레이블이 Standard Industry Ratios인 게시물을 표시합니다. 모든 게시물 표시
레이블이 Standard Industry Ratios인 게시물을 표시합니다. 모든 게시물 표시

2013년 11월 29일 금요일

오전 6:39

By Angelina Richison

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About 'financial ratios by industry'|...a document that was adopted by Eastern Maine Community College, College Senate in March...approximately 1.5 hours. We spoke of financial aid issues, transfer credits...







About 'financial ratios by industry'|...a document that was adopted by Eastern Maine Community College, College Senate in March...approximately 1.5 hours. We spoke of financial aid issues, transfer credits...








Ｆｉｎａｎｃｉａｌ               ｒａｔｉｏｓ               ａｒｅ               ｔｈｅ               ｃｏｍｐａｒａｔｉｖｅ               ｖａｌｕｅｓ               ｗｈｉｃｈ               ａｒｅ               ｕｓｅｄ               ｔｏ               ｓｃｒｕｔｉｎｉｚｅ               ａｎｄ               ｋｅｅｐ               ａｎ               ｅｙｅ               ｏｎ               ａ               ｃｏｍｐａｎｙ'ｓ               ｐｅｒｆｏｒｍａｎｃｅ.

Ａｎ               ａｎａｌｙｓｉｓ               ｏｆ               ｆｉｎａｎｃｉａｌ               ｓｔａｔｅｍｅｎｔｓ               ｉｓ               ｂａｓｅｄ               ｏｎ               ｔｈｅｓｅ               ｒａｔｉｏｓ               ｉｎ               ａ               ｒａｔｉｏ               ａｎａｌｙｓｉｓ.

Ａ               ｃｏｍｐａｎｙ               ｏｂｔａｉｎｓ               ｔｈｅ               ｂａｓｉｃ               ｄａｔａ               ｆｏｒ               ｉｔｓ               ｒａｔｉｏ               ａｎａｌｙｓｅｓ               ｆｒｏｍ               ｉｔｓ               ｏｗｎ               ｉｎｃｏｍｅ               ｓｔａｔｅｍｅｎｔ               ａｎｄ               ｂａｌａｎｃｅ               ｓｈｅｅｔ.

Ａ               ｒａｔｉｏ               ａｎａｌｙｓｉｓ               ｉｓ               ｔｈｅ               ｉｎｔｅｒｐｒｅｔａｔｉｏｎ               ｏｆ               ｔｈｅ               ｒａｔｉｏ               ｖａｌｕｅ               -               ｗｈａｔ               ｉｔ               ｍｅａｎｓ.

Ｔｈｅｒｅ               ａｒｅ               ｔｗｏ               ｔｙｐｅｓ               ｏｆ               ｒａｔｉｏ               ｃｏｍｐａｒｉｓｏｎｓ               ｔｈａｔ               ｃａｎ               ｂｅ               ｍａｄｅ:               ｃｒｏｓｓ-ｓｅｃｔｉｏｎａｌ               ａｎｄ               ｔｉｍｅ-ｓｅｒｉｅｓ.

(Ｇｉｔｍａｎ,               2009,               ｐ.

54)               Ｃｒｏｓｓ-ｓｅｃｔｉｏｎａｌ               ａｎａｌｙｓｉｓ               ｉｓ               ｔｈｅ               ｃｏｍｐａｒｉｎｇ               ｏｆ               ｏｎｅ               ｃｏｍｐａｎｙ'ｓ               ｆｉｎａｎｃｉａｌ               ｒａｔｉｏ(ｓ)               ｔｏ               ａｎｏｔｈｅｒ               ｃｏｍｐａｎｙ'ｓ               ｆｉｎａｎｃｉａｌ               ｒａｔｉｏ(ｓ)               ｗｈｅｎ               ｂｏｔｈ               ｃｏｍｐａｎｉｅｓ               ａｒｅ               ｉｎ               ｔｈｅ               ｓａｍｅ               ｉｎｄｕｓｔｒｙ.

Ｔｈｅｓｅ               ａｎａｌｙｓｉｓ               ｅｎｔａｉｌ               ａ               ｃｏｍｐａｒｉｓｏｎ               ａｔ               ｔｈｅ               ｓａｍｅ               ｐｏｉｎｔ               ｉｎ               ｔｉｍｅ.

Ｆｏｒ               ｅｘａｍｐｌｅ,               Ｍｉｃｒｏｓｏｆｔ               ｍａｙ               ｗａｎｔ               ｔｏ               ｃｏｍｐａｒｅ               ｉｔｓ               ｔｏｔａｌ               ｌｉａｂｉｌｉｔｉｅｓ               ｔｏ               ｎｅｔ               ｗｏｒｔｈ               ｒａｔｉｏｎ               ｔｏ               ｔｈａｔ               ｏｆ               Ａｐｐｌｅ.

Ｃｈｅｖｒｏｎ               ｍａｙ               ｗａｎｔ               ｔｏ               ｃｏｍｐａｒｅ               ｉｔｓ               ｒｅｔｕｒｎ               ｏｎ               ｔｏｔａｌ               ａｓｓｅｔｓ               ｒａｔｉｏ               ｔｏ               ｔｈａｔ               ｏｆ               Ｅｘｘｏｎ.

Ｃｒｏｓｓ-ｓｅｃｔｉｏｎａｌ               ａｎａｌｙｓｉｓ               ｃａｎ               ａｌｓｏ               ｉｎｃｌｕｄｅ               ｔｈｅ               ｃｏｍｐａｒｉｎｇ               ｏｆ               ａ               ｃｏｍｐａｎｙ'ｓ               ｆｉｎａｎｃｉａｌ               ｒａｔｉｏ               ｔｏ               ｔｈｅ               ｉｎｄｕｓｔｒｙ               ａｖｅｒａｇｅ               ｆｉｎａｎｃｉａｌ               ｒａｔｉｏｓ.

Ｗｈｅｎ               ｔｈｅｒｅ               ｉｓ               ａ               ｎｏｔｅｗｏｒｔｈｙ               ｄｅｖｉａｔｉｏｎ               ｔｏ               ｔｈｅ               ｐｏｓｉｔｉｖｅ               ｏｒ               ｎｅｇａｔｉｖｅ               ｓｉｄｅ               ｏｆ               ｔｈｅ               ｉｎｄｕｓｔｒｙ               ａｖｅｒａｇｅ,               ｔｈｅｎ               ｔｈｉｓ               ｎｅｅｄｓ               ｔｏ               ｂｅ               ｉｎｖｅｓｔｉｇａｔｅｄ.

Ｅｖｅｎ               ａ               ｈｉｇｈ               ｄｅｖｉａｔｉｏｎ               ｔｏ               ｔｈｅ               ｐｏｓｉｔｉｖｅ               ｓｉｄｅ               ｃａｎ               ｓｐｅｌｌ               ｔｒｏｕｂｌｅ.

(ｐ.

54)
               Ｔｉｍｅ-ｓｅｒｉｅｓ               ａｎａｌｙｓｉｓ               ｅｘａｍｉｎｅｓ               ａ               ｃｏｍｐａｎｙ'ｓ               ｆｉｎａｎｃｉａｌ               ｐｅｒｆｏｒｍａｎｃｅ               ｏｖｅｒ               ｔｉｍｅ.

Ｂｙ               ｃｏｍｐａｒｉｎｇ               ｔｈｅ               ｐｒｅｓｅｎｔ               ｔｏ               ｐａｓｔ               ｐｅｒｆｏｒｍａｎｃｅ,               ｖｉａ               ｒａｔｉｏｓ,               ａｎａｌｙｓｔｓ               ｃａｎ               ａｓｓｅｓｓ               ａ               ｃｏｍｐａｎｙ'ｓ               ｄｅｖｅｌｏｐｍｅｎｔ.

Ｐｏｓｉｔｉｖｅ               ａｎｄ               ｎｅｇａｔｉｖｅ               ｔｒｅｎｄｓ               ｃａｎ               ｂｅ               ｅｘｐｏｓｅｄ               ｂｙ               ｕｓｉｎｇ               ｍｕｌｔｉｙｅａｒ               ｃｏｍｐａｒｉｓｏｎｓ.

Ａ               ｌａｒｇｅ               ｐｒｏｂｌｅｍ               ｍａｙ               ｂｅ               ｒｅｖｅａｌｅｄ               ｔｈｒｏｕｇｈ               ａｎｙ               ｓｔｒｉｋｉｎｇ               ｙｅａｒ-ｔｏ-ｙｅａｒ               ｃｈａｎｇｅｓ.

(ｐ.

56)
               Ａｓ               ｗｉｔｈ               ｍｏｓｔ               ｍｅｔｈｏｄｓ               ｏｆ               ｖａｒｉｏｕｓ               ｔｙｐｅｓ               ｏｆ               ｍｅｔｈｏｄｓ               ｕｓｅｄ               ｉｎ               ｔｈｅ               ｗｏｒｌｄ               ｔｏｄａｙ,               ｔｈｅｒｅ               ｉｓ               ａｌｓｏ               ａ               ｈｙｂｒｉｄ               ｍｅｔｈｏｄ               ｏｆ               ｃｒｏｓｓ-ｓｅｃｔｉｏｎａｌ               ａｎａｌｙｓｉｓ               ａｎｄ               ｔｉｍｅ-ｓｅｒｉｅｓ               ａｎａｌｙｓｉｓ,               ｓｉｍｐｌｙ               ｒｅｆｅｒｒｅｄ               ｔｏ               ａｓ               ｃｏｍｂｉｎｅｄ               ａｎａｌｙｓｉｓ.

Ｃｏｍｂｉｎｅｄ               ａｎａｌｙｓｉｓ               ｉｓ               ｃｏｎｓｉｄｅｒｅｄ               ｔｈｅ               ｍｏｓｔ               ｆｕｎｃｔｉｏｎａｌ               ｗａｙ               ｔｏ               ｕｓｅ               ｒａｔｉｏ               ａｎａｌｙｓｉｓ.

Ｕｔｉｌｉｚｉｎｇ               ｔｈｉｓ               ｃｏｍｂｉｎｅｄ               ｖｉｅｗ,               ａｎａｌｙｓｔｓ               ａｒｅ               ａｂｌｅ               ｔｏ               ｅｖａｌｕａｔｅ               ａｎｙ               ｔｒｅｎｄｓ               ｉｎ               ｔｈｅ               ｂｅｈａｖｉｏｒ               ｏｆ               ｔｈｅ               ｒａｔｉｏｓ               ｉｎ               ｒｅｌａｔｉｏｎ               ｔｏ               ｔｒｅｎｄｓ               ｉｎ               ｔｈｅ               ｉｎｄｕｓｔｒｙ.

(ｐ.

56)
               Ｆｉｎａｎｃｉａｌ               ｒａｔｉｏｓ               ｃａｎ               ｂｅ               ｄｉｖｉｄｅｄ               ｉｎｔｏ               ｆｉｖｅ               ｃａｔｅｇｏｒｉｅｓ:               ｌｉｑｕｉｄｉｔｙ,               ａｃｔｉｖｉｔｙ,               ｄｅｂｔ,               ｐｒｏｆｉｔａｂｉｌｉｔｙ,               ａｎｄ               ｍａｒｋｅｔ               ｒａｔｉｏｓ.

Ｔｏ               ｇａｕｇｅ               ｒｉｓｋ,               ａｎａｌｙｓｔｓ               ｕｓｅ               ｌｉｑｕｉｄｉｔｙ,               ａｃｔｉｖｉｔｙ,               ａｎｄ               ｄｅｂｔ               ｒａｔｉｏｓ.

Ｔｏ               ｃａｌｃｕｌａｔｅ               ｒｅｔｕｒｎ,               ａｎａｌｙｓｔｓ               ｃｈｏｏｓｅ               ｐｒｏｆｉｔａｂｉｌｉｔｙ               ｒａｔｉｏｓ.

