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Sellingandbuyingsecurities• Onewaytogetstartedinvestingistoopenanaccountwithasecuritiesbroker,suchasMerrillLynch• Theaccounttheniscalledbrokerageortradingaccount• Openingatradingaccountisstraightforwardandreallymuchlikeopeningabankaccount• Youwillbeaskedtosupplysomebasicinformationaboutyourself,andsignanagreementthatspellsoutyourrightsandobligations,andthoseofyourbroker• Anyonewhowantstoinvestmustunderstandthateverytransactionsinstockmarkethavetobeconductedthroughbrokers
ContohperusahaansekuritasIndonesia
• CIMBSecuritiesIndonesia• BNISecurities• RelianceSecurities• ValburyAsiaSecurities• SinarmasSekuritas• MandiriSekuritas• JPMorganSecuritiesIndonesia• MegaCapitalIndonesia• PacificCapital• CitigroupSecuritiesIndonesia
Choosingabroker(1)Accordingtothelevelofservicesprovidedandcommissionstheycharge,brokerscanbedividedintothreetypes:1. Deep-discountbroker• Theonlyservicesprovidedareaccountmaintenanceandorderexecution(buying&selling)
• Dealingwiththisbrokercanbedoneoverphoneorwebbrowser2. Full-servicebroker• Theyprovideinvestmentadvice,regardingthetypesofsecuritiesandinvestmentstrategiesthatmightbeappropriatetoconsideroravoid
• Largerbrokeragefirmsdoextensiveresearchonindividualcompaniesandsecurities,andmaintainlistsofrecommended(ornotrecommendedsecurities)
• Theyhaveofficesthroughoutthecountry• Youcanstopinandspeaktothepersonassigntoyouraccount
Choosingabroker(2)3. Discountbroker• Thisbrokerfallsomewherebetweenthetwotypesofbrokersabove
Whichtypeofbrokershouldyouchoose?§ Itdependsonhowmuchadviceandserviceyouneedorwant
§ Ifyouarethedo-it-yourselftype,thenyoumayseekoutthelowestcommissions
§ Ifyouarenot,afull-servicebrokermightbemoresuitable§ Ofteninvestorsbeginwithafull-servicebroker,then,astheygainexperienceandconfidence,moveontoadiscountbroker
Choosingabroker(3)DiIndonesia,memilihbrokerperlukriteria:§ Memilikiijin§ Pengalamandantelahlamaberoperasi,lihatposisimodaldanpemegangsahamnya
§ Memilikikemampuandanfrekuensirisetyangkompeten,netral,objektif,ketepatanrekomendasi,jumlahanalissahamyangmumpunibanyak
§ Bersihdarisanksidariotoritasbursa§ Jumlahinvestorterlalubanyakbisamengurangimutulayanan§ Modalkerjabersihdanjumlahtransaksibesar,likuiditasbaik§ Menyediakandatarealtime§ Biayakomisi/transaksirendah,jumlahdepositminimal,bungayangakanditerimadariadanyadeposit
§ Transaksijualbelitercatatsecaratransparan§ Fasilitasmargintrading,laporanpenempatandananasabah,kejelasanalirandana,laporantahunan,rekomendasiportofoliodanmanajemenresikonya
Onlinebroker• Themostimportantrecentchangeinthebrokerageindustryistherapidgrowthofonlinebrokers(knownase-brokerorcyber-brokers)• Withanonlinebroker,youcanplacebuyandsellordersovertheinternetusingawebbrowser• Tohaveunderstanding,youcanuseportfoliosimulationsuchasStarTrack
CashAccountorMarginAccount?Theaccountexecutivewillneedtoknowifyouwantacashaccountormarginaccount1. Cashaccount• Thesimplestarrangement• Securitiescanbepurchasedtotheextentthatsufficientcashisavailableintheaccount
• Ifadditionalpurchasesaredesired,theneededfundsmustbepromptlysupplied
2. Marginaccount• Theinvestormayborrowapercentageofthepurchasepricefrombrokeragefirm(purchasesecuritiesoncreditusingmoneyloanedbythebroker)àitiscalledmarginpurchase
• Theinterestrateyoupayonthemoneyyouborrowisbasedonthebroker’scallmoneyrate(theinterestratebrokerspaytoborrowbankfundsforlendingtocustomermarginaccounts)
Moreconceptsonmarginpurchases1. Margin
§ Whenyoupurchasesecuritiesoncredit,someofthemoneyisyoursandtherestisborrowedàtheamountisyoursiscalledthemargin
§ Usuallymarginisexpressedinpercentage2. Initialmargin
§ Itistheminimummarginthatmustbesuppliedonasecuritiespurchase(whenyoufirstpurchasesecuritiesoncredit,thereisaminimummarginthatyoumustsupplyàinitialmargin)
§ Forstockpurchase,theFederalReservesettheminimumpercentageofinitialmargin,buttheexchangeandindividualbrokeragefirmsmayrequirehigheramounts
3. Maintenancemargin• Itistheminimummarginthatmustbepresentatalltimesinamarginaccount(afterthepurchase)
• Ifyourmarginfallsbelowspecific%,typically30%,youmaybesubjecttoamargincall
IfyoubecomeasubjectofmargincallMargincallàademandformorefundsthatoccurswhenthemargininanaccountdropsbelowthemaintenancemarginTherearetwooptions:1. Buybacksomeorallofthestockandreturnit2. Addfundstoyouraccount
