Saturday, March 31, 2012

Análise de investimentos

DWS グローバル公益債券ファンド
(Aコース/為替ヘッジあり)
http://stocks.finance.yahoo.co.jp/stocks/chart/?code=34311094&ct=z&t=1y&q=l&l=off&z=n&p=m25&a=
http://www.boy.co.jp/kojin/tameru/toushin/lineup/d-34311094.html
https://www.damj.co.jp/Products/Fund/3807/Overview

preço: 10,658
data: 2014-05-13

Razões para comprar:
- Historicamente está barato.
- Nos últimos 6 meses o preço tem subido.
- A curto prazo o preço provavelmente vai continuar subindo.
- Paga 分配金 todo mês.
- Investe em serviços básico, que geralmente são estáveis. (電力・ガス・水道)

Razões para não comprar:
- À médio prazo preço provavelmente vai cair.
- Mesmo que o preço suba, não vai subir muito.

Accounting





http://www.accountingcoach.com/

financial statements:
- balance sheet
- Income Statement 

balance sheet
assetliabilities
owner's equity
income statement
expensesrevenue
balance sheet:
- assets
- liabilities
- owner's equity

Income Statement: 
- expenses
- revenue

Definition of owner's equity:
owner's equity = assets - liabilities

Net income = revenue - expenses
profit: positive net income
loss: negative net income

assets = liabilities + owner's equity + (revenue - expenses)
assets = liabilities + owner's equity + net income
New owner's equity = owner's equity + net income

book value
market value

revenues are earned
expenses are incurred

revenues: increase owner's equity
expenses: decrease owner's equity

when to record revenues and expenses:
- accrual method:  revenues and expenses are recorded according to when they are earned and incurred, not necessarily when the cash is received or paid.
- cash basis : meaning that neither revenue nor expenses are recognized until the cash associated with them actually is received.

GAAP: Generally Accepted Accounting Principles 

Solvency: ability of the business to pay its bills and service its debt.

for asset: debit = increase, credit = decrease
for liability: debit = decrease, credit = increase

transaction
debit
credit
account

Two or more accounts always are affected by each transaction, and one of those entries must be a debit and the other must be a credit of equal amount.

invoice: an itemized bill for goods sold or services provided, containing individual prices, the total charge, and the terms.
overdraft: an act or instance of overdrawing  a checking account.
overdraw: to draw  upon (an account, allowance, etc.) in excess of the balance standing to one's credit or at one's disposal.
bill: a statement of money owed for goods or services supplied.

depreciation: the reduction in value of a fixed asset due to use, obsolescence, etc

receivable: an asset indicating the right to receive money/product/service
payable: a liability indicating the obligation to provide money/product/service


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 ちょうぼ【帳簿】金銭・物品の出納など、事務上の必要事項を記入するための帳面。
 すいとう【出納】金銭や物品を出し入れすること。支出と収納。
 ざんだか【残高】収支または貸借の差し引き計算をして残った金額。残金。
 くりこし【繰越】会計勘定を次期の会計に組み入れること。
 ふりこむ【振り込む】振替口座や預金口座などに金銭を払い込む。
 ざいせい【財政】個人・家庭・団体などの経済状態。かねまわり。
 けいり【経理】会計・給与に関する事務。また、それを処理すること。
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簿記
・単式 ・複式

 ぼき【簿記】会社・官庁・組合など経済主体の活動を一定の方法で帳簿に記録・計算し、一定の時点で総括して損益の発生や財産の増減を明らかにする技法。記帳方法によって単式簿記と複式簿記に分けられる。
 たんしきぼき【単式簿記】取引の貸借記入をせず、現金の収支、商品の増減などだけを記入する簿記。大福帳・家計簿など。
 ふくしきぼき【複式簿記】すべての取引を、ある勘定の借方と他の勘定の貸方に同じ金額を記入し、貸借平均の原理に基づいて組織的に記録・計算・整理する薄記。
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 かいけい【会計】金銭の収支や物品・不動産の増減など財産の変動、または損益の発生を貨幣単位によって記録・計算・整理し、管理および報告する行為。また、これに関する制度。
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財務諸表
・貸借対照表
・損益計算書
・キャッシュフロー計算書

 けっさん【決算】企業会計で、一会計期間の経営成績と期末の財政状態とを明らかにするために行う手続き。
 ざいむしょひょう【財務諸表】企業が株主・債権者・税務当局など利害関係者に対し、一定期間における経営成績および一定時点における財政状態などを報告するために作成する計算書類。貸借対照表(B/S)・損益計算書(P/L)・キャッシュフロー計算書(C/S)・利益金処分計算書・附属明細表などからなる。
 たいしゃくたいしょうひょう【貸借対照表】損益計算書・キャッシュフロー計算書とともに財務諸表の中心をなすもので、一定時点における企業の財政状態を明らかにするために作成される計算書。すべての資産・負債・資本の有り高を記載し、一覧できるように表示したもの。バランスシート。B/S。
 そんえきけいさんしょ【損益計算書】貸借対照表とともに財務諸表の中心をなすもので、一会計期間における企業の経営成績を明らかにするために作成される計算書。当該期間に属するすべての収益とこれに対応するすべての費用を記載し、それらの差額として当期純損益を表示する。P/L。
 キャッシュフロー計算書:貸借対照表・損益計算書とともに財務諸表の中心をなすもので、企業の一定期間の現金収支(キャッシュフロー)を記した計算書。内容は、営業活動による現金収支、企業買収など投資活動による現金収支、借り入れや返済など財務活動による現金収支の3種。C/S。C/F。
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利益 = 収益 - 費用

 しゅうえき【収益】事業などによって利益を得ること。また、その利益。
 ひよう【費用】企業が収益を挙げるために費やした経済価値。
 りえき【利益】事業などをして得るもうけ。利潤。
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資本 = 資産 - 負債
利益 = 期末資本 - 期首資本

 しさん【資産】 企業会計で、貸借対照表上の流動資産・固定資産・繰延資産をいう。
 ふさい【負債】 企業会計で、支払手形・買掛金・借入金のような法律上の債務と、期間損益計算上の費用配分の要請から計上される賞与引当金・退職給与引当金のような負債性引当金などを合計したもので、企業の総資本から自己資本を除いた部分。
 しほん【資本】簿記で、企業の資産総額から負債総額を差し引いた純資産。自己資本。
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・借方・貸方

 かりかた【借方】複式簿記で、勘定口座の左側。また、勘定様式による貸借対照表・損益計算書の左側をいうこともある。資産の増加、負債・資本の減少、費用の発生を記入する。
 かしかた【貸方】複式簿記で、勘定口座の右側。また、勘定様式による貸借対照表・損益計算書の右側をいうこともある。資産の減少、負債・資本の増加、収益の発生を記入する。
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 かんじょう【勘定】簿記で、資産・負債・資本の増減、収益・費用の発生を記録・計算するために設ける形式。
 かんじょうかもく【勘定科目】簿記で、計算や整理の便宜上、諸種に類別した勘定の名称。
 しわけ【仕訳】簿記で、取引の勘定科目と金額を決定し、借方要素と貸方要素とに分析すること。
 ふりかえる【振り替える】 簿記で、ある勘定科目の記載を他の勘定科目に移しかえる。
 もとちょう【元帳】簿記で、すべての勘定口座を設け、取引を仕訳帳から転記して各勘定別に記録・計算する帳簿。総勘定元帳。
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 ゆうかしょうけん【有価証券】財産権を表示する証券で、権利の移転・行使が証券でなされることを要するもの。手形・小切手・株券・債券・貨物引換証・船荷証券・倉庫証券・商品券など。
 てがた【手形】一定の金額の支払いを目的とする有価証券。為替手形・約束手形の総称。広義には、小切手を含む場合もある。
 こぎって【小切手】銀行に当座預金をしている者が、支払人である銀行にあてて、一定の金額の支払いを委託する一覧払いの有価証券。現金に代わる支払い手段として利用される。
 ふりだす【振り出す】手形・小切手などを発行する。
 とうざよきん【当座預金】銀行に当座勘定口座を設けている取引先が、小切手・手形の支払資金として預け入れた預金。無利息で、預金者は小切手・手形により、自由に払い戻しを請求できる。
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資産
・流動 ・固定 ・繰延

 りゅうどうしさん【流動資産】企業の所有する資産のうち、現金・預金のほかに、貸借対照表日の翌日から起算して1年以内に現金化または費用化するか、あるいは正常な営業循環過程にある資産。受取手形・売掛金・有価証券・棚卸資産・前払費用など。
 こていしさん【固定資産】企業の所有する資産のうち、長期間にわたって使用または利用される資産。建物・機械・土地などの有形固定資産、営業権・特許権・商標権などの無形固定資産、投資有価証券・出資金・長期貸付金などの投資その他の資産の三つに区分される。
 くりのべしさん【繰延資産】すでに支出された費用ではあるが、その効果が将来に及ぶとされるため、全額を当期の費用とせずに次期以降にも配分する会計処理方法として、経過的に計上される資産。創立費・開業費・開発費・社債発行費・株式交付費などがある。
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 たいようねんすう【耐用年数】建物・機械など固定資産の税務上の減価償却を行うにあたって、減価償却費の計算の基礎となる年数。財務省令に定められている。
 げんかしょうきゃく【減価償却】使用または時の経過などによって生じる有形固定資産の価値の減少分を見積もり耐用年数に割り当て、費用として配分する会計上の手続き。
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 くりのべる【繰り延べる】日時や期限を先へ延ばす。延期する。
 前受収益(まえうけしゅうえき):
 けいじょう【計上】費用などを全体の計算の中に組み入れること。
 だいきん【代金】品物の買い手が売り手に支払う金。代価。
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 うりあげだか【売上高】商品・製品などを販売することによって得た金額。売り上げ。
 うりあげげんか【売上原価】商品の売上高に対応する仕入原価、または製品の製造原価。
 げんか【原価】商品の製造・販売などに要した財貨・用役の消費を、単位当たりに計算した価。コスト。
 しいれ【仕入れ】商品や原料を買い入れること。
 えいぎょうりえき【営業利益】企業の主たる営業活動から発生する利益。売上高から売上原価を控除して売上総利益を算出し、その金額から販売費および一般管理費の合計額を控除して求める。営業黒字。
 けいじょうりえき【経常利益】企業の通常の経営活動により、毎期経常的・反復的に生じる利益。損益計算書では、営業利益に営業外収益を加え、営業外費用を差し引いて表示する。けいつね。
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売上総利益 = 売上高 - 売上原価
営業利益 = 売上総利益 - (販売費+管理費)
経常利益 = 営業利益 + (営業外収益 - 営業外費用)
税引前利益 = 経常利益 + (特別収益 - 特別費用)
利益 = 税引前利益 - 税金
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・黒字・赤字

 くろじ【黒字】収支決算の結果、余剰が生じること。また、その余剰金。黒。
 あかじ【赤字】支出が収入より多いこと。欠損。赤。
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・支出・収入

 しゅうし【収支】収入と支出。
 ししゅつ【支出】ある目的のために自分の所有する金銭や物品を支払うこと。また、その金品。
 しゅうにゅう【収入】金銭や物品を他から収め入れて自分の所有とすること。また、その金品。
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・売掛 ・買掛

 うりかけ【売掛】代金はあとで受け取る約束で、商品を売ること。また、その代金。かけうり。
 かいかけ【買掛】代金あと払いで商品を買うこと。買い掛かり。掛け買い。
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・未収・未払

 みしゅう【未収】金などをまだ徴収・収納していないこと。未収納。
 みはらい【未払い】みばらい。まだ支払っていないこと。
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 かしだおれ【貸倒】貸付金や売掛金などが、回収できず損失になること。また、その金額。
 かしつけきん【貸付金】貸し付けた金銭。貸し金。
 かしつける【貸し付ける】資金や物品・権利を貸す。貸し付けをする。
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・入金・出金

