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Valuation indifferent non-capitalization weighted index and portfolio
Valuation indifferent non-capitalization weighted index and portfolio
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机译:估价无关紧要的非大写加权指数和投资组合
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#$%^&*AU2014253533A120141113.pdf#####Abstract A passive investment system based on indices created from various metrics is disclosed. The indexes may be built with metrics other than market capitalization weighting, price weighting or equal weighting. These metrics may include, but are not limited to book value, 5 sales, revenue, earnings, earnings per share, income, income growth rate, dividends, dividends per share, earnings before interest, tax, depreciation and amortization, etc. Nonfinancial metrics may also be used to build indexes to create passive investment systems. Additionally, a combination of financial non-market capitalization metrics may be used along with non-financial metrics to create passive investment systems. Once the index is 10 built, it may be used as a basis to purchase securities for a portfolio.; As the data underlying the indexes changes because of, e.g., economic activity, the index may be updated and may be used as a basis to rebalance the portfolio. Alternatively, the index can be rebalanced when a pre-determined threshold is reached. Specifically excluded are widely-used capitalization-weighted indexes and price-weighted indexes, in which the price of a security 15 contributes in a substantial way to the calculation of the weight of that security in the index or the portfolio. Valuation indifferent indexes of the present invention avoid overexposure to overvalued securities and underexposure to undervalued securities, as compared with conventional capitalization-weighted and price-weighted. Also specifically excluded are equal weighting weighted indexes. 20 (FIG. 1)00 0 00 IIJ 0@0a0 C0C cu .0 c LI i ID
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机译:#$%^&* AU2014253533A120141113.pdf #####抽象公开了基于从各种度量创建的指数的被动投资系统。可以使用除市值加权,价格以外的指标来建立指数权重或相等权重。这些指标可能包括但不限于帐面价值,5销售额,收入,收益,每股收益,收入,收入增长率,股息,每股股息,未计利息,税项,折旧和摊销前的收益等财务指标还可用于建立索引以创建被动投资系统。此外,可以使用金融非市场资本化指标的组合以及非财务指标来创建被动投资系统。一旦索引是10建,它可以用作购买投资组合证券的基础。作为数据基础指数因例如经济活动而改变,指数可能会更新并可能用作重新平衡投资组合的基础。或者,可以重新平衡索引当达到预定阈值时。明确排除的是广泛使用的资本加权指数和价格加权指数,其中证券的价格15在很大程度上有助于计算该证券在指数中的权重或投资组合。本发明的评估无关紧要的指标避免了过度曝光与相比之下,高估证券和低估暴露于低估证券传统资本加权和价格加权。还明确排除的是等权重加权索引。20(图1)00000IIJ> 0 @ 0a0C0C立方.0 c LI展开▼