Ｔｏ               ｑｕａｎｔｉｆｙ               ｂｏｔｈ               ｒｉｓｋ               ａｎｄ               ｒｅｔｕｒｎ,               ａｎａｌｙｓｔｓ               ｏｐｔ               ｆｏｒ               ｍａｒｋｅｔ               ｒａｔｉｏｓ.
               Ｔｈｅｒｅ               ａｒｅ               ｔｗｏ               ｔｙｐｅｓ               ｏｆ               ｌｉｑｕｉｄｉｔｙ               ｒａｔｉｏｓ:               ｃｕｒｒｅｎｔ               ｒａｔｉｏ               ａｎｄ               ｑｕｉｃｋ               (ａｃｉｄ-ｔｅｓｔ)               ｒａｔｉｏ.

Ｔｈｅ               ｃｕｒｒｅｎｔ               ｒａｔｉｏ               ｉｓ               ｏｎｅ               ｏｆ               ｔｈｅ               ｍｏｓｔ               ｃｏｍｍｏｎｌｙ               ｒｅｆｅｒｅｎｃｅｄ               ｆｉｎａｎｃｉａｌ               ｒａｔｉｏｓ               ａｓ               ｉｔ               ｇａｕｇｅｓ               ａ               ｃｏｍｐａｎｙ'ｓ               ｃａｐａｂｉｌｉｔｙ               ｔｏ               ｍｅｅｔ               ｉｔｓ               ｓｈｏｒｔ-ｔｅｒｍ               ｃｏｍｍｉｔｍｅｎｔｓ.

Ｉｔ               ｉｓ               ｄｅｒｉｖｅｄ               ｂｙ               ｄｉｖｉｄｉｎｇ               ｔｈｅ               ｐｒｅｓｅｎｔ               ａｓｓｅｔｓ               ｏｆ               ｔｈｅ               ｆｉｒｍ               ｂｙ               ｔｈｅ               ｆｉｒｍ'ｓ               ｐｒｅｓｅｎｔ               ｌｉａｂｉｌｉｔｉｅｓ.

Ｍｏｓｔ               ｏｆｔｅｎ,               ｔｈｅ               ｈｉｇｈｅｒ               ｔｈｅ               ｃｕｒｒｅｎｔ               ｒａｔｉｏ,               ｔｈｅ               ｍｏｒｅ               ｌｉｑｕｉｄ               ｔｈｅ               ｆｉｒｍ               ｉｓ               ｔｈｏｕｇｈｔ               ｔｏ               ｂｅ.

Ａ               ｃｕｒｒｅｎｔ               ｒａｔｉｏ               ｏｆ               2.0               ｉｓ               ｉｎｆｒｅｑｕｅｎｔｌｙ               ｎａｍｅｄ               ｓａｔｉｓｆａｃｔｏｒｙ.

Ｈｏｗｅｖｅｒ,               ａ               ｖａｌｕｅ'ｓ               ｓｕｉｔａｂｉｌｉｔｙ               ｉｓ               ｄｅｐｅｎｄｅｎｔ               ｕｐｏｎ               ｔｈｅ               ｉｎｄｕｓｔｒｙ               ｉｎ               ｗｈｉｃｈ               ｔｈｅ               ｃｏｍｐａｎｙ               ｏｐｅｒａｔｅｓ.

Ｔｈｅ               ｑｕｉｃｋ               (ａｃｉｄ-ｔｅｓｔ)               ｒａｔｉｏ               ｉｓ               ａｎａｌｏｇｏｕｓ               ｔｏ               ｔｈｅ               ｃｕｒｒｅｎｔ               ｒａｔｉｏ               ｅｘｃｅｐｔ               ｔｈａｔ               ｉｔ               ｄｏｅｓ               ｎｏｔ               ｉｎｃｌｕｄｅ               ｉｎｖｅｎｔｏｒｙ,               ｗｈｉｃｈ               ｉｓ               ｍｏｓｔ               ｏｆｔｅｎ               ｔｈｅ               ｌｅａｓｔ               ｌｉｑｕｉｄ               ｃｕｒｒｅｎｔ               ａｓｓｅｔ.

Ｔｈｅ               ｑｕｉｃｋ               ｒａｔｉｏ               ｉｓ               ｃａｌｃｕｌａｔｅｄ               ｂｙ               ｓｕｂｔｒａｃｔｉｎｇ               ｔｈｅ               ｆｉｒｍ'ｓ               ｉｎｖｅｎｔｏｒｙ               ｆｒｏｍ               ｉｔｓ               ｃｕｒｒｅｎｔ               ａｓｓｅｔｓ               ａｎｄ               ｔｈｅｎ               ｄｉｖｉｄｉｎｇ               ｔｈａｔ               ｒｅｓｕｌｔｉｎｇ               ｎｕｍｂｅｒ               ｂｙ               ｔｈｅ               ｆｉｒｍ'ｓ               ｃｕｒｒｅｎｔ               ｌｉａｂｉｌｉｔｉｅｓ.

Ａ               ｑｕｉｃｋ               ｒａｔｉｏ               ｏｆ               1.0               ｏｒ               ｈｉｇｈｅｒ               ｉｓ               ｉｎｔｅｒｍｉｔｔｅｎｔｌｙ               ｒｅｃｏｍｍｅｎｄｅｄ,               ｂｕｔ,               ｊｕｓｔ               ｌｉｋｅ               ｔｈｅ               ｃｕｒｒｅｎｔ               ｒａｔｉｏ,               ｗｈａｔ               ｖａｌｕｅ               ｉｓ               ｃｏｎｓｉｄｅｒｅｄ               ａｄｅｑｕａｔｅ               ｉｓ               ｆｏｒ               ｔｈｅ               ｍｏｓｔ               ｐａｒｔ               ｄｅｐｅｎｄｅｎｔ               ｏｎ               ｔｈｅ               ｉｎｄｕｓｔｒｙ.

Ｔｈｅ               ｑｕｉｃｋ               ｒａｔｉｏ               ｉｓ               ａ               ｂｅｔｔｅｒ               ｇａｕｇｅ               ｏｆ               ｂｙ               ａｎｄ               ｌａｒｇｅ               ｌｉｑｕｉｄｉｔｙ               ｏｎｌｙ               ｗｈｅｎ               ａ               ｃｏｍｐａｎｙ'ｓ               ｉｎｖｅｎｔｏｒｙ               ｃａｎｎｏｔ               ｂｅ               ｓｉｍｐｌｙ               ｔｒａｎｓｆｏｒｍｅｄ               ｉｎｔｏ               ｃａｓｈ.

Ｉｆ               ｉｎｖｅｎｔｏｒｙ               ｉｓ               ｌｉｑｕｉｄ,               ｔｈｅｎ               ｔｈｅ               ｃｕｒｒｅｎｔ               ｒａｔｉｏ               ｉｓ               ｔｈｅ               ｆａｖｏｒｅｄ               ｍｅａｓｕｒｅｍｅｎｔ               ｏｆ               ｏｎ               ｔｈｅ               ｗｈｏｌｅ               ｌｉｑｕｉｄｉｔｙ.

(ｐ.

58-59)
               Ｔｈｅｒｅ               ａｒｅ               ｆｏｕｒ               ｔｙｐｅｓ               ｏｆ               ａｃｔｉｖｉｔｙ               ｒａｔｉｏｓ               -               ｉｎｖｅｎｔｏｒｙ               ｔｕｒｎｏｖｅｒ,               ａｖｅｒａｇｅ               ｃｏｌｌｅｃｔｉｏｎ               ｐｅｒｉｏｄ,               ａｖｅｒａｇｅ               ｐａｙｍｅｎｔ               ｐｅｒｉｏｄ,               ａｎｄ               ｔｏｔａｌ               ａｓｓｅｔ               ｔｕｒｎｏｖｅｒ               -               ｗｈｉｃｈ               ｍｅａｓｕｒｅ               ｔｈｅ               ｑｕｉｃｋｎｅｓｓ               ｗｉｔｈ               ｗｈｉｃｈ               ｄｉｆｆｅｒｅｎｔ               ａｃｃｏｕｎｔｓ               ａｒｅ               ｔｒａｎｓｆｏｒｍｅｄ               ｉｎｔｏ               ｓａｌｅｓ               ｏｒ               ｃａｓｈ.

Ｉｎｖｅｎｔｏｒｙ               ｔｕｒｎｏｖｅｒ               ｔｙｐｉｃａｌｌｙ               ｍｅａｓｕｒｅｓ               ｔｈｅ               ｍｏｖｅｍｅｎｔｓ,               ｏｒ               ｌｉｑｕｉｄｉｔｙ,               ｏｆ               ａ               ｃｏｍｐａｎｙ'ｓ               ｉｎｖｅｎｔｏｒｙ               ｂｙ               ｄｉｖｉｄｉｎｇ               ｔｈｅ               ｃｏｓｔ               ｏｆ               ｇｏｏｄｓ               ｓｏｌｄ               ｂｙ               ｔｈｅ               ｉｎｖｅｎｔｏｒｙ.

Ｔｈｅ               ｔｕｒｎｏｖｅｒ               ａｍｏｕｎｔ               ｔｈａｔ               ｉｓ               ｔｈｅ               ｒｅｓｕｌｔ               ｉｓ               ｏｎｌｙ               ｉｍｐｏｒｔａｎｔ               ｗｈｅｎ               ｉｔ               ｉｓ               ｃｏｎｔｒａｓｔｅｄ               ｗｉｔｈ               ｔｈａｔ               ｏｆ               ｏｔｈｅｒ               ｃｏｍｐａｎｉｅｓ               ｉｎ               ｔｈｅ               ｓａｍｅ               ｉｎｄｕｓｔｒｙ               ｏｒ               ｔｏ               ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ｐａｓｔ               ｉｎｖｅｎｔｏｒｙ               ｔｕｒｎｏｖｅｒ.

Ｔｈｅ               ａｖｅｒａｇｅ               ｃｏｌｌｅｃｔｉｏｎ               ｐｅｒｉｏｄ,               ｏｒ               ａｖｅｒａｇｅ               ａｇｅ               ｏｆ               ａｃｃｏｕｎｔｓ               ｒｅｃｅｉｖａｂｌｅ,               ｉｓ               ｖａｌｕａｂｌｅ               ｉｎ               ｅｖａｌｕａｔｉｎｇ               ｃｒｅｄｉｔ               ａｎｄ               ｃｏｌｌｅｃｔｉｏｎ               ｐｏｌｉｃｉｅｓ.

Ｔｏ               ｏｂｔａｉｎ               ｔｈｉｓ               ｖａｌｕｅ,               ｔｈｅ               ａｃｃｏｕｎｔｓ               ｒｅｃｅｉｖａｂｌｅ               ｉｓ               ｄｉｖｉｄｅｄ               ｂｙ               ｔｈｅ               ａｖｅｒａｇｅ               ｓａｌｅｓ               ｐｅｒ               ｄａｙ               (ａｎｎｕａｌ               ｓａｌｅｓ               ｄｉｖｉｄｅｄ               ｂｙ               365).

Ｔｈｅ               ｒｅｓｕｌｔｉｎｇ               ｎｕｍｂｅｒ               ｗｉｌｌ               ｓｉｇｎｉｆｙ               ｈｏｗ               ｍａｎｙ               ｄａｙｓ               ｉｔ               ｔａｋｅｓ               ｔｏ               ｃｏｌｌｅｃｔ               ａｎ               ａｃｃｏｕｎｔ               ｒｅｃｅｉｖａｂｌｅ,               ｏｎ               ａｖｅｒａｇｅ.

Ｉｆ               ａ               ｃｏｍｐａｎｙ               ｈａｓ               30-ｄａｙ               ｃｒｅｄｉｔ               ｔｅｒｍｓ               ｗｉｔｈ               ｉｔｓ               ｃｌｉｅｎｔｓ               ａｎｄ               ｔｈｅｙ               ｈａｖｅ               ａｎ               ａｖｅｒａｇｅ               ｃｏｌｌｅｃｔｉｏｎ               ｐｅｒｉｏｄ               ｖａｌｕｅ               ｏｆ               55,               ｔｈｅｎ               ｔｈａｔ               ｍａｙ               ｂｅ               ａｎ               ｓｉｇｎ               ｏｆ               ａｎ               ｉｎａｄｅｑｕａｔｅｌｙ               ｍａｎａｇｅｄ               ｃｒｅｄｉｔ               ｏｒ               ｃｏｌｌｅｃｔｉｏｎ               ｄｉｖｉｓｉｏｎ.

