CFA考试中Contango与Backwardation的区别？

1. CFA考试中Contango与Backwardation的区别？

1.Contango (期货溢价):
期货溢价：商品期货的价格大于现货价格的情况，人员愿意在某来的某一时点为此商品支付高于商品实际预期的价格，可能是由于人们宁愿多支付一部分溢价在未来需要时再取得这个商品，而不愿意现在就花费成本来储存这个商品，当便利收益很少或没有的时候，期货的价格高于现货价格。
2.Backwardation (现货溢价): 
为了更好地理解期货溢价与现货溢价，先解释一下便利收益，便利收益是指因为持有标的产品或实物产品而获得的好处。比如说购买了大量的小麦，当干旱来临时，小麦的需求量增加，小麦开始时的购买价与小麦此次上涨后的价格之差就是便利收益。一般来说，便利收益与储存的难易程度成反比，如果实物易于储存，远期价格会下降，反之会上升。
backwardation的准确含义是指期货价格与未来现货价格期望值之间的负偏差状态；而contango则是backwardation的反义词。几乎所有与storage和期货相关的文献都会讨论到这种关系。
Contango－升水：远期价格高于近期价格。正常情况下，市场一般处于contango，这是因为远期交割的货物会有利息和仓储费用，所以高于近期。但受多头挤兑空头、短期内供需缺口、突然事件等因素影响，三月期货市场可能出现贴水，即backwardation。

2. Private equity (PE) (私募股权投资)，Leveraged buyouts与Venture capital 的区别这么理解？

【高顿网校CFA研究院】为你解答：

Private equity (PE) (私募股权投资):
invests either in privately owned companies or in public companies with the intent to take them private.
 
私募股权投资：
私募股权投资一般投资于没有上市的公司，或者已上市却想要私有化的公司，主要的私募股权活动包括杠杆收购和风险资本：
 
1、Leveraged buyouts (LBOs) (杠杆收购):
acquire public companies or established private companies with a significant percentage of the purchase price financed through debt.
 
杠杆收购：
杠杆收购私募股权的公司通过收购基金来收购上市公司，或者通过债务融资以较低比例的购买价，来建立私有公司，目标公司的资产作为债务的抵押物，且预期的现金流足够支付债务，收购成功后目标公司的债务变成了资本结构的一部分，并且目标公司全部或部分变成了私有化的公司。
 
2、Venture capital  (风险投资): invests in or provide financing to private companies with high growth potential

风险资本：
给有潜在高增长型的私有公司投资或提供融资的一种权益资本，一般来说，被投资的公司是初创或年轻的公司，但是风险资本可以投资在不同的阶段。
风险资本不总是货币的形式再投资，有可能是提供技术或者管理经验，对于大部分运营历史都是极其有限的起步阶段的公司来说，风险资本是非常重要的融资渠道，因为贷款或其他融资相对来说比较困难。
风险资本的环节：
首先是商业公司给风险资本公司或天使投资人递交商业计划，风险公司和天使投资人会进行初步的筛选，挑出感兴趣的少数，然后会进行调查评估，调查包括商业模型，产品，管理和运营历史等。一旦尽职调查完成且满意后，资本公司或投资人会做出投资承诺，并会在融资过程中扮演积极的角色，等到被投资公司的盈利达到一定标准后，风险资本公司或天使投资人会通过并购，收购，上市等方式退出，一般这个过程需要4-6年。
 
附：风险投资包括的阶段：
l Angel investing (天使投资): provided at idea stage, funds may be used to transform the idea into a business plan and to assess market potential.
   帮助想法转换成可实行的商业计划时的融资。
l Seed stage (种子期) financing: Supports product development and/or marketing efforts, generally the first stage at which VC funds invest。
    一般是风险投资的第一阶段，用于支持产品生产和市场营销。
l Early stage (早期) financing: Financing may be provided to initiate commercial production and sales.
    提供资金给商业生产和销售的早期阶段。
l Later stage (后期) financing: used for expansion of production and increasing sales.
   用于扩大生产规模和增加销售。
l Mezzanine-stage (成熟期/夹层融资) financing: Provided to prepare to go public.提供资金给准备上市的公司。
 
例：Which of the following is most likely a private equity strategy?
A. Venture capital
B. Quantitative directional
C. Merger arbitrage 
解析：A is correct.Venture capital is a private equity strategy in which private equity companies invest and get actively involved in the management of portfolio companies.
根据私有权益的分类可知A选项正确。
（该资料来源于高顿CFA研究院：http://finance.gaodun.cn/zhinan/aboutcfa.html）

3. CFA权益投资是什么意思

一般指股权投资。CFA这部分内容比较全面，有助于我们全面系统地了解整个金融体系是什么样的。
在CFA一级的考试中占比10%，共24道选择题，上午12道，下午12道。

