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by 趙永祥, 2018-05-22 13:05, 人氣(1263)



          風險報酬等級及主要基金類型

    1.各類型基金之風險報酬等級以下表為原則
    ┌────┬────┬───────────┬──────┐
    │基金類型│投資區域│主要投資標的/產業    │風險報酬等級│
    ├────┼────┼───────────┼──────┤
    │股票型  │全球    │一般型(已開發市場)、│RR3         │
    │        │        │公用事業、電訊、醫療健│            │
    │        │        │康護理                │            │
    │        │        ├───────────┼──────┤
    │        │        │一般型、中小型、金融、│RR4         │
    │        │        │倫理/社會責任投資、生│            │
    │        │        │物科技、一般科技、資訊│            │
    │        │        │科技、工業、能源、替代│            │
    │        │        │能源、天然資源、週期性│            │
    │        │        │消費品及服務、非週期性│            │
    │        │        │消費品及服務、基礎產業│            │
    │        │        │、其他產業、未能分類  │            │
    │        │        ├───────────┼──────┤
    │        │        │黃金貴金屬            │RR5         │
    │        ├────┼───────────┼──────┤
    │        │區域或單│公用事業、電訊、醫療健│RR3         │
    │        │一國家(│康護理                │            │
    │        │已開發)├───────────┼──────┤
    │        │        │一般型、中小型、金融、│RR4         │
    │        │        │倫理/社會責任投資、生│            │
    │        │        │物科技、一般科技、資訊│            │
    │        │        │科技、工業、能源、替代│            │
    │        │        │能源、天然資源、週期性│            │
    │        │        │消費品及服務、非週期性│            │
    │        │        │消費品及服務、基礎產業│            │
    │        │        │、其他產業、未能分類  │            │
    │        │        ├───────────┼──────┤
    │        │        │黃金貴金屬            │RR5         │
    │        ├────┼───────────┼──────┤
    │        │區域或單│一般型(單一國家-臺灣│RR4         │
    │        │一國家(│)                    │            │
    │        │新興市場├───────────┼──────┤
    │        │、亞洲、│一般型、公用事業、電訊│RR5         │
    │        │大中華、│、醫療健康護理、中小型│            │
    │        │其他)  │、金融、倫理/社會責任│            │
    │        │        │投資、生物科技、一般科│            │
    │        │        │技、資訊科技、工業、能│            │
    │        │        │源、替代能源、天然資源│            │
    │        │        │、週期性消費品及服務、│            │
    │        │        │非週期性消費品及服務、│            │
    │        │        │基礎產業、黃金貴金屬、│            │
    │        │        │其他產業、未能分類    │            │
    ├────┼────┼───────────┼──────┤
    │債券型(│全球、區│投資等級之債券        │RR2         │
    │固定收益│域或單一├───────────┼──────┤
    │型)    │國家(已│高收益債券(非投資等級│RR3         │
    │        │開發)  │之債券)              │            │
    │        │        │可轉換債券            │            │
    │        │        │主要投資標的係動態調整│            │
    │        │        │為投資等級債券或非投資│            │
    │        │        │等級債券(複合式債券基│            │
    │        │        │金)                  │            │
    │        ├────┼───────────┼──────┤
    │        │區域或單│投資等級之債券        │RR2         │
    │        │一國家(├───────────┼──────┤
    │        │新興市場│主要投資標的係動態調整│RR3         │
    │        │、亞洲、│為投資等級債券或非投資│            │
    │        │大中華、│等級債券(複合式債券基│            │
    │        │其他)  │金)                  │            │
    │        │        ├───────────┼──────┤
    │        │        │高收益債券(非投資等級│RR4         │
    │        │        │之債券)              │            │
    │        │        │可轉換債券            │            │
    ├────┼────┴───────────┼──────┤
    │保本型  │                                │按基金主要投│
    │        │                                │資標的歸屬風│
    │        │                                │險報酬等級  │
