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Investment and Portfolio Management
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For the price of a Tesco meal deal, you are getting 61 pages worth of hard work devoted to developing a working knowledge of Investment and Portfolio Management. This document covers every lecture, recommended reading and additional further reading as it relates to the learning of Investment ma...

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  • May 23, 2023
  • 61
  • 2022/2023
  • Lecture notes
  • Suliman alshahmy
  • All classes

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Table of Contents
1.1 Investment Fund and Asset/ Wealth Managers............................................................4
1.1.2 Capital markets are effectively a meeting place between two companies: one needs
funds, and the other needs to be willing to invest..............................................................4
1.1.3 Difference between equity and bonds .......................................................................5
1.1.4 Bond vs Equity...........................................................................................................7
1.1.4 UK Stock Exchange History, Developments, and International Competition...............7
1.1.5 What is the big deal about having capital markets?..................................................8
1.2 Evaluation Investments................................................................................................9
1.2.1 Passive strategy........................................................................................................9
1.2.3 Active Portfolio Strategies ........................................................................................9
1.2.4 Defensive techniques...............................................................................................10
1.2.5 Risk and Return.......................................................................................................10
1.3 Building an investment strategy - fundamentals.........................................................12
1.3.1 1st question in the exam..........................................................................................12
1.3.2 What Factors Influence Share Valuations?...............................................................13
1.3.3 So how do you determine what shares are worth?..................................................16
1.3.5 Method 1 for determining what shares are worth...................................................16
1.3.6 Method 2 for determining what shares are worth...................................................16
1.3.7 Method 3 for determining what shares are worth...................................................17
1.3.8 Method 4 for determining what shares are worth...................................................17
c1.3.9 Building a Strategy.................................................................................................17
1.5 Portfolio Analysis and Strategy...................................................................................18
1.5.1 Fundamental and technical analysis........................................................................18
1.5.2 Key investor financial ratios.....................................................................................20
1.5.3 Efficiency - how well an enterprise utilises resources................................................20
1.5.4 Importance of Benchmarks......................................................................................21
1.5.5 Further Reading.......................................................................................................21
1.5.7 Contrarian Technical Analysis Strategy....................................................................23
1.5.8 Price Momentum Strategy.......................................................................................23
1.5.9 Forming momentum-based stock portfolios: two examples. ...................................24
1.5.10 Fundamental Analysis............................................................................................24
1.5.11 Earnings Momentum – Fundamental.....................................................................25

,1.5.12 Fundamental strategies.........................................................................................25
1.5.13 Tactical Asset Allocation........................................................................................26
1.5.14 Anomaly Investing.................................................................................................27
1.6 IPOs, ESG and Investment Funds.................................................................................28
1.6.1 IPOs.........................................................................................................................28
1.6.2 ESGs........................................................................................................................29
1.7 Portfolio Theory - Average rates of return on different types of investments..............31
1.7.1 The return of the portfolio.......................................................................................32
1.7.2 Theory by Markowitz...............................................................................................32
1.7.3 Systematic and Unsystematic Risk...........................................................................34
1.7.5 Capital asset pricing model (CAPM).........................................................................34
1.7.6 Further Reading.......................................................................................................35
1.7.7 Background on Portfolio Theory..............................................................................35
1.7.8 Risk and Risk Aversion/ How People Manage Risk...................................................35
1.7.8 Definition of risk......................................................................................................36
1.7.9 Markowitz Portfolio Theory.....................................................................................36
1.7.10 Alternative Measures of Risk.................................................................................37
1.7.11 Expected Return....................................................................................................37
1.7.12 Capital Market Theory: Overview..........................................................................38
1.7.13 Development of capital market theory..................................................................38
1.7.14 The Capital Asset Pricing Model.............................................................................39
1.7.15 A conceptual development of the CAPM................................................................39
1.7.16 Developing the capital market line........................................................................40
1.7.17 The Security Market Line.......................................................................................40
1.8 Portfolio Theory Continued.........................................................................................41
1.8.1 Market efficiency.....................................................................................................41
1.8.2 The three levels of market efficiency (Fama 1970)....................................................42
1.8.3 Weak form efficiency - the evidence........................................................................42
1.8.4 Semi-strong form.....................................................................................................43
1.8.5 Strong form efficiency - the evidence.......................................................................43
1.8.6 Implications of EMH................................................................................................43
1.8.8 Components of an Efficient Market..........................................................................45
1.8.9 Results of return prediction studies ........................................................................46
1.8.10 Risk premium proxies - Evidence Against EMH.......................................................46

, 1.8.11 Quarterly earnings reports - Evidence Against EMH...............................................46
1.8.12 Implications of Efficient Capital Markets................................................................47
1.8.13 Efficient Markets and technical analysis.................................................................47
1.8.14 Efficient Markets and fundamental analysis..........................................................48
1.8.15 Passive Strategy in Efficient Markets.....................................................................48
1.8.16 Industry and company analysis with efficient capital markets - Superior Analyst...49
1.8.17 Efficient Markets and portfolio management.........................................................50
1.8.18 EMH Investing Strategies.......................................................................................50
1.10 Portfolio Theory - Final Revision ..............................................................................56
1.10.1 Calculating Risk and Return...................................................................................56
1.10.2 The Cause & Impact of Reduced Risk......................................................................58
1.10.3 Portfolio Strategies................................................................................................59
1.10.4 Dividends .............................................................................................................59
1.10.5 Theoretical Context for Portfolio Theory................................................................59
1.10.6 Key Point Markowitz Portfolio Theory ..................................................................59
1.10.7 The Capital Market Line.........................................................................................60

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