 にゅうきん【入金】金銭を受け取ること。収入金があること
 しゅっきん【出金】金銭を出すこと。また、その金銭。出銀。
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 げんきん【現金】簿記上、通貨およびいつでも通貨に換えられる小切手・送金為替手形など。
 つうか【通貨】流通手段・支払い手段として機能している貨幣。銀行券・補助貨幣などの現金通貨のほかに、預金通貨も含まれる。
 きんせん【金銭】貨幣の総称。かね。ぜに。
 かへい【貨幣】商品の価値尺度や交換手段として社会に流通し、またそれ自体が富として価値蓄蔵を図られるもの。鋳貨・紙幣のほかに、当座預金などの信用貨幣を含めていう場合が多い。
 しへい【紙幣】素材が紙片である貨幣。一般に政府紙幣や銀行券をいうが、狭義には政府紙幣をさす。さつ。
 さつ【札】紙幣。
 こぜに【小銭】細かいお金。少額の金銭。
 ちゅうか【鋳貨】貨幣を鋳造すること。また、鋳造された貨幣。
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・債権・債務

 さいけん【債権】財産権の一。特定人(債権者)が他の特定人(債務者)に対して、一定の行為(給付)を請求することを内容とする権利。金銭を貸した者が借り手に対して、その返還を請求する権利など
 さいむ【債務】特定人(債務者)が他の特定人(債権者)に対して、一定の行為(給付)をすることを内容とする義務。金銭を借りた者が貸し手に対して、その返還をしなければならない義務など。
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 しきん【資金】事業の元手や経営のために使用される金銭。もとで。
 しゅっし【出資】資金を出すこと。特に、事業を営むための資金として、金銭その他の財産または労務・信用を会社または組合に出すこと。
 ゆうし【融資】資金を融通すること。
 ゆうずう【融通】必要な物や金を都合すること。やりくり。ゆずう。
 やりくり【遣り繰り】不十分なものをあれこれ工夫して都合をつけること。
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 かりいれきん【借入金】資金が不足した時に、他から借り入れる金。特に、企業や政府などが、金融機関や他の企業に借用証書・約束手形などを差し入れて借りる金。
 しゃくようしょうしょ【借用証書】金銭・物品などの借用を証明する証書。借用証。
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手形
・約束  ・為替

 やくそくてがた【約束手形】振出人が、受取人またはその指図人もしくは手形所持人に対し、一定の期日に一定の金額を支払うことを約束する手形。約手(やくて)。
 かわせてがた【為替手形】手形の振出人(発行者)が、第三者(支払人)に委託し、受取人またはその指図人に対して一定の金額を支払ってもらう形式の手形。
 ひきうけ【引受】為替手形の支払人が、手形に署名して手形金額の支払い義務を負うこと。
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手形
・受取 ・支払

 うけとりてがた【受取手形】通常の取引によって受け取った手形。BR。B/R。
 しはらいてがた【支払手形】簿記で、通常の営業取引により、約束手形を振り出したり、為替手形の引き受けをしたりしたときに発生する手形債務。BP。B/P。
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 ひきあてきん【引当金】企業会計で、将来の特定の費用または損失の発生を合理的に見積もることができる場合に、当期の費用または損失として計上する貸方項目の金額。賞与引当金・退職給与引当金・修繕引当金など。
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資産
・有形・無形

ゆうけいしさん【有形資産】 tangible assets
むけいしさん【無形資産】
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借入金:金銭借入の払う義務
買掛金: 商品仕入を払う義務
未払金: 備品購入等を払う義務
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収益
・営業・営業外・特別
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費用
・売上原価
・販売費、管理費
・営業外
・特別
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Friday, March 30, 2012

investing

 securities: stocks and bonds.
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 Issue: a set of securities that a company or government offers for sale. That is, when a company sells stocks or bonds to the public (or offers them for private placement) the collection of stocks or bonds is said to be an issue. If the company or government is selling a set for the first time, it is said to be making a new issue. Typically, issues of securities may be bought and sold on the open market.
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Liquidation
When a business or firm is terminated or bankrupt, its assets are sold and the proceeds pay creditors and shareholders.

Priority
・creditor (bondholders)
・preferred shareholders
・common shareholders
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 bond: a certificate of ownership of a specified portion of a debt due to be paid by a government or corporation to an individual holder and usually bearing a fixed rate of interest.

 High-grade bond: a bond with Triple-A or Double-A rating in Standard & Poor's, or Moody's rating system.

 principal: The face amount of a bond. Once a bond has been issued, it may sell at more or less than its principal amount, depending upon changes in interest rates and the riskiness of the security. At maturity, however, the bond will be redeemed for its principal amount. Also called principal amount. Funds put up by an investor.

 Maturity: the time when the issuer of a bond or other debt security must repay the principal or when a borrower must repay a loan in full.

 redemption /rɪ'dɛmpʃən/ paying off, as of a mortgage, bond, or note.

 interest /'ɪntərɪst/: a sum paid or charged for the use of money or for borrowing money.

 Interest Rate: The percentage of the value of a balance or debt that one pays or is paid each time period. For example, if one holds a bond with a face value of $1,000 and a 3% interest rate payable each quarter, one receives $30 each quarter. The percentage of the interest rate remains constant (usually), but the amount one pays or is paid changes according to the amount of the balance or debt. For example, if one pays off part of the principal on a loan each month, the amount one pays in interest decreases even though the rate remains the same.

 coupon rate: the interest rate fixed on a coupon bond or other debt instrument.

 face value: the value printed on the face of a stock, bond, or other financial instrument or document.

 Face value:  or par value, is the dollar value of a bond or note.That is the amount the issuer has borrowed, usually the amount you pay to buy the bond at the time it is issued, and the amount you are repaid at maturity, provided the issuer doesn't default. However, bonds may trade at a discount, which is less than face value, or at a premium, which is more than face value, in the secondary market. That's the bond's market value, and it changes regularly, based on supply and demand.

 default /dɪ'fɔlt/  failure to meet financial obligations.

 callable bond (also called redeemable bond): the bond issuer  can redeem it before maturity. The issuer has the right, but not the obligation, to buy back the bonds from the bondholders.

Bond
  short-term: less than one year to maturity
  medium-term: 2-10 years to maturity
  long term: more than 15 years to maturity
-----------------
option
・call ・put

 call option:  the buyer of the call option has the right to buy from the seller at a certain time (the expiration date) for a certain price (the strike price).
 put option: the buyer of the put option has the right to sell at the strike price by the future date.
----------------
 Appreciation: an increase in value of a property or other asset. 
---------------
 Yield. Yield is the rate of return on an investment expressed as a percent. Yield is usually calculated by dividing the amount you receive annually in dividends or interest by the amount you spent to buy the investment.
In the case of stocks, yield is the dividend you receive per share divided by the stock's price per share. With bonds, it is the interest divided by the price you paid. Current yield, in contrast, is the interest or dividends divided by the current market price. In the case of bonds, the yield on your investment and the interest rate your investment pays are sometimes, but by no means always, the same. If the price you pay for a bond is higher or lower than par, the yield will be different from the interest rate. For example, if you pay $950 for a bond with a par value of $1,000 that pays 6% interest, or $60 a year, your yield is 6.3% ($60 ÷ $950 = 0.0631). But if you paid $1,100 for the same bond, your yield would be only 5.5% ($60 ÷ $1,100 = 0.0545).
-----------
 Bootstrap: To start a company with personal finances rather than through loans or venture capital.
------------
 Venture Capital: The provision of funding for a start-up.
----------------
 Portfolio: the set of open positions held by an investor.
----------------
 Dollar-cost averaging: to invest the same quantity in the same issue each month.
------------------
 Market Value: a subjective estimate of what a willing buyer would pay a willing seller for a given asset, assuming both have a reasonable knowledge of the asset's worth.
---------------
・book value
・market value

 book value: 1.the value of a business, property, etc., as stated in a book of accounts. 2.total assets minus all liabilities; net worth.
 market value: 1.the value of a business, property, etc., in terms of what it can be sold for on the open market; current value . 2.market price.
--------
・book value
・assets
・liabilities

 book value (Net Asset Value): underlying value of the company, value of the company's assets minus the value of its liabilities.
---------------
Asset
・tangible ・intangible

 Tangible asset: have a physical form;include both fixed assets, such as machinery, buildings and land, and current assets, such as inventory.
 Intangible asset: nonphysical assets, such as patents, trademarks, copyrights, goodwill and brand recognition.
------------------
investment
speculation
-------------
market price
underlying value
----------
 emolument /ɪ'mɒlyəmənt/ profit, salary, or fees from office or employment; compensation for services.
 fee/fi/ A charge or payment for professional services.A sum paid or charged for a privilege.A charge allowed by law for the service of a public officer.
 commission:  a sum or percentage allowed to agents, sales representatives, etc., for their services.
---------------
Margin buying is buying securities with cash borrowed from a broker, using other securities as collateral.
-------------
capital/'kæpɪtl/
4.the wealth, whether in money or property, owned or employed in business by an individual, firm, corporation, etc.
5.an accumulated stock of such wealth.
6.any form of wealth employed or capable of being employed in the production of more wealth.
7.Accounting  a.assets remaining after deduction of liabilities; the net worth of a business. b.the ownership interest in a business.
any source of profit, advantage, power, etc.; asset.
--------------
fund /fʌnd/
1.a supply of money or pecuniary resources, as for some purpose: a fund for his education; a retirement fund.
2.supply; stock: a fund of knowledge; a fund of jewels.
3.funds, money immediately available; pecuniary resources.
4.an organization created to administer or manage a fund, as of money invested or contributed for some special purpose.
----------------
account/ə'kaʊnt/
7.an amount of money deposited with a bank, as in a checking or savings account.
8.Also called charge account. an accommodation or service extended by a business to a customer or client permitting the charging of goods or services, the returning for credit of unsatisfactory merchandise, etc.
9.a statement of financial transactions.
10.Bookkeeping .
a.a formal record of the debits and credits relating to the person, business, etc., named at the head of the ledger account.
b.a balance of a specified period's receipts and expenditures.
-----------
Net Current Asset: a company's current assets minus the total (or current?) liabilities

working capital 
1. the amount of capital needed to carry on a business.
2. current assets minus current liabilities.
3. liquid capital assets as distinguished from fixed capital assets.
----------------
asset
・fixed  ・liquid

 fixed asset: any long-term asset, as a building, tract of land, or patent.
 liquid asset: an asset in the form of money, or one that can be converted quickly into money.
---------------
proceeds
a. something that results or accrues.
b. the total amount derived from a sale or other transaction.
c. the profits or returns from a sale, investment, etc.
------------
defer /dɪ'fɜr/: to put off (action, consideration, etc.) to a future time.
put off: to postpone or delay.
--------------
obligation /ɒblɪ'geɪʃən/ any bond, note, bill, certificate, or the like, as of a government or a corporation, serving as evidence of indebtedness.
---------------
debenture /dɪ'bɛntʃər/certificate of indebtedness.
---------------------------
market capitalization = total stock value
Market capitalization (often simply market cap) is the total value of the tradable shares of a publicly traded company; it is equal to the share price times the number of shares outstanding. Preferred shares are not included in the calculation.
--------------
capital structure
how the corporation finances its assets through some combination of equity, debt, or hybrid securities.