    ├────┼────────────────┼──────┤
    │貨幣市場│                                │RR1         │
    │型      │                                │            │
    ├────┼────────────────┼──────┤
    │平衡型(│                                │依基金之長期│
    │混合型)│                                │核心投資策略│
    │        │                                │,得基於股債│
    │        │                                │比例、投資地│
    │        │                                │區等考量,於│
    │        │                                │RR3至RR5之區│
    │        │                                │間內核實認定│
    │        │                                │風險報酬等級│
    │        │                                │,並應能舉證│
    │        │                                │其合理性    │
    ├────┼────────────────┼──────┤
    │多重資產│                                │依基金之長期│
    │型      │                                │核心投資策略│
    │        │                                │,基於投資比│
    │        │                                │例、投資地區│
    │        │                                │等考量,於RR│
    │        │                                │3至RR5之區間│
    │        │                                │內核實認定風│
    │        │                                │險報酬等級,│
    │        │                                │並應能舉證其│
    │        │                                │合理性。    │
    ├────┼────────────────┼──────┤
    │金融資產│投資等級                        │RR2         │
    │證券化型├────────────────┼──────┤
    │        │非投資等級                      │RR3         │
    ├────┼────────────────┼──────┤
    │不動產證│全球、區域或單一國家(已開發)  │RR4         │
    │券化型  ├────────────────┼──────┤
    │        │區域或單一國家(新興市場、亞洲、│RR5         │
    │        │大中華、其他)                  │            │
    ├────┼────────────────┼──────┤
    │指數型及│                                │同指數追蹤標│
    │指數股票│                                │的之風險報酬│
    │型(ETF │                                │等級        │
    │)      │                                │            │
    ├────┼────────────────┼──────┤
    │槓桿/反│                                │以指數追蹤標│
    │向之指數│                                │的之風險等級│
    │型及指數│                                │,往上加一個│
    │股票型(│                                │等級        │
    │ETF)   │                                │            │
    ├────┼────────────────┼──────┤
    │組合型基│                                │依基金之長期│
    │金      │                                │核心投資策略│
    │        │                                │,基於投資比│
    │        │                                │例、投資地區│
    │        │                                │等考量,於RR│
    │        │                                │2至RR5之區間│
    │        │                                │內核實認定風│
    │        │                                │險報酬等級,│
    │        │                                │並應能舉證其│
    │        │                                │合理性      │
    ├────┼────────────────┼──────┤
    │其他型  │                                │同主要投資標│
    │        │                                │的風險報酬等│
    │        │                                │級          │
    └────┴────────────────┴──────┘
    2.區域(亞洲、大中華)股票型基金係指投信投顧公會委請之專家學
      者、理柏(Lipper)、晨星( Morningstar)或嘉實資訊(股)公
      司等基金評鑑機構所作評比資料之基金類型為亞洲或大中華區域者
      。
    3.不動產證券化型基金包括不動產證券化型之投信基金,與主要投資
      不動產證券化商品之股票型境外基金。
    4.基金無法歸類為上述第 1項所列主要基金類型者,證券投資信託事
      業、總代理人及基金銷售機構應自行衡量基金屬性、投資策略及風
      險特性揭露該基金風險報酬。
by 趙永祥, 2018-05-22 13:02, 人氣(1363)



