Property Investment Decisions: A quantitative approach by Stephen E. Hargitay, Shi-Ming Yu

By Stephen E. Hargitay, Shi-Ming Yu

The significance of estate as an funding medium keeps to develop. traders in estate or these concerned with the supply of specialist suggestion to traders have needed to increase the effectiveness and potency in their determination making. the purpose of this e-book is to put down the theoretical foundations of funding selection making, incorporating the suggestions and methods of contemporary administration technological know-how, in order that specific judgements concerning estate funding might be made successfully and rationally.

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The investment markets exhibit cyclical tendencies in the long run, and they fluctuate according to the prevailing economic and political environment. The time-honoured rule of investors is to purchase stock at low prices and sell stock when prices are high or the stocks are considered to be overpriced. Unfortunately, this is not an easy thing to achieve as it is impossible to predict with absolute certainty the state of the market. A number of investors follow a INVESTMENT STRATEGY AND OBJECTIVES—THE PORTFOLIO APPROACH 25 strategy of buy-and-hold: their argument is that, in the long term, the price paid for a particular stock will not matter as if the company is good enough the price of its stock will rise anyway.

Unfortunately, these quantified expressions of risk cannot cover the whole risk spectrum and they are imperfect, hence most practising investors tend to treat them with scepticism. Investors who are not particularly averse to risk tend to own equity portfolios with a large proportion of speculative stocks. More cautious and riskaverse investors usually aim for balanced portfolios containing fixed-interest securities and the equity portion of their portfolio is well diversified. A strongly risk-averse investor usually opts for a portfolio with gilts, convertible debentures and only a small, if any, equity portion.

The principal objective of portfolio investment, to maximize returns whilst minimizing risk, is achieved through an appropriate strategy of diversification. In order to put into effect a worthwhile diversification strategy, the investor needs to be in an appropriately strong financial position which is usually the privilege of large corporate and institutional investors. There are two approaches to the planning of portfolio strategies. One is usually referred to as the traditional approach, which simply looks at the investor’s objectives in terms of the need for income or capital appreciation and then selects those securities which appear to be the most appropriate to meet these needs.

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