4. takeovers，mergers和buyouts的区别

　　
　　意思有区别。

　　takeovers：n. 收购（takeover的复数）； 接管； 接收； 管理者。takeover：n. 接管；验收。
　　mergers：v. 兼并；[经] 合并（merger的第三人称单数）；n. 吸收；企业或公司之间的合并；归并（merger的复数形式）。merger：n. （企业等的）合并；并购；吸收（如刑法中重罪吸收轻罪）。
　　buyouts：全部买下（buyout的名词复数）；并购基金；并购投资。buyout：n. 全部买下（市上产品）。
　　You can then issue the takeover command on the standby machine.
　　然后可以向备用计算机发出接管命令。
　　Natural resources and manufacturing should be targets. Lots of money will be made on takeovers in these areas.
　　大量的钱将被用在自然资源和制造业的收购上面，这些行业是关注点。
　　That company lives by mergers and acquisitions.
　　那家公司靠合并和收购为生。
　　It's one of the biggest mergers in history.
　　这是有史以来最大的合并交易之一。
　　This could be a direct result of technical strategy or, perhaps, a side effect of previous mergers with other companies.
　　这是应用技术战略的直接结果，或者，是与其他公司进行早期合并而产生的副作用。
　　In the 1980, private equity companies became known for leveraged buyouts . These are deals use large amounts of borrowed money to buy company, usually to resell itlate.
　　在1980年，私人证券公司因为融资收买而出名。这些业务主要是靠大量的借款来购买公司，之后再转手卖掉它。

5. invest management 和 pe的区别

蓝卡队技能升

6. leveraged是什么意思

leveraged
[ˈli:vəridʒd]
v.促使…改变( leverage的过去式和过去分词 )； [美国英语]杠杆式投机，（使）举债经营，（使）利用贷款进行投机
网 络
杠杆式；使用杠杆操作；大大影响；杠杆交易

双语例句
1. The committee voted to limit tax refunds for corporations involved in leveraged buyouts.	
委员会投票决定限制参与杠杆收购的企业的退税额度。

2. Chrysler has traditionally been a highly leveraged company.	
克莱斯勒一向是一家周转十分灵活的公司.

3. Leveraged recaps have become popular for a number of reasons.	
杠杆资本重组的大行其道有好几个原因.

4. You've leveraged your graphics experience into the video area.	
你们把图形设计业务的经验运用到录像业务中去.

5. Some years back our competitors were known as'leveraged - buyout operators.	
几年前,我们的竞争对手被称为 “ 杠杆并购机构”.

7. leveraged是什么意思

　　leveraged_翻译

　　leveraged

　　v.促使…改变( leverage的过去式和过去分词 ) [美国英语] 杠杆式投机，(使)举债经营，(使)利用贷款进行投机;

　　[例句]Today, they know how to build leveraged buyouts, run a discounted cash 
flow and explain complex derivatives.

　　如今，他们知道如何策划杠杆收购、计算出贴现现金流，还能解释复杂衍生品。

　　[其他]形近词： beverages

8. J.H.whitney&Co,LLC什么公司

J.H. Whitney & Company is a venture capital firm in the U.S., founded in 1946 by John Hay Whitney and his partner Benno Schmidt. Today the firm focuses primarily on leveraged buyouts, turnarounds, acquisitions, and recapitalizations of more mature companies particularly those it considers to be in the middle market. The firm is based in New Canaan, Connecticut.
Investments
The firm, which today is known as Whitney & Co. continues to make investments in leveraged buyout transactions and raised $750 million for its sixth institutional private equity fund in 2005. The $750 million raised in 2005 was a significant decrease from its previous funds, when the firm raised $1.1 billion in 2001 and $975 million in 2000 for Whitney V and IV, respectively. The performance of the 2000 vintage fund IV in particular was impacted by the firm's exposure to technology and internet businesses.

History
History of private equity
and venture capital 
 
Early history
(Origins of modern private equity)
•
The 1980s
(LBO boom)
•
The 1990s
(LBO bust and the VC bubble)
•
The 2000s
(Dot-com bubble to the credit crunch)
 
Founding and early history
J.H. Whitney & Company was founded by John Hay Whitney who put up $10 million after World War II to finance entrepreneurs with business plans who were unwelcome at banks. Mr. Whitney brought in Benno Schmidt as his partner to run the company. Whitney had been investing since the 1930s, founding Pioneer Pictures in 1933 and acquiring a 15% interest in Technicolor Corporation with his cousin Cornelius Vanderbilt Whitney. It was not until after World War II that what is considered today to be true private equity investments began to emerge marked by the founding of the first two venture capital firms in 1946: American Research and Development Corporation. (ARDC) and J.H. Whitney & Company.

Whitney would become a highly professional organization, whereas before World War II, venture capital investments were primarily the domain of wealthy individuals and families. It was Schmidt, in fact, who is credited with coining the term "venture capital", originally known as "development capital". The company was originally described as a lender of "private adventure capital" and Schmidt would shorten the term to "venture capital."

By far Whitney's most famous investment during this period was in Florida Foods Corporation. The company developed an innovative method for delivering nutrition to American soldiers, which later came to be known as Minute Maid orange juice and was sold to The Coca-Cola Company in 1960.

The 1980s and the move to leveraged buyouts
In response to the changing conditions, in the venture capital industry in the 1980s Whitney (and other early venture capital firms including Warburg Pincus) began to transition away from venture capital toward leveraged buyouts and growth capital investments, which were in vogue in that decade.

Whitney's most public foray into the leveraged buyout space came in 1989, when it completed the acquisition of Prime Computer.In 1988, "corporate raider" Bennett S. LeBow, who controlled a smaller computer maker, MAI Basic Four, began an attempted $970 million hostile takeover of Prime Computer. Management resisted LeBow's advances and eventually agreed to a $1.3 billion leveraged buyout with Whitney, acting as a white knight. For Whitney, owning Prime proved to be nearly a total loss with the bulk of the proceeds from the company's liquidation paid to the company's creditors.
Whitney would complete other buyouts in the 1980s including the acquisition of retailer Filene's Basement