کتاب "Investments" به عنوان یک متن استاندارد برای دانشجویان تحصیلات تکمیلی (MBA) در رشته‌های تحلیل سرمایه گذاری شناخته می‌شود. هدف اصلی کتاب، ارائه مطالب در چارچوبی سازمان‌یافته حول اصول بنیادی و آشنایی دانشجویان با مسائل مهم روز دنیای سرمایه‌گذاری است. نویسندگان با پیوند نظریه به عمل، رویکرد خود را با برنامه CFA Institute هماهنگ کرده‌اند و بسیاری از ویژگی‌های کتاب با برنامه درسی CFA مرتبط و سازگار است.

موضوعات کلیدی کتاب:

• کارایی نسبی بازارهای اوراق بهادار: موضوع اصلی کتاب، کارایی نسبی بازارهای توسعه‌یافته اوراق بهادار و آگاهی از این نکته است که بازارهای رقابتی "ناهار رایگان" به شرکت‌کنندگان ارائه نمی‌دهند. به عبارت دیگر، سودهای تضمین شده و آسان در بازارهای کارا وجود ندارد.
• معاوضه ریسک و بازده: کتاب به طور مفصل به مفهوم معاوضه ریسک و بازده می‌پردازد. سرمایه‌گذاران برای کسب بازده بیشتر، باید ریسک بیشتری را بپذیرند.
• تخصیص دارایی: تأکید زیادی بر تخصیص دارایی، یعنی انتخاب و ترکیب بهینه دارایی‌ها در یک پورتفولیو، شده است.
• بازارهای مشتقات: پوشش گسترده و عمیقی از بازارهای آتی، آپشن و سایر مشتقات ارائه می‌دهد.

نکات کلیدی کتاب:

• مفاهیم پایه ای سرمایه گذاری: معرفی مفاهیم پایه ای سرمایه گذاری، از جمله انواع دارایی ها، بازارهای مالی، ریسک و بازده.
• تحلیل اوراق بهادار: تحلیل دقیق اوراق بهادار، از جمله سهام، اوراق قرضه و ابزارهای مشتقه و روش‌های ارزش‌گذاری آنها.
• مدیریت پورتفولیو: فرآیند انتخاب و ترکیب دارایی‌ها برای دستیابی به اهداف سرمایه‌گذاری و استراتژی‌های مختلف مدیریت پورتفولیو.
• سرمایه گذاری پیشرفته: مباحث پیشرفته‌تر مانند سرمایه گذاری در بازارهای بین المللی، صندوق‌های پوشش ریسک و معاملات الگوریتمی.

مخاطبان هدف:

این کتاب برای طیف وسیعی از مخاطبان، از جمله دانشجویان رشته‌های مالی و اقتصاد، سرمایه گذاران حرفه‌ای، تحلیلگران مالی و علاقه‌مندان به سرمایه‌گذاری مناسب است.

Investments set the standardas a graduate (MBA) text intended primarily for courses in investment analysis.The guiding principle has been to present the material in a framework that isorganized by a central core of consistent fundamental principles and will introducestudents to major issues currently of concern to all investors. link theory to practice, the authorsmake their approach consistent with that of the CFA Institute. Many features ofthis text make it consistent with and relevant to the CFA curriculum.

The common unifying theme is that securitymarkets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. Investments is alsoorganized around several important themes: The central theme is the near informational-efficiency of well-developed security markets and the general awareness that competitive markets do not offer "free lunches" to participants. A second theme is the risk–return trade-off. Also, this text places great emphasis on asset allocation. Finally, this text offers a broad and deep treatment of futures, options, and other derivative security markets.

13th Edition

The 13th edition of the book "Investments" has become one of the most comprehensive and up-to-date resources available in the field of investment by updating the content and adding new topics. This edition includes more practical examples, new data, and updated analyzes that help readers gain a deeper understanding of investment concepts.

I hope this description is useful to you. If you have any other questions, please feel free to ask.

Key Points of the Book

• Basic Concepts of Investment: The book introduces the basic concepts of investment, including asset types, financial markets, risk and return, helping readers build a solid foundation in this field.
• Securities Analysis: The book deals in detail with the analysis of securities, including stocks, bonds, and derivatives, and examines various methods of valuation and analysis of these securities.
• Portfolio Management: The book deals with portfolio management, which is the process of selecting and combining assets to achieve investment goals, and introduces various portfolio management strategies.
• Advanced Investment: The book also covers more advanced topics such as investing in international markets, hedge funds, and algorithmic trading.

Target Audience

This book is suitable for a wide range of audiences, including students of finance and economics, professional investors, financial analysts, and those interested in investing.

Table of Contents

Part I: Introduction

Chapter 1: The Investment Environment

Chapter 2: Asset Classes and Financial Instruments

Chapter 3: How Securities Are Traded

Chapter 4: Mutual Funds and Other Investment Companies

Part II: Portfolio Theory and Practice

Chapter 5: Risk, Return, and the Historical Record

Chapter 6: Capital Allocation to Risky Assets

Chapter 7: Efficient Diversification

Chapter 8: Index Models

Part III: Equilibrium in Capital Markets

Chapter 9: The Capital Asset Pricing Model

Chapter 10: Arbitrage Pricing Theory and Multifactor Models of Risk and Return

Chapter 11: The Efficient Market Hypothesis

Chapter 12: Behavioral Finance and Technical Analysis

Chapter 13: Empirical Evidence on Security Returns

Part IV: Fixed-Income Securities

Chapter 14: Bond Prices and Yields

Chapter 15: The Term Structure of Interest Rates

Chapter 16: Managing Bond Portfolios

Part V: Security Analysis

Chapter 17: Macroeconomic and Industry Analysis

Chapter 18: Equity Valuation Models

Chapter 19: Financial Statement Analysis

Part VI: Options, Futures, and Other Derivatives

Chapter 20: Options Markets: Introduction

Chapter 21: Option Valuation

Chapter 22: Futures Markets

Chapter 23: Futures, Swaps, and Risk Management

Part VII: Applied Portfolio Management

Chapter 24: Portfolio Performance Evaluation

Chapter 25: International Diversification

Chapter 26: Alternative Assets

Chapter 27: The Theory of Active Portfolio Management

Chapter 28: Investment Policy and the Framework of the CFA Institute

About the Author

Zvi Bodie is Professor Emeritus at Boston University. He holds a PhD from the Massachusetts Institute of Technology and has served on the finance faculty at the Harvard Business School and MIT's Sloan School of Management. He has published widely in scholarly and professional journals on pension investment strategy and life-cycle asset-liability matching. In 2007 the Retirement Income Industry Association gave him its Lifetime Achievement Award for applied research.

Alan Marcus is the Mario J. Gabelli Professor of Finance in the Carroll School of Management at Boston College. He received his PhD in economics from MIT. Professor Marcus has been a visiting professor at the Athens Laboratory of Business Administration and at MIT's Sloan School of Management and has served as a research associate at the National Bureau of Economic Research. Professor Marcus has published widely in the fields of capital markets and portfolio management. He also spent two years at the Federal Home Loan Mortgage Corporation (Freddie Mac), where he developed models of mortgage pricing and credit risk.

He currently serves on the Research Foundation Advisory Board of the CFA Institute.

Alex Kune holds a PhD from the Stern School of Business of New York University and has been Visiting Professor at the Faculty of Economics, University of Tokyo; Graduate School of Business, Harvard; Kennedy School of Government, Harvard; and Research Associate, National Bureau of Economic Research. An author of many articles in finance and management journals. Professor Kane’s research is mainly in corporate finance, portfolio management. and capital markets.