v.

投資する、包囲する

関: circumvent、circumvention、encirclement、encompass、envelopment、investment、surround

WordNet

provide with power and authority; "They vested the council with special rights" (同)vest, enthrone
furnish with power or authority; of kings or emperors (同)clothe, adorn
make an investment; "Put money into bonds" (同)put, commit, place
money that is invested with an expectation of profit (同)investment funds
the ceremonial act of clothing someone in the insignia of an office; the formal promotion of a person to an office or rank (同)investiture
outer layer or covering of an organ or part or organism
the act of putting on robes or vestments
the commitment of something other than money (time, energy, or effort) to a project with the expectation of some worthwhile result; "this job calls for the investment of some hard thinking"; "he made an emotional investment in the work"
extend on all sides of simultaneously; encircle; "The forest surrounds my property" (同)environ, ring, skirt, border
the act of evading by going around
(corporate finance) the amount, expressed as a percentage, that is earned on a companys total capital calculated by dividing the total capital into earnings before interest, taxes, or dividends are paid (同)return on investment, ROI
a regulated investment company consisting of professional managers who issue redeemable securities representing a portfolio of many different securities; "you can invest in a unit investment trust for as little as $1000" (同)unit_trust
the scientist in charge of an experiment or research project (同)PI
a club of small investors who buy and sell securities jointly
the act of investing; laying out money or capital in an enterprise with the expectation of profit (同)investment

PrepTutorEJDIC

(…に)〈金など〉‘を'『投資する』《+『名』+『in』+『名』》 / (…に)〈時間・努力など〉‘を'つぎ込む《+『名』+『in』+『名』(do『ing』)》 / 《しばしば受動態で》(権力などを)〈人〉‘に'付与する《+『名』+『with』+『名』》 / 〈人〉‘を'就任させる / (性質・特質などを)〈人・物〉‘に'帯びさせる《+『名』+『with』+『名』》;(人・物に)〈性質・特質など〉‘を'付与する《+『名』+『in』+『名』》 / 《文》〈軍隊が〉…‘を'包囲する / (…に)投資する,(…を)買う《+『in』+『名』》
〈U〉〈C〉(…を…へ)投資すること,出資《+『of』+『名』+『in』+『名』》 / 〈C〉(…への)投下資本,投資金《+『in』+『名』》 / 〈C〉投資の対象
(…で)…‘を'取り囲む;取り巻く(surround)《+『名』+『with』(『by』)+『名』》 / …‘を'包み込む,包含する(include)
…‘を'『囲む』,取り巻く / (…で)…‘に'『囲いをする』《+名+with+名》 / (窓回りなどの)装飾的な枠取り;(じゅうたんと壁との間の)ほり敷物 / (ある区域・範囲を)取り囲む物
…'を'裏をかく,'を'出しぬく / …‘の'周囲を回って行く,'を'迂回する;…'を'回避する
裏をかくこと / 迂回;回避
任命,叙位;叙任式

Wikipedia preview

出典(authority):フリー百科事典『ウィキペディア（Wikipedia）』「2016/03/25 01:13:02」(JST)

wiki en

[Wiki en表示]

To invest is to allocate money (or sometimes another resource, such as time) in the expectation of some benefit in the future.

In finance, the expected future benefit from investment is a return. The return may consist of capital gain and/or investment income, including dividends, interest, rental income etc.

Investment generally results in acquiring an asset, also called an investment. If the asset is available at a price worth investing, it is normally expected either to generate income, or to appreciate in value, so that it can be sold at a higher price (or both).

Investors generally expect higher returns from riskier investments. Financial assets range from low-risk, low-return investments, such as high-grade government bonds, to those with higher risk and higher expected commensurate reward, such as emerging markets stock investments.

Investors, particularly novices, are often advised to adopt an investment strategy and diversify their portfolio. Diversification has the statistical effect of reducing overall risk.

Related terms

Investment differs from arbitrage, in which profit is generated without investing capital or bearing risk.

