Artillery Theory Chapter 5 Portfolio and Asset Allocation 3 Diversification of Returns

Mondo Culture Updated on 2024-02-11

**Diversity of investment returns, which refers to the same time period, is an important concept in investing, which refers to the possibility of investors earning income in multiple ways. There are differences in the returns obtained by different investment strategies. This diversity can be expressed as the difference between beta and alpha returns.

Diversity of returns.

Beta returns are relative returns, which are the returns made through long-term investments**. The average return that fluctuates freely with the market is a beta return. Alpha earnings refer to absolute returns, a type of earnings obtained by screening high-quality companies. This excess of the market average return is the alpha return, while the residual return is a random variable with an average of 0 and can be ignored.

When an individual investor invests**, he or she can convert a residual return with a random variable average of 0 into a gamma return with a positive return in the right way of investing. Therefore, the income obtained by individual investors can be divided into three parts: the beta return given by the times, the alpha return brought by high-quality stocks, and the gamma return generated by investors with the right investment behavior.

In order to obtain considerable beta returns, investors need to adhere to the basic principles of long-term investment, and endure many range fluctuations that jump up and down and do not rise significantly, so that it is possible to wait for a truly large and comprehensive beta return. Alpha returns are determined by investors' active selection of high-quality stocks.

In ** investment, investors can get returns in a variety of ways, mainly including the following aspects:

Diversity of returns.

Dividend income: Dividend income refers to the way a company pays dividends to shareholders to return to investors. Dividend earnings are usually paid out in cash,** or in other forms, in the form and amount determined by the company.

Capital appreciation: Capital appreciation refers to the gradual increase in the value of other investment products over time through long-term holding** or other investment products. Capital appreciation is usually achieved through market growth or corporate earnings growth.

Mergers and acquisitions: Investors can earn cash or other forms of return by buying or merging with other companies in the company they hold. This usually happens when a company is not doing well or is facing bankruptcy.

Splits and splits: Splits and splits are when a company splits one share into multiple shares, or merges multiple shares into one share. This is usually done to adjust *** or make it more liquid.

New Shares and Additional Issues: Investors can gain access to new investment opportunities by purchasing new issuances** or re-issuances of companies. New share offerings and additional issuances are usually to raise capital or expand the business.

Short-term trading income: Short-term trading income refers to the short-term income obtained by investors by buying and selling** or other investment products. This gain is usually achieved through technical analysis, market movements, or other trading strategies.

Other earnings: In addition to the above methods, investors can also obtain benefits through other means, such as participating in the company's allotment, preferred stock issuance, convertible bonds, etc.

In conclusion, the diversity of investment returns depends on factors such as the investor's investment strategy, market environment, and risk tolerance. It can help investors earn in a variety of ways. However, it should be noted that each income method has its own risks and uncertainties, and investors need to choose according to their own risk tolerance and investment objectives.

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