Otheraccountissues(1)• Ifyoudonotwishtomanageyouraccountyourself,youcansetupanadvisoryaccount.Youpaysomeoneelsetomakebuyandselldecisionsonyourbehalf.Youareresponsibletopayanycommissionsorothercostsandmanagementfees• Brokeragefirmshavebeguntoofferwrapaccounts.Youchooseamoneymanager,allofthecosts,commissions,andexpensesassociatedwithyouraccountare‘wrapped’intoasinglefeethatyoupay.• Youcanauthorizeyourbrokertotradeforyou.Inthiscase,youdoneedtopaymanagementfee,butyouarestillresponsibleforanycommissions.Thisarrangementistermedadiscretionaryaccount
Otheraccountissues(2)• Mostoflargebrokeragefirmsofferaccountsthatprovideforcompletemoneymanagement,includingcheck-writingprivileges,creditcards,andmarginloans.Thisaccountiscalledassetmanagementaccount.Anyun-investedcashisautomaticallyinvestedtoearninterest,anddetailedstatementsareprovidedonaregularbasistoaccountholders.• Ifyoudonotwishtoactivelybuyandsellsecurities,butyoudowanttoownstocks,bonds,orotherfinancialassets,thereisanalternativetoabrokerageaccount:mutualfunds.Itmeanscombiningorpoolingthefundsofalargegroupofinvestors.Buyandselldecisionsaremadebyafundmanager,whoiscompensatedfortheservice
ShortSales:Longvsshortposition§ Wheninvestorsestablishapositioninasecurity,theyaresaidtohavealongposition,iftheypurchasethesecurityfortheiraccount
§ Thereasonistoprofitonanincreaseinpriceovertimeand/ortoreceivedividendincome
§ Sometimesinvestorsanticipatethatthepriceofasecuritymaydropinvalue.Theymaysellouttheirposition.Thosewhohavenopositionatallmaywishtotakeashortpositiontoprofitfromtheexpecteddecline
Shortposition• Whenyoushortasecurity,youareborrowingthesecurityfromthedealerandsellingitwiththeobligationtoreplacethesecurityinthefuture• Ashortsalerepresentsthesellingofasecuritythatyoudonotown,withtheanticipationofpurchasingthesecurityinthefuturetocovertheshortposition• Question:howyoucansellsomethingyoudon’town?• Yourbrokerwillsimplylendyouthesecurity• Onceyougoshort,youbeginhopingthatthepriceofthesecuritywillgodown,soyoucanbuyitbackandreplacethesecurityatalowerprice
• Investorswouldonlyengageinashortsaletransactioniftheybelievedthesecuritywouldbegoingdowninpriceinthenearfuture,sotheycouldbuybackthesecurityatalowerpricetocovertheshortsale• Shortsellersaresometimesemotionalandmayoverreacttothemarket• Thereisabuilt-indemandforstocksthathavebeensoldshortbyinvestorswhowillhavetorepurchasethesharestocovertheirshortposition• WallStreetJournalreportsontotalshortsaleforNYSEaswellassecuritiestradedonthoseexchange
Shortinvestors
Shortsalesratio• Itisalsocalledasshortinterestratio• Technicalanalystscomputearatioofthetotalshortsalespositionstoaveragedailyexchangevolumeforthemonth• Thenormalratioisbetween2.0and3.5• Aratioof2.0wouldindicatethecurrentshortsalespositionisequaltotwicetheday’saveragetradingvolume• Aninvestorwithalongpositionbenefitsfrompriceincreases,aninvestorwithashortpositionbenefitsfrompricedecrease
Technicalpointsthataffectshortsales
1. Dividends.Theshortsellermustpayanydividendsduetotheinvestorwholentthestock.Thepurchaseroftheshort-salereceivesthedividendfromthecorporation,sotheshortsellermustpayasimilardividendtothepersonwholentthestock
2. Shortsellersmustpostthesamemarginasaninvestorwhohadacquiredstock.Thismargincanbeincashoranyunrestrictedsecuritiesownedbyshortseller
Investorobjectives,constrains&strategies
1. Riskandreturn2. Investorconstrains
a. Resourcesb. Timehorizonc. Liquidityd. Taxes
3. Strategiesandpoliciesa. Investmentmanagement(manageyourselforhiresomeoneelse)b. Markettiming(buyingorsellinginanticipationofoveralldirection
ofamarket)c. Assetallocation(thedistributionofinvestmentfundsamongbroad
classesofassetsàhowmuchinstocks,howmuchinbonds)d. Securityselection(selectionofspecificsecuritieswithina
particularclass)
ActivevsPassivestrategy?Micro-levelactivityàfocuson
individualsecurities
SecuritySelection
Active Passive
Macro-levelactivityàfocusonwholemarketsorclassesofassets
AssetAllocation
Active I II
Passive III IV
StrategyIàmovemoneybetweenassetallocationbasedonourbeliefsandexpectationsaboutfutureperformanceandpickthebestperformersineachclassàfullyactivestrategyStrategyIVàinvestorfollowfullypassivestrategy,neitherchangingassetallocationverymuchnorchoosingindividualsecuritiesinanattempttoidentifythelikelybestperformers