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CHAPTER 1 The Investment Environment
Investments, 8th edition Bodie, Kane and Marcus
Slides by Susan Hine
McGrawHill/Irwin Copyright © 2009 by The McGrawHill Companies, Inc. All rights reserved.
Real Assets Versus Financial Assets
• Essential nature of investment –Reduced current consumption –Planned later consumption
• Real Assets
–Assets used to produce goods and services
• Financial Assets –Claims on real assets
1-2
Table 1.1 Balance Sheet of U.S. Households, 2007
1-3
Table 1.2 Domestic Net Worth
1-4
A Taxonomy of Financial Assets
• Fixed income or debt
– Money market instruments
• Bank certificates of deposit – Capital market instruments
• Bonds
• Common stock or equity • Derivative securities
1-5
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