For example, a firm that sells $20 billion in equity and $80 billion in debt is said to be 20% equity-financed and 80% debt-financed.
--------------
convertible note (or, if it has a maturity of greater than 10 years, a convertible debenture) is a type of bond that the holder can convert into shares of common stock in the issuing company or cash of equal value, at an agreed-upon price.
----------------
amortize /'æmərtaɪz/ to liquidate or extinguish (a mortgage, debt, or other obligation), especially by periodic payments to the creditor or to a sinking fund.
--------------
underwrite  ('ʌndəraɪt)
1. finance  to undertake to purchase at an agreed price any unsold portion of (a public issue of shares, etc)
2. to accept financial responsibility for (a commercial project or enterprise)
---------------------
arbitrage /'ɑrbɪtrɑʒ/ the simultaneous purchase and sale of the same securities, commodities, or foreign exchange in different markets to profit from unequal prices.
-----------------
pro forma /proʊ 'fɔrmə/ indicating hypothetical financial figures based on previous business operations for estimate purposes.
---------
beta /'beɪtə/ Also called beta coefficient, beta line. Stock Exchange . an arbitrary measure of the volatility of a given stock using an index of the volatility of the market as a whole: A beta of 1.1 indicates a stock that is 10 percent more volatile than the market.
-----------
 Earnings: a company's total revenue less its operating expenses, interest paid, depreciation, and taxes.

 revenue /'rɛvənyu/ Revenues, the collective items or amounts of income of a person, a state, etc. The return or yield from any kind of property, patent, service, etc.; income. An amount of money regularly coming in.
 income /'ɪnkʌm/ the monetary payment received for goods or services, or from other sources, as rents or investments.
 receipt /rɪ'sit/ receipts, the amount or quantity received.

 expenditure /ɪk'spɛndɪtʃər/ 1. the act of expending  something, especially funds; disbursement; consumption. 2. something that is expended; expense.
 expense /ɪk'spɛns/  cost or charge: the expense of a good meal. The act of expending; expenditure.

 Operating Expense: expenditure that a business incurs as a result of performing its normal business operations. Example: employees' wages, research and development funds.

 depreciation /dɪpriʃi'eɪʃən/ 1.decrease in value due to wear and tear, decay, decline in price, etc. 2.such a decrease as allowed in computing the value of property for tax purposes. 3.a decrease in the purchasing or exchange value of money. 4.a lowering in estimation.
------------
 earnings /'ɜrnɪŋz/ money earned;  wages; profits.

profit
・gross・operating ・net

 profit /'prɒfɪt/ Pecuniary gain resulting from the employment of capital in any transaction. Returns, proceeds, or revenue, as from property or investments. The monetary surplus left to a producer or employer after deducting wages, rent, cost of raw materials, etc.
 gross profit: gross receipts less the cost of goods or production but before the deduction of such other costs as rent or salaries.
 operating profit: a company's earning power from its operations, equal to earnings before deduction of interest payments and income taxes.
 net profit: the actual profit made on a business transaction, sale, etc., or during a specific period of business activity, after deducting all costs from gross receipts.
--------------
・bull market ・bear market

 bull market: A market, especially a stock market, characterized by rising prices.
 bear market: A market, especially a stock market, characterized by falling prices.
-------
issue
・junior・senior

 Junior Issue: any issue that ranks lower in claim to another issue in terms of dividends, interest, principal, etc.
 Senior: opposite of junior
-----------------
 stock /stɒk/  1.the outstanding capital of a company or corporation. 2.the shares of a particular company or corporation.
 quotation /kwoʊ'teɪʃən/ the statement of the current or market price of a commodity or security.

 common stock: stock that ordinarily has no preference in the matter of dividends or assets and represents the residual ownership of a corporate business.

 preferred stock
・Preference in dividends.
・Preference in assets in the event of liquidation.
・Convertible into common stock.
・Callable at the option of the corporation.
・Nonvoting.

 equity: stock, both common and preferred. Also called equity security.
 dividend /'dɪvɪdɛnd/ a sum of money paid to shareholders of a corporation out of earnings.
 shareholder /'ʃɛərhoʊldər/ a holder  or owner of shares,  especially in a company or corporation.
 share /ʃɛər/ one of the equal fractional parts into which the capital stock of a joint-stock company or a corporation is divided.
 broker /'broʊkər/ 1. an agent who buys or sells for a principal on a commission basis without having title to the property. 2. a person who functions as an intermediary between two or more parties in negotiating agreements, bargains, or the like. 3. stockbroker.
 stockbroker /'stɒkbroʊkər/ a broker,  especially one employed by a member firm of a stock exchange,  who buys and sells stocks  and other securities for customers.
-------------
 corporation /kɔrpə'reɪʃən/  an association of individuals, created by law or under authority of law, having a continuous existence independent of the existences of its members, and powers and liabilities distinct from those of its members.
 municipal corporation: a city, town, village, etc., that operates under a corporate charter granted by the state.
 public corporation:  1. a corporation, owned and operated by a government, established for the administration of certain public programs. 3. a large private corporation with many shares, which are sold to the public or traded on a stock exchange.
------------
 on commission: paid entirely or partially with commissions from sales one has made or for work one has done: The salespeople who are on commission earn 6 percent of the total amount they sell.
-----------
 fund /fʌnd/ 1. a supply of money or pecuniary resources, as for some purpose: a fund for his education; a retirement fund. 2. supply; stock: a fund of knowledge; a fund of jewels. 3.funds, money immediately available; pecuniary resources: to be momentarily without funds. 4. an organization created to administer or manage a fund, as of money invested or contributed for some special purpose.

---------------
net current assets = working capital
net assets = book value
working capital =  current assets - current liabilities
book value    =  total assets  - total liabilities

total assets = current assets + ??
total liabilities = current liabilities + ??
----------------
aggregate market value of common =
  price of share * number of shares of common

total capitalization at market =
  debt + market  value of common + preferred stock

earned per share =
  net income / number of shares of common

price/earnings ratio =
 price of share / earned per share

price / book value  ratio =
  price of share /  book value per share

net/sales = net income / sales

earnings / book value = net income / book value

stock capital = book  value

capital structure = the number of shares of common stock and the market value of common

total number of shares of common = number of shares of common + assuming all preferred stock converted to common
-------------
pag 10
The purchase of high-grade bonds plus a diversified list of leading common stocks.

pag 22
Divide his holdings between high-grade bonds and leading common stocks.... never less than 25% or more than 75%

pag 22
defensive investor: interested in safety and freedom from bother

pag 28
The defensive investor must confine himself to the shares of important companies with a long record of profitable operations and in strong financial conditions.

pag  47
Holders of stocks have the possibility that a loss of the dollar's purchasing power ( inflation) may be offset by advances in their dividends and the prices of their shares.

pag 89
Buy stocks at bargain prices in a protracted bear market.
Sell stocks when prices are dangerously high.

pag 98
the preferred holder lacks both the legal claim of the bondholder, and the profit possibilities of a common shareholder.

pag 99
A bondholder is entitled to receive fixed interest and payment of principal on a definite date. The owner of a preferred stock is entitled to a fixed dividend, and no more, which must be paid before any commom dividend.

pag 99
All investment-grade preferred stocks should be bought by corporations, just as all tax-exempt bonds should be bought by investors who pay income tax.

pag 114
Rules of common stock selection
1. mininum of 10, maximum of 30 issues
2. each company should be large, prominent, and conservatively financed.
3. long record of continuous dividend payments.
4. price no more than 25 times the average earnings of the past 7 years.

pag 120
we urge the beginner in security buying not to waste his efforts and his money in trying to beat the market. Let him study security values and initially test out his judgment on price versus value with the smallest possible sums.

pag 122
an industrial company's finances are not conservative unless the common stock (at book value) represents at least half of the total capitalization, including all bank debt. For a railroad or public utility the figure should be at least 30%.

pag 140
Bull-market periods are usually characterized by the transformation of a large number of privately owned businesses into companies with quoted shares.

pag 177
Financial history says clearly that the investor may expect satisfactory results, on the average, from secondary common stocks only if he buys them for less than their value to a private owner, that is, on a bargain basis.

pag 188
To the extent that the investor's funds are placed in high-grade bonds of relatively short maturity - say, of seven years or less - he will not be affected significantly by changes in market prices and need not take them into account.

pag 189
By pricing we mean the endeavor to buy stocks when they are quoted below their fair value and to sell them when they rise above such value.

pag 198
the better a company's record  and prospects, the less  relationship the price of its shares will have to their book value.

pag 200
A stock does not become a sound investment merely because it can be bought at close to its asset value. The investor should demand, in addition, a satisfactory ratio of earnings to price, a sufficiently strong financial position, and the prospect that its earnings will at least be maintained over the years.

pag 202
The stock market often goes far wrong, and sometimes an alert and courageous investor can take advantage of its patent errors.

pag 203
The true investor scarcely ever is forced to sell his shares, and at all other times he is free to disregard the current price quotation. He needs pay attention to it and act upon it only to the extent that it suits his book, and no more. Thus the investor who permits himself to be stampeded of unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stock had no market quotation at all, for he would then be spared the mental anguish caused him by other person's mistakes of judgment.

pag 205
Basically, price fluctuations have only one significant meaning for the true investor. They provide him with an opportunity for the true investor. They provide him with an opportunity to buy wisely when prices fall sharply and to sell wisely when they advance a great deal. At other times he will do better if he forgets about the stock market and pays attention to his dividend returns and to the operating results of his companies.

pag 205
The investor's primary interest lies in acquiring and holding suitable securities at suitables prices.

pag 206
It is far from certain that the typical investor should regularly hold off buying until low market levels appear, because this may involve a long wait, very likely the loss of income, and the possible missing of investment opportunities. On the whole it may be better for the investor to do his stock buying whenever he has money to put in stocks, except when the general market level is much higher than can be justified by well-established standards of value. If he wants to be shrewd he can look for the ever-present bargain opportunities in individual securities.

pag 226
One course open to the defensive investor is to put his money into investment-company shares. Those that are redeemable on demand by the holder, at net asset value, are commonly know as "mutual funds"(or "open-end funds").

pag 238
If you want to put money in investment funds, buy a group of closed-end shares at a discount of, say, 10% to 15% from asset value, instead of paying a premium of about 9% above asset value for shares of an open-end company.

pag 268
to underwrite means to guarantee to the issuing corporation, or other issuer, that the security will be fully sold.

pag 271
Defensive investors will confine themselves to high-grade bonds and the common stocks of leading corporations.

pag 283
The chief criterion used for corporate bonds is the number of times that total interest charges have been covered by available earnings for some years in the past. In the case of preferred stocks, it is the number of times that bond interest and preferred dividends combined have been covered.

pag 287
Thus in the past, at least, there have been persuasive reasons for confining the purchase of industrial bonds and preferred stocks to companies that not only are of major size but also have shown an ability in the past to withstand a serious depression.

pag 293
Stock of a company with a lot of surplus cash and nothing ahead of the common is clearly a better purchase (at the same price) than another one with the same per share earnings but large bank loans and senior securities.

pag 294
one of the most persuasive tests of high quality is an uninterrupted record of dividend payments going back over many years. We think that record of continuous dividend payments for the last 20 years or more is an important plus factor in the company's quality rating. Indeed the defensive investor might be justified in limiting his purchases to those meeting this test.

pag 310
Don't take a single year's earnings seriously. If you do pay attention to short-term earnings, look out for booby traps in the per-share figures.

pag 337, 348
seven statistical requirements for inclusion in a defensive investor's portfolio

