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Investments: An Introduction, 12th Edition
Author: Herbert B. Mayo (Author)
Mayo’s INVESTMENTS: AN INTRODUCTION, 12E allows you to fully understand today’s most important investment topics from the perspective of an individual financial planner. This edition provides an inviting, comprehensive approach to investments–from the fundamentals you need for success on the CFP exam to more advanced skills for investing today. You’ll learn the key points of making solid investment decisions as you gain an overview of today’s most pertinent investment opportunities and challenges. An ongoing Financial Advisor’s Investment Case, Internet assignments, and expanded coverage of stock valuation ratios as well as stock repurchases and dividend payments emphasize how you can apply what you’re learning to daily decisions.
Many individuals find investments to be fascinating because they can actively participate in the decision-making process and see the results of their choices. Of course, not all investments will be profitable because you will not always make correct investment decisions. In addition, there is the thrill from a major success, along with the agony associated with the stock that dramatically rose after you sold or did not buy. Both the big fish you catch and the big fish that got away can make wonderful stories. Investing, of course, is not a game but a serious subject that can have a major impact on your future well-being. Virtually everyone makes investments. Even if the individual does not select specific assets such as the stock of AT&T or federal government bonds, investments are still made through participation in pension plans and employee savings programs or through the purchase of whole-life insurance or a home. Each of these investments has common characteristics, such as the potential return and the risk you must bear. The future is uncertain, and you must determine how much risk you are willing to bear, since a higher return is associated with accepting more risk. You may find investing daunting because of specialized jargon or having to work with sophisticated professionals. A primary aim of this textbook is to make investing less difficult by explaining the terms, by elucidating the possible alternatives, and by
discussing many of the techniques professionals use to value assets and to construct portfolios. Although this textbook cannot show you a shortcut to financial wealth, it can reduce your chances of making uninformed investment decisions.
This textbook uses a substantial number of examples and illustrations employing data that are generally available to the investing public. This information is believed to be accurate; however, you should not assume that mention of a specific firm and its securities is a recommendation to buy or sell those securities. The examples have been chosen to illustrate specific points, not to pass judgment on individual
investments. Many textbooks on investments are written for students with considerable background in accounting, finance, and economics. Not every student who takes a course in investments has such a background. These students cannot cope with (or be expected to cope with) the material in advanced textbooks on investments. Investments: An Introduction is directed at these students and covers investments from descriptive material to the theory of portfolio construction and efficient markets. Some of the concepts (for example, portfolio theory) and some of the investment alternatives (for
example, derivatives) are difficult to understand. There is no shortcut to learning this material, but this text does assume that you have a desire to tackle a fascinating subject and to devote real energy to the learning process.