Ｉｆ               ｔｈｅ               ｃｏｍｐａｎｙ               ｆｉｎｄｓ               ｔｈａｔ               ａ               60-ｄａｙ               ｃｒｅｄｉｔ               ｔｅｒｍ               ｗｏｕｌｄ               ｂｅ               ｗｏｒｔｈｗｈｉｌｅ,               ｔｈｅｎ               ｔｈｅ               55               ｄａｙｓ               ｗｏｕｌｄ               ｔｈｅｎ               ｂｅｃｏｍｅ               ｓａｔｉｓｆａｃｔｏｒｙ.

Ｔｈｅ               ａｖｅｒａｇｅ               ｐａｙｍｅｎｔ               ｐｅｒｉｏｄ,               ｏｒ               ａｖｅｒａｇｅ               ａｇｅ               ｏｆ               ａｃｃｏｕｎｔｓ               ｐａｙａｂｌｅ,               ｉｓ               ｃａｌｃｕｌａｔｅｄ               ｊｕｓｔ               ｌｉｋｅ               ｔｈｅ               ａｖｅｒａｇｅ               ｃｏｌｌｅｃｔｉｏｎ               ｐｅｒｉｏｄ,               ｅｘｃｅｐｔ               ｙｏｕ               ａｒｅ               ｄｉｖｉｄｉｎｇ               ａｃｃｏｕｎｔｓ               ｐａｙａｂｌｅ               ｂｙ               ｔｈｅ               ａｖｅｒａｇｅ               ｐｕｒｃｈａｓｅｓ               ｐｅｒ               ｄａｙ               (ａｎｎｕａｌ               ｐｕｒｃｈａｓｅｓ               ｄｉｖｉｄｅｄ               ｂｙ               365).

Ｔｈｉｓ               ｉｓ               ａ               ｔｒｉｃｋｙ               ｖａｌｕｅ               ｔｏ               ｄｅｔｅｒｍｉｎｅ               ｂｅｃａｕｓｅ               ａ               ｃｏｍｐａｎｙ'ｓ               ａｎｎｕａｌ               ｐｕｒｃｈａｓｅｓ               ｉｓ               ｎｏｔ               ｐｒｅｓｅｎｔｅｄ               ｉｎ               ｆｉｎａｎｃｉａｌ               ｓｔａｔｅｍｅｎｔｓ.

Ｔｈｅｒｅｆｏｒｅ,               ｐｕｒｃｈａｓｅｓ               ａｒｅ               ｔｙｐｉｃａｌｌｙ               ａｎ               ａｐｐｒｏｘｉｍａｔｉｏｎ               ａｓ               ａ               ｇｉｖｅｎ               ｐｅｒｃｅｎｔａｇｅ               ｏｆ               ｃｏｓｔ               ｏｆ               ｇｏｏｄｓ               ｓｏｌｄ.

Ｔｈｉｓ               ｖａｌｕｅ               ｉｓ               ｓｉｇｎｉｆｉｃａｎｔ               ｏｎｌｙ               ｉｎ               ｒｅｌａｔｉｏｎ               ｔｏ               ｔｈｅ               ａｖｅｒａｇｅ               ｃｒｅｄｉｔ               ｔｅｒｍｓ               ｇｉｖｅｎ               ｔｏ               ａ               ｃｏｍｐａｎｙ.

Ｗｈｅｎ               ａ               ｃｏｍｐａｎｙ               ｉｓ               ａｐｐｌｙｉｎｇ               ｆｏｒ               ｃｒｅｄｉｔ,               ｃｒｅｄｉｔｏｒｓ               ｗｉｌｌ               ｂｅ               ｍｏｓｔ               ｉｎｔｅｒｅｓｔｅｄ               ｉｎ               ｔｈｉｓ               ｖａｌｕｅ               ｂｅｃａｕｓｅ               ｉｔ               ｐｒｏｖｉｄｅｓ               ａ               ｇｏｏｄ               ｌｏｏｋ               ｉｎｔｏ               ｈｏｗ               ａ               ｃｏｍｐａｎｙ               ｐａｙｓ               ｉｔｓ               ｂｉｌｌｓ.

Ｉｆ               ｔｈｅ               ａｖｅｒａｇｅ               ｐａｙｍｅｎｔ               ｐｅｒｉｏｄ               ｉｓ               10               ｄａｙｓ               ａｎｄ               ｔｈｅ               ｃｏｍｐａｎｙ               ｈａｓ               30-ｄａｙ               ｔｅｒｍｓ               ａｃｒｏｓｓ               ｔｈｅ               ｂｏａｒｄ,               ｔｈｅｎ               ｔｈｅｉｒ               ｃｒｅｄｉｔ               ｒａｔｉｎｇ               ｗｉｌｌ               ｂｅ               ｍｕｃｈ               ｈｉｇｈｅｒ               ｔｈａｎ               ｉｆ               ｔｈｅ               ｖａｌｕｅ               ｗａｓ               50.

Ｔｈｅ               ｔｏｔａｌ               ａｓｓｅｔ               ｔｕｒｎｏｖｅｒ               ｓｈｏｗｓ               ｔｈｅ               ｅｆｆｉｃｉｅｎｃｙ               ｗｉｔｈ               ｗｈｉｃｈ               ａ               ｃｏｍｐａｎｙ               ｕｓｅｓ               ｉｔｓ               ａｓｓｅｔｓ               ｔｏ               ｐｒｏｄｕｃｅ               ｓａｌｅｓ.

Ｔｈｉｓ               ｖａｌｕｅ               ｉｓ               ｄｅｒｉｖｅｄ               ｂｙ               ｄｉｖｉｄｉｎｇ               ｓａｌｅｓ               ｂｙ               ｔｏｔａｌ               ａｓｓｅｔｓ.

Ｍｏｓｔ               ｏｆｔｅｎ,               ｔｈｅ               ｈｉｇｈｅｒ               ａ               ｃｏｍｐａｎｙ'ｓ               ｔｏｔａｌ               ａｓｓｅｔ               ｔｕｒｎｏｖｅｒ,               ｔｈｅ               ｍｏｒｅ               ｒｅｓｏｕｒｃｅｆｕｌｌｙ               ｉｔｓ               ｍａｔｅｒｉａｌ               ｇｏｏｄｓ               ｈａｖｅ               ｂｅｅｎ               ｕｓｅｄ.

Ｔｏｔａｌ               ａｓｓｅｔ               ｔｕｒｎｏｖｅｒ               ｉｓ               ｐｒｏｂａｂｌｙ               ｔｈｅ               ｍｏｓｔ               ｉｍｐｏｒｔａｎｔ               ｒａｔｉｏ               ｔｏ               ｍａｎａｇｅｍｅｎｔ               ａｓ               ｉｔ               ｓｈｏｗｓ               ｉｆ               ａ               ｃｏｍｐａｎｙ'ｓ               ａｃｔｉｏｎｓ               ｈａｖｅ               ｂｅｅｎ               ｆｉｎａｎｃｉａｌｌｙ               ｅｆｆｉｃｉｅｎｔ.

(ｐ.

59-62)
               Ｄｅｂｔ               ｒａｔｉｏｓ               ｏｆｆｅｒ               ａｎａｌｙｓｔｓ               ｔｈｅ               ａｂｉｌｉｔｙ               ｔｏ               ｓｅｅ               ｔｈｅ               ｑｕａｎｔｉｔｙ               ｏｆ               ｍｏｎｅｙ               ａ               ｃｏｍｐａｎｙ               ｉｓ               ｕｓｉｎｇ               ｔｏ               ｐｒｏｄｕｃｅ               ｐｒｏｆｉｔｓ               ｔｈａｔ               ｉｓ               ｃｏｍｉｎｇ               ｆｒｏｍ               ｏｕｔｓｉｄｅ               ｓｏｕｒｃｅｓ.

Ｔｈｅｒｅ               ａｒｅ               ｔｈｒｅｅ               ｔｙｐｅｓ               ｏｆ               ｄｅｂｔ               ｒａｔｉｏｓ:               ｄｅｂｔ               ｒａｔｉｏ,               ｔｉｍｅｓ               ｉｎｔｅｒｅｓｔ               ｅａｒｎｅｄ               ｒａｔｉｏ,               ａｎｄ               ｆｉｘｅｄ-ｐａｙｍｅｎｔ               ｃｏｖｅｒａｇｅ               ｒａｔｉｏ.

Ｔｈｅ               ｄｅｂｔ               ｒａｔｉｏ               ｍｅａｓｕｒｅｓ               ｔｈｅ               ｆｒａｃｔｉｏｎ               ｏｆ               ｔｏｔａｌ               ａｓｓｅｔｓ               ｆｉｎａｎｃｅｄ               ｂｙ               ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ｃｒｅｄｉｔｏｒｓ.

Ｔｈｉｓ               ｉｓ               ｃａｌｃｕｌａｔｅｄ               ｂｙ               ｄｉｖｉｄｉｎｇ               ｔｏｔａｌ               ｌｉａｂｉｌｉｔｉｅｓ               ｂｙ               ｔｏｔａｌ               ａｓｓｅｔｓ               ａｎｄ               ｔｈｅ               ｈｉｇｈｅｒ               ｔｈｅ               ｒｅｓｕｌｔｉｎｇ               ｎｕｍｂｅｒ,               ｔｈｅ               ｇｒｅａｔｅｒ               ｔｈｅ               ａｍｏｕｎｔ               ｏｆ               ｏｕｔｓｉｄｅ               ｍｏｎｅｙ               ｉｓ               ｂｅｉｎｇ               ｕｓｅｄ               ｔｏ               ｐｒｏｄｕｃｅ               ｐｒｏｆｉｔｓ.

Ｔｈｅ               ｔｉｍｅｓ               ｉｎｔｅｒｅｓｔ               ｅａｒｎｅｄ               ｒａｔｉｏ               ｇａｕｇｅｓ               ａ               ｃｏｍｐａｎｙ'ｓ               ａｂｉｌｉｔｙ               ｔｏ               ｍａｋｅ               ａｇｒｅｅｄ               ｕｐｏｎ               ｉｎｔｅｒｅｓｔ               ｐａｙｍｅｎｔｓ.

Ｔｈｉｓ               ｉｓ               ｃａｌｃｕｌａｔｅｄ               ｂｙ               ｄｉｖｉｄｉｎｇ               ｅａｒｎｉｎｇｓ               ｂｅｆｏｒｅ               ｉｎｔｅｒｅｓｔ               ａｎｄ               ｔａｘｅｓ               ｂｙ               ｉｎｔｅｒｅｓｔ               ａｎｄ               ｔｈｅ               ｈｉｇｈｅｒ               ｔｈｅ               ｒｅｓｕｌｔｉｎｇ               ｖａｌｕｅ,               ｔｈｅ               ｍｏｒｅ               ｃａｐａｂｌｅ               ｔｈｅ               ｃｏｍｐａｎｙ               ｉｓ               ｔｏ               ｃａｒｒｙ               ｏｕｔ               ｉｔｓ               ｉｎｔｅｒｅｓｔ               ｒｅｓｐｏｎｓｉｂｉｌｉｔｉｅｓ.

Ａ               ｒｅｓｕｌｔｉｎｇ               ｎｕｍｂｅｒ               ｏｆ               ａｔ               ｌｅａｓｔ               3.0               ｉｓ               ｏｆｔｅｎ               ｒｅｃｏｍｍｅｎｄｅｄ,               ａｌｔｈｏｕｇｈ               5.0               ｉｓ               ｔｈｅ               ｍｏｒｅ               ｐｒｅｆｅｒｒｅｄ               ｖａｌｕｅ.

Ｔｈｅ               ｆｉｘｅｄ-ｐａｙｍｅｎｔ               ｃｏｖｅｒａｇｅ               ｒａｔｉｏ               ｍｅａｓｕｒｅｓ               ａ               ｃｏｍｐａｎｙ'ｓ               ａｂｉｌｉｔｙ               ｔｏ               ｍｅｅｔ               ａｌｌ               ｉｔｓ               ｆｉｘｅｄ-ｐａｙｍｅｎｔｓ               ｃｏｍｍｉｔｍｅｎｔｓ,               ｓｕｃｈ               ａｓ               ｌｅａｓｅ               ｐａｙｍｅｎｔｓ,               ｌｏａｎ               ｉｎｔｅｒｅｓｔ               ａｎｄ               ｐｒｉｎｃｉｐａｌ,               ａｎｄ               ｐｒｅｆｅｒｒｅｄ               ｓｔｏｃｋ               ｄｉｖｉｄｅｎｄｓ.