 Adequate size: not less than $100 million of annual sales for an industrial company and, not less than $50 million of total assets for a public utility.
2. a sufficiently strong financial position: for industrial companies current assets should be at least twice current liabilities. Long-term debt should not exceed the net current assets (working capital). For public utilities the debt should not exceed twice the stock equity (at book value).
3. Continued dividends for at least the past 20 years.
4. No earnings deficit in the past ten years.
5. Ten-year growth of at least one-third in per-share earnings: a minimum increase of at least one-third in per-share earnings in the past ten years using three-year averages at the beginning and end.
6. Price of stock no more than 1.5 times net asset value (book value).
7. Price no more than 15 times average earnings of the past three years.

pag 347
The defensive investor who follows our suggestions wil purchase only high-grade bonds plus a diversified list of common stocks. He is to make sure that the price at which he bought the latter is not unduly high as judged by applicable standards.

pag 391
It always seemed, and still seems, ridiculously simple to say that if one can aquire a diversified group of common stocks at a price less than the applicable net current assets alone - after deducting all prior claims, and counting as zero the fixed and other assets- the results should be quite satisfactory.

pag 403
stock-option warrant: long-term rights to buy common shares at stipulated prices.

pag 414
Ordinarily, a common stock issue has the first right to buy additional common shares when the company's directors find it desirable to raise capital in this manner. This so-called "preemptive right" is one of the elements of value entering into the ownership of common stock - along with the right to receive dividends, to participate in the company's growth, and to vote for directors.

pag 513
The margin of safety for bonds may be calculated by comparing the total value of the enterprise with the amount of debt. If the business owes $10 million and is worth $30 million there is room for a shrinkage of two-thirds in value before the bondholders will suffer loss.
------------
emolument  /ɪ'mɒlyəmənt/ profit, salary, or fees from office or employment;
 folly /'fɒli/ the state or quality of being foolish; lack of understanding or sense.
 whereby /wɛər'baɪ/  by what or by which; under the terms of which.
 whereas /wɛər'æz/ while on the contrary
 thereafter /ðɛər'æftər/ after that in time or sequence; afterward.
 preclude /prɪ'klud/ 1.to prevent the presence, existence, or occurrence of; make impossible.2.to exclude or debar from something.
 run-of-the-mill /'rʌnəvðəmɪl/ merely average; commonplace; mediocre.
 boom /bum/ a period of rapid economic growth, prosperity, high wages and prices, and relatively full employment.
 endow /ɛn'daʊ/ to provide with a permanent fund or source of income.
 shenanigan /ʃə'nænɪgən/Usually, shenanigans.mischief; prankishness. deceit;trickery.
 quirk /kwɜrk/
1.a peculiarity of action, behavior, or personality; mannerism.
2.a shift, subterfuge, or evasion; quibble.
3.a sudden twist or turn.
 bona fide /'boʊnə faɪd/ 1.made, done, presented, etc., in good faith; without deception or fraud. 2.authentic; true.
 therefor /ðɛər'fɔr/ for or in exchange for that or this; for it.
 notwithstanding   /nɒtwɪð'stændɪŋ/ in spite of; without being opposed or prevented by.
 perforce /pər'fɔrs/ of necessity; necessarily; by force of circumstance.
 sell out: to dispose of entirely by selling.
 assay /æ'seɪ/ to examine or analyze.
 vitiate /'vɪʃieɪt/ to impair the quality of; make faulty; spoil.
 thereto /ðɛər'tu/ 1.to that place, thing, etc. 2.to that matter, circumstance, etc.
 genus /'dʒinəs/ a kind; sort; class.
 levelheaded /'lɛvəl'hɛdɪd/ having common sense and sound judgment; sensible.
 vindicate /'vɪndɪkeɪt/ to clear, as from an accusation, imputation, suspicion, or the like: to vindicate someone's honor.
 molehill /'moʊlhɪl/ a small mound or ridge of earth raised up by a mole  or moles  burrowing under the ground.
 foreshorten   /fɔr'ʃɔrtn/ to abridge, reduce, or contract; make shorter.
 outset /'aʊtsɛt/ the beginning or start
 run-of-the-mine /'rʌnəvðə'maɪn/ common or ordinary; run-of-the-mill.
 ratify /'rætəfaɪ/
1.to confirm by expressing consent, approval, or formal sanction.
2.to confirm (something done or arranged by an agent or by representatives) by such action.
 legerdemain /lɛdʒərdə'meɪn/
1.sleight of hand.
2.trickery; deception.
3.any artful trick.
 mince /mɪns/ to soften, moderate, or weaken (one's words), especially for the sake of decorum or courtesy.
 ominous /'ɒmənəs/
1.portending evil or harm; foreboding; threatening; inauspicious.
2.having the significance of an omen.
 assignat /'æsɪgnæt/ one of the notes issued as paper currency from 1789 to 1796 by the revolutionary government on the security of confiscated lands.
 wanton /'wɒntn/
1.done, shown, used, etc., maliciously or unjustifiably.
2.deliberate and without motive or provocation; uncalled-for; headstrong; willful.
3.without regard for what is right, just, humane, etc.; careless; reckless.
4.sexually lawless or unrestrained; loose; lascivious; lewd.
5.extravagantly or excessively luxurious, as a person, manner of living, or style.
 tottering /'tɒtərɪŋ/
1.walking unsteadily or shakily.
2.lacking security or stability; threatening to collapse; precarious.
 ignominious /ɪgnə'mɪniəs/
1.marked by or attended with ignominy;  discreditable; humiliating: an ignominious retreat.
2.bearing or deserving ignominy;  contemptible.
 abet /ə'bɛt/ to encourage, support, or countenance by aid or approval, usually in wrongdoing.
 wag /wæg/ to move from side to side, forward and backward, or up and down, especially rapidly and repeatedly.
 skimpy /'skɪmpi/
1.lacking in size, fullness, etc.; scanty.
2.too thrifty; stingy
 conspicuous /kən'spɪkyuəs/ easily seen or noticed; readily visible or observable
 heteroclite /'hɛtərəklaɪt/ irregular or abnormal; anomalous.
 hindsight /'haɪndsaɪt/ recognition of the realities, possibilities, or requirements of a situation, event, decision etc., after its occurrence.
 stalwart /'stɔlwərt/ strongly and stoutly built; sturdy and robust.
 volatile /'vɒlətl/ (of prices, values, etc.) tending to fluctuate sharply and regularly.
 thereon /ðɛər'ɒn/ 1. on or upon that or it. 2. immediately after that; thereupon.
 abstruse /æb'strus/ 1. hard to understand; recondite; esoteric: abstruse theories. 2. Obsolete . secret; hidden.
 commingle /kə'mɪŋgəl/ to mix or mingle  together; combine.
 astray /ə'streɪ/ 1.out of the right way; off the correct or known road, path, or route: Despite specific instructions, they went astray and got lost. 2.away from that which is right; into error, confusion, or undesirable action or thought: They were led astray by their lust for money.
 acumen /ə'kyumən/ keen insight; shrewdness: remarkable acumen in business matters.
 therein /ðɛər'ɪn/ 1.in or into that place or thing. 2. in that matter, circumstance, etc.
 cognoscenti /kɒnyə'ʃɛnti/ persons who have superior knowledge and understanding of a particular field, especially in the fine arts, literature, and world of fashion.
 therefrom /ðɛər'frʌm/ from  that place, thing, etc.
herein /hɪər'ɪn/ 1. in or into this place. 2. in this fact, circumstance, etc.; in view of this.
 hitherto /'hɪðərtu/ 1.up to this time; until now: a fact hitherto unknown. 2.to here.

Thursday, March 29, 2012

投資法

-------------
・堅調 ・軟調

 けんちょう【堅調】相場が徐々に上昇する傾向にあること。また、そのさま。
 なんちょう【軟調】相場が下落の傾向にあること。
---------
 とうし【投資】利益を得る目的で、事業・不動産・証券などに資金を投下すること。転じて、その将来を見込んで金銭や力をつぎ込むこと。
----------
利回り
収益 = 受取金額 - 元本
利回り = 収益 / 元本
年利回り = 利回り / 年数

 りまわり【利回り】投資元本に対する、利子も含めた収益の割合。yield; a return.
 yield  /yild/ the annual income provided by an investment, usually expressed as a percentage of its cost or of its current value: the yield on these shares is 15 per cent at today's market value.
 Yield é um termo inglês e significa rendimento, que é o retorno sobre um investimento em ações, expresso anualmente em porcentagem com base no custo do investimento.

表面利率が5パーセント、
額面金額100万円の債券を97万円で購入し、
3年保有して償還した場合、
最終利回りは、
収益 = 利息 + (額面金額 - 購入金額)
収益 = 100万×0.05+(100万-97万)
利回り = 収益 / 元本
年利回り = 利回り / 年数
{100万×0.05+(100万-97万)÷3年}÷97万×100≒6.19パーセント となり、
同じ条件のもと103万で購入した場合は、{100万×0.05+(100万-103万)÷3年}÷103万×100≒3.88パーセント となる。
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 がんぽん【元本】1 元手。元金。2 利益・収入を生じる もととなる財産または権利。預金・貸家・株券・著作権の類。
 もとで【元手】1 事業などを始めよう とする時に必要な金銭。資金。2 生活する為や利益を得るため の もと に なる もの。資本。
 がんきん【元金】1 金銭の貸借や預金で、その利子を含まない、直接貸借したり預金したりした金。もときん。2 事業などの資本金。もとで。もときん。
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証券
・株券・債券

 しょうけん【証券】財産法上の権利・義務に関する記載のされた紙片。
 ゆうかしょうけん【有価証券】財産権を表示する証券で、権利の移転・行使が証券でなされることを要するもの。手形・小切手・株券・債券・貨物引換証・船荷証券・倉庫証券・商品券など。

 かぶけん【株券】株主としての地位を表す有価証券。株式。株。
 かぶしき【株式】1 株式会社の資本の構成単位。2 株主としての地位。株主権。3 株券。
 さいけん【債券】国・地方公共団体・独立行政法人・事業会社などが、資金を調達する際に、元本の返済や利子の支払いなどの条件を明確にして発行する有価証券。購入者は、利子を定期的に受け取ることができ、期日まで保有すれば額面金額の償還が保証されている。国債・地方債・社債など。債券は償還を待たずに市場で売買できるため、投資の対象となる。債券の市場価格は、金融情勢を反映した市場金利の変化に応じて変動し、一般に金利が下落する局面で上がり、金利が上昇する局面で下がる。逆の見方をすれば、債券を購入する投資家が多い局面では債券の市場価格が上がって金利が下落し、債券が売られる局面では債券の市場価格が下がって金利が上昇する。
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・売手・買手

 うりて【売(り)手】品物を売る側の人。売り主。
 かいて【買(い)手】品物などの売買で買うほうの人。買い主。
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相場
・商品・株式・債券・外国為替

 そうば【相場】市場で取引される その時々の商品・株式・債券・外国為替などの値段。時価。市価。
 じか【時価】その時の商品としての価格。
 がいこくかわせ【外国為替】一般に、円とドル、円とユーロなど、異なる通貨を交換すること。外貨を売買すること。
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・TTS ・TTB

TTS:  Telegraphic Transfer Selling 外貨を買う時のレート
TTB:  Telegraphic Transfer Buying 外貨を売る時のレート
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・円貨 ・外貨

