulJ.LimMcGRAW-HILLNewYorkChicagoSanFranciscoLisbonLondonMadridMexicoCityMilanNewDelhiSanJuanSeoulSingaporeSydneyTorontoCopyright©2005byTheMcGraw-HillCompanies,Inc.Allrightsreserved.ManufacturedintheUnitedStatesofAmerica.ExceptaspermittedundertheUnitedStatesCopyrightActof1976,nopartofthispublicationmayberepro-ducedordistributedinanyformorbyanymeans,orstoredinadatabaseorretrievalsystem,withoutthepriorwrittenpermissionofthepublisher.0-07-147131-6ThematerialinthiseBookalsoappearsintheprintversionofthistitle:0-07-144412-2.Alltrademarksaretrademarksoftheirrespectiveowners.Ratherthanputatrademarksymbolaftereveryoccurrenceofatrademarkedname,weusenamesinaneditorialfashiononly,andtothebenefitofthetrademarkowner,withnointentionofinfringementofthetrademark.Wheresuchdesignationsappearinthisbook,theyhavebeenprintedwithinitialcaps.McGraw-HilleBooksareavailableatspecialquantitydiscountstouseaspremiumsandsalespromotions,orforuseincorporatetrainingprograms.Formoreinformation,pleasecontactGeorgeHoare,SpecialSales,[e-mail][phone].TERMSOFUSEThisisacopyrightedworkandTheMcGraw-HillCompanies,Inc.(“McGraw-Hill”)anditslicensorsreserveallrightsinandtothework.Useofthisworkissubjecttotheseterms.ExceptaspermittedundertheCopyrightActof1976andtherighttostoreandretrieveonecopyofthework,youmaynotdecompile,disassemble,reverseengineer,reproduce,modify,createderivativeworksbasedupon,transmit,distribute,disseminate,sell,publishorsublicensetheworkoranypartofitwithoutMcGraw-Hill’spriorconsent.Youmayusetheworkforyourownnoncommercialandpersonaluse;anyotheruseoftheworkisstrictlyprohibited.Yourrighttousetheworkmaybeterminatedifyoufailtocomplywiththeseterms.THEWORKISPROVIDED“ASIS.”McGRAW-HILLANDITSLICENSORSMAKENOGUARANTEESORWARRANTIESASTOTHEACCURACY,ADEQUACYORCOMPLETENESSOFORRESULTSTOBEOBTAINEDFROMUSINGTHEWORK,INCLUDINGANYINFORMATIONTHATCANBEACCESSEDTHROUGHTHEWORKVIAHYPERLINKOROTHERWISE,ANDEXPRESSLYDISCLAIMANYWARRANTY,EXPRESSORIMPLIED,INCLUDINGBUTNOTLIMITEDTOIMPLIEDWARRANTIESOFMERCHANTABILITYORFITNESSFORAPARTICULARPURPOSE.McGraw-Hillanditslicensorsdonotwarrantorguaranteethatthefunctionscontainedintheworkwillmeetyourrequirementsorthatitsoperationwillbeuninterruptedorerrorfree.NeitherMcGraw-Hillnoritslicensorsshallbeliabletoyouoranyoneelseforanyinaccuracy,errororomission,regardlessofcause,intheworkorforanydamagesresultingtherefrom.McGraw-Hillhasnoresponsibilityforthecontentofanyinformationaccessedthroughthework.UndernocircumstancesshallMcGraw-Hilland/oritslicensorsbeliableforanyindirect,incidental,special,punitive,consequentialorsimilardamagesthatresultfromtheuseoforinabilitytousethework,evenifanyofthemhasbeenadvisedofthepossibilityofsuchdamages.Thislimitationofliabilityshallapplytoanyclaimorcausewhatsoeverwhethersuchclaimorcausearisesincontract,tortorotherwise.DOI:10.1036/0071444122PREFACEThisbookisgearedforalltheinvestorsandwould-beinvestorsouttherewhoknowtheimportanceofmanagingtheirmoneyforthefuturebutwhoaren’tentirelycertainhowtogoaboutit.That’sprobablythemajorityofthegeneralpopulation.PublicopinionpollstellusthatmoreAmericansthinkandworryaboutmoney—andhowtoinvestit—thananygenerationinthiscountry’shistory.Partofthis,aswe’llexplain,isduetothefactthatmoreofusareresponsibleforourownfinancialfuturesthaneverbefore.Yetfewerthanoneinfiveofusfeellikewe’redoingverywellatthisincrediblyimportanttask,whichexplainswhyBabyBoomersandmembersofGenerationXworrymoreabouttheirfinancialwell-beingthantheirownmortality.Butwhileinvestingisnowadailypartofournationalconversation,thelanguageofinvestingandsomebasicinvestingconceptsarestillforeigntomanyofus.Thesadrealityis,noonereallyteachesushowtobecomein-vestors.Fewhighschoolsthesedaysevenoffereconomicscourses,letalonelessonsinpersonalfinanceorinvesting.Unlessyourparentswereinvestorsthemselvesandtaughtyoutheinsandoutsofthestockandbondmarkets,youwereprobablylefttofigureitoutonyourown.Chancesare,youwerethrownheadfirstintothemarkets—withlittleclueabouthowtostayafloat—theminuteyoustartedanewjobandenrolledinthecompany’s401(k)retirementplan.Thoseenrollmentpapersnotonlyaskyouifyouwanttoparticipate,butwhatinvestmentsyouwanttoputmoneyintoandhowmuchmoneyyouwanttoinvestineach.Termslike‘‘small-capgrowthfund’’and‘‘long-termgovernmentbonds’’arethrownatusasifweintuitivelyunderstandwhatallofitmeans.Yetinthisdayandage,wehavetoknowwhatthesethingsmeantotakecontrolofourfinancialfutures.Hopefully,thisbookwillanswersomeofyourbasicquestionsandtakesomeofthemysteryoutofinvesting.Whenyouboilitdown,learningtoixCopyright©2005byTheMcGraw-HillCompanies,Inc.Clickherefortermsofuse.ForShirley-GirlThispageintentionallyleftblankCONTENTSPrefaceixPART1:GETTINGREADY1CHAPTER1WhyWeInvest3CHAPTER2BeforeYouGetStarted15CHAPTER3DemystifyingtheLanguageofInvesting30CHAPTER4WhatKindofInvestorAreYou?58PART2:YOURASSETS77CHAPTER5DemystifyingStocks79CHAPTER6DemystifyingBonds109CHAPTER7DemystifyingCash135CHAPTER8DemystifyingMutualFundsI146CHAPTER9DemystifyingFundsII163CHAPTER10Demystif