Abatshali-mali abatsha kufuneka baKhethe ukhuseleko kwiNgxowa-mali xa kuthengwa iBond
Uhlobo lwexabiso lokutya kunye noyise wohlalutyo lwezokhuseleko uBenjamin Graham wayemthanda ukusithi, "Imali eninzi ilahlekile ifikelela kwisivuno esincinci [kwi-investment bond) kunokuba ithathwe kumbhobho wesibhamu".
Ngamanye amaxesha oku kuvela ekuphumeni kwiprofayili ende yokukhula, ukunyuka kwexesha lesibini. Ngokuqhelekileyo, kwenzeka ukuba abatshali-mali abanamava babone ukuveliswa kwamehlo okubonakalayo kwizinto ezibizwa ngokuba yizibopho ezingenanto , bebona kuphela amaxabiso aphezulu ahlawulayo ngaphandle kokuqwalasela iimeko eziphezulu ezihambelanayo zokufunda (funda: ungayifumani imali ngomhla ukukhula komtshato kwaye, endaweni yoko, unokufumana isaziso ishishini liye lafaka ukutshatyalaliswa). Ngokuqhelekileyo, bekuya kuba ngcono ekuthengeni i- fund ye-bond bond okanye i-bond index index 1.) ayisebenzisi nzuzo, kwaye 2.) isebenza ngeendleko eziphantsi . Ngethuba bafunda oku ngaphantsi, kusondele kakhulu. Abantu banomkhuba ongaqondakali wokuphonsa imali yabo eyimali enzima abakwaziyo ukuyichaza kumgcini wesithathu, ngokuqhelekileyo ibhendi ebomvu.
Ukwandisa imingcipheko yakho yokukhusela ngempumelelo imali yentsapho yakho ngelixa uvelisa imali engenayo kwiimbopheleleko, kufuneka ukwazi ukuba umgangatho wekhredithi usebenza njani; ngokukodwa, ukuba i-arhente ye-bond edibeneyo ibandakanya izibophelelo ngokusekelwe kwithuba elikhutshwa ngumthengisi, engekho inzala okanye inkokhelo yenqununu.
Xa utyalomali kwiiBond, Cinga ngengozi yeMboleko
Okokuqala, masibuyele emva kwesikhashana. Enoba uboleka imali kumhlobo okanye kwi-Fortune 500, kukho ingozi yokuba imali ayiyi kubuyiselwa. Izinto ezingalindelekanga zenzeka. Akukho kuphepha oku. Ngenxa yeso sizathu, unamandla ngakumbi kwingxelo yokufumana imali , ishidi lokulinganisela , kunye nesitatimende sokuhamba kwemali yomboleki, inqanaba elincinci lomlinganiselo onokuzifuna njengoko uyazi ukuba kunokwenzeka ukuba ushiywe phezulu kwaye uyomile.
Olu lwalamano luhlala lunyanisekileyo ngaphandle kwazo zonke ezinye izinto, kwiindawo ezinomdla ophezulu kunye neendawo eziphantsi kwezinga lentlalo.
Kwiibhondi zikamasipala , kukho iimvavanyo ezininzi zokukhusela unokugijima ukukhusela lwakho utyalo-mali. Kwiibhonkco zenkampani, unako ukubala ikhwalithi yekhredithi yeenkampani usebenzisa iinjongo zakho ngokuhamba ngeenkcazo zemali kunye nokusebenza izinto ezifana nomlinganiselo wokufikelela kwenzalo okanye umyinge wokuhlawula umvuzo. Ezi zikwazisa ukuba ingeniso yenkxaso-mali ingalahlekelwa yintoni ngaphambi kokuba isengozini yokungenzi imali eyaneleyo ukuba ikuthumelele into eyithembisile. Ngenye indlela, unokukrazula ukulinganiswa kweentengo zekhredithi malunga nesibhambathiso esithile kwiqumrhu elinjenge-Standard and Poor's, Moody, okanye Fitch. La ma shishini asebenzisa amakhulu abahlalutyi abangenzi nto kodwa babala amanani anjalo ngosuku nangokuphuma komhla, banikezela ibakala ibhalana kakhulu njengabo oya kufumana ukuvavanya isipelingi esikolweni esiprayimari. Nangona kukho ukungaphumeleli kwimiba ephezulu, ngokukodwa ngexesha le-crisis-prime crisis, i-arhente ze-bond-based bond ziye zenza umsebenzi omhle ukuqikelela ukuhlawulwa kweerhafu ezingekho phantsi kwexabiso lekhredithi.
I-ejensi nganye yokulinganisa i-ejenti yeyona nto ihamba ngokubanzi ngokwemigangatho yesiphumo kunye neendlela kodwa ngeenjongo zeli nqaku, siya kuxhomekeka kwi-Standard and Poor's system system.
I-S & P ihlula iimbophelelo "kwibakala lokutshala imali" kunye "nebanga lokungenalo utsalo-mali" usebenzisa ibakala elilodwa leencwadi (jonga ngezantsi). Qaphela ukuba ezinye zalezi nkcazo zithathwe njengeengcaphuno ezichanekileyo ezivela kwiincwadi ze-S & P ngokwenza ifomathi yatshintshile ukuze kube lula kumtyalo-mali omtsha ukuqonda.