 えんか【円貨】円単位で表される日本の貨幣。
 がいか【外貨】外国の貨幣。
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 しじょう【市場】1 売り手と買い手とが特定の商品や証券などを取引する場所。中央卸売市場・証券取引所(金融商品取引所)・商品取引所など。マーケット。2 財貨・サービスが売買される場についての抽象的な概念。国内市場・労働市場・金融市場など。マーケット。3 商品の販路。マーケット。
 ねうごき【値動き】相場が変動すること。
 とうき【投機】将来の価格の変動を予想して、現在の価格との差額を利得する目的で行われる商品や有価証券などの売買。
 とりひき【取引】1 商人と商人、または、商人と客との間で行われる経済行為。2 互いに利益を得られるよう交渉すること。
 しひょう【指標】物事を判断したり評価したりするための 目じるし となる もの。
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 かかく【価格】商品の価値を貨幣で表したもの。値段。
 かち【価値】1 その事物がどのくらい役に立つかの度合い。値打ち。2 経済学で、商品が持つ交換価値の本質とされるもの。
 かがく【価額】品物の値打ちに相当する金額。
 ねうち【値打ち】1 その物や事柄が持っている価値。役に立つ程度・度合いや、その物の品位。2 品物の値段。あたい。3 値段を評定すること。ねぶみ。
 ねだん【値段】売買される時の金額。あたい。価格。
 きんがく【金額】具体的な数字で表される金銭の量。きんだか。
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 めいがら【銘柄】 市場で取引の対象となる有価証券や商品の名称。
 ざいさん【財産】1 個人や団体などの所有している、金銭・有価証券や土地・家屋・物品などの金銭的な価値のあるものの総称。資産。2 ある主体に属する積極財産(資産)と消極財産(負債)の総体。
 だいきん【代金】品物の買い手が売り手に支払う金。代価。
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 じゅえき【受益】利益を受けること。
 りじゅん【利潤】もうけ。利益。特に、企業において、総収益から賃金・地代・利子・原材料費などのすべての費用を差し引いた残りの金額。
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 しんたくざいさん【信託財産】委託者の信託行為によって受託者の名義となり、委託者が定めた信託目的に従って受託者が管理・運用などを行う財産。
 きぞく【帰属】物・権利などが、特定の人・団体・国などの所有となること。
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 ひとくち【一口】株・寄付などの一単位。
 くちかず【口数】一口単位で集める寄付や資金などの数。
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・利益 ・損失

 りえき【利益】事業など を して得る もうけ。利潤。
 そんしつ【損失】そこない失うこと。特に、財産や利益などを失うこと。
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・歳出 ・歳入

 さいしゅつ【歳出】国・地方公共団体の一会計年度における一切の支出。
 さいにゅう【歳入】国・地方公共団体の一会計年度における一切の収入。
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・支出 ・収入

 ししゅつ【支出】ある目的のために自分の所有する金銭や物品を支払うこと。また、その金品。
 しゅうにゅう【収入】金銭や物品を他から収め入れて自分の所有とすること。また、その金品。

 しゅうし【収支】収入と支出。
 ざんだか【残高】収支または貸借の差し引き計算をして残った金額。残金。
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ドルコスト平均法

定期的一定の金額を同じ銘柄に投資
メリット:安い時に多く買い、高い時に少なく買う。平均的割安で買える。
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・赤字 ・黒字

 赤字: 単なる数字がマイナス
 黒字: 単なる数字がプラス
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・deficit ・surplus

trade deficit: imports exceeds exports.
trade surplus: exports exceeds imports

budget deficit: spending exceeds revenue
budget surplus: revenue exceeds spending
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 かへい【貨幣】商品の価値尺度や交換手段として社会に流通し、またそれ自体が富として価値蓄蔵を図られるもの。鋳貨・紙幣のほかに、当座預金などの信用貨幣を含めていう場合が多い。
 きんせん【金銭】貨幣の総称。かね。ぜに。
 よきん【預金】銀行などの金融機関に金銭を預けること。また、その金銭。
 ちょきん【貯金】金銭をためること。また、その金。
 とうざよきん【当座預金】銀行に当座勘定口座を設けている取引先が、小切手・手形の支払資金として預け入れた預金。無利息で、預金者は小切手・手形により、自由に払い戻しを請求できる。
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 ゆうずう【融通】滞りなく通じること。転じて、必要に応じて自在に処理すること。ゆずう。2 必要な物や金を都合すること。やりくり。ゆずう。
 きんゆう【金融】金銭の融通。特に、資金の借り手と貸し手の間で行われる貨幣の信用取引。
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・債権 ・債務

 さいけん【債権】財産権の一。特定人(債権者)が他の特定人(債務者)に対して、一定の行為(給付)を請求することを内容とする権利。金銭を貸した者が借り手に対して、その返還を請求する権利など。
 さいむ【債務】特定人(債務者)が他の特定人(債権者)に対して、一定の行為(給付)をすることを内容とする義務。金銭を借りた者が貸し手に対して、その返還をしなければならない義務など。

 しょうかん【償還】金銭債務を弁済すること。
 べんさい【弁済】1 借りたものを相手に返すこと。2 債務者または第三者が、債務の内容である給付を実現して債権を消滅させること。
 たいしゃく【貸借】貸すことと借りること。貸し借り。
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・貸し付ける ・借り入れる

 かしつける【貸し付ける】資金や物品・権利を貸す。貸し付けをする。
 かりいれる【借り入れる】金や品物を借りる。
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 かんきん【換金】物品を売って、現金に換えること。
 りゅうどうせい【流動性】ある資産について、損失を被ることなく、しかも直ちに貨幣にかえることができる可能性の度合い。
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・買い付ける ・売り付ける

 かいつける【買い付ける】1 普段からよく買っている。買い慣れている。2 大量に買い込む。買い入れる。
 うりつける【売り付ける】無理に買わせようとする。押しつけて売る。
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金融機関
・銀行 ・証券会社・金融公庫・信用金庫・保険会社

 きんゆうきかん【金融機関】資金の供給・仲介などを行う機関。銀行・金融公庫・信用金庫・保険会社・証券会社など。
 ぎんこう【銀行】預金や定期積立金の受け入れ、資金の貸付け、手形割引、為替取引などを行う金融機関。中央銀行・普通銀行・信託銀行・インターネット銀行のほかに、政府金融機関として国際協力銀行・日本政策投資銀行がある。平成18年(2006)4月施行の改正銀行法により、設置基準が大幅に緩和された銀行代理店が増加。金融庁により一定の能力や信用を認められた企業が、銀行との代理店契約を結ぶことが可能になり、銀行窓口を店舗内に設置するコンビニエンスストアやスーパーなど、本業との兼業が可能になった。
 しょうけんがいしゃ【証券会社】金融商品取引法に基づき、内閣総理大臣の登録を受けて金融商品取引業を営む会社(金融商品取引業者)。投資家に投資信託・債券投資・株式投資などの商品の説明と販売を行い、分配金や償還金の支払いを行う。
 きんゆうこうこ【金融公庫】政府が出資して設立した金融機関。中小企業金融公庫・農林漁業金融公庫・国民生活金融公庫・沖縄振興開発金融公庫などは平成20年(2008)の政府系金融機関改革によって株式会社日本政策金融公庫に統合された。
 しんようきんこ【信用金庫】信用金庫法に基づいて設立された協同組織の金融機関。一定地区内に住所または居所、事業所を有する者、また、その地区内において勤労に従事する者が会員となって出資する。預金・定期積金の受け入れ、会員への貸し付け・手形割引、為替取引などの業務を行う。
 ほけんがいしゃ【保険会社】保険業を営む株式会社または相互会社。
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銀行
・中央銀行・普通銀行・信託銀行・インターネット銀行

 ちゅうおうぎんこう【中央銀行】一国における金融組織の中核をなす銀行。特別法に基づき設立される。法定通貨の独占発券権を持ち、通貨量の調整をする銀行、銀行の銀行、国庫の支出・収納・保管や公債発行など政府の銀行としての業務を行い、これらの機能を通じて金融政策の運営にあたる。外国為替の管理・決済の集中機関としての役割ももち、国家間の金融協定では当事者とされる。日本では日本銀行。
 ふつうぎんこう【普通銀行】銀行法に基づいて設立された銀行。主な業務は預金の受け入れ、資金の貸し付け、手形の割引、為替取引など。一般に、都市銀行・地方銀行に区別される。
 しんたくぎんこう【信託銀行】信託業と銀行業とを兼営する銀行の中で、信託業務を主な業務とする銀行。投資家から預かった資産を信託財産として保管・管理し、実際の運用を代行する。長期金融と財産管理の両機能をもっている。→投資信託会社
 インターネットぎんこう【インターネット銀行】《Internet bank》インターネット上での営業に特化した銀行。ウェブサイトで振込み、振替え、残高照会などのサービスを提供し、実店舗をほとんど、あるいはまったくもたない。オンライン銀行。ネットバンク。
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ゲイン
・キャピタル ・インカム

 キャピタル ゲイン【capital gain】資本利得。株式・債券・土地など保有資産の価格上昇から生じる利得。資産の売却譲渡によって実現した場合と、発生しただけで未実現の場合とに区別される。
 インカム ゲイン【income gain】利子・配当による収入。
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 つみたてる【積み立てる】少しずつ何回かにわたって貯金して、金銭を蓄える。
 ぶれ:正常の位置からずれること。
 やくじょう【約定】約束してきめること。とりきめを交わすこと。契約。
 かんさん【換算】ある数量を他の単位に換えて計算しなおすこと。
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投資信託

 とうししんたく【投資信託】一般投資家から集めた資金を、専門の機関が運用し、その運用成果を投資家に配分する制度。投資信託会社が設定した投資信託の商品は、証券会社・銀行などを通して販売される。投資信託会社は、集めた資金を信託銀行に信託し、その銀行に指示して金融・証券市場で運用させて得た利子・配当金・値上がり益などを投資家に分配する。証券投資信託。投信。
 ぶんぱい【分配】分けて配ること。
 きじゅんかがく【基準価額】投資信託の一口当たりの純資産価値 のこと。信託 財産の 純 資産 総額 を 受益権 口数で除した額で表す。組み入れている株式・公社債などの値動きによって変化し、投資信託の買付代金 や 解約による受取代金 を算出する際の基礎となる。
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純資産総額 = 基準価額 x 受益権口数

投資信託の時価総額のことで、信託財産の資産総額から負債総額を控除して算出します。ファンドの規模を示す数字としても利用されます。

純資産総額の増減は、基準価額の上昇下落や設定解約による受益権総口数の増減によってもたらされます。
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 じかそうがく【時価総額】上場企業の価値を表す指標の一つ。発行済み株式数に、その時点の株価(時価)をかけて算出する。株価に連動することから、市場の評価による企業の価値と考えられ、企業が持つ資産や、利益を生み出す力、成長力などが総合的に反映される。また、証券取引所に上場する全企業の時価総額の合計についてもいい、その取引所の規模を計る目安となる。
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債券
・国債  ・地方債  ・社債

 こくさい【国債】国が発行する債券。法律に基づいて発行され、普通国債と 財政 投融資 特別 会計 国債 (財投債)に大別される。発行目的別では歳入債・繰延債・融通債に、償還期限によって短期国債・中期国債・長期国債・超長期国債に、利払い方法によって利付国債・割引国債に分類される。短期国債は割引国債、それ以外は利付国債として発行されている。発行方式では、入札によって機関投資家などに販売される市中発行方式、個人を主な対象とする発行方式(個人向け国債と新窓販国債)、公的部門発行(日本銀行が借換債を引き受ける日銀乗換など)に大別される。
 ちほうさい【地方債】地方公共団体が歳入の不足を補うために金銭を借り入れることによって負う債務。特に、償還期間が一会計年度を超え、証書借入または証券発行の形態によるもの。また、その債券。
 しゃさい【社債】株式会社が広く一般から長期資金を調達するために発行する債務証券。確定利付証券で、償還が義務づけられている。特定の金融機関が発行する金融債と事業会社が発行する事業債などがあるが、通常は事業債をさす。
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 ソブリン【sovereign】独立国家。また、主権者。統治者。
 ソブリンさい【ソブリン債】《sovereign bond》各国政府が発行、保証している国債。一般に信用格付けが高い。→公共債
 こうさい【公債】国または地方公共団体が歳出の財源を得るため、また一時的な資金不足を補うために、国民などから借り入れる金銭の債務。また、その債券。債務者が国の場合を国債、地方公共団体の場合を地方債という。
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 けんめん【券面】証券の、金額を記した面。
 がくめん【額面】公債・社債などの券面。
 りばらい【利払い】利息を支払うこと。
 りさつ【利札】債券に付いている無記名証券。各期の利息債権を表章する有価証券で、券面から切り取って利息の支払いを受ける。クーポン。りふだ。
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・利付債 ・割引債