風險屬性分類表
附件
by 趙永祥, 2018-05-22 13:01, 人氣(1496)



風險屬性評估表
附件
by 趙永祥, 2018-05-22 13:00, 人氣(2423)




投信投顧公會公佈「基金風險報酬等級分類標準」係依基金類型、投資區域或
主要投資標的/產業,由低至高,區分為
「RR1、RR2、RR3、RR4、RR5」五個風險報酬等級。

提醒投資人此等級分類係基於一般市場狀況反映市場價格波動風險,無法涵蓋所有風險,
不宜作為投資唯一依據,投資人仍應注意所投資基金個別的風險。
1、各類型基金之風險報酬等級以下表為原則
基金類型投資區主要投資標的/產業風險報酬等級
股票型全球一般型(已開發市場)、公用事業、電訊、醫療健康護理RR3
一般型、中小型、金融、倫理/社會責任投資、生物科技、一般科技、資訊科技、工業、能源、替代能源、天然資源、週期性消費品及服務、非週期性消費品及服務、基礎產業、其他產業、未能分類RR4
黃金貴金屬RR5
區域或單一國家(已開發)公用事業、電訊、醫療健康護理RR3
一般型、中小型、金融、倫理/社會責任投資、生物科技、一般科技、資訊科技、工業、能源、替代能源、天然資源、週期性消費品及服務、非週期性消費品及服務、基礎產業、其他產業、未能分類RR4
黃金貴金屬RR5
區域或單一國家(新興市場、亞洲、大中華、其他)一般型(單一國家-臺灣)RR4
一般型、公用事業、電訊、醫療健康護理、中小型、金融、倫理/社會責任投資、生物科技、一般科技、資訊科技、工業、能源、替代能源、天然資源、週期性消費品及服務、非週期性消費品及服務、基礎產業、黃金貴金屬、其他產業、未能分類RR5
債券型(固定收益型)全球、區域或單一國家(已開發)投資等級之債券RR2
高收益債券(非投資等級之債券)
可轉換債券 
主要投資標的係動態調整為投資等級債券或非投資等級債券(複合式債券基金)
RR3
區域或單一國家(新興市場、亞洲、大中華、其他)投資等級之債券RR2
主要投資標的係動態調整為投資等級債券或非投資等級債券(複合式債券基金)RR3
高收益債券(非投資等級之債券)
可轉換債券
RR4
保本型 按基金主要投資標的歸屬風險報酬等級
貨幣市場型 RR1
平衡型(混合型) RR3
(偏股操作為RR4或RR5)
金融資產證券化型投資等級RR2
非投資等級RR3
不動產證券化型全球、區域或單一國家(已開發)RR4
區域或單一國家(新興市場、亞洲、大中華、其他)RR5
指數型及
指數股票型(ETF)
 同指數追蹤標的之風險報酬等級
槓桿/反向之指數型及指數股票型(ETF) 以指數追蹤標的之風險等級,往上加一個等級
組合型基金 同主要投資標的風險報酬等級
其他型 同主要投資標的風險報酬等級
by 趙永祥, 2018-05-22 12:58, 人氣(1061)



風險報酬等級 RR3

https://www.fidelity.com.tw/web/fund-products/default.page?submit=true&componentID=1310104061720
by 趙永祥, 2018-05-22 12:51, 人氣(1101)



景氣循環與投資配置調整
by 趙永祥, 2018-05-22 12:49, 人氣(1107)



期末考試重點教案(107/05/22)

財務管理個案診斷與經營分析
by 趙永祥, 2018-05-18 13:24, 人氣(1028)


Global Economic Analysis website: 


https://www.focus-economics.com/
by 趙永祥, 2018-05-11 12:39, 人氣(1306)



Global Mobility
How to get moving in the future with enthusiasm and ambition.


Invest. Analyze. Focus. Integration


These are the key concepts of our three tips as we stand at the threshold of the changing year. Three tips that look at the trends in global mobility and how they impact companies and every active international worker.


TIP 1: INVEST

The world is changing, forcing every company to adapt, and various trends are competing for attention. Therefore, you should explore service providers in the global mobility space. Every specialist has their own unique view, creating new initiatives around the world and applying innovating ways to make those initiatives work. Invest in getting your own knowledge of this sector. That will help you improve your creativity and provide critical insights to make better choices as you select your global mobility partners.


TIP 2: ANALYZE

Having an employee working on a location in a foreign country means more than just working out a few processes and protocols. Look at both the business and the individual as though you are making a travel guide. Compose a balanced palette that combines promises with expectations for the adventure. Analyzing the customer journey provides efficient, useful and enlightening insights that benefit both the employee and the company. The journey flows into a setting where everyone’s expectations are met and a path for success is cleared.


TIP 3: FOCUS

Stay cool! 

