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個人資産運用のメモです。
投資している資産は日本株、中国株、外貨預金、先進国ＥＴＦ、ソーシャルソーシャルレンディングです。
投資タイミングを待ちしている資産は米国ハイイールド債券と株です。
また、資格の勉強、読んでいる本、買い物、気になったニュース、金融マーケットも話します。
投資している資産は日本株、中国株、外貨預金、先進国ＥＴＦ、ソーシャルソーシャルレンディングです。
投資タイミングを待ちしている資産は米国ハイイールド債券と株です。
また、資格の勉強、読んでいる本、買い物、気になったニュース、金融マーケットも話します。
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2017/04/16
テーマ： ★資格取得・お勉強★(39445)
カテゴリ： 資格
今日はThe Environment of Alternative Investment部分を読みました。
税制が投資収益に対する影響の部分は面白いです。
税制面で格差の拡大に“貢献”しています。
所得税はぎっちり徴収されています。
各国は投資関連の税収につきまして、様々な優遇があります。
日本にもNISAがあります。NISAの前に証券の売買益はただ10%の税でした。美味しいですね。
次はQuantitativeの部分に行きます。
CAIA Level 1の教材は以下です。
![[商品価格に関しましては、リンクが作成された時点と現時点で情報が変更されている場合がございます。]](https://hbb.afl.rakuten.co.jp/hgb/15adfc4d.aace53dd.15adfc4e.62d50128/?me_id=1213310&item_id=17635038&m=https%3A%2F%2Fthumbnail.image.rakuten.co.jp%2F%400_mall%2Fbook%2Fcabinet%2F3366%2F9781119003366.jpg%3F_ex%3D80x80&pc=https%3A%2F%2Fthumbnail.image.rakuten.co.jp%2F%400_mall%2Fbook%2Fcabinet%2F3366%2F9781119003366.jpg%3F_ex%3D128x128&s=128x128&t=picttext "[商品価格に関しましては、リンクが作成された時点と現時点で情報が変更されている場合がございます。]")
主な内容
Plan sponsors: health plan or pension plan
Foundation: non-profit organization
Endowment
Family office, sovereign wealth funds, private limited partnership
Private investment pools: hedge funds, FOF, private equity funds, managed futures, commodity trading advisors (CTAs)
Separately managed accounts (SMAs): own asset on record, specific needs, transparency, no adverse consequences from others’ redemptions and subscriptions
Mutual funds, ’40 Act funds
Master limited partnerships (MLPs)
Sell sides: more focus on facilitating transactions than on managing money
Large dealer banks: GS, Barclays
Retail brokers
Prime brokers, accountants, attorneys, fund administrators
Private-placement memoranda or offering documents, partnership agreement
Subscription agreement
Management Company operating agreement
Hedge fund infrastructures: financial platform, software, data providers
Primary market
Underwriter: organization, risk bearing, distribution of newly issued securities
Securitization: divest illiquid assets, bundling assets, unlisted assets
Third market: a segment of OTC
Fourth markets: non-regulated, neither exchanges nor OTC <- most HFT rakes place here
5 primary forms of HF regulation
Requirements regarding establishing, including registration, licensing, minimum capital, waiting periods
Restrictions on investment advisers and HF managers
Distribution and marketing of HF, marketing channels
Operation of HF, including leverage, liquidity, risk, reporting, location of outside service providers
Ongoing reporting
US regulation on HF
Two areas: regulation of securities issued to the public, Securities Act of 1933 (the securities Act)
Regulation of advisers to investment pools, Investment Company Act of 1940 ( the 40 Act)
Soft dollar arrangement: research services in exchange for fee
Leverage rules: regulation T margin rule
Non-US HF regulations
Europe: Undertaking for Collective Investment in Transferable Securities (UCITS)
Markets in Financial Instruments Directive (MiFID)
Liquid Alternative Investments
REITS
Unconstrained clones, constrained clones, liquidity-based replication products, skill-based replication products, absolute return or diversified products
Growth rapidly after crisis: retail investors welcome diversification into alternatives, DC plan increases
Constraints against achieving alternative investment benefits through liquid products: limitation on leverage, constraints on concentration, illiquidity constraints
Taxation
Progressive income taxation
税制が投資収益に対する影響の部分は面白いです。
税制面で格差の拡大に“貢献”しています。
所得税はぎっちり徴収されています。
各国は投資関連の税収につきまして、様々な優遇があります。
日本にもNISAがあります。NISAの前に証券の売買益はただ10%の税でした。美味しいですね。
次はQuantitativeの部分に行きます。
CAIA Level 1の教材は以下です。
Alternative Investments: Caia Level I [ Donald R. Chambers ]
価格：28080円（税込、送料無料)
(2017/4/8時点)
主な内容
Plan sponsors: health plan or pension plan
Foundation: non-profit organization
Endowment
Family office, sovereign wealth funds, private limited partnership
Private investment pools: hedge funds, FOF, private equity funds, managed futures, commodity trading advisors (CTAs)
Separately managed accounts (SMAs): own asset on record, specific needs, transparency, no adverse consequences from others’ redemptions and subscriptions
Mutual funds, ’40 Act funds
Master limited partnerships (MLPs)
Sell sides: more focus on facilitating transactions than on managing money
Large dealer banks: GS, Barclays
Retail brokers
Prime brokers, accountants, attorneys, fund administrators
Private-placement memoranda or offering documents, partnership agreement
Subscription agreement
Management Company operating agreement
Hedge fund infrastructures: financial platform, software, data providers
Primary market
Underwriter: organization, risk bearing, distribution of newly issued securities
Securitization: divest illiquid assets, bundling assets, unlisted assets
Third market: a segment of OTC
Fourth markets: non-regulated, neither exchanges nor OTC <- most HFT rakes place here
5 primary forms of HF regulation
Requirements regarding establishing, including registration, licensing, minimum capital, waiting periods
Restrictions on investment advisers and HF managers
Distribution and marketing of HF, marketing channels
Operation of HF, including leverage, liquidity, risk, reporting, location of outside service providers
Ongoing reporting
US regulation on HF
Two areas: regulation of securities issued to the public, Securities Act of 1933 (the securities Act)
Regulation of advisers to investment pools, Investment Company Act of 1940 ( the 40 Act)
Soft dollar arrangement: research services in exchange for fee
Leverage rules: regulation T margin rule
Non-US HF regulations
Europe: Undertaking for Collective Investment in Transferable Securities (UCITS)
Markets in Financial Instruments Directive (MiFID)
Liquid Alternative Investments
REITS
Unconstrained clones, constrained clones, liquidity-based replication products, skill-based replication products, absolute return or diversified products
Growth rapidly after crisis: retail investors welcome diversification into alternatives, DC plan increases
Constraints against achieving alternative investment benefits through liquid products: limitation on leverage, constraints on concentration, illiquidity constraints
Taxation
Progressive income taxation
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