 りつきさい【利付債】券面に利札が付き、毎年一定期日に利札と引き替えに利子が支払われる債券。
 わりびきさい【割引債】券面に利札がなく、額面金額から利息相当分を差し引いた価格で発行され、償還日に額面金額が償還される債券。
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 かりかえさい【借換債】1 ⇒借換公債。2 普通国債の償還額の一部を借り換える資金を調達するために発行される国債。国債整理基金特別会計におい発行され、その歳入の一部となる。国会の議決を経て定められた限度額内で、会計年度を越え前倒して発行することが認められている。借換国債。
 かりかえこうさい【借換公債】償還期限のくる公債の償還資金を調達するために、または長期金利が低下したとき、既発行の公債を低利のものに転換するために発行する公債。
 まえだおし【前倒し】予定の時期を繰り上げて予算を使ったり、計画を実施したりすること。
 くりあげる【繰り上げる】期日や時間などを、予定より早める。
--------------
 さいむふりこう【債務不履行】債務者が正当な事由がないのに債務の本旨に従った履行をしないこと。履行遅滞・履行不能・不完全履行の三つに大別される。デフォルト。
 ほんし【本旨】本来の趣旨。本来の目的。
 じゆう【事由】1 事柄の生じた理由・原因。事のわけ。2 法律で、理由または原因となっている事実。
 ちたい【遅滞】債務者が債務の履行期になっても履行せず(履行遅滞)、また、債権者が弁済を受領しなければならないのに受領しないこと(受領遅滞)。
 じゅりょう【受領】物や金を受け取ること。
-----------
 きんり【金利】1 貸金・預金に対する利子。利息。2 元金に対する利子の比率。利率。
 りし【利子】金銭の貸借が行われた場合、その使用の対価として借り手が貸し手に支払う金銭。利息。
 りそく【利息】金銭などの使用の対価として、金額と期間とに比例して一定の割合(利率)で支払われる金銭その他の代替物。利子。
 りりつ【利率】元金に対する利息の割合。年利・日歩(ひぶ)などで表す。利子率。
--------------
・低利 ・高利

 ていり【低利】低い利率。安い利息。
 こうり【高利】高い利息。また、高い利率。
----------------
単利
利息 = 元本 * 利率
利息 = 元本 * 年利率 * 年数 

複利
利息1 = 元本 * 利率
利息2 = (元本 + 利息1 ) * 利率
利息3 = (元本 + 利息1 + 利息2) * 利率

元利合計1 = 元本 + 利息1
元利合計1 = 元本 + 元本 * 利率
元利合計1 = 元本 * (1 + 利率)
元利合計2 =  元利合計1 + 利息2
元利合計2 =  元利合計1 + 元利合計1 * 利率
元利合計2 =  元利合計1 * (1 +  利率)
元利合計2 =  元本 * (1 + 利率) * (1 +  利率)
元利合計2 =  元本 * (1 + 利率) ^2
元利合計n =  元本 * ( 1 + 利率)^n
-----------
 公定歩合: 日本銀行が民間の金融機関に貸出しをするときに適用する基準金利
--------------
公開市場操作

売りオペレーション 日銀が債券等を売却。資金量が減少する。
買いオペレーション 日銀が債券等を買取る。資金量が増加する。
------------
元利合計 = 元本 + 利息
源泉分離課税 =  20%
税金 = 利息 * 源泉分離課税
税後利息 = 税前利息 - 税金
--------
配当をもらい続けること投資の前提とし
保有期間に倒産しない
配当が極端に減ったり、なくなったりしない
買う時、株価が安い会社
---------------
複利形成長 Exponential growth
配当自動再投資
-------------------
 にゅうさつ【入札】物品の売買、工事の請負などに際して契約希望者が複数ある場合、金額などを文書で表示させ最も有利な内容を提示した者と契約すること。いれふだ。
 らくさつ【落札】競争入札で、物や権利が自分の手に入ること。
----------------
・先物  ・現物

 さきもの【先物】将来の一定時期に受け渡す条件で売買契約を結ぶ商品。
 げんぶつ【現物】取引の対象となる実際の商品。株券・綿糸・砂糖・ゴムなど。
-----------
 はいとう【配当】会社などが株主・出資者に利益または剰余金の分配をしたり建設利息を支払ったりすること。
 しんようとりひき【信用取引】証券会社が顧客に一定の委託保証金を預託させ、買付代金または売付株券を貸し付けることによって行わせる株式取引。
 いたく【委託】1 ゆだね任せること。人に頼んで代わりにやってもらうこと。2 契約などの法律行為やその他の事務処理を他人に依頼すること。3 客から取引所の取引員に注文を出すこと。
 よたく【預託】1 金銭または物品を一時的に預けること。2 国庫・財政融資資金などに金銭を預けること。
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利益
・営業 ・経常 ・純

 うりあげだか【売上高】商品・製品などを販売することによって得た金額。売り上げ。
 営業利益 = 売上高 – 売り上げコスト
 経常利益 = 営業利益 – 本業以外の損得
 税引き前利益 = 経常利益 – 特別損得
 純利益 = 税引き前利益 – 税金
--------------
EPS Earnings Per Share
株益 = 純利益 / 発行済み株式数

PER Price / Earnings Ratio 株価収益率
PER= 株価 / 株益

PBR  Price/Book value Ratio 株価純資産率
PBR = 株価 / 株あたり資本

ROE Return On Equity 株主資本利益率
ROE = 利益 / 資本
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 時価総額 = 株価 x 発行済み株式数
------------
注文
・指値・成行

 指値(さしね)注文:  価格を指定する
 成行(なりゆき)注文:  価格を指定せず
------------
一般口座
特定口座
 源泉徴収あり: 確定申告不要 税金必ず引かれる
 源泉徴収なし: 確定申告 自分でする20万円まで無税
------------
返済
・元利均等 ・元金均等

元利均等返済: 元金と利息を合わせた返済額が一定
元金均等返済: 毎回返済額の元金部分が一定で、利息の部分は少しずつ小さくなる。
--------------
所得
・利子 ・配当 ・退職 ・不動産 ・事業 ・給与 ・山林譲渡 ・一時 ・雑

総合課税 所得を合算して課税
分離課税

確定申告
源泉徴収

損益通産
繰越損失
所得 = 収入- 経費
原価償却
---------------
課税
・総合 ・分離

 総合課税:  納税義務者の各種の所得を一つに合算した額に対して課税すること。
 分離課税: 特定の種類の所得については、他の所得と合算せずに分離して課税すること
-----------------
 損益通算: 赤字と黒字を相殺
 繰越損失: マイナスが残る場合、翌年以降に繰り越す
 所得 =  収入 – 経費
 減価償却: depreciation. 使用または時の経過などによって生じる有形固定資産の価値の減少分を見積もり耐用年数に割り当て、費用として配分する会計上の手続き。
---------------------
不動産 = 土地と建物
敷地(しきち)建物や道路・河川などに使う一定区域の土地
更地(さらち)建物がなく、すぐにも建物を建てることのできる宅地や工業用地
抵当権 担保となっている物を債務者のもとに残しておきながら、債務が弁済されないときにはその物から債権者が優先的に弁済を受けることを内容とする担保物権。不動産・地上権・永小作権のほか、船舶・自動車や特殊な財団などについて認められる。
建蔽率(けんぺいりつ)敷地面積に対する建築面積の割合。敷地内に建てられる、建造物の最大限の面積をパーセントで表し、建築基準法により、地区別に定められている。
幅員(ふくいん) 道路・橋・船などの、はば。
床面積(ゆかめんせき)floor space; floorage
延べ面積 建物の各階の床面積を合計した面積。
容積率 建築物の延べ面積の、敷地面積に対する割合。
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Sunday, March 11, 2012

Ativos, passivos, patrimônio líquido. Como gerenciar seu dinheiro?

Eu estou tentando fazer um vídeo por dia, todos os dias. Vamos ver. Este é meu terceiro vídeo consecutivo. Mas infelizmente este vídeo demorou muito para fazer. Filmei estas cenas em Odaiba, Tokyo, há algumas semanas atrás, quando minha câmera ainda estava mais ou menos funcionando.



 Eu estava pensando em fazer uma série de vídeos com o título "Watch me get rich" baseado nos vídeos "Watch me shrink" que um monte de garotas fazem mostrando a progresso nas dietas que elas fazem.Mas os meus vídeos vão mostrar, é claro, meus investimentos e possivelmente a evolução dos meus investimentos.

Um grande problema que eu tenho é saber se estou ficando rico ou pobre. Eu compro um monte de investimentos, alguns deles sobem, outros descem, mas no final das contas eu não sei se estou ficando rico ou pobre.  Para tentar resolver esse problema eu comprei um livro sobre contabilidade e resolvi escrever periodicamente o balanço patrimonial dos meus investimentos.

Eu acho que a única coisa importante no balanço patrimonial é o patrimônio líquido. O patrimônio líquido precisa estar crescendo.
Se o patrimônio líquido estiver subindo significa que eu estou ficando rico. Se o patrimônio líquido estiver descendo significa que eu estou ficando pobre.
Estou pensando em colocar o patrimônio líquido num gráfico e verificar se está subindo ou descendo.
Ultimamente não tenho investido em nada porque todas as ações estão muito caras. Mas talvez seja melhor tentar um pouco de investimento a curto prazo.

Existem 2 tipos de investimentos, curto e longo prazo. Investimentos a longo prazo são os do tipo do Warren Buffett. Ele compra e nunca vende.
Investimentos a curto prazo, também chamado de especulação, é o que a maioria das pessoas em Wall Street fazem. Eles compram para vender logo em seguida e tentar lucrar com a diferença de preço.
Investimentos a curto prazo podem ser feitos em qualquer época.
Investimentos a longo prazo só podem ser feitos quando os preços estão baixos.
Atualmente a maioria dos preços estão em alta. Não parece ser uma boa época para investimentos a longo prazo.
O problema dos investimentos a curto prazo é que eles são um jogo de azar. Não há aparentemente nenhuma teoria ou metodologia nisso. Você está à mercê da sorte. É como loteria, ou jogar dados, ou apostar em corrida de cavalos. Donald Trump escreveu que a bolsa de valores é o maior casino do mundo. Ele diz que há mais chances de ganhar dinheiro num casino verdadeiro do que na bolsa de valores.

Saturday, March 10, 2012

Investimentos: qual vender?

Eu estou perdendo dinheiro em algumas das minhas aplicações.
Mas não sei exatamente qual vender.



