...........................................................................................................

2
1.

.....................................................3

2.

.....................................5

3. ...............................6
4.

..............................................9

5.

...................10

5.1.

....................................................................11

6. ........................................................14
6. 1. .......................................17
6.2. ...................18
6.3. 20
7.

............................................................................................ 21

8.

...........................................22

8.1.
.......................................................................................23
8.2. EXCHANGE TRADED FUNDS..........................................................25
8.3. ..........26
................................................................................................30
..............................................................................................31

.
, ,

( ) ().
, ,
.
, ,
.
,
.
.
, ,
,
(). , ,
.

. ,
,
. ,
. , , ,
,
.

.
2

1.

, ,
.
,
.
.
19. 20.
, (
), , , ,
.
. 1860. 1875.,
, 50 . -
90 19. ,
1923. 15. , , 1920.
. 1920.,
,
-. - 20- XX
, .
1929. 400 3 .
.
1929. 5 1937.!
, 1940.

- 1940., .
,
.
3


60 18%.
60-,
.
70.- XX
.
1972. .

Q( 1933.)
. ,
.
. 1975. 35 200 000
4 . 80-
1982.
- 450 3
240 .
,
.
80- 90- -,
, , , .

-.
12 1980. . , ,
-.
250 1980. 3900 1992. . 1993. -
3300 ,
1994. 4000.
1993. - 1,900
, 1996. 3,539 .

 - 30. 1997. 6368 447

.

2.
. ,
. ,
, , ,
, , .
.
,
, .
.
,
. , ,

. ,

, ,
.
, /
.

( ) , .
- -
, .
. ,
( ),
(
, . ).

 -
() .
, . ,
, .

3.

. ,
,

.
,
,
, , .
* ,
.
, .

*
()
.
,
.

*
,

.
: ,
, ,
.
,
.
.
* -
, .

.
* -
.

.
* -
,

, ,
.
, .
* -
().


.
( ,
, ).
* -
.
. ,
.
,
( . , ).

. .
*

www.inesticionifondovi.com..
,
.

( ).
* -

().
,
. ,

() .
.

4.

, ,
.
,
.
, ,
. :

.

.

,
, .
, ,

, .

, ,
, ,
, .

5.

.
.
,
,
.
,
.
:
= ( )/

,

.
.
,
.
()
, .
.
(t) :
NAV =

BAt-LIABt / NSOt

:
10

MBAt-
LIABt-
NSOt- t

5.1.

(,

, , ...)
.

()

.

. ,
10% ,


.

.

11


,
.


.

, ,
.
.
, ,
.

.
, ,
.
,
, , ,
.

.
.
, ,
.
.
,

. 1
, .

12

 1, .

1.
:

.

(), .

, . ,
.
( )

,
,
, . .
, ,
.


, ,

. ,
.

13

, , ,
.

.


.

.

,
,

,
. ,
.

6.

( , .

),

) .
, (,
, , .).
- ( ).
:

14

1.
2.
3.

. ,
.
.

,
.

,
.
, ,
- .


.
.
,
, ,
.
, ,
.
:
1. ;
2. ;
3. ;
4. .

15

 .
, .
.

.
.

.
.
.
,
.
:
1. ,
2. ,
3.
4. .

. , ,
. .
,
.
.
75% .
,
. ,
,
.
.

16

 . ,
- ,
.
85% ,
35%, 65%.
, .

.
75%
.
.
. ,

.
.

6. 1.

.
.

.
, ,
, .
;
; , .

:
17

- Exchange traded funds

6.2.
:
. (growth funds) g-g

. (
2% ), . ,
, .
. (aggressive growth funds)
.
.
.
. (income and growth funds)
.
, .

18

 , (blue chip
corporation).
. (i n d e x f u n d s )

. ,
.
, .
.

.

.
. (specialized funds)

. , :
, , .

: ,
, , , , ,
, .
. (s e c t o r f u n d s )
.
. (i n t e r n a t i o n a l f u n d s )
. ,
, ( ),
.

19

. (g l o b a l f u n d s )

. ,

.
. (b a l a n c e d f u n d s )

.
. 60:40
.
. (m u l t i f u n d s )

.
. ,
,
(one stop shopping).

6.3.
.

. :
)
( ),
.
)
, .

20

) junk ,
.
.
, .
)
.
,
.
) , .
-
.
) ,

.

7.

,
, ,
,
, , ,
, , ,
, ,
.
21


, , , ,
.

, -, , , 50%

.

8.

,
, (money market
funds) (money market funds).

. ,
, .
, .

.
:
1. (general purpose money funds) -
, ,
. , .

22

2. (goverment
securities money funds)-
. ,
.
3. , .
(tax exempt money funds)- 30
90
,
( -). 20
30%.
4 5
, . 1000 $ ( 2.500 $ 5.000 $).
90 . ,
,
.
,
( ).
,
,
. ,
, ,
.

8.1.
, , .

23

. , .
.
( , ,
, .). ,
.

( )
(,,junk bonds)
. ,
:
1.

2.

3.

4.

( )

-. ,, junk bonds ;
5.

6.

7.

8.

9.

(Growth Funds);

10. (Agressive Growth Funds);

11. (Value Funds);
12. (Equity Income Funds);
13. (Balanced Funds);
14. (Growth-and-Income Funds);
15. (Index funds);
16. (Sector Funds);
17. (Socially Responsible funds);
18. (Asset Allocation funds);
19. (
- ,

24

 .
).

8.2. Exchange traded funds

, .

, , , , ,
.
,
, , .
, , . ,,
( )
, .
, .
, ,
,
.
90- ,
120 (AMEX),
.
S&P 500 Depository Receipts,
,, (),
SPDRS. Dow Jones (DJIA),
25

 ,, (diamonds). q
,, (cubes), QQQ.
39 0,
8 .
,
.
. ,
,
.
,
,
.
.
,
. ,

. ,
.

8.3.

:
)

.
) , (
).
26

 3 :
1.

, ,

;
2.

, ;

3.

, .

(joint venture )
,,
,
, ,
. ,
, ,
. ,
,
.
,
, ,
, ,
, , . ,
, .
, , ,
.
. ,
, , (, , , .),
. ,
25-35% .
,
, ,
, .

27

, , , ,
.
-
60-
70- .
,
.
80- XX ,

. ,

, ,
, , .
,
( , , , .).

, , ,
, . , ,
, .,
.

, .

,
,
,
, ,
, , , ,
.

28


, :
,
, ,
.

29

( )

, (

20%
, 5-8%; ,
, ).

.
,
:
, . ,
, .
, .
,
,
-mail .

: ,
.

.

(, , , ).

30

1.

www.investicioni-fondovi.com

2. ,,,,- . . , , 2001.
3. ;, -.. ,, 2009.
4. ,, -..

31