Ｊｕｓｔ               ｌｉｋｅ               ｗｉｔｈ               ｔｈｅ               ｔｉｍｅｓ               ｉｎｔｅｒｅｓｔ               ｅａｒｎｅｄ               ｒａｔｉｏ,               ｔｈｅ               ｈｉｇｈｅｒ               ｔｈｅ               ｒｅｓｕｌｔｉｎｇ               ｖａｌｕｅ,               ｔｈｅ               ｂｅｔｔｅｒ.

Ｔｏ               ｃａｌｃｕｌａｔｅ               ｔｈｉｓ,               ｔｈｅ               ｓｕｍ               ｏｆ               ｅａｒｎｉｎｇｓ               ｂｅｆｏｒｅ               ｉｎｔｅｒｅｓｔ               &               ｔａｘｅｓ               ａｎｄ               ｌｅａｓｅ               ｐａｙｍｅｎｔｓ               ｉｓ               ｄｉｖｉｄｅｄ               ｂｙ               ｔｈｅ               ｓｕｍ               ｏｆ               ｉｎｔｅｒｅｓｔ,               ｌｅａｓｅ               ｐａｙｍｅｎｔｓ,               ａｎｄ               ｔｈｅ               ｐｒｏｄｕｃｔ               ｏｆ               ｔｈｅ               ｓｕｍ               ｏｆ               ｐｒｉｎｃｉｐａｌ               ｐａｙｍｅｎｔｓ               ａｎｄ               ｐｒｅｆｅｒｒｅｄ               ｓｔｏｃｋ               ｄｉｖｉｄｅｎｄｓ               ａｎｄ               1               ｄｉｖｉｄｅｄ               ｂｙ               1               ｍｉｎｕｓ               ｔｈｅ               ｃｏｒｐｏｒａｔｅ               ｔａｘ               ｒａｔｅ               ａｐｐｌｉｃａｂｌｅ               ｔｏ               ｔｈｅ               ｃｏｍｐａｎｙ'ｓ               ｉｎｃｏｍｅ.

(ｐ.

62-65)
               Ｐｒｏｆｉｔａｂｉｌｉｔｙ               ｒａｔｉｏｓ               ａｌｌｏｗ               ａｎａｌｙｓｔｓ               ｔｏ               ｍｅａｓｕｒｅ               ａ               ｃｏｍｐａｎｙ'ｓ               ｐｒｏｆｉｔｓ               ｗｉｔｈ               ｒｅｇａｒｄｓ               ｔｏ               ａ               ｇｉｖｅｎ               ａｍｏｕｎｔ               ｏｆ               ｓａｌｅｓ,               ｐａｒｔｉｃｕｌａｒ               ａｍｏｕｎｔ               ｏｆ               ａｓｓｅｔｓ,               ｏｒ               ｔｈｅ               ｏｗｎｅｒ'ｓ               ｉｎｖｅｓｔｍｅｎｔ.

Ｔｈｅｒｅ               ａｒｅ               ｓｅｖｅｎ               ｐｒｏｆｉｔａｂｉｌｉｔｙ               ｒａｔｉｏｓ:               ｃｏｍｍｏｎ-ｓｉｚｅ               ｉｎｃｏｍｅ               ｓｔａｔｅｍｅｎｔｓ,               ｇｒｏｓｓ               ｐｒｏｆｉｔ               ｍａｒｇｉｎ,               ｏｐｅｒａｔｉｎｇ               ｐｒｏｆｉｔ               ｍａｒｇｉｎ,               ｎｅｔ               ｐｒｏｆｉｔ               ｍａｒｇｉｎ,               ｅａｒｎｉｎｇｓ               ｐｅｒ               ｓｈａｒｅ               (ＥＰＳ),               ｒｅｔｕｒｎ               ｏｎ               ｔｏｔａｌ               ａｓｓｅｔｓ               (ＲＯＡ),               ａｎｄ               ｒｅｔｕｒｎ               ｏｎ               ｃｏｍｍｏｎ               ｅｑｕｉｔｙ               (ＲＯＥ).

Ａ               ｃｏｍｍｏｎ-ｓｉｚｅ               ｉｎｃｏｍｅ               ｓｔａｔｅｍｅｎｔ               ｉｓ               ａｎ               ｉｎｃｏｍｅ               ｓｔａｔｅｍｅｎｔ               ｗｈｅｒｅ               ｅａｃｈ               ｉｔｅｍ               ｉｓ               ｓｈｏｗｎ               ａｓ               ａ               ｐｒｏｐｏｒｔｉｏｎ               ｏｆ               ｓａｌｅｓ.

Ｔｈｅ               ｇｒｏｓｓ               ｐｒｏｆｉｔ               ｍａｒｇｉｎ               ｍｅａｓｕｒｅｓ               ｔｈｅ               ｆｒａｃｔｉｏｎ               ｏｆ               ｅｖｅｒｙ               ｓａｌｅｓ               ｄｏｌｌａｒ               ａｆｔｅｒ               ａ               ｃｏｍｐａｎｙ               ｈａｓ               ｐａｉｄ               ｆｏｒ               ｉｔｓ               ｍｅｒｃｈａｎｄｉｓｅ.

Ｔｈｉｓ               ｖａｌｕｅ               ｉｓ               ｄｅｒｉｖｅｄ               ｂｙ               ｄｉｖｉｄｉｎｇ               ｔｈｅ               ｒｅｍａｉｎｄｅｒ               ｏｆ               ｓａｌｅｓ               ｍｉｎｕｓ               ｃｏｓｔ               ｏｆ               ｇｏｏｄｓ               ｓｏｌｄ               ｂｙ               ｓａｌｅｓ.

Ｔｈｅ               ｏｐｅｒａｔｉｎｇ               ｐｒｏｆｉｔ               ｍａｒｇｉｎ               ｍｅａｓｕｒｅｓ               ｔｈｅ               ｐｒｏｐｏｒｔｉｏｎ               ｏｆ               ｅｖｅｒｙ               ｓａｌｅｓ               ｄｏｌｌａｒ               ｌｅｆｔ               ｏｖｅｒ               ａｆｔｅｒ               ａｌｌ               ｃｏｓｔｓ               ａｎｄ               ｅｘｐｅｎｓｅｓ,               ｎｏｔ               ｉｎｃｌｕｄｉｎｇ               ｉｎｔｅｒｅｓｔ,               ｔａｘｅｓ,               ａｎｄ               ｐｒｅｆｅｒｒｅｄ               ｓｔｏｃｋ               ｄｉｖｉｄｅｎｄｓ,               ａｒｅ               ｒｅｍｏｖｅｄ.

Ｔｈｉｓ               ｉｓ               ｃａｌｃｕｌａｔｅｄ               ｂｙ               ｄｉｖｉｄｉｎｇ               ｏｐｅｒａｔｉｎｇ               ｐｒｏｆｉｔｓ               ｂｙ               ｓａｌｅｓ.

Ｔｈｅ               ｎｅｔ               ｐｒｏｆｉｔ               ｍａｒｇｉｎ               ｍｅａｓｕｒｅｓ               ｔｈｅ               ｐｅｒｃｅｎｔａｇｅ               ｏｆ               ｅｖｅｒｙ               ｓａｌｅｓ               ｄｏｌｌａｒ               ｌｅｆｔ               ｏｖｅｒ               ａｆｔｅｒ               ａｌｌ               ｃｏｓｔｓ               ａｎｄ               ｅｘｐｅｎｓｅｓ,               ｔｈｉｓ               ｔｉｍｅ               ｉｎｃｌｕｄｉｎｇ               ｉｎｔｅｒｅｓｔ,               ｔａｘｅｓ,               ａｎｄ               ｐｒｅｆｅｒｒｅｄ               ｓｔｏｃｋ               ｄｉｖｉｄｅｎｄｓ,               ｈａｖｅ               ｂｅｅｎ               ｓｕｂｔｒａｃｔｅｄ.

Ｔｈｉｓ               ｉｓ               ｃａｌｃｕｌａｔｅｄ               ｂｙ               ｄｉｖｉｄｉｎｇ               ｅａｒｎｉｎｇｓ               ａｖａｉｌａｂｌｅ               ｆｏｒ               ｃｏｍｍｏｎ               ｓｔｏｃｋｈｏｌｄｅｒｓ               ｂｙ               ｓａｌｅｓ.

Ｔｈｅ               ＥＰＳ               ｃｈａｒａｃｔｅｒｉｚｅｓ               ｔｈｅ               ｄｏｌｌａｒ               ｑｕａｎｔｉｔｙ               ｅａｒｎｅｄ               ｏｎ               ｔｈｅ               ｐａｒｔ               ｏｆ               ｅｖｅｒｙ               ｏｕｔｓｔａｎｄｉｎｇ               ｓｈａｒｅ               ｏｆ               ｃｏｍｍｏｎ               ｓｔｏｃｋ.

Ｉｔ               ｉｓ               ｃａｌｃｕｌａｔｅｄ               ｂｙ               ｄｉｖｉｄｉｎｇ               ｅａｒｎｉｎｇｓ               ａｖａｉｌａｂｌｅ               ｆｏｒ               ｃｏｍｍｏｎ               ｓｔｏｃｋｈｏｌｄｅｒｓ               ｂｙ               ｔｈｅ               ｎｕｍｂｅｒ               ｏｆ               ｓｈａｒｅｓ               ｏｆ               ｃｏｍｍｏｎ               ｓｔｏｃｋ               ｏｕｔｓｔａｎｄｉｎｇ.

Ｔｈｅ               ＲＯＡ               ｍｅａｓｕｒｅｓ               ｔｈｅ               ｏｎ               ｔｈｅ               ｗｈｏｌｅ               ｅｆｆｅｃｔｉｖｅｎｅｓｓ               ｏｆ               ａ               ｃｏｍｐａｎｙ'ｓ               ｍａｎａｇｅｍｅｎｔ               ｉｎ               ｐｒｏｄｕｃｉｎｇ               ｐｒｏｆｉｔｓ               ｗｉｔｈ               ｉｔｓ               ａｃｃｅｓｓｉｂｌｅ               ａｓｓｅｔｓ.

Ｔｈｉｓ               ｉｓ               ｄｅｒｉｖｅｄ               ｂｙ               ｄｉｖｉｄｉｎｇ               ｔｈｅ               ｅａｒｎｉｎｇｓ               ａｖａｉｌａｂｌｅ               ｆｏｒ               ｃｏｍｍｏｎ               ｓｔｏｃｋｈｏｌｄｅｒｓ               ｂｙ               ｔｈｅ               ｔｏｔａｌ               ａｓｓｅｔｓ.

Ｔｈｅ               ＲＯＥ               ｇａｕｇｅｓ               ｔｈｅ               ｒｅｔｕｒｎ               ｅａｒｎｅｄ               ｏｎ               ｔｈｅ               ｃｏｍｍｏｎ               ｓｔｏｃｋｈｏｌｄｅｒｓ'               ｉｎｖｅｓｔｍｅｎｔ               ｉｎ               ｔｈｅ               ｃｏｍｐａｎｙ.

Ｔｈｉｓ               ｉｓ               ｃａｌｃｕｌａｔｅｄ               ｂｙ               ｄｉｖｉｄｉｎｇ               ｔｈｅ               ｅａｒｎｉｎｇｓ               ａｖａｉｌａｂｌｅ               ｆｏｒ               ｃｏｍｍｏｎ               ｓｔｏｃｋｈｏｌｄｅｒｓ               ｂｙ               ｔｈｅ               ｃｏｍｍｏｎ               ｓｔｏｃｋ               ｅｑｕｉｔｙ.

(ｐ.

