YATIRIM- INVESTMENT

SABİT SERMAYE YATIRIMLARI

SERMAYE BÜTÇELEMESİ
PROJE FİNANSAL FİZİBİLİTESİ NBD, İVO

FİNANSAL YATIRIMLAR- PORTFÖY YATIRIMLARI

YATIRIM DÜNYASINDA YÜKSELEN TRENDLER

TÜREV ÜRÜNLER

FUTURES, OPTIONS VB.

KURUMSAL YATIRIMCILAR

EMEKLİLİK FONLARI, YATIRIM FONLARI VB.

KAĞIT VARLIKLAR
TAHVİLLER-BONDS
HAZİNE BONOLARI-BILLS
HİSSE SENETLERİ-COMMON STOCKS
ORTAK FONLAR-MUTUAL FUNDS

BİLGİLİ YATIRIMCILAR
WARRANTS
PUT AND CALLS (OPTIONS)
FUTURES CONTRACTS
CONVERTIBLE SECURITIES

TANGIBLE ASSETS
GOLD
REAL ESTATE
ART
➢ FINANCIAL ASSETS-REAL ASSETS

➢ MARKETABLE SECURITIES (LİKİDİTE?)

➢ PORTFOLIO

➢ SERVET = CURRENT INCOME + PV(FUTURE INCOME)

NİÇİN YATRIM YAPIYORUZ?

REFAH SEVİYEMİZİ ARTTIRMAK

ENFLASYONDAN KORUNMAK

VERGİDEN KAÇINMAK (≠ VERGİ KAÇIRMAK)

THE EXPECTED RISK – RETURN TRADE OFF
E(R)

RF

RISK

BEKLENEN GETİRİ
GERÇEKLEŞEN GETİRİ
RISK-FREE RATE OF RETURN
RISK AVERSE INVESTOR
 KARAR SÜRECİ

MENKUL KIYMET ANALİZİ

(SECURITY ANALYSTS)

PORTFOLIO YÖNETİMİ

RİSKİN VE BEKLENEN GETİRİNİN TAHMİN EDİLMESİ

BİR DEĞERLEME MODELİNİN UYGULANMASI

(CAPM, APT, OPT)

DEĞER = F(E(R), RİSK)

TÜRKİYE’DE YATIRIM KARARI BU ANALİZLERE GÖRE Mİ
ALINIYOR? PİYASA NİÇİN SPEKÜLATİF?

SPEKÜLASYON – MANİPÜLASYON

PASİF YATIRIM STRATEJİSİ

AKTİF YATIRIM STRATEJİSİ

ETKİN PİYASALAR HİPOTEZİ (EMH)

FİYATLAR VARLIĞIN EKONOMİK DEĞERİNİ YANSITMAKTA
INSIDER TRADING
EMERGING MARKETS

KURUMSAL YATIRIMCILAR
PENSION FUNDS
INVESTMENT COMP.
LIFE INSURANCE COMP.
 DIRECT INVESTMENT

INVESTOR OWNS A PORTFOLIO OF

FINANCIAL ASSETS

Investor’s Return Is Determined By

INCOME Dividends And/Or Interest

CAPITAL GAINS Prices Of Securities

AND LOSSES
 INDIRECT INVESTMENT

OWNS SHARES WHICH

IN AN IS A
INVESTMENT
INVESTOR PORTFOLIO OF
COMPANY’S FUND
FINANCIAL ASSETS

Dividends And/Or Interest Which Are

INCOME Distributed to Shareholders As

CAPITAL GAINS Capital Gains distributions Which Are

AND LOSSES Distributed to Shareholders As

CAPITAL GAIN And The Sale of Shares by

AND LOSS The Investor Results In A
 LIQUIDITY – MARKETABLE SECURITIES

MONEY MARKET – CAPITAL MARKET

FIXED-INCOME SECURITIES
TAHVİL, ÇIKARANIN (ISSUER) KONTRATSAL YÜKÜMLÜLÜĞÜNÜ
(BORCUNU) BELGELEYEN UZUN VADELİ BİR MENKUL KIYMETDİR.

PAR VALUE (FACE VALUE)

ZERO COUPON BOND
BOND RATINGS (Standard & Poor’s; Moody’s)

AAA: EXTREMELY STRONG CAPACITY TO PAY

AAA, AA, A, BBB, BB, B, CCC, CC, C, D
D: A DEBT THAT IS IN DEFAULT
 COMMON STOCKS

PREFERRED STOCKS
HYBRID SECURITIES

MELEZ FİNANSMAN ARAÇLARI

İMTİYAZLI HİSSE SENETLERİ

OYDAN YOKSUN HİSSE SENETLERİ

KAR VE ZARAR ORTAKLIĞI BELGELERİ

KATILMA İNTİFA SENETLERİ

 STOCK DIVIDEND
%5 STOCK DIVIDEND, #100 CS, #105CS

STOCK SPLIT
2 FOR 1 STOCK SPLIT, #100 CS, #200 CS

SPOT PİYASALAR – VADELİ PİYASALAR

FORWARDS, FUTURES, OPTIONS, SWAPS, WARRANTS

 TÜRKİYE’DE KAMU MENKUL KIYMETLERİ

➢ DEVLET İÇ BORÇLANMA SENETLERİ

HAZİNE BONOSU, DEVLET TAHVİLİ

➢ GELİR ORTAKLIĞI SENEDİ

TÜRKİYE’DE ÖZEL SEKTÖR BORÇLANMA SENETLERİ

➢ ÖZEL SEKTÖR TAHVİLİ

➢ FİNANSMAN BONOSU

➢ VARLIĞA DAYALI MENKUL KIYMETLER (VDMK)

➢ BANKA BONOLARI VE BANKA GARANTİLİ BONOLAR

REPO – TERS REPO

SECURED BOND-MORTGAGE BOND

GUARANTEED BOND

FLOATING-RATE BOND

INDEXED BONDS

CALLABLE BOND

CONVERTIBLE BOND

BONDS WITH WARRANTS

JUNK BONDS