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Abstract Many institutions seek the highest return in the shortest possible period, so they trade large amounts of securities frequently. Others want a steady return over a long period so that they can meet long-term obligations such as funding retirement benefits. Similarly, the majority of individual investors have traditionally made long-term investments, trading their securities only when they felt it necessary to do so, whether because of market conditions, or changes in their personal lives. If an investor wants a steady, reasonably predictable flow of cash, he or she will seek an investment that provides income. !Fixed-income investments include certificates of deposit, government securities, corporate bonds, and preferred stocks. A retired person wanting to supplement social security or pension benefits would be a customer for this type of investment. |