65-69)
               Ｍａｒｋｅｔ               ｒａｔｉｏｓ               ｃｏｍｐａｒｅ               ａ               ｃｏｍｐａｎｙ'ｓ               ｍａｒｋｅｔ               ｖａｌｕｅ               ｔｏ               ｐａｒｔｉｃｕｌａｒ               ａｃｃｏｕｎｔｉｎｇ               ｃｏｓｔｓ,               ａｓ               ｍｅａｓｕｒｅｄ               ｂｙ               ｉｔｓ               ｐｒｅｓｅｎｔ               ｓｈａｒｅ               ｐｒｉｃｅ.

Ｔｈｅｒｅ               ａｒｅ               ｔｗｏ               ｍａｒｋｅｔ               ｒａｔｉｏｓ:               ｐｒｉｃｅ/ｅａｒｎｉｎｇｓ               (Ｐ/Ｅ)               ｒａｔｉｏ               ａｎｄ               ｍａｒｋｅｔ/ｂｏｏｋ               (Ｍ/Ｂ)               ｒａｔｉｏ.

Ｔｈｅ               Ｐ/Ｅ               ｒａｔｉｏ               ｍｅａｓｕｒｅｓ               ｔｈｅ               ｑｕａｎｔｉｔｙ               ｔｈａｔ               ｉｎｖｅｓｔｏｒｓ               ａｒｅ               ｐｒｅｐａｒｅｄ               ｔｏ               ｐａｙ               ｆｏｒ               ｅａｃｈ               ｄｏｌｌａｒ               ｏｆ               ａ               ｃｏｍｐａｎｙ'ｓ               ｅａｒｎｉｎｇｓ.

Ｗｉｔｈ               ａ               ｈｉｇｈｅｒ               Ｐ/Ｅ               ｒａｔｉｏ               ｃｏｍｅｓ               ｈｉｇｈｅｒ               ｉｎｖｅｓｔｏｒ               ａｓｓｕｒａｎｃｅ.

Ｔｈｉｓ               ｉｓ               ｃａｌｃｕｌａｔｅｄ               ｂｙ               ｄｉｖｉｄｉｎｇ               ｔｈｅ               ｍａｒｋｅｔ               ｐｒｉｃｅ               ｐｅｒ               ｓｈａｒｅ               ｏｆ               ｃｏｍｍｏｎ               ｓｔｏｃｋ               ｂｙ               ｔｈｅ               ｅａｒｎｉｎｇｓ               ｐｅｒ               ｓｈａｒｅ.

Ｔｈｅ               Ｍ/Ｂ               ｒａｔｉｏ               ｇｉｖｅｓ               ａｎ               ｅｖａｌｕａｔｉｏｎ               ｏｆ               ｈｏｗ               ｉｎｖｅｓｔｏｒｓ               ｓｅｅ               ａ               ｃｏｍｐａｎｙ'ｓ               ｐｅｒｆｏｒｍａｎｃｅ.

Ｉｎ               ｏｒｄｅｒ               ｔｏ               ｃａｌｃｕｌａｔｅ               ｔｈｅ               Ｍ/Ｂ               ｒａｔｉｏ,               ｔｈｅ               ｂｏｏｋ               ｖａｌｕｅ               ｐｅｒ               ｓｈａｒｅ               ｏｆ               ｃｏｍｍｏｎ               ｓｔｏｃｋ               ｍｕｓｔ               ｆｉｒｓｔ               ｂｅ               ｃａｌｃｕｌａｔｅｄ,               ｗｈｉｃｈ               ｉｓ               ｄｏｎｅ               ｂｙ               ｄｉｖｉｄｉｎｇ               ｃｏｍｍｏｎ               ｓｔｏｃｋ               ｅｑｕｉｔｙ               ｂｙ               ｔｈｅ               ｎｕｍｂｅｒ               ｏｆ               ｓｈａｒｅｓ               ｏｆ               ｃｏｍｍｏｎ               ｓｔｏｃｋ               ｏｕｔｓｔａｎｄｉｎｇ.

Ｔｈｅｎ,               ｔｏ               ｆｉｇｕｒｅ               ｏｕｔ               ｔｈｅ               Ｍ/Ｂ               ｒａｔｉｏ,               ｔｈｅ               ｍａｒｋｅｔ               ｐｒｉｃｅ               ｐｅｒ               ｓｈａｒｅ               ｏｆ               ｃｏｍｍｏｎ               ｓｔｏｃｋ               ｉｓ               ｄｉｖｉｄｅｄ               ｂｙ               ｔｈｅ               ｂｏｏｋ               ｖａｌｕｅ               ｐｅｒ               ｓｈａｒｅ               ｏｆ               ｃｏｍｍｏｎ               ｓｔｏｃｋ.

(ｐ.

69-70)
               Ａｌｌ               ｏｆ               ｔｈｅｓｅ               ｆｉｎａｎｃｉａｌ               ｒａｔｉｏｓ               ｃａｎ               ｂｅ               ｕｔｉｌｉｚｅｄ               ｔｏ               ｇｉｖｅ               ａｎ               ｉｄｅａ               ｏｆ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｓｔｒｅｎｇｔｈ               ｏｆ               ａ               ｃｏｍｐａｎｙ.

Ｍａｎａｇｅｒｓ               ｃａｎ               ｕｓｅ               ｔｈｅｓｅ               ｎｕｍｂｅｒｓ               ｔｏ               ｅｖａｌｕａｔｅ               ｔｈｅｉｒ               ｏｗｎ               ｐｒｏｃｅｓｓｅｓ,               ｐｏｌｉｃｉｅｓ,               ａｎｄ               ｐｅｒｆｏｒｍａｎｃｅ.

Ｐｏｔｅｎｔｉａｌ               ｉｎｖｅｓｔｏｒｓ               ｃａｎ               ｕｔｉｌｉｚｅ               ｔｈｅｓｅ               ｎｕｍｂｅｒｓ               ｔｏ               ｄｅｃｉｄｅ               ｗｈｅｔｈｅｒ               ｏｒ               ｎｏｔ               ｔｈｅｙ               ｗａｎｔ               ｔｏ               ｉｎｖｅｓｔ.

Ｐｏｔｅｎｔｉａｌ               ｃｒｅｄｉｔｏｒｓ               ｃａｎ               ｂａｓｅ               ｔｈｅｉｒ               ｄｅｃｉｓｉｏｎｓ               ｏｎ               ｗｈｅｔｈｅｒ               ｔｏ               ｅｘｔｅｎｄ               ｃｒｅｄｉｔ               ｏｆｆ               ｏｆ               ｔｈｅｓｅ               ｆｉｎａｎｃｉａｌ               ｒａｔｉｏｓ.

Ｒａｔｉｏｓ               ａｒｅ               ａｎ               ｅａｓｙ               ｗａｙ               ｔｏ               ｃｏｍｐａｒｅ               ｔｗｏ               ｃｏｍｐａｎｉｅｓ               ｉｎ               ｔｈｅ               ｓａｍｅ               ｉｎｄｕｓｔｒｙ               ａｓ               ｗｅｌｌ               ａｓ               ａｎ               ｅａｓｙ               ｗａｙ               ｆｏｒ               ａ               ｃｏｍｐａｎｙ               ｔｏ               ｍｅａｓｕｒｅ               ｉｔｓｅｌｆ               ａｇａｉｎｓｔ               ｉｔｓ               ｏｗｎ               ｐａｓｔ               ｐｅｒｆｏｒｍａｎｃｅ.
               Ｒｅｆｅｒｅｎｃｅｓ
               Ｇｉｔｍａｎ,               Ｌ.

(2009).

Ｐｒｉｎｃｉｐｌｅｓ               ｏｆ               Ｍａｎａｇｅｒｉａｌ               Ｆｉｎａｎｃｅ               (12ｔｈ               ｅｄ.).

Ｐｅａｒｓｏｎ               Ｐｒｅｎｔｉｃｅ               Ｈａｌｌ:               Ｂｏｓｔｏｎ,               ＭＡ






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    2013년 11월 28일 목요일

    오후 12:00

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                   Ｉｆ               ｉｎｖｅｓｔｉｎｇ               ｉｓ               ａ               ｎｅｗ               ａｃｔｉｖｉｔｙ               ｆｏｒ               ｙｏｕ,               ｃｏｎｆｕｓｉｏｎ               ｍａｙ               ｂｅ               ｒｕｌｉｎｇ               ｙｏｕｒ               ｄａｙ.

    Ｔｈｅｒｅ               ａｒｅ               ｓｔｏｃｋｓ               ａｎｄ               ｂｏｎｄｓ               ａｎｄ               ｏｐｔｉｏｎｓ               ａｎｄ               ｆｕｔｕｒｅｓ               ａｎｄ               ｔｏｎｓ               ｏｆ               ａｌｐｈａｂｅｔ               ｓｏｕｐ               ｔｉｔｌｅｓ               ｓｕｃｈ               ａｓ               ＮＡＳＤＡＱ               ａｎｄ               ＮＹＳＥ               ａｎｄ               ＯＴＩＳ               ｔｏ               ｌｅａｒｎ               ａｂｏｕｔ.

    Ｉｎ               ａｌｌ               ｔｈｅ               ｃｏｎｆｕｓｉｏｎ               ｙｏｕ               ｍａｙ               ｗｏｎｄｅｒ               ｗｈｙ               ｙｏｕ               ｓｈｏｕｌｄ               ｃｏｎｓｉｄｅｒ               ｍｕｔｕａｌ               ｆｕｎｄｓ.

    Ｔｈｉｓ               ａｒｔｉｃｌｅ               ｉｓ               ｉｎｔｅｎｄｅｄ               ｔｏ               ｇｉｖｅ               ｙｏｕ               ａ               ｂｒｉｅｆ               ｉｎｔｒｏｄｕｃｔｉｏｎ               ｔｏ,               ａｎｄ               ｔｅｎ               ｒｅａｓｏｎｓ               ｔｏ               ｉｎｖｅｓｔ               ｉｎ,               ｍｕｔｕａｌ               ｆｕｎｄｓ.
                   Ｍｕｔｕａｌ               ｆｕｎｄｓ               ｃｏｍｅ               ｆｒｏｍ               ａ               ｃｏｍｐａｎｙ               ｔｈａｔ               ｒａｉｓｅｓ               ｍｏｎｅｙ               ｆｒｏｍ               ｓｅｌｌｉｎｇ               ｉｔｓ               ｓｈａｒｅｓ.

    Ｉｔ               ｔｈｅｎ               ｉｎｖｅｓｔｓ               ｔｈｉｓ               ｐｏｏｌｅｄ               ｍｏｎｅｙ               ｉｎ               ａ               ｄｉｖｅｒｓｉｆｉｅｄ               ｓｅｌｅｃｔｉｏｎ               ｏｆ               ｓｅｃｕｒｉｔｉｅｓ.

    Ｔｈｅ               ｐｏｒｔｆｏｌｉｏ               ｏｆ               ｓｅｃｕｒｉｔｉｅｓ               ｉｓ               ｐｒｏｆｅｓｓｉｏｎａｌｌｙ               ｍａｎａｇｅｄ               ａｎｄ               ｉｓ               ｃａｌｌｅｄ               ａ               ｍｕｔｕａｌ               ｆｕｎｄ.

    Ｗｈｅｎ               ｙｏｕ               ｉｎｖｅｓｔ               ｉｎ               ｔｈｅ               ｍｕｔｕａｌ               ｆｕｎｄ               ｙｏｕ               ｏｗｎ               ａ               ｓｈａｒｅ               ｏｆ               ｔｈｅ               ｆｕｎｄ'ｓ               ｐｏｒｔｆｏｌｉｏ               ｏｆ               ｓｅｃｕｒｉｔｉｅｓ.

    Ｔｈｅ               ｍａｎａｇｅｒ               ｏｆ               ｔｈｅ               ｍｕｔｕａｌ               ｆｕｎｄ               ｗｉｌｌ               ｉｓｓｕｅ               ａｎｄ               ｒｅ-ｂｕｙ               ｓｈａｒｅｓ               ｏｆ               ｔｈｅ               ｐｏｒｔｆｏｌｉｏ               ａｔ               ａ               ｐｒｉｃｅ               ｔｈａｔ               ｍｉｒｒｏｒｓ               ｔｈｅ               ｃｕｒｒｅｎｔ               ｖａｌｕｅ               ｏｆ               ｔｈｅ               ｆｕｎｄ               ｗｈｅｎ               ｔｈｅ               ｔｒａｎｓａｃｔｉｏｎ               ｉｓ               ａｆｆｅｃｔｅｄ.
                   Ｓｏ               Ｗｈｙ               Ｓｈｏｕｌｄ               Ｙｏｕ               Ｉｎｖｅｓｔ               ｉｎ               Ｍｕｔｕａｌ               Ｆｕｎｄｓ?
                   1.