It may seem obvious, but in the flood of trends and options, it can easily get overwhelming, intimidating and confusing. Give yourself the space to focus. Privacy, diversity, digitality, talent development and employee purpose are extremely important, don’t get distracted from your core responsibility as an employer; keeping your expat employees safe and legally compliant.


TIP 4: Integration


by 趙永祥, 2018-05-08 13:05, 人氣(1079)



補充教案資本結構篇

- 融資管理 資本結構與財務槓桿
by 趙永祥, 2018-04-21 22:22, 人氣(1146)


The basic concepts and practice of financial management
by 趙永祥, 2018-04-21 22:06, 人氣(7162)


Is Universal Basic Income the Answer to an Automated Future?

Some fear that robots and AI will steal our jobs.They probably will (in the near-term, at least half of them).If that happens, what will we do for a living? How will we earn money?

In this blog I’ll be discussing one of the most important proposed solutions to job loss due to automation -- the notion of “Universal Basic Income” (sometimes called guaranteed minimum income).

In specific, I want to discuss:

  1. Predictions on job loss
  2. What is Universal Basic Income? Who is experimenting with it?
  3. Does UBI work? What are the implications?

Let’s dive in.

Predictions on Job Loss

In 2013, Dr Carl Benedikt Frey of the Oxford Martin School estimated that 47 percent of jobs in the US are “at risk” of being automated in the next 20 years.

The figure was recently verified recently by McKinsey & Company who suggests that 45 percent of jobs today will be automated by using exponential technologies such as machine learning, artificial intelligence, robotics and 3D printing.

The concept is called technological unemployment, and most careers, from factory workers and farmers to doctors and lawyers, are likely to be impacted.

The impact will likely be even more severe in the developing world.

The expected implications of technological unemployment vary widely.

Individuals like Ray Kurzweil and venture capitalist Marc Andreessen believe that while today’s jobs will perish, new jobs will be created by technology to replace them.

Other experts project that technological unemployment will be massively disruptive to society.

Still others believe that society will adapt, first by constantly demonetizing our cost of living and next by the the widespread deployment of “universal basic income.”

(NOTE: In case you missed it, in a previous blog I covered, in detail, how we are in the process of massively demonetizing the cost of living.)

What is Universal Basic Income? Who is Experimenting?

Universal basic income (UBI) is a policy in which all citizens of a country regularly receive an unconditional sum of money, either from a government or some other public institution, in addition to any income received from other means.

UBI’s core motivation — to address social ills by giving people “free” money — is certainly not a new idea.

For some perspective, Thomas Paine outlined a plan in his 1797 essay “Agrarian Justice” to create a national fund making payments of 15 pounds sterling to each adult over 21 years old….

Today, experiments with UBI are spreading across the world, from Finland and the Netherlands to Canada and France.

In France, several members of Parliament have supported running an experiment, and the finance minister is open to it.

In the last decade, over eight countries have formally experimented with UBI. Here are the top three active experiments worth noting:

  1. Finland: Early next year, the Finnish government will launch an experiment in which a randomly selected group of ~3,000 citizens already on unemployment benefits will begin to receive a monthly basic income of 560 euros (approx. $600). That basic income will replace their existing benefits. The amount is the same as the current guaranteed minimum level of Finnish social security support. The pilot study, running for two years in 2017-2018, aims to assess whether basic income can help reduce poverty, social exclusion and bureaucracy, while increasing the employment rate.
  2. Netherlands: The local government in the Dutch city of Utrecht is planning to conduct an experiment that would give a guaranteed monthly income to 250 Dutch citizens currently receiving government benefits. A two-year test period is tentatively set to begin in January of next year, and some citizens of Utrecht and some nearby cities will receive a flat sum of €960 per month (about $1,100). The Utrecht proposal — called “Weten Wat Werkt,” or “Know What Works” — includes six test groups, and the members in each will receive slightly different stipends under slightly different conditions. In addition to the group that will receive €960 per month without any work obligations, there is a group that will be given that, plus an additional €150 at the end of the month if they provide volunteer services, such as doing maintenance work on schoolyards.
  3. India: Over 350 million people (about 30% of the population) remain below the poverty line after two decades of high economic growth. In that context, in 2011 India launched two pilots to test the impact of basic income grants, funded by UNICEF, with SEWA as coordinator. In eight villages in Madhya Pradesh, every man, woman, and child was provided with a monthly payment of, initially, 200 rupees for each adult and 100 rupees for each child paid to the mother or guardian; these were later raised to 300 and 150, respectively. They also operated a similar scheme in a tribal village, where for 12 months every adult was paid 300 rupees a month and every child got 150. Another tribal village was used as a comparison. The money was paid individually, initially as cash and after three months into bank or cooperative accounts.