An investor may bear a risk of loss of some or all of their capital invested, whereas the risk in saving (such as in a bank deposit) is remote (in terms of the deposit currency).^[1]

Speculation involves a level of risk which is greater than most investors would generally consider justified by the expected return.^[2] An alternative characterization of speculation is its short-term, opportunistic nature.

Famous investors

Investors famous for their success include Warren Buffett. In March 2013 Forbes magazine, Warren Buffett ranked number 2 in their Forbes 400 list.^[3] Buffett has advised in numerous articles and interviews that a good investment strategy is long term and choosing the right assets to invest in requires due diligence.

Edward O. Thorp was a highly successful hedge fund manager in the 1970s and 1980s who spoke of a similar approach.^[4]

The investment principles of both of these investors have points in common with the Kelly criterion for money management.^[5] Numerous interactive calculators which use the Kelly criterion can be found online.^[6]

Intermediaries and collective investments

Investments are often made indirectly through intermediary financial institutions. These intermediaries include pension funds, banks, brokers, and insurance companies. They may pool money received from a number of individual end investors into funds such as investment trusts, unit trusts, SICAVs etc. to make large scale investments. Each individual investor holds an indirect or direct claim on the assets purchased, subject to charges levied by the intermediary, which may be large and varied.

Approaches to investment sometimes referred to in marketing of collective investments include dollar cost averaging and market timing.

History

The Code of Hammurabi (around 1700 BC) provided a legal framework for investment, establishing a means for the pledge of collateral by codifying debtor and creditor rights in regard to pledged land. Punishments for breaking financial obligations were not as severe as those for crimes involving injury or death.^[7]

In the early 1900s purchasers of stocks, bonds, and other securities were described in media, academia, and commerce as speculators. By the 1950s, the term investment had come to denote the more conservative end of the securities spectrum, while speculation was applied by financial brokers and their advertising agencies to higher risk securities much in vogue at that time. Since the last half of the 20th century, the terms speculation and speculator have specifically referred to higher risk ventures.

Value investment

Business revolves around the factor of investing; financially, time, in the future and successful investors will generally focus on certain fundamental metrics for their gains. A value investor is aware that when considering the health of a company, the fundamentals associated with it, are a highly influencing factor. They include aspects related to financial and operational data, preferred by some of the most successful investors; for example, Warren Buffett and George Soros. The financial details, such as, earnings per share and sales growth, are essential aids for an investor in determining stocks trading below their worth.

The price to earnings ratio (P/E), or earnings multiple, is a particularly significant and recognized fundamental ratio, with a function of dividing the share price of stock, by its earnings per share. This will provide the value representing the sum investors are prepared to expend for each dollar of company earnings. This ratio is an important aspect, due to its capacity as measurement for the comparison of valuations of various companies. A stock with a lower P/E ratio will cost less per share, than one with a higher P/E, taking into account the same level of financial performance; therefore, it essentially means a low P/E is the preferred option.^[8]

An instance, in which the price to earnings ratio has a lesser significance, is when companies in different industries are compared. An example; although, it is reasonable for a telecommunications stock to show a P/E in the low teens; in the case of hi-tech stock, a P/E in the 40s range, is not unusual. When making comparisons the P/E ratio can give you a refined view of a particular stock valuation.

For investors paying for each dollar of a company's earnings, the P/E ratio is a significant indicator, but the price-to-book ratio (P/B) is also a reliable indication of how much investors are willing to spend on each dollar of company assets. In the process of the P/B ratio, the share price of a stock is divided by its net assets; any intangibles, such as goodwill, are not taken into account. It is a crucial factor of the price-to-book ratio, due to it indicating the actual payment for tangible assets and not the more difficult valuation, of intangibles. Accordingly, the P/B could be considered a comparatively, conservative metric.

Free cash flow and capital structure

Free cash flow measures the cash a company generates which is available to its debt and equity investors, after allowing for reinvestment in working capital and capital expenditure. High and rising free cash flow therefore tend to make a company more attractive to investors.