Ukulinganiswa kweBakala yeBakala yeBhanki
Iibhanki zebhanti zotyalo-mali zibhekwa njengezikhuselekileyo kunezinye iibhondi kuba izibonelelo zabathengi banelungelo lokubonisa amandla okubuyisela izibophelelo. Imimiselo emininzi nemithetho e-United States imele ifune amaziko kunye nezicwangciso ngemigaqo-mboleko, njengeenkampani zomshuwalense kunye nemali yomhlala-phantsi, ukutshala imali kuphela okanye ngokuyinhloko kwiibhondi zamabakala otyalo-mali. Amasebe amathenda aseBhanki , ngokomzekelo, aya kuthi atyaliwe phantse kule ndawo.
- I-AAA = Ikhono elinamandla kakhulu ukuhlangabezana nezibophelelo zezemali.
- IAA = Igunya elinamandla kakhulu lokuhlangabezana nezibophelelo zezemali.
- A = Ikhono elinamandla lokuhlangabeza izibophelelo zezemali, kodwa kunokwenzeka ukuba zithinteke kwiimeko zezoqoqosho ezibi kunye nezinguqu kwiimeko.
- BBB = Amandla okwaneleyo okuhlangabezana neembopheleleko zezemali, kodwa ngaphezulu kokuxhomekeke kwiimeko ezibi zezoqoqosho.
Imilinganiselo ye-Standard and Poor Non-Investment Bond Bondings (aka "i-Junk Bonds)"
Ubhonkco obuncinci obuncinci buyinto engqiqweni. Kukhona ithuba elihle ukuba ungenakufumana inqununu yakho okanye intlawulo yenzalo kuzo zonke, ngokupheleleyo okanye inxalenye. Ziyingozi kakhulu xa zifunyenwe ngemali ebolekileyo, njengokuba i-fad yakutshanje kunye neemeko ezithile ezizibopheleleyo zentengo yokuzibophezela ezizama ukulungiselela amaxabiso aphantsi-nzala ngokubuyisela i-juicing returns. Intshitshisa ilahleko apho abanye abatyali-mali batyhila khona, becinga ukuba bakhuselekile kuba igama elithi "bond" lisezincwadini.
- BB = Ngaphantsi kobuthathaka kwixesha elisondeleyo kodwa lijongene nokungaqiniseki okuqhubekayo kwiimeko ezibi, ezoqoqosho kunye nezoqoqosho.
- B = Ubungozi obuninzi kwiimeko zezoshishino, izimo zezezimali kunye nezoqoqosho kodwa ngoku unako ukuhlangabezana nezibophelelo zemali.
- CCC = Okwangoku ikhuselekileyo kwaye ixhomekeke kwiimeko ezifanelekileyo, ezoqoqosho kunye nezoqoqosho ukuhlangabezana nezibophelelo zezemali.
- CC = Okwangoku ikhuselekile kakhulu.
- C = izibophelelo ezisemngciphekweni ezikhoyo kunye nezinye iimeko ezichaziweyo.
- D = Intlawulo engapheliyo kwizibophelelo zezemali.
Bobabini bebakala lokutshala imali kunye ne-non-investment investment grade AAA ngokusebenzisa iCCC banokuguqulwa nge-plus (+) okanye minus (- Ngokomzekelo, i-AAA + ithathwa njengebhanki yebhanti yexabiso lokubaluleka kweyona mveliso ngelixa iBBB- ithathwa njengobuncinci bebhanti yexabiso lokutsalwa kwexabiso. Okwangoku, i-BB + ithathwa njengomgangatho ophezulu wokuqikelela, okanye i-junk, isibophelelo, ngelixa i-CCC- ithathwa njengeyona mveliso ephantsi kakhulu, okanye i-junk, isibophelelo.
Ukuba ubona isibophelelo esikhankanywe "iNR okanye i-NA", oko kuthetha ukuba "Akukho mali" okanye "ayifumaneki". Ukuba ubona isibophelelo esikhankanywe "WD" esithetha ukuba "Ireyithi ihoxiswe". Kukho izizathu ezahlukahlukeneyo oku kunokuba kunjalo kodwa ukuba uhlangabezana nalo, mhlawumbi kulunge ukuphepha ukhuseleko. Umgaqo oyintloko wokutyalo-mali olusisigxina awunakufumana into ongaziqondi ngokupheleleyo. Kukho ubuninzi bebakala eliphezulu, utyalo-mali obunobuninzi obukhoyo (i-market bond) inkulu kakhulu kuneemarike zamasheya ngokwexabiso lexabiso) ngoko akukho sikhokelo sokwenza izinto zibe nzima kunokuba zifuna ukuba. Le ngenye yezihlandlo xa umthetho we "KISS" usebenza .