In January, Sam Altman, the president of Y Combinator, announced that the San Francisco-based startup fund was organizing a basic income study in the U.S.

Does UBI work?

While the implementation of UBI at scale is still in its early days, the results are promising.

Early results in the India experiment show nutrition was improved as measured by the average weight-for-age of young children (World Health Organization z-score), and more so among girls.

In the same study, the UBI grants led to more labor and work, not less, as expected by skeptics.

There was a shift from casual wage labor to more self-employed farming and business activity, with less distress-driven migration out of the region.

Women gained more than men.

That being said, the most compelling study demonstrating how universal basic income could work comes from a small town in Canada.

From 1974 to 1979, the Canadian government partnered with the province of Manitoba to run an experiment on the idea of providing a minimum income to residents called MINCOME.

MINCOME was a guaranteed annual income offered to every eligible family in Dauphin, a prairie town of about 10,000, and smaller numbers of residents in Winnipeg and some rural communities throughout the province.

So what happened to families receiving MINCOME?

  • They had fewer hospitalizations
  • They had fewer accidents and injuries
  • Mental health hospitalizations fell dramatically
  • High school graduation rates increased
  • Younger adolescent girls were less likely to give birth before age 25, and when they did, they had fewer kids

The program brought most recipients above Canada’s poverty line.

And the employment effects in Dauphin were modest. For primary earners — those with full-time jobs — there was virtually no decline in work.

Essentially, nobody was quitting their jobs.

Cash from the government eased families’ economic anxiety, allowing them to invest in their health and plan over a longer horizon.

MINCOME is now serving as inspiration for basic income’s comeback in Canada.

In its 2016 budget, the provincial government of Ontario announced plans to conduct a basic income pilot this year.

Implications

I’m fairly confident that in the near future, as technology continues to eliminate traditional jobs and massive new wealth gets created, we’re going to see some version of universal basic income deployed at scale.

While I think the implications of UBI are mostly positive, there are certainly many complexities associated with its rollout.

There are still many questions that remain unanswered – where is the additional money coming from? Taxes?

Will UBI cause problems that we can’t anticipate or create more conflict than it resolves?

Can governments react quickly enough, given the pace of innovation and automation in tech? Is it actually a solution to technological unemployment? Or will we still have to go through a turbulent, violent period as we redistribute our labor in a world of robots and AI?

At minimum, I believe that with decreased costs of living, UBI will be one of many tools empowering self-actualization at scale – more people will be able to follow their passions, be more creative, and spend more time on higher-order, personally fulfilling tasks.

When this happens, we’ll be one step closer to a world of abundance.

Join Me

The implications and opportunities this next decade for entrepreneurs are massive.

This is the sort of conversation we explore at my exclusive online community of bold, abundance-minded innovators called Abundance 360 Digital (A360D).

A360D is my ‘onramp’ for exponential entrepreneurs – those who want to get involved and play at a higher level.

Click Here to Learn More

P.S. Every week I send out a "Tech Blog" like this one. If you want to sign up, go to Diamandis.com and sign up for this and Abundance Insider.

P.P.S. My dear friend Dan Sullivan and I have a podcast called Exponential Wisdom. Our conversations focus on the exponential technologies creating abundance, the human-technology collaboration, and entrepreneurship. Head here to listen and subscribe: a360.com/podcast

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