Calculation of total rates of return (TRRs) of investment in Treasuries and mortgage pass-throughs under the following assumptions: 1. The investment period begins on January 10, 2016, and ends on May 30, 2017. 2. The total investment is $4,000,000 to purchase two Treasuries and two residential mortgage pass-throughs. 3. During the investment horizon, these securities are to experience two dramatically different patterns of interest rate changes with specific purchasing and selling yields. 4. The table below lists the two Treasuries and mortgage pass-throughs and the two interest rate scenarios. The investment plan is to allocate $1,000,000 on each security with possible cash left for short-term investment. All cash flows are to be reinvested in a high investment grade, money market instruments with an annualized yield of 0.5% for both rising and declining interest rate scenarios. All trades are settled on the beginning and ending dates of the investment period (ignore the settlement dates specified by SIFMA for mortgage securities). 5. Calculate actual and annualized total rates of return of the four securities and comment on all the reasons why the four securities performed differently in the two different interest rate environments. The reasons discussed in the commentary carry a significant weight in scoring a higher mark for the group investment project.
九、段首万能句子 1. 关于……人们有不同的观点。一些人认为…… There are different opinions among people as to ____ .Some people suggest that ____. 2. 俗话说（常言道）……，它是我们前辈的经历，但是，即使在今天，它在许多场合仍然适用。 There is an old saying______.It “ s the experience of our forefathers ， however ， it is correct in many cases even today. 3. 现在，……，它们给我们的日常生活带来了许多危害。首先，……；其次，……更为糟糕的是…… Today, ____, which have brought a lot of harms in our daily life.First, ____ Second,____.What makes things worse is that______. 4. 现在，……很普遍，许多人喜欢……，因为……，另外（而且）…… Nowadays ， it is common to ______.Many people like ______ because ______.Besides ， ______. 5. 任何事物都是有两面性，……也不例外。 ( www.lz13.cn ) 它既有有利的一面，也有不利的一面。 Everything has two sides and ______ is not an exception ， it has both advantages and disadvantages. 6. 关于……人们的观点各不相同，一些人认为（说）……，在他们看来，…… People's opinions about ______ vary from person to person.Some people say that ______.To them,_____. 7. 人类正面临着一个严重的问题……，这个问题变得越来越严重。 Man is now facing a big problem ______ which is becoming more and more serious. 8. ……已成为人的关注的热门话题，特别是在年青人当中，将引发激烈的辩论。 ______ has become a hot topic among people ， especially among the young and heated debates are right on their way. 9. ……在我们的日常生活中起着越来越重要的作用，它给我们带来了许多好处，但同时也引发一些严重的问题。 ______ has been playing an increasingly important role in our day-to-day life.it has brought us a lot of benefits but has created some serious problems as well. 10. 根据图表 / 数字 / 统计数字 / 表格中的百分比 / 图表 / 条形图 / 成形图可以看出……很显然……，但是为什么呢？ According to the figure/number/statistics/percentages in the /chart/bar graph/line/graph ， it can be seen that______ while.Obviously ， ______ ， but why?
“Much of what we experience in life results from a combination of skill and luck.” — From the Introduction The trick, of course, is figuring out just how many of our successes (and failures) can be attributed to each—and how we can learn to tell the difference ahead of time . In most domains of life, skill and luck seem hopelessly entangled. Different levels of skill and varying degrees of good and bad luck are the realities that shape our lives—yet few of us are adept at accurately distinguishing between the two. Imagine what we could accomplish if we were able to tease out these two threads, examine them, and use the resulting knowledge to make better decisions. In this provocative book, Michael Mauboussin helps to untangle these intricate strands to offer the structure needed to analyze the relative importance of skill and luck. He offers concrete suggestions for making these insights work to your advantage. Once we understand the extent to which skill and luck contribute to our achievements, we can learn to deal with them in making decisions. The Success Equation helps us move toward this goal by: • Establishing a foundation so we better understand skill and luck, and can pinpoint where each is most relevant • Helping us develop the analytical tools necessary to understand skill and luck • Offering concrete suggestions about how to take these findings and put them to work Showcasing Mauboussin’s trademark wit, insight, and analytical genius, The Success Equation is a must-read for anyone seeking to make better decisions—in business and in life.
If you wish to succeed, you should use persistence as your good friend, experience as your reference, prudence as your brother and hope as your sentry.------如果你希望成功，当以恒心为良友、以经验为参谋、以谨慎为兄弟、以希望为哨兵。
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