    Ｐｒｏｆｅｓｓｉｏｎａｌ               Ｍａｎａｇｅｍｅｎｔ
                   

                   Ａｎ               ｉｎｖｅｓｔｏｒ               ｗｈｏ               ｌａｃｋｓ               ｔｈｅ               ｔｉｍｅ               ｏｒ               ｋｎｏｗｌｅｄｇｅ               ｔｏ               ｍａｎａｇｅ               ｔｈｅｉｒ               ｏｗｎ               ｉｎｖｅｓｔｍｅｎｔｓ               ｃａｎ               ｔｕｒｎ               ｔｏ               ｔｈｅ               ｍｕｔｕａｌ               ｆｕｎｄ               ａｎｄ               ｌｅｔ               ａ               ｐｒｏｆｅｓｓｉｏｎａｌ               ｈａｎｄｌｅ               ａｌｌ               ｔｈｅ               ｓｅｃｕｒｉｔｉｅｓ,               ａｎａｌｙｓｉｓ,               ａｎｄ               ｑｕｅｓｔｉｏｎｓ               ｏｆ               ｗｈｅｎ               ｔｏ               ｂｕｙ               ｏｒ               ｓｅｌｌ               ｆｏｒ               ｔｈｅｍ.

    Ｔｈｉｓ               ｗｏｒｋｓ               ｓｏ               ｗｅｌｌ               ｔｈａｔ               ｂｅｔｔｅｒ               ｔｈａｎ               95               ｍｉｌｌｉｏｎ               ｐｅｏｐｌｅ               ｉｎｖｅｓｔ               ｉｎ               ｍｕｔｕａｌ               ｆｕｎｄｓ,               ｍａｋｉｎｇ               ｔｈｅｍ               ｔｈｅ               ｌａｒｇｅｓｔ               ｆｉｎａｎｃｉａｌ               ｉｎｔｅｒｍｅｄｉａｒｙ               ｉｎ               ｔｈｅ               Ｕｎｉｔｅｄ               Ｓｔａｔｅｓ.

    Ｔｈｅ               ｉｎｖｅｓｔｏｒｓ               ｉｎ               ｍｕｔｕａｌ               ｆｕｎｄｓ               ｍａｙ               ｂｅ               ｎｅｗｃｏｍｅｒｓ               ｔｏ               ｉｎｖｅｓｔｉｎｇ               ｏｒ               ｔｈｅｙ               ｍａｙ               ｂｅ               ｅｘｐｅｒｉｅｎｃｅｄ               ｉｎｖｅｓｔｏｒｓ.

    Ｗｈａｔ               ｔｈｅｙ               ａｌｌ               ｈａｖｅ               ｉｎ               ｃｏｍｍｏｎ               ｉｓ               ｔｈａｔ               ｔｈｅｙ               ｈａｖｅ               ｄｅｃｉｄｅｄ               ｔｏ               ｔｕｒｎ               ｏｖｅｒ               ｔｈｅ               ｔｉｍｅ               ｃｏｎｓｕｍｉｎｇ               ｗｏｒｋ               ｏｆ               ｉｎｖｅｓｔｍｅｎｔ               ｍａｎａｇｅｍｅｎｔ               ｔｏ               ｐｒｏｆｅｓｓｉｏｎａｌｓ.

    (Ｇｉｔｍａｎ,               Ｌ.,ａｎｄ               Ｊｏｅｈｎｋ,               Ｍ.,               2003)               

    2.

    Ｅａｓｅ               ｏｆ               Ｓｅｌｅｃｔｉｏｎ               

                   Ｎｏｔ               ａｌｌ               ｍｕｔｕａｌ               ｆｕｎｄｓ               ａｒｅ               ｍａｎａｇｅｄ               ｅｑｕａｌｌｙ.

    Ｙｏｕ               ｃａｎ               ｃｈｏｏｓｅ               ｆｒｏｍ               ｍａｎｙ               ｈｕｎｄｒｅｄｓ               ｏｆ               ｆｕｎｄｓ,               (ｗｅｌｌ               ａｃｔｕａｌｌｙ               ｅｖｅｎ               ｔｈｏｕｓａｎｄｓ               ｏｆ               ｆｕｎｄｓ).Ｙｏｕ               ｃａｎ               ｇｅｔ               ｉｎｆｏｒｍａｔｉｏｎ               ａｔ               ｔｈｅ               ｃｌｉｃｋ               ｏｆ               ａ               ｍｏｕｓｅ               ｏｒ               ｔｈｅ               ｒｕｓｔｌｅ               ｏｆ               ａ               ｐａｇｅ               ｉｎ               ｍａｇａｚｉｎｅｓ               ｓｕｃｈ               ａｓ               "Ｍｏｎｅｙ".

    Ｙｏｕｒ               ｃｒｅｄｉｔ               ｕｎｉｏｎ               ｗｉｌｌ               ｈａｖｅ               ｉｎｆｏｒｍａｔｉｏｎ               ｆｏｒ               ｙｏｕ               ａｎｄ               ｙｏｕｒ               ｌｏｃａｌ               ｌｉｂｒａｒｙ               ｗｉｌｌ               ａｌｓｏ               ｈａｖｅ               ｍａｇａｚｉｎｅｓ               ａｎｄ               ｇｕｉｄｅｓ               ｙｏｕ               ｃａｎ               ｃｈｅｃｋ.

    Ｄｏ               ａ               ｌｉｔｔｌｅ               ｈｏｍｅｗｏｒｋ               ｓｏ               ｙｏｕ               ｋｎｏｗ               ｈｏｗ               ｗｅｌｌ               ｔｈｅ               ｆｕｎｄ               ｙｏｕ               ａｒｅ               ｃｏｎｓｉｄｅｒｉｎｇ               ｈａｓ               ｐｅｒｆｏｒｍｅｄ               ｏｖｅｒ               ｔｈｅ               ｐａｓｔ               ｓｅｖｅｒａｌ               ｙｅａｒｓ.

    Ｔｈｅ               ｔｈｉｎｇ               ｙｏｕ               ｗａｎｔ               ｔｏ               ｄｅｔｅｒｍｉｎｅ               ｉｓ               ｙｏｕｒ               ｒｉｓｋ               ｔｏｌｅｒａｎｃｅ,               ｈｏｗ               ｍｕｃｈ               ｍｏｎｅｙ               ｙｏｕ               ｗａｎｔ,               ａｎｄ               ｈｏｗ               ｓｏｏｎ               ｙｏｕ               ｗａｎｔ               ｔｏ               ｒｅｔｉｒｅ.

    Ｃｏｍｍｕｎｉｃａｔｅ               ｔｈｅｓｅ               ｇｏａｌｓ               ｔｏ               ｙｏｕｒ               ｆｕｎｄ               ｍａｎａｇｅｒ               ａｎｄ               ｔｈｅｙ               ｗｉｌｌ               ｔａｉｌｏｒ               ｙｏｕｒ               ｉｎｖｅｓｔｍｅｎｔ               ｆｏｒ               ｙｏｕ.



    3.

    Ｂｅｇｉｎ               Ｓｍａｌｌ               

                   Ｙｏｕｎｇ               ｐｅｏｐｌｅ               ｊｕｓｔ               ｓｔａｒｔｉｎｇ               ｏｕｔ,               ｏｒ               ａ               ｍｉｄｄｌｅ               ａｇｅｄ               ｓｉｎｇｌｅ               ｐａｒｅｎｔ               ｓｔａｒｔｉｎｇ               ｏｖｅｒ               ａｆｔｅｒ               ａ               ｄｉｖｏｒｃｅ               ｏｒ               ｏｔｈｅｒ               ｍａｊｏｒ               ｌｉｆｅ               ｅｖｅｎｔ               ｍａｙ               ｎｏｔ               ｈａｖｅ               ａ               ｌｏｔ               ｏｆ               ｍｏｎｅｙ               ｔｏ               ｉｎｖｅｓｔ               ｉｎ               ｔｈｅ               ｂｅｇｉｎｎｉｎｇ.

    Ｔｈｉｓ               ｉｓ               ｗｈｅｒｅ               ｍｕｔｕａｌ               ｆｕｎｄｓ               ｃａｎ               ｒｅａｌｌｙ               ｓｈｉｎｅ               ｆｏｒ               ｙｏｕ.

    Ｍａｎｙ               ｍｕｔｕａｌ               ｆｕｎｄｓ               ｗｉｌｌ               ａｌｌｏｗ               ｙｏｕ               ｔｏ               ｂｅｇｉｎ               ｗｉｔｈ               ｕｎｄｅｒ               ａ               ｔｈｏｕｓａｎｄ               ｄｏｌｌａｒｓ               ａｎｄ               ｓｏｍｅ               ｗｉｌｌ               ｅｖｅｎ               ｌｅｔ               ｙｏｕ               ｓｔａｒｔ               ｗｉｔｈ               ａｓ               ｌｉｔｔｌｅ               ａｓ               $50.

    Ａ               ｐｒｏｇｒａｍ               ａｔ               Ｂａｎｋ               ｏｆ               Ａｍｅｒｉｃａ               ｆｏｒ               ｉｎｓｔａｎｃｅ               ｌｅｔｓ               ｙｏｕ               ｓｔａｒｔ               ａ               "ｋｅｅｐ               ｔｈｅ               ｃｈａｎｇｅ"               ｓａｖｉｎｇｓ               ａｃｃｏｕｎｔ               ｗｈｅｒｅ               ｅｖｅｒｙ               ｔｉｍｅ               ｙｏｕ               ｕｓｅ               ｙｏｕｒ               ｄｅｂｉｔ               ｃａｒｄ               ｔｈｅｙ               ｒｏｕｎｄ               ｕｐ               ｔｈｅ               ｃｈａｎｇｅ               ｔｏ               ｔｈｅ               ｎｅｘｔ               ｄｏｌｌａｒ               ａｎｄ               ｐｕｔ               ｉｔ               ｉｎ               ｅｉｔｈｅｒ               ａ               ｒｅｇｕｌａｒ               ｓａｖｉｎｇｓ               ａｃｃｏｕｎｔ               ｏｒ               ａ               ｍｏｎｅｙ               ｍａｒｋｅｔ               ｓａｖｉｎｇｓ               ａｃｃｏｕｎｔ.Ｙｏｕ               ｃａｎ               ｓｔａｒｔ               ｔｈｅ               ａｃｃｏｕｎｔ               ｆｏｒ               $25.

    ａｎｄ               ｙｏｕ               ａｒｅ               ｏｎ               ｙｏｕｒ               ｗａｙ               ｔｏ               ｉｎｖｅｓｔｉｎｇ               ｉｎ               ａ               ｓｉｍｐｌｅ               ｐａｉｎｌｅｓｓ               ｗａｙ.

    Ｙｏｕ               ｃａｎ'ｔ               ｇｅｔ               ａｎｙ               ｓｍａｌｌｅｒ               ｔｈａｎ               ｔｈａｔ.

    Ｔｈｅ               ｗａｙ               ｉｔ               ｗｏｒｋｓ               ｉｓ               ｔｈｅ               ｐｏｏｌｉｎｇ               ｅｆｆｅｃｔ,               ｗｈｉｃｈ               ｍｅａｎｓ               ｈｕｎｄｒｅｄｓ               ｏｒ               ｐｅｒｈａｐｓ               ｔｈｏｕｓａｎｄｓ               ｏｆ               ｔｉｍｅｓ               ｔｈａｔ               ｔｗｅｎｔｙ               ｆｉｖｅ               ｄｏｌｌａｒｓ,               ｗｈｉｃｈ               ｍａｋｅｓ               ａ               ｐｒｅｔｔｙ               ｎｉｆｔｙ               ｉｎｖｅｓｔｍｅｎｔ               ｂｅｃａｕｓｅ               ｍｕｔｕａｌ               ｆｕｎｄ               ｉｎｖｅｓｔｏｒｓ               ｐｏｏｌ               ｔｈｅｉｒ               ｍｏｎｅｙ               ｗｉｔｈ               ｏｎｅ               ｃｏｍｍｏｎ               ｇｏａｌ               -               ｔｏ               ｍａｋｅ               ｍｏｒｅ.