Ezi ziqinisekiso zokubambisa ziyi-predictor ye-credit bond. Kuyinto engafanekiyo kwi-bond-bound-bond bond to fall into a non-bond-free bond (xa kwenzeka oko, ubophelo lubizwa ngokuthi "ingelosi ewileyo"). Ngethuba nje unomgaqo oqinileyo wokuthengisa izibophelelo eziwela ngaphantsi kweemfuno zakho zokubaluleka ezamkelweyo, nangona oko kuthetha ukuba kubangela ukulahlekelwa kwelahleko, unokuphephelela kakhulu iimeko ezibuhlungu ozibonayo kubantu abathengayo izinto ezifana neepenki. (Akunjalo, ngaphambi kokuba ucele, ukutshala imali kwiisitokisi zepenki phantse kukho ingcinga embi .) Ukubonelela ngomzekelo wehlabathi wangempela oko kuthetha ntoni kumanani aluhlaza, makhe sibheke ezimbalwa kwixesha lexesha xa uqoqosho luneengxaki.
- Iindleko ezizimeleyo zeBond kwixesha elide lokubuyisela ixesha lika-2009: kwi-Deep Repeo ka-2009, ekhutshwe yi-sub-prime kunye ne-real estate bubbles, i-Wall Street yayifake, i-Main Street ishiya imisebenzi, kwaye uqoqosho lwaluhla ukuvutha. Ngaloo nyaka, kuphela i-0.32% yazo zonke izibophelelo zebhlotyali-mali. Ngenxa yentlekele eyingozi kunazo zonke ukususela kwiNkxwaleko ePhambili, oko kuyinto ebalulekileyo. Okwangoku, i-9.6% yeebhanki zebakala ezingenalo utsalo-mali ezingekho phantsi kwalo nyaka. Ingeniso ephezulu yenzalo yayingabonakaliyo. Usenokuba uqokelele i-checkter checks kwithuba elithile kodwa kwafika ngeendleko ezinkulu, ngokuqhelekileyo ukuguqula inzuzo yesikhashana kwilahleko.
- Iimali eziPhezulu eziPhezulu Ngethuba loSeptemba 11, 2001 Ukuhlaselwa: Ngo-2001, ngoqoqosho lukazwelonke lwathunyelwa kwimpumelelo emva kokuhlaselwa eNew York, ePennsylvania, naseWashington, DC, i-0.23% yeebhanki zamatyala okutyalomali azenzileyo xa kuthelekiswa ne-9.77% utyalo lwebakala lotyalomali.
- Iingxowa-mali eziPhezulu eziPhezulu ngexesha leNgxaki yokuLondoloza kunye neNgxowa-mali ka-1991: Ukunyuka kwemali kunye nemva yenkathazo ye-S & L e-United States yathumela ukungafezeki kwiibhanki-mali-mali kwi-0.14% kunye ne-biling grade b bonds ukuya ku-11.05%. Ukwahlukahlukana phakathi kwala manani amabini kuyamangalisa.
Ukunikezwa kweengcambu zokusebenza kwebakala lotyalo-mali kunye namabhondi angabonakaliswa kwibakala, kutheni abatyali-mali baqhubeka behendeka ukuba bafumane ukufumana imali engenayo yokufumana imali engapheliyo? Bona izithembiso zentengo yesigidi seenqanaba eliphindwe kabini kwaye bafumana ingqiqo yecandelo lokhuseleko ngeminyaka efana no-1983 xa izinga elingagqibekanga kwiibhondi zebhlomali-mali limi kwi-0.76% kwaye i-2.93% kuphela kwiibhondi ezingekho phantsi kwee-junk. Xa uqoqosho luqhuba kakuhle, kukho ukuthambekela komntu okwezemvelo ukuxhoma ukuba kwixesha elizayo kwaye ucinge ukuba kuya kuhlala kuqhuba kakuhle. Akunjalo, ngokuqinisekileyo, kwaye izinto ziya ezantsi, abantu balahlekelwa yimali eninzi, kwaye umjikelezo uqala kwakhona. Oku akuthi ukuqonda, iingcali zemali ezingenakukwazi ukwenza imali kwiimbopheleleko ezingenamfutho - ziyakwazi ngokupheleleyo - kuphela kuphela ekupheleni kwepachiphu kwaye i-99% yabemi ayinabhangi lokubhukuda apho.
Ziyintoni le Nendlela kuMyinge weBond Investors
Imilinganiselo yokuziphatha ngohlobo lotyalomali-mboleko ngu: Ngaphandle kokuba unokuvavanya i-securities individuals in risk, unamathele ngokupheleleyo kwiibhondi ze-investment-grade, ngokukhethekileyo ezo zilinganisiwe A okanye ngaphezulu. Izivuno zakho ziya kuba ziphantsi kakhulu - ngeli xesha eli phephancwadi lishicilelwe, i-bond ye-AA-ye-AA-year-year-bonded bond will produce a yield of 2.14% ngelixa i-CCC okanye iibhondi eziphantsi zivelisa phakathi kwe-9.57% kunye ne-10.00% - kodwa ude kunokwenzeka ukuba baphephe ekulahlekeni okulahlekileyo okubangelwa ngumntu ongekhoyo. Ukuba uya kuthatha injalo yengozi, kukho izihlandlo ezithembekileyo zokukwenza.