Eu não sei se devo considerar os dividendos ou apenas o preço da aplicação.
Muitos livros recomendam vender aplicações cujos preços caem abaixo de um determinado mínimo para minimizar o prejuízo. Alguns livros recomendam fixar um mínimo de 15%.
Mas não sei se devo considerar os dividendos ou não.
O preço da aplicação pode estar caindo, mas o lucro com os dividendos pode superar o prejuízo da queda do preço da aplicação. Então no total a aplicação pode ser lucrativa mesmo com a queda dos preços.
Por exemplo uma das minhas aplicações, Brazil Bond Open, tem caído mais de 10% nos últimos meses. Mas considerando os dividendos, meu prejuízo é de -3%. Não sei se devo vender ou não. O lucro dos dividendos pode superar o prejuízo da queda de preços. Ou não. Atualmente estou com prejuízo e o preço da aplicação continua caindo. Mesmo ganhando dividendos talvez não haja muito sentido manter uma aplicação em queda. Não dá para saber se o lucro dos dividendos vai superar ou não o prejuízo da queda de preços.
http://stocks.finance.yahoo.co.jp/stocks/chart/?code=0431508B&ct=z&t=1y&q=l&l=off&z=n&p=m75&a=
Será que isso reflete a economia do Brasil? Todo mundo fala que a economia do Brasil está forte e crescendo mas minhas aplicações parecem indicar o contrário.

Na minha pior aplicação estou com prejuízo de quase 10%, contando os dividendos. Esse eu realmente preciso vender. É um tal de Global Sovereign Open. É um fundo que investe em obrigações de países desenvolvidos.
http://stocks.finance.yahoo.co.jp/stocks/chart/?code=1131197C&ct=z&t=ay&q=l&l=off&z=n&p=m25&a=

Também tenho comprado moedas estrangeiras. Minha pior aplicação é libra esterlina. Estou com prejuízo de quase 18%. Eu lembro que tinha comprado libra esterlina por causa da tendência de alta desde o ano 2000. Mas com a crise financeira de 2008, a libra esterlina, recuperou um pouco e agora tem caído nos últimos meses em relação ao yen.
http://stocks.finance.yahoo.co.jp/stocks/chart/?code=GBPJPY=X&ct=z&t=2y&q=l&l=off&z=n&p=m65&a=

Acabei de ver a tradução de 証券会社: corretora de valores.

Eu gostaria de comprar metais, ouro, prata, platina. Mas ainda não sei onde vende. Não dá para comprar em bancos nem corretora de valores. Eu ainda preciso procurar.

Friday, March 9, 2012

The fisherman and the farmer

Let's imagine a society with 2 people: a fisherman and a farmer.

At first they are self-sufficient. There is no trade. They survive by eating what each of them  produces.

Then they start trading by bartering. They exchange products. Their menus get more varied and they are happier.

But bartering is troublesome. It is difficult to get an agreement on how many tomatos an atum is worth or how many bananas a sardine is equivalent to.  So they decide to create money. And each product will be assigned a price.

What can be used as money? Anything. As long as both parties agree on it, anything can be used as money. Maybe we can use rice.  Rice is food, anybody accepts food. Rice can be stored, it doesn't spoil so easily. Rice can be packaged in all sizes so it can be used for cheap or expensive products.
Or maybe we can use  gold.

How to measure wealth? Who is rich? Who is poor? How to be richer? The fisherman and the farmer produce food, they eat up all their production. The only asset available in this society is whatever they use as money, let's say gold. So to be richer, you need to have more gold.
To have more gold you need to sell more and buy less. For one guy to be richer, the other guy necessarily needs to get poorer.

Why get richer? Why would anyone want to be richer? Money was invented only to facilitate the exchange of goods and services. Money itself is useless. You cannot eat money.  You don't need money. You can always barter. The goods and service themselves are what we really need, what we really want. Money is just the middleman.

In this society what happens if you get richer? The other guy gets poorer. Eventually the other person runs out of money. Trade either stops or reverts to bartering. Either way money becomes completely useless and worthless. The richest man becomes the poorest.

Again why get richer? There may be some reasons. You want to take a vacation and stop working for a while. You need money to buy food while you are not working. Or maybe you want to retire. You want to stop working and live off your savings, hoping that your savings are enough to last until your death.
But there is a problem with retirement. In this society there are only 2 people: you and your neighbor. You have to convince you neighbor to accept your money even though this money is useless to him.  He will not be able to buy from you anymore because you will be retired.

Now let's imagine another society: a farmer and a carpenter.
Why a carpenter? To have other kinds of assets besides money. In the previous society the only asset available was gold, what they used as money.
But a carpenter will produce all kinds of objects, furniture, even wooden houses. As long as this stuff is sellable, they become assets.

Mathematically profit is impossible

Mathematically profit is impossible

Suppose you live on an island with another person. There are 2 people on this island, you and your neighbor. You sell and buy to your neighbor.
Let's suppose you and your neighbor each have 50 coins of gold. The total amount of money on the island is 100 coins of gold. This amount is fixed and limited and we suppose nobody is counterfeiting money.

Let's suppose you decide to make a profit and start selling more than you buy. What happens then? It means that your neighbor starts losing money.
If you have now 60 coins of gold it means your neighbor now has 40 coins of gold.
If you have now 70 coins of gold it means your neighbor now has 30 coins of gold.
It is impossible for everyone to get richer at the same time. If you get richer, it means your neighbor is getting poorer.





How do you make a profit? By selling more than you buy.
According to Accounting, profit is defined as the difference between revenue and expenses.
Revenue is money that comes in.
Expense is money that goes out.
If more money comes in, you have a profit.
If more money goes out, you have a loss.
When you sell, money comes in.
When you buy, money goes out.
If you sell more than you buy, you have a profit.
If you are having a profit, it means your money is increasing. If you start with 50 coins of gold, with profit, your money may increase to, say, 60 coins of gold.
But if you have 60 coins of gold, it means your neighbor has now 40 coins of gold.
If you are getting richer, it means your neighbor is getting poorer.

Eventually the economic system will collapse. Your neighbor will end up with no money and he will stop buying from you, because he has no money!
But since you have money you may decide to continue buying from your neighbor without selling anything. In that case your neighbor will refuse to sell to you, because this money would be useless to him. What is the point of having money if you cannot buy anything?
Money exists only to facilitate the exchange of goods and services. If you have no goods and services to offer to your neighbor, your neighbor cannot give you any goods and services in exchange.

It is a win-lose situation, also called zero-sum game. It is not possible for everybody to win at the same time, for someone to win, someone else needs to lose.

It doesn't matter how many people are on this island, you could have billions of people, mathematically the situation is exactly the same. For a group of people to make money by selling more than buying, another group of people necessarily needs to lose money.

Of course I am supposing the total amount of money is fixed and limited and nobody is counterfeiting money and increasing the money supply.

This conclusion is very disturbing because economically I have come to assume that commercial transactions ideally are a win-win situation.
In the real world you may have win-lose transactions, but economically all transactions should be win-win situations.

The point is: how can you have a win-win situation? Mathematically it is impossible.

Thursday, March 8, 2012

Lista de perguntas (investimento)

Lista de perguntas (investimento)

- Como organizar dinheiro?
Boa pergunta. Eu não sei como organizar dinheiro. Como nos outros planejamentos estava pensando em fazer formulários e simplesmente preencher.

- Escreveu Balanço Patrimonial e Demonstração do resultado do exercício?
Sim e não. Escrevi o Balanço patrimonial mas não o DRE. Demonstração do resultado do exercício. Que nome estúpido. Em inglês é bem mais simples e direto. Profit / Loss Statement. Declaração de lucro ou prejuízo. Parece que tive lucro desde a última vez que escrevi o balanço patrimonial há muito tempo atrás.

- No que investir?
Boa pergunta. Eu preciso procurar investimentos. Como procurar investimentos? Quais são minhas opções? As aplicações disponíveis nos bancos e corretoras de valores. Existem vários bancos e várias corretoras de valores no Japão, inclusive online. Algumas pessoas falam que online é mais barato. Além disso há investimentos em imóveis.

- Como economizar dinheiro?
Depende. Que tipo de dinheiro? O dinheiro da carteira? Será que isto está certo? Em vez de me preocupar em cortar gastos, eu deveria me preocupar em aumentar receita... Mas vamos tentar resolver um problema por vez. Um jeito de economizar dinheiro que eu tinha pensado há muito tempo atrás é limitar os gastos. Por exemplo num determinado dia definir um limite de quanto eu posso gastar. Por exemplo vamos dizer que hoje eu só posso gastar 2 mil yens. Para isso eu coloco apenas 2 mil yens na carteira. Mesmo que eu queira gastar mais, eu fico fisicamente impossibilitado. Fazendo isso todos os dias eu garanto que nunca gasto mais do que o permitido.
Mas é bom colocar 10 ou 20 mil yens na carteira para emergências. O problema é como fazer para evitar de gastar esse dinheiro? Um jeito é embrulhar num envelope. Assim se torna incomôdo retirar esse dinheiro e mesmo que eu esteja tentado a gastar provavelmente vou acabar desistindo.
Esse esquema só dá certo se eu preparar a previsão de gastos com antecedência. e deixar preparado o dinheiro a gastar. Os tostões que eu tenho na carteira. Tanto trabalho para economizar uns míseros níqueis. O problema é que esses míseros níqueis podem se tornar um fortuna após alguns meses.

- Como aumentar receita?
Não gosto dessa palavra "receita". Parece receita de bolo. Acabei de consultar o dicionário, não sei se estou usando essa palavra corretamente...

- Para quem perguntar?
Seria bom se eu tivesse alguém com quem discutir sobre investimentos. O problema é que estou no Japão. Se for para discutir com alguém seria bom se fosse alguém que investe no Japão.
Eu não posso investir em dólar em companhias americanas porque perco dinheiro na conversão da moeda.

- Que livros ler?
Eu gostaria de ler "The intelligent investor" do Benjamin Graham, o livro que o Warren Buffett sempre menciona. Será que é tão bom assim? Eu vou na livraria sempre há vários livros mas eu nunca sei quais são bons....

- Verificou investimentos?
Sim. Para escrever o balanço patrimonial eu preciso verificar meus investimentos.

- Verificou ouro e prata?
http://www.sumitomo-gold.com/price/index.html
http://netnavigate.net/kikinzoku/

- onde comprar ouro?
Boa pergunta. Eu sempre fico com preguiça de verificar na internet. Havia uma loja em Shibuya que vendia ouro, em barras de 1 kg. Muito caro para mim. Estou querendo comprar apenas algumas gramas, 10 gramas no máximo. Onde eu posso comprar 10 gramas de ouro?

- O que você vendeu hoje?
Não vendi nada hoje, mas preciso vender o グローバル・ソブリン・オープン .Estou perdendo dinheiro com esse fundo.

- O que você comprou hoje?
Hoje não comprei nada, nem verifiquei novos fundos. Estava pensando em comprar mais グローバル・アンブレラUBSコモディティ. O problema é como gerenciar novas compras de um mesmo fundo. Cada nova compra deveria ser tratado como um fundo independente. O problema é que os bancos e corretoras de valores vão tratar como um mesmo fundo....

- Quanto você ganhou (ou perdeu) hoje?
Não comprei nem vendi nada, não ganhei nada....
Mas do ponto de vista do balanço patrimonial eu tive um lucro, mesmo que eu não liquide os meus ativos.

- Previsão de gastos: quanto você vai gastar hoje? Esta semana? Este mês?
Preciso ir para o hospital amanhã às 9:00.
5,000 hospital
2,000 transporte
2,000 comida

9,000 total

Será que vou gastar 4 mil yens só em transporte e comida? Parece muito. Eu estava pensando em diminuir os gastos diários para 2 mil yens, se possível menos.... Eu não deveria comer fora de casa. Comer fora de casa é um desperdício de dinheiro. Não sei se posso comer amanhã de manhã antes do exame médico... Vou fazer um CT scan, o que quer que seja isso...

- Verificou imóveis hoje?
Eu preciso fazer uma lista de perguntas apenas para investimentos em imóveis.
Não verifiquei nada, nem sei onde verificar. Eu preciso procurar uma agência de imóveis. E procurar imóveis.
Por exemplo estou olhando esta propriedade:
http://fudosan.cbiz.ne.jp/detailPage/sale/63101/1202/?&allsup=on
Eu não tenho nem idéia do que estou olhando....