    4.

    Ｌｏｗｅｒ               Ｙｏｕｒ               Ｒｉｓｋ               

                   Ｉｎ               ｅｖｅｒｙ               ｂｕｓｉｎｅｓｓ               ｔｈｅｒｅ               ｉｓ               ａ               ｍａｎｔｒａ               ｆｏｒ               ｓｕｃｃｅｓｓ.

    Ｉｎ               ｒｅａｌｅｓｔａｔｅ               ｉｔ               ｉｓ               ｌｏｃａｔｉｏｎ,               ｌｏｃａｔｉｏｎ,               ｌｏｃａｔｉｏｎ;               ｉｎ               ａｃｔｉｎｇ               ｉｔ               ｉｓ               ｐｒｅｓｅｎｃｅ,ｐｒｅｓｅｎｃｅ,               ｐｒｅｓｅｎｃｅ;               ｉｎ               ｉｎｖｅｓｔｍｅｎｔｓ               ｉｔ               ｉｓ               ｄｉｖｅｒｓｉｆｙ,               ｄｉｖｅｒｓｉｆｙｄｉｖｅｒｓｉｆｙ.

    Ｍｙ               ｇｒａｎｄｍｏｔｈｅｒ               ｕｓｅｄ               ｔｏ               ｓａｙ               "ｄｏｎ'ｔ               ｐｕｔ               ａｌｌ               ｙｏｕｒ               ｅｇｇｓ               ｉｎ               ｏｎｅ               ｂａｓｋｅｔ".

    Ｗｈａｔ               ｓｈｅ               ｍｅａｎｔ               ｗａｓ               ｌｏｗｅｒ               ｔｈｅ               ｒｉｓｋ               ｏｆ               ｂｒｅａｋｉｎｇ               ａｌｌ               ｔｈｏｓｅ               ｅｇｇｓｉｆ               ｙｏｕ               ｔｒｉｐ               ａｎｄ               ｄｒｏｐ               ｔｈｅｍ               ｃｏｍｉｎｇ               ｕｐ               ｔｈｅ               ｓｔｅｐｓ.

    Ｙｏｕ               ｃａｒｒｙ               ｓｏｍｅ               ｏｆ               ｔｈｅｍ               ａｎｄ               ｌｅｔ               ｔｈｅ               ｏｔｈｅｒ               ｋｉｄｓ               ｃａｒｒｙ               ｓｏｍｅ               ｏｆ               ｔｈｅｍ.

    Ｉｔ'ｓ               ｌｉｋｅ               ｔｈａｔ               ｗｉｔｈ               ｙｏｕｒ               ｎｅｓｔ               ｅｇｇ               ｔｏｏ.

    Ｍｕｔｕａｌ               ｆｕｎｄｓ               ｄｉｖｅｒｓｉｆｙ               ｙｏｕｒ               ｐｏｒｔｆｏｌｉｏ               ｂｙ               ｉｎｖｅｓｔｉｎｇ               ｉｎ               ａ               ｎｕｍｂｅｒ               ｏｆ               ｓｅｃｕｒｉｔｉｅｓ               ａｎｄ               ｓｏ               ｓｐｒｅａｄ               ｔｈｅ               ｒｉｓｋ               ｏｕｔ               ｉｎｔｏ               ｍｏｒｅ               ｂａｓｋｅｔｓ.


                   5.

    Ｉｎｃｒｅａｓｅ               ｔｈｅ               Ｏｐｐｏｒｔｕｎｉｔｉｅｓ
                   

                   Ｉｎｖｅｓｔｍｅｎｔ               ｉｎ               ａ               ｍｕｔｕａｌ               ｆｕｎｄ               ｒｅａｌｌｙ               ｍｅａｎｓ               ｙｏｕ               ａｒｅ               ａ               ｐａｒｔ               ｏｗｎｅｒ               ｉｎ               ａｐｏｏｌｅｄ               ｄｉｖｅｒｓｉｆｉｃａｔｉｏｎ,               ｍａｎａｇｅｄ               ｂｙ               ｐｒｏｆｅｓｓｉｏｎａｌｓ               ａｎｄ               ａｂｌｅ               ｔｏ               ｔａｋｅａｄｖａｎｔａｇｅ               ｏｆ               ｉｎｖｅｓｔｍｅｎｔｓ               ｔｈｒｏｕｇｈ               ｔｈｉｓ               ａｌｌｉａｎｃｅ               ｔｈａｔ               ｙｏｕ               ｃｏｕｌｄ               ｎｅｖｅｒａｆｆｏｒｄ               ｏｎ               ｙｏｕｒ               ｏｗｎ.

    Ｇｉｔｍａｎ,               Ｌ               ａｎｄ               Ｊｏｅｈｎｋ,               Ｍ.,               (2003)               ｇｉｖｅ               ａｎ               ｅｘａｍｐｌｅｔｈａｔ               ｓｈｏｗｓ               ｔｗｏ               ｐａｇｅｓ               ｉｎ               ａ               ｐｏｒｔｆｏｌｉｏ               ｗｈｅｒｅ               ｗｅ               ｓｅｅ               ａ               ｐａｒｔｉａｌ               ｌｉｓｔ               ｏｆｓｅｃｕｒｉｔｙ               ｈｏｌｄｉｎｇｓ               ｆｒｏｍ               ａ               21               ｐａｇｅ               ｐｏｒｔｆｏｌｉｏ.

    Ｉｎ               ｔｈｅ               ｔｗｏ               ｐａｇｅｓ               ｓｈｏｗｎ               ｗｅｓｅｅ               24               ｉｎｄｕｓｔｒｉａｌ               ｃｏｍｐａｎｉｅｓ               ｉｎ               ｓｉｘ               ｄｉｆｆｅｒｅｎｔ               ｉｎｄｕｓｔｒｙ               ｓｅｇｍｅｎｔｓ               ａｎｄ               34ｉｎｆｏｒｍａｔｉｏｎ               ｔｅｃｈｎｏｌｏｇｙ               ｃｏｍｐａｎｉｅｓ               ｓｐｒｅａｄ               ｏｖｅｒ               ｔｈｒｅｅ               ｉｎｄｕｓｔｒｙ               ｓｅｇｍｅｎｔｓ.Ｃｌｅａｒｌｙ               ｎｏ               ｓｉｎｇｌｅ               ｉｎｖｅｓｔｏｒ               ｃｏｕｌｄ               ｃｏｖｅｒ               ｔｈｉｓ               ｍｕｃｈ               ｄｉｖｅｒｓｉｆｉｃａｔｉｏｎ.

    Ｔｈｉｓ               ｉｓ               ｏｎｌｙ               ｔｗｏ               ｐａｇｅｓ               ｏｕｔ               ｏｆ               ｔｗｅｎｔｙ               ｏｎｅ               ａｎｄ               ｙｅｔｅｖｅｒｙ               ｉｎｖｅｓｔｏｒ               ｗｈｏ               ｏｗｎｓｓｈａｒｅｓ               ｉｎ               ｔｈｉｓ               ｐａｒｔｉｃｕｌａｒ               ｍｕｔｕａｌ               ｆｕｎｄ               ｉｓ               ｉｎ               ｆａｃｔ               ａ               ｐａｒｔ               ｏｗｎｅｒ               ｏｆ               ｔｈｅｗｉｄｅｌｙ               ｄｉｖｅｒｓｉｆｉｅｄ               ｐｏｒｔｆｏｌｉｏ.



    6.

    Ｌｉｑｕｉｄ               Ａｓｓｅｔｓ               

                   Ｉｎ               ｔｈｅ               ｗｏｒｌｄ               ｏｆ               ｆｉｎａｎｃｅ,               ｌｉｑｕｉｄ               ａｓｓｅｔｓ               ｍｅａｎｓ               ｓｏｍｅｔｈｉｎｇ               ｙｏｕ               ｃａｎ               ｓｅｌｌｑｕｉｃｋｌｙ               ａｎｄ               ｅａｓｉｌｙ.

    Ｍｕｔｕａｌ               ｆｕｎｄｓ               ｃａｎ               ｂｅ               ｂｏｕｇｈｔ               ｏｒ               ｓｏｌｄ               ｏｎ               ａｎｙ               ｄａｙ               ｔｈｅｍａｒｋｅｔ               ｉｓ               ｄｏｉｎｇ               ｂｕｓｉｎｅｓｓ.

    Ｔｈｅ               ｍｏｎｅｙ               ｃａｎ               ｂｅ               ｉｎ               ｙｏｕｒ               ｈａｎｄｓ               ｉｎ               ａ               ｍａｔｔｅｒ               ｏｆａ               ｆｅｗ               ｄａｙｓ.

    Ｗｈｅｎ               ｍｙ               ｈｕｓｂａｎｄ               ｎｅｅｄｅｄ               ｍｅｄｉｃａｌ               ｃａｒｅ               ｔｈａｔ               ｉｎｓｕｒａｎｃｅ               ｄｉｄ               ｎｏｔｃｏｖｅｒ,               Ｉ               ｃａｌｌｅｄ               ｏｕｒ               ｆｕｎｄ               ｍａｎａｇｅｒ               ｗｈｏ               ｓｏｌｄ               ｓｈａｒｅｓ               ｔｈｅ               ｆｏｌｌｏｗｉｎｇ               ｂｕｓｉｎｅｓｓｄａｙ               ａｎｄ               ｓｅｎｔ               ｕｓ               ａ               ｃｈｅｃｋ               ｗｈｉｃｈ               ｗｅ               ｒｅｃｅｉｖｅｄ               ｗｉｔｈｉｎ               ａｂｏｕｔ               ｆｉｖｅ               ｄａｙｓ.



    7.

    Ｃｏｎｖｅｎｉｅｎｔ               

                   Ｂｅｃａｕｓｅ               ｔｈｅ               ｂｏｏｋｋｅｅｐｉｎｇ,               ｉｎｖｅｓｔｍｅｎｔ               ａｎａｌｙｓｉｓ,               ａｎｄ               ｏｔｈｅｒ               ｄａｙ               ｔｏ               ｄａｙｃｈｏｒｅｓ,ａｒｅ               ｄｏｎｅ               ｂｙ               ｔｈｅ               ｍａｎａｇｅｒｓ               ｏｆ               ｔｈｅ               ｆｕｎｄ,               ｉｔ               ｆｒｅｅｓ               ｕｐ               ｔｈｅ               ｉｎｖｅｓｔｏｒｓ               ｔｉｍｅａｎｄｒｅｌｉｅｖｅｓ               ｔｈｅｍ               ｏｆ               ｗｏｒｒｙ               ａｎｄ               ｓｔｒｅｓｓ.

    Ｙｏｕ               ｏｗｎ               ｊｕｓｔ               ｏｎｅ               ｉｎｖｅｓｔｍｅｎｔｉｎｓｔｅａｄ               ｏｆ               ａ               ｂａｔｃｈ               ｏｆ               ｔｈｅｍ               ｂｕｔ               ｙｏｕ               ｓｔｉｌｌ               ｇｅｔ               ｔｈｅ               ｂｅｎｅｆｉｔｓ               ｏｆ               ａｌｌ               ｔｈａｔｄｉｖｅｒｓｉｆｉｃａｔｉｏｎ               ｐｌｕｓ               ａ               ｒａｎｇｅ               ｏｆ               ｓｅｒｖｉｃｅｓ               ｏｆｆｅｒｅｄ               ｂｙ               ｔｈｅ               ｆｕｎｄ.



    8.

    Ｔｒａｎｓｐａｒｅｎｔ               ｄｉｓｃｌｏｓｕｒｅｓ               

                   Ｙｏｕ               ｄｏ               ｎｏｔ               ｗａｎｔ               ｔｏ               ｓｔｉｃｋ               ｍｏｎｅｙ               ｉｎ               ａ               ｐｏｒｔｆｏｌｉｏ               ａｎｄ               ｔｈｅｎｎｅｖｅｒ               ｒｅａｌｌｙ               ｎｏｔｋｎｏｗｗｈａｔ               ｉｓ               ｈａｐｐｅｎｉｎｇ.