The debt-to-equity ratio is an indicator of capital structure. A high proportion of debt, reflected in a high debt-to-equity ratio, tends to make a company's earnings, free cash flow, and ultimately the returns to its investors, more risky or volatile. Investors compare a company's debt-to-equity ratio with those of other companies in the same industry, and examine trends in debt-to-equity ratios and free cash flow.

EBITDA

A popular valuation metric is Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA), with application for example to valuing unlisted companies and mergers and acquisitions.^[9]

For an attractive investment, for example a company competing in a high growth industry, an investor might expect a significant acquisition premium above book value or current market value, which values the company at several times the most recent EBITDA. A private equity fund for example may buy a target company for a multiple of its historical or forecasted EBITDA, perhaps as much as 6 or 8 times.

In certain cases, an EBITDA may be sacrificed by a company, in order for the pursuance of future growth; a strategy frequently used by corporate giants, such as, Amazon, Google and Microsoft, among others. This is a business decision that can impact negatively on buyout offers, founded on EBITDA and can be the cause of many negotiations, failing. It may be recognized as a valuation breach, with many investors maintaining that sellers are too demanding, while buyers are regarded as failing to realize the long-term potential of, expenditure or acquisitions.

Capital gains taxes

The amount you pay in taxes for long term investments, investments that span over a year long term, and short term investments such as those that are below a year are different. The long term investments range from Zero to twenty percent for capital gains and they are regulated by what tax bracket you are in for income taxes. For the zero to fifteen percent income tax bracket you could qualify for the zero percent long-term capital gains rate. The next bracket is the fifteen to twenty percent income tax bracket where you are set at fifteen percent capital gains tax for long term investments. The next bracket is between twenty and 39.6 percent and that leads to a twenty percent capital gains tax however with these numbers you should add 3.8 percent for the health care surtax. The short term capital gains tax is also related to your total taxable income and is taxed at the same rate as your income and ranges from ten to 39.6 percent.^[10]

Types of financial investment

Types of financial investments include:

Alternative investments
Traditional investments

References

^ Pennies and Pounds. "Are you investing or speculating? (The Real Definition of Investing)". Pennies and Pounds. Retrieved 1 December 2015.
^ Pennies and Pounds. "Are you investing or speculating? (The Real Definition of Investing)". Pennies and Pounds. Retrieved 1 December 2015.
^ Editor. "Forbes 400: Warren Buffett". Forbes Magazine. Retrieved 1 March 2013.
^ Thorp, Edward (2010). Kelly Capital Growth Investment Criterion. World Scientific. ISBN 9789814293495. Retrieved 2010.
^ "The Kelly Formula: Growth Optimized Money Management". Seeking Alpha. Healthy Wealthy Wise Project.
^ Jacques, Ryan. "Kelly Calculator Investment Tool". Retrieved 7 October 2008.
^ "The Code of Hammurabi". The Avalon Project; Documents in Law, History and Diplomacy.
^ "Price-Earnings Ratio - P/E Ratio". Investopedia.
^ "What is EBITDA".
^ "Guide to Short-term vs Long-term Capital Gains Taxes (Brokerage Accounts, etc.)". Intuit Turbo Tax. Turbo Tax. Retrieved 19 November 2015.

External links

Investing at DMOZ

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Related Pictures

★リンクテーブル★

リンク元	「encompass」「investment」「circumvent」「circumvention」「包囲」
拡張検索	「investigate」「investigative」「investigational new drug」「investigative technique」

「encompass」

　　[★]

en(～の中に入れる)+compass(包囲)

vt.

(攻撃などで)～を(すっかり)取り巻く(surround)。(be ed)(人・物が)(～で)取り囲まれる(with, by)
～を包含する(include)

Acute coronary syndrome refers to any constellation of clinical symptoms that encompasses acute myocardial infarction as well as unstalble angina(UA).