まどり【間取り】: the plan [layout] of a house

ワンルームマンション:(和)one-room+mansion》一室だけで、ほかに台所・浴室・便所の付いた比較的高級な集合住宅。[補説]英語ではone-room apartment

しゅうごう‐じゅうたく【集合住宅】
1棟の建物の中に複数の住居がある形式の住宅。壁や床によって区切られ、それぞれ独立している。

とう【棟】
1 〔建物〕a large building
2 〔建物を数える語〕
3棟
three buildings
1号棟の2階
the second [((英)) first] floor of building No. 1

つぼ【坪】尺貫法の単位。土地や建物の面積の単位。1坪は6尺平方で、約3.3平方メートル。田地の一歩(いちぶ)と等しい

しゃっかん‐ほう【尺貫法】
日本古来の度量衡法。長さの単位を尺、容積の単位を升、質量の単位を貫とする。明治以降メートル法と併用されてきたが、昭和34年(1959)原則として廃止され、同41年以後メートル法に統一された

どりょう‐こう【度量衡】長さと容積と重さ。

しゃく【尺】尺貫法の長さの基本単位。1寸の10倍。1丈の10分の1。1尺は、曲尺(かねじゃく)では約30.3センチ、鯨尺では約37.9センチ。

しょう【升】 尺貫法の容量の単位。1升は1斗の10分の1。1合の10倍。約1.8リットル。「一―瓶」

かん〔クワン〕【貫】尺貫法の重さの単位。1貫は1000匁(もんめ)、すなわち3.75キロで、明治24年(1891)から昭和33年(1958)まで商取引で用いられた。

O que você faria com apenas 5 dólares e 2 horas para conseguir dinheiro?

Há alguns dias atrás eu comprei o livro " What I wish I knew when I was 20" escrito por Tina Seelig, uma professora da Universidade de Stanford.
O livro parece ser bem interessante.
Logo nas primeiras páginas ela fala de uma atividade que ela organiza todos os anos para os seus alunos.
O que você faria com apenas 5 dólares e 2 horas para conseguir dinheiro?
A classe é dividida em vários grupos, e cada grupo é dado um envelope com 5 dólares.



Cada grupo pode planejar o quanto quiser, mas no momento em que o envelope é aberto, cada grupo tem apenas 2 horas para usar os 5 dólares e abrir algum tipo de negócio e conseguir o máximo de dinheiro possível.
Sempre há alunos que sugerem ir para Las Vegas e jogar em casinos ou comprar bilhete da loteria.

為替市場、貿易、国の経済

金利を低くすれば
通貨が低くなって
貿易が黒字になる




現在「円高円安で分かる世界のお金の大原則」という本を読んでいます。

なぜ世界の政府は為替市場に介入するのか?
本来ならば政府は為替市場に介入してはいけないはず。介入は貿易の妨げになるからです。









貿易について話しましょう。
貿易黒字とは輸入より輸出ほほうが大きい。
貿易赤字とは輸出より輸入のほうが大きい。
国にとってどちらのほうが望ましい?
おそらく貿易黒字のほうが国の繁栄につながる。

すべての政府は貿易黒字を目指している?
貿易赤字では国は繁栄できない?
貿易赤字だと国は必ず衰退する?
二つの国が互いと貿易しているとする。同時に貿易黒字は可能?
一方の国が貿易黒字だと、他方の国が必ず貿易赤字ではないのか?

何の為に金利がある?
何の為に中央銀行がある?

金利
通貨
貿易
インフレ率
失業率

銀行は預金者の金を預かって、預金者に利息を払う。預金が大きければ大きいほど、払うべき利息も大きくなる。
預金が大きすぎるということはある?














なぜ銀行は貸し渋りをする?
貸せば貸すほど、もらう利息は多くなるじゃない?


















Let's suppose 2 countries with their respective currencies and interest rates. What happens with the currencies when one country raises its interest rate? Lower interest rate makes borrowing easier. Higher interest rate makes depositing more profitable.
Investors will borrow from the country with lower interest rate and deposit in banks of the country with higher interest rate. In order to deposit this money, they have to convert from one money to another. It means they will sell one currency to buy the other currency. Selling one currency makes the price of this currency to drop. So lower interest rate makes the currency price falls.

July 18th, 2010
I am reading a book on currencies. Currency prices can go up or down, according to supply and demand. Or does it? Why does a certain currency price go up or down? What makes a certain currency price fluctuate?
The world was in the gold standard from 1946 to 1971.

Ok, let's write something, even though I don't know what to write exactly. I am reading a book on FX. This is the second book I have about currencies. When I read these books I have the impression the world is completely controlled by currencies.
That seems to be the only reason to explain the rise and fall of countries. Apparently countries rise and fall just because of their currencies.
How a country like Japan, with no natural resources, can become the second economy in the world? The wealth of the nations. What makes a country become rich? Why China is getting rich?
Of all possible explanations apparently the major factor is the currency. Not just the currency. But currency seems to be the main factor to explain international trade surplus. What makes a country rich? Money?? Do all countries aim for trade surplus? Do they want to export more than they import? But it is impossible for all countries in the world to have trade surplus. It is a zero-sum game. If some country has a trade surplus, it is because some other country has a trade deficit. If trade surplus makes a country richer, it is because some other country is getting poorer.
It is not possible to have a trade surplus (or deficit) forever. It is unsustainable.
A trade deficit means that the country will sooner or later run out of money.
Every country seems to try to devalue its own currency, so its products become cheaper and more competitive, which increases exports, which results in trade surplus.

How can a country devalue its own currency?
- by lowering interest rates, making easier to borrow from banks, and increasing the money supply
- by printing money out of thin air, buying government bonds and increasing the money supply
- by buying dollars and selling its own currency,thus lowering the currency price, and increasing the money supply

How low should a country devalue its currency?
Can a country devalue its currency to zero? If the currency devalues to zero, the country will be unable to import. Countries like Japan, with no natural resources, are highly dependent on imports. From the point of view of imports it is the opposite: the higher the currency price, the easier to import. A higher currency makes imports cheaper. Countries would want to buy oil, for example, as cheap as possible.So countries would want to devalue the currency to improve exports, but revalue the currency to improve imports.
The higher the currency the cheaper the imports. The lower the currency the cheaper the exports. But exports seem to be more important than imports because countries aim for trade surplus, which means more exports than imports.

A country devalues its own currency by increasing the money supply. But increasing the money supply doesn't mean anything. It doesn't change the country. It actually impoverishes the country, by causing inflation.
Japan is right now suffering deflation, caused by lower comsumption, caused by lower salaries, caused by lower corporate profits, caused by lower exports.

Tuesday, March 6, 2012

Às vezes eu penso em abrir meu próprio negócio. Mas nunca sei como começar....
Acabei de fazer uma busca no Google com "how to start a business". Acho que vou ler um pouco e ver se consigo achar uma boa idéia....

Os problemas que eu penso ao abrir uma escola de inglês:

Como conseguir alunos?
Quanto cobrar?
Como ensinar?

What product/service will you provide?
Aulas de inglês.

Is your idea feasible?
Eu acho que sim.

How will you protect your idea?
Não pretendo proteger minha idéia, pelo contrário, estava até pensando em divulgar no meu blog...

Is there a market for your product/service?
Eu acho que sim. Muitos japoneses têm interesse em inglês. Eu também tenho interesse em inglês.

What skills do you need?
Para ensinar inglês? Não tenho experiência. Mas é algo que eu gostaria de fazer.

Who are your competitors?
Eu tenho um monte de competidores. Todo estrangeiro no Japão parece querer trabalhar ou abrir uma escola de inglês. A única diferença é que muitas dessas escolas contratam pessoas que falam inglês nativo e que não tem interesse na língua em si. Muitos estrangeiros que falam inglês vêm para o Japão para trabalhar como professores de inglês apenas por ser um serviço "fácil". Mas eles não interesse ou método para ensinar inglês.

What difference will you bring to the market?
Minha idéia é ensinar pronúncia de inglês usando IPA. Simples. Mas acho que ninguém faz isso no Japão. Acho que ninguém faz isso no mundo!
O problema é que provavelmente isso não é suficiente para ter uma escola de inglês bem-sucedida. Correndo o risco de parecer hipócrita, um jeito de ter uma escola de inglês bem-sucedida é contratar um monte de estrangeiros/as deslumbrantes com caras de atores e atrizes de hollywood. A única razão para japoneses frequentarem escola de inglês é ver de perto alguém caucasiano, loiro de olhos azuis.

Do you have the financial capacity?
Não entendo a pergunta. A questão é se eu tenho capital suficiente para iniciar o negócio, ou se eu tenho o conhecimento para lidar com finanças?? A resposta é sim e não. Não é necessário capital para iniciar uma escola de inglês. Eu posso dar aula na minha própria casa. Ou na casa do aluno. Não preciso de nenhum material especial.



Muito interessante:
http://www.startups.co.uk/how-to-make-1m-in-your-first-year-of-business.html






http://www.myownbusiness.org/s1/index.html
http://www.smarta.com/advice/starting-up/starting-your-own-business/how-to-start-a-business-a-checklist
http://www.irs.gov/businesses/small/article/0,,id=99336,00.html
http://www.ontario.ca/en/business/STEL02_038762.html
http://sbinfocanada.about.com/cs/startup/a/startingsteps.htm
http://www.choosewhat.com/
http://www.businesspundit.com/15-businesses-you-can-start-with-5000-or-less/
http://web.sba.gov/busplantemplate/BizPlanStart.cfm

É um pouco melhor
http://www.sba.gov/content/follow-these-steps-starting-business

Mais ou menos
http://www.business.gov.au/Pages/default.aspx
http://www.startups.co.uk/
http://www.guardian.co.uk/money/2009/sep/19/starting-a-business
http://www.businesslink.gov.uk/bdotg/action/layer?topicId=1073858805
http://www.hmrc.gov.uk/startingup/
http://www.canadabusiness.ca/eng/125/
http://www.realtranslatorjobs.com/?a=4&gclid=CPG_u-65jqsCFc2GpAodmBWivg
http://www.nytimes.com/2009/09/03/business/smallbusiness/03sbizguide.html
http://www.myownbusiness.org/


Tem algumas idéias interessantes.
http://www.startbreakingfree.com/273/46-ways-to-start-a-business-with-no-money/

Muito bla-bla-bla e pouca informação....
http://www.inc.com/guides/start_biz/
http://www.entrepreneur.com/bizstartups

Parece ser o pior de todos
http://www.how-to-start-a-business-guide.com/

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Picasa não paga os usuários pelas fotos.
Não seria interessante se o website pagasse pelas fotos que você publica?
Não seria interessante se as fotos estivessem à venda para empresas comprarem?
Uma empresa compraria uma cópia da foto para publicar em website, revista, jornal, cartaz, etc, e parte do pagamento seria enviado para a pessoa que enviou a foto para o website.

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Estou assistindo Dexter
A 1.a e a 2.a temporadas foram boas, mas a 3.a está bem chatinha...
http://www.tv-links.eu/tv-shows/Dexter_209/

Being poor is not an option! Get rich or DIE!

Some people say they don't want to be rich. They say they are happy being poor. Of course the assumption here is that it is possible to be poor and live comfortably at the same time.
What if that assumption is wrong? 
Can you be poor and still live comfortably?
Can you be poor and still live?
What if you can't survive by being poor?

In that case being poor is not an option anymore. You can't AFFORD  to be poor. You have to get rich, otherwise you are going to DIE. 

Of course we are all going to die, being rich or not. Maybe then we should rephrase to "get rich AND die"!