发帖
雷达卡
对应讲义 PDF电子版
课程说明
视频课程，激活后1年内有效，可以同时在2台设备观看。
支持Windows，iPad，iPhone，Android设备！
名师开讲
目前主要从事电子信息行业的股权投资项目，擅长行业分析与估值分析。
授 课：具有丰富的CFA讲课经验，熟悉CFA考试的重要考点及难点。曾多次主讲CFA一级、二级、固定收益、衍生产品、另类投资、投资组合管理等课程。
专业能力：连续一次性通过CFA 3个级别的考试并取得高分。讲课幽默风趣，最擅长的是将复杂问题简单化，通过举大量实例帮助学员理解复杂问题。金融理论知识扎实，在金融教学中有自己独到 的方法。通过多年对CFA考试体系的研究，全面掌握考试重点，在授课过程中能够从考生角度出发，提供自己在备考过程中的经验和方法，帮助考生更好的准备考试。
Alternative Investments
2016 CFA Level II
This study session discusses the following categories of alternative investments: real estate, private equity, and commodities. Real estate investments, both private investment and investment through publicly traded securities, are described, and methods for analysis and evaluation are presented. Private equity, including venture capital and leveraged buyouts, is examined from the perspectives of a private equity firm evaluating equity investments for its portfolio and an investor evaluating participation in a private equity fund. The study session concludes with an overview of investing in commodities.
考点大纲
Reading 39 Private Real Estate InvestmentsThe candidate should be able to:
a classify and describe basic forms of real estate investments;
b describe the characteristics, the classification, and basic segments of real estate;
c explain the role in a portfolio, economic value determinants, investment characteristics, and principal risks of private real estate;
d describe commercial property types, including their distinctive investment characteristics;
e compare the income, cost, and sales comparison approaches to valuing real estate properties;
f estimate and interpret the inputs (for example, net operating income, capitalization rate, and discount rate) to the direct capitalization and discounted cash flow valuation methods;
g calculate the value of a property using the direct capitalization and discounted cash flow valuation methods;
h compare the direct capitalization and discounted cash flow valuation methods;
i calculate the value of a property using the cost and sales comparison approaches;
j describe due diligence in private equity real estate investment;
k discuss private equity real estate investment indices, including their construction and potential biases;
l explain the role in a portfolio, the major economic value determinants, investment characteristics, principal risks, and due diligence of private real estate debt investment;
m calculate and interpret financial ratios used to analyze and evaluate private real estate investments.
Reading 40 Publicly Traded Real Estate SecuritiesThe candidate should be able to:
a describe types of publicly traded real estate securities;
b explain advantages and disadvantages of investing in real estate through publicly traded securities;
c explain economic value determinants, investment characteristics, principal risks, and due diligence considerations for real estate investment trust (REIT) shares;
d describe types of REITs;
e justify the use of net asset value per share (NAVPS) in REIT valuation and estimate NAVPS based on forecasted cash net operating income;
f describe the use of funds from operations (FFO) and adjusted funds from operations (AFFO) in REIT valuation;
g compare the net asset value, relative value (price-to-FFO and price-to-AFFO), and discounted cash flow approaches to REIT valuation;
h calculate the value of a REIT share using net asset value, price-to-FFO and price-to-AFFO, and discounted cash flow approaches.
Reading 41 Private Equity ValuationThe candidate should be able to:
a explain sources of value creation in private equity;
b explain how private equity firms align their interests with those of the managers of portfolio companies;c distinguish between the characteristics of buyout and venture capital investments;d describe valuation issues in buyout and venture capital transactions;e explain alternative exit routes in private equity and their impact on value;f explain private equity fund structures, terms, valuation, and due diligence in the context of an analysis of private equity fund returns;g explain risks and costs of investing in private equity;h interpret and compare financial performance of private equity funds from the perspective of an investor;i calculate management fees, carried interest, net asset value, distributed to paid in (DPI), residual value to paid in (RVPI), and total value to paid in (TVPI) of a private equity fund;
A Note on Valuation of Venture Capital Deals: (Appendix 41)j calculate pre-money valuation, post-money valuation, ownership fraction, and price per share applying the venture capital method 1) with single and multiple financing rounds and 2) in terms of IRR;k demonstrate alternative methods to account for risk in venture capital.
Reading 42 A Primer on Commodity InvestingThe candidate should be able to:
a describe types of market participants in commodity futures markets;
b explain storability and renewability in the context of commodities and determine whether a commodity is storable and/or renewable;
c explain the convenience yield and how it relates to the stock (inventory level) of a commodity;
d distinguish among capital assets, store-of-value assets, and consumable or transferable assets and explain implications for valuation;
e compare ways of participating in commodity markets, including advantages and disadvantages of each;
f explain backwardation and contango in terms of spot and futures prices;
g describe the components of return to a commodity futures and a portfolio of commodity futures;
h explain how the sign of the roll return depends on the term structure of futures prices;
i compare the insurance perspective, the hedging pressure hypothesis, and the theory of storage and their implications for futures prices and expected future spot prices.
课程试听
微信客服：redstarnight扫码购买：
了解更多CFA考试内容，关注金多多教育二维码，回复以下关键词
CFA考试内容 | CFA道德手册 | CFA学习
免费学CFA L3 | 三级道德讲义 | 三级时间表 | CFA3级学习方法 | CFA3级GIPS |
提升卡
置顶卡
沉默卡
变色卡
抢沙发
千斤顶
显身卡
京公网安备 11010802022788号