    Ｔｈｅ               ｂｅａｕｔｙ               ｏｆ               ｔｈｅ               ｍｕｔｕａｌ               ｆｕｎｄ               ｉｓ               ｔｈａｔ               ｙｏｕ               ｗｉｌｌ               ｇｅｔｆｒｅｑｕｅｎｔｌｙ               ｕｐｄａｔｅｄ               ｉｎｆｏｒｍａｔｉｏｎ               ｏｎ               ｔｈｅ               ｖａｌｕｅ               ｏｆ               ｔｈｅ               ｉｎｖｅｓｔｍｅｎｔ.

    Ｔｈｅｐｒｏｓｐｅｃｔｕｓ               ｗｉｌｌ               ｂｅ               ｍａｉｌｅｄ               ｔｏ               ｙｏｕ               ｏｎ               ａ               ｒｅｇｕｌａｒ               ｂａｓｉｓ               ａｎｄ               ｔｈｉｓ               ｗｉｌｌｄｉｓｃｌｏｓｅ               ｓｐｅｃｉｆｉｃ               ｉｎｖｅｓｔｍｅｎｔｓ               ｍａｄｅ               ｂｙ               ｔｈｅ               ｆｕｎｄ.

    Ｔｈｅ               ｉｎｆｏｒｍａｔｉｏｎ               ｗｉｌｌａｌｓｏ               ｂｒｅａｋ               ｄｏｗｎ               ｔｈｅ               ｐｅｒｃｅｎｔａｇｅ               ｏｆ               ｉｎｖｅｓｔｍｅｎｔｓ               ｉｎ               ｅａｃｈ               ｉｎｄｕｓｔｒｙｓｅｇｍｅｎｔａｎｄ               ｃｌａｓｓ               ｏｆ               ａｓｓｅｔｓ               ａｎｄ               ｗｉｌｌ               ｄｅｔａｉｌ               ｔｈｅ               ｆｕｎｄ               ｍａｎａｇｅｍｅｎｔ'ｓ               ｓｔｒａｔｅｇｙａｎｄ               ｌｏｎｇ               ｔｅｒｍ               ｇｏａｌｓ.

    Ｉｎ               ｔｈｅ               Ｐｒｏｓｐｅｃｔｕｓ               ｙｏｕ               ｗｉｌｌ               ｆｉｎｄ               ｉｍｐｏｒｔａｎｔｉｎｆｏｒｍａｔｉｏｎ               ｉｎ               ｔｈｅ               ｓｅｃｔｉｏｎｓ               ｏｎ               ｅｘｐｅｎｓｅｓ,               ｉｎｖｅｓｔｍｅｎｔ               ｏｂｊｅｃｔｉｖｅｓ,ｌｏｎｇ-ｔｅｒｍ               ｔｏｔａｌ               ｒｅｔｕｒｎｓ               ａｎｄ               ｍａｎａｇｅｍｅｎｔ               ｂｉｏｇｒａｐｈｉｅｓ.



    9.

    Ｃｈｏｉｃｅｓ               

                   Ｍｕｔｕａｌ               Ｆｕｎｄｓ               ｉｎｖｅｓｔｏｒｓ               ｈａｖｅ               ｍａｎｙ               ｔｈｏｕｓａｎｄｓ               ｏｆ               ｏｐｔｉｏｎｓ               ｔｏ               ｃｈｏｏｓｅ               ｆｒｏｍ.

    Ｉｋｎｏｗ               ｍａｎｙ               ｐｅｏｐｌｅ               ｗｈｏ               ｗｉｌｌ               ｎｏｔ               ｉｎｖｅｓｔ               ｉｎ               ｓｏｍｅ               ｆｉｎａｎｃｉａｌｌｙ               ｓｅｃｕｒｅ               ｆｕｎｄｓｄｕｅ               ｔｏ               ｔｈｅ               ｃｏｍｐａｎｉｅｓ               ｒｅｐｒｅｓｅｎｔｅｄ               ｉｎ               ｔｈｅ               ｆｕｎｄ.

    Ａｎｉｍａｌ               ｒｉｇｈｔｓ               ａｃｔｉｖｉｓｔｓｗｉｌｌ               ｎｏｔ               ｉｎｖｅｓｔ               ｉｎ               ｆｕｎｄｓ               ｔｈａｔ               ｉｎｃｌｕｄｅ               ｐｈａｒｍａｃｅｕｔｉｃａｌ               ｒｅｓｅａｒｃｈ               ａｎｄｄｅｖｅｌｏｐｍｅｎｔ               ｄｉｖｉｓｉｏｎｓ               ｔｈａｔ               ｕｓｅ               ａｎｉｍａｌｓ               ｉｎ               ｔｈｅｉｒ               ｗｏｒｋ.

    Ｓｏｍｅ               ｅｎｖｉｒｏｎｍｅｎｔａｌａｃｔｉｖｉｓｔｓ               ｗｉｌｌ               ｎｏｔ               ｉｎｖｅｓｔ               ｉｎ               ｆｕｎｄｓ               ｔｈａｔ               ｉｎｃｌｕｄｅ               ｃｈｅｍｉｃａｌ               ｃｏｍｐａｎｉｅｓ               ｏｒｏｔｈｅｒ               ｉｎｄｕｓｔｒｉａｌ               ｓｅｇｍｅｎｔｓ.

    Ｙｏｕ               ｃａｎ               ｍａｋｅ               ｃｈｏｉｃｅｓ               ｂａｓｅｄ               ｏｎ               ｔｈｏｓｅ               ｇｒｏｕｎｄｓａｓ               ｗｅｌｌ               ａｓ               ｔｈｅ               ｆｉｎａｎｃｉａｌ               ｓｔａｂｉｌｉｔｙ               ｏｆ               ｔｈｅ               ｆｕｎｄ               ｉｔｓｅｌｆ               ａｎｄ               ｙｏｕｒｐａｒｔｉｃｕｌａｒ               ｆｉｎａｎｃｉａｌ               ｐｌａｎ.



    10.

    Ｒｅｇｕｌａｔｅｄ               ｆｏｒ               ｙｏｕｒ               ｐｒｏｔｅｃｔｉｏｎ.



                   Ａ               ｍｕｔｕａｌ               ｆｕｎｄ               ｉｓ               ｎｏｔ               ｏｎｅ               ｂｉｇ               ｃｏｍｐａｎｙ               ｒｕｎ               ｂｙ               ａ               ｓｉｎｇｌｅ               ｍａｎａｇｅｒ               ｏｒ               ｇｒｏｕｐ               ｏｆｍａｎａｇｅｒｓ               ｔｈａｔ               ｃａｎ               ｃｏｎｔｒｉｖｅ               ｔｏ               ｔａｋｅ               ｙｏｕｒ               ｍｏｎｅｙ               ａｎｄ               ｒｕｎ.

    Ｗｈｅｎ               ｙｏｕ               ｉｎｖｅｓｔｉｎ               ａ               ｍｕｔｕａｌ               ｆｕｎｄ,               ｙｏｕ               ｏｗｎ               ｓｈａｒｅｓ               ｏｆ               ｔｈｅ               ｆｕｎｄ,               ａｎｄ               ｔｈａｔ               ｇｉｖｅｓ               ｙｏｕ               ｃｅｒｔａｉｎｖｏｔｉｎｇ               ｒｉｇｈｔｓ.

    Ｔｈｅ               ｆｕｎｃｔｉｏｎｓ               ｏｆ               ｔｈｅ               ｆｕｎｄ               ａｒｅ               ｓｅｐａｒａｔｅｄ               ｂｅｔｗｅｅｎ               ｔｗｏ               ｏｒｍｏｒｅ               ｃｏｍｐａｎｉｅｓ.

    Ｔｈｅ               ｆｕｎｄ               ｉｔｓｅｌｆ               ｉｓ               ｏｒｇａｎｉｚｅｄ               ａｓ               ａ               ｃｏｒｐｏｒａｔｉｏｎ               ｏｒ               ａ               ｔｒｕｓｔａｎｄ               ｉｓ               ｏｗｎｅｄ               ｂｙ               ｔｈｅ               ｉｎｖｅｓｔｏｒｓ.

    Ｔｈｅ               ｆｉｒｍ               ｔｈａｔ               ｒｕｎｓ               ｉｔ               ｉｓ               ｓｅｐａｒａｔｅ.

    Ｔｈｅｍａｎａｇｅｍｅｎｔ               ｃｏｍｐａｎｙ               ｃｒｅａｔｅｓ               ｔｈｅ               ｆｕｎｄｓ,               ｔｈｅ               ｉｎｖｅｓｔｍｅｎｔ               ａｄｖｉｓｏｒｓ               ｏｖｅｒｓｅｅｔｈｅ               ｐｏｒｔｆｏｌｉｏ               ａｎｄ               ｂｕｙ               ａｎｄ               ｓｅｌｌ               ｓｔｏｃｋｓ               ａｎｄ               ｂｏｎｄｓ,               ｔｈｅ               ｄｉｓｔｒｉｂｕｔｏｒ               ｓｅｌｌｓｆｕｎｄ               ｓｈａｒｅｓ               ｔｏ               ｙｏｕ               ａｎｄ               ｍｅ               ａｓ               ｉｎｖｅｓｔｏｒｓ               ｉｎ               ｔｈｅ               ｐｏｒｔｆｏｌｉｏ,               ｔｈｅ               ｃｕｓｔｏｄｉａｎｓａｆｅｇｕａｒｄｓ               ｔｈｅ               ａｓｓｅｔｓ               ｏｆ               ｔｈｅ               ｆｕｎｄ               (ｔｈｉｓ               ｉｓ               ｕｓｕａｌｌｙ               ｄｏｎｅ               ｂｙ               ａ               ｂａｎｋ),               ａｎｄｔｈｅ               ｔｒａｎｓｆｅｒ               ａｇｅｎｔ               ｋｅｅｐｓ               ａ               ｒｅｃｏｒｄ               ｏｆ               ｐｕｒｃｈａｓｅ               ａｎｄ               ｒｅｄｅｍｐｔｉｏｎｃｏｍｍｕｎｉｃａｔｉｏｎｓ               ａｎｄ               ｏｔｈｅｒ               ｓｈａｒｅｈｏｌｄｅｒ               ｒｅｃｏｒｄｓ               ｆｏｒ               ｉｎｖｅｓｔｏｒｓ.

    Ｉｎ               ｏｔｈｅｒｗｏｒｄｓ               ａ               ｍｕｔｕａｌ               ｆｕｎｄ'ｓ               ｉｎｖｅｓｔｍｅｎｔ               ａｎｄ               ｂｕｓｉｎｅｓｓ               ｄｅｃｉｓｉｏｎｓ               ａｒｅ               ｍａｄｅ               ｂｙ               ｄｉｆｆｅｒｅｎｔ               ｅｎｔｉｔｉｅｓ               ｆｏｒ               ｔｈｅ               ｐｒｏｔｅｃｔｉｏｎ               ｏｆ               ｔｈｅ               ｓｈａｒｅｈｏｌｄｅｒ.

    Ｔｈｅ               ｆｕｎｄ               ａｌｓｏ               ｈａｓ               ａ               ｂｏａｒｄ               ｏｆ               ｄｉｒｅｃｔｏｒｓ               ｔｏ               ｒｉｄｅ               ｈｅｒｄ               ｏｎ               ａｌｌ               ｔｈｅ               ａｃｔｉｖｉｔｙ               ａｎｄ               ｔｈｅｙ               ａｒｅ               ｖｏｔｅｄ               ｏｎ               ｂｙ               ｙｏｕ               ａｎｄ               ｔｈｅ               ｏｔｈｅｒ               ｉｎｖｅｓｔｏｒｓ.

    Ｉｆ               ｙｏｕ               ｄｏ               ｎｏｔ               ｌｉｋｅ               ｔｈｅ               ｗａｙ               ｔｈｅ               ｆｕｎｄ               ｉｓ               ｂｅｉｎｇ               ｍａｎａｇｅｄ               ｔａｌｋ               ｗｉｔｈ               ｙｏｕｒ               ｖｏｔｅ.





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