3 把成功鑰匙打開退休之門

Diapositiva 1

3:

1. 2010620092622.

~5100/

1--------2------- -3---------4-----------5 100 100 100 100 1001010128.3156.6128.310101010812.5520812.51010 43= 43*10= 430= -14% 65=65*10=650= 30%S&P 500

205

1803-20081510152525.1%14.4%11.2%10.3%8.7%-11.1%-0.6%2.4%3.4%4.7%18.1%12.5%9.4%5.3%3.5%510255%8%

(Asset allocation)

Financial Analysts 1977-2001 82

()()()30%~50%40%~70%10%15%15%10%10%10%50%50%50%(BBB)(BBB)(BBB)(Rebalance)321

23.23%2.01%1.87% (2005/12/30~2013/12/30) 1.45%1.24% 76.77%Taiwan 3 Months REPO Rates6.13%BofA Merrill Lynch Global High Yield TR1.99%JP Morgan EMBI Global5.10%Citigroup WGBI TR USD2.04%Citigroup United States WGBI TR7.97%Citigroup EuroBIG TR100%48.05%49.46%2.49%4.13%7.69% (2005/12/30~2013/12/30)19.20%Citigroup WGBI TR USD6.92%JP Morgan EMBI Global9.01%Citigroup United States WGBI TR14.33%BofA Merrill Lynch High Yield Cash Pay TR USD2.49%Cash19.96%MSCI World TR USD12.12%S&P 500 TR11.51%STOXX Europe 50 CR EUR4.46%Topix TR100%59.41%38%2.59%6.97%14.87% (2005/12/30~2013/12/30)14.01%Citigroup United States WGBI TR14.65%BofA Merrill Lynch High Yield Cash Pay TR USD5.60%JP Morgan EMBI Global3.74%Citigroup WGBI TR USD2.59%Cash6.82%MSCI AC Asia Pacific ex TR USD5.58%MSCI EM Latin America TR USD4.84%MSCI EM (Emerging Markets) TR USD5.81%TAIEX TR8.92%MSCI World TR USD12.33%S&P 500 TR9.27%STOXX Europe 50 CR EUR5.84%Topix TR100%

12.49%2.59%220.66%356.11%47.97%52.04%9.01%14.01%65.1%19.20%3.74%714.33%14.65%86.13%91.99%6.92%5.6%1011.51%9.27%114,46%5.84%1219.96%8.92%1312.12%12.33%146.82%155.81%164.84%175.58%100.00%100.00%100.00%17()2006(2005/12/31-2006/12/31)2.93% 8.74% 19.58% 2007(2006/12/31-2007/12/31)4.77% 7.56% 20.93% 2008(2007/12/31-2008/12/31)*A4.94% -7.21% -24.53% 2009(2008/1231-2009/12/31)0.26% 12.27% 47.56% 2010(2009/12/31-2010/12/31)*B-1.87% -0.30% 3.51% 2011(2010/12/31-2011/12/31)3.72% 7.83% -0.35% 2012(2011/12/31-2012/12/31)0.38% 4.41% 8.58% 2013(2012/12/31-2013/12/31)*C1.13%10.02%3.42%()2.01%4.13%6.97%()1.87%7.69%14.87%*A *B *C 201318() 25,4352,1363,9686,104()(2008)()(2013)()36.62 1.43%37.94 2.01%38.49 36.62 -7.17%30.68 4.13%40.60 36.62 -7.94%30.10 6.97%43.67 73.25 1.43%77.80 2.01%81.05 73.25 -1.40%68.37 4.13%90.50 73.25 -0.15%72.71 6.97%105.48 109.87 1.49%122.97 2.01%128.11 109.87 0.57%114.70 4.13%151.82 109.87 2.52%133.01 6.97%192.97 146.50 1.63%172.91 2.01%180.13 146.50 1.56%171.63 4.13%227.18 146.50 3.84%218.38 6.97%316.82 183.12 1.72%228.13 2.01%237.66 183.12 2.15%241.60 4.13%319.79 183.12 4.63%339.22 6.97%492.13 219.74 1.77%289.17 2.01%301.25 219.74 2.54%327.59 4.13%433.60 219.74 5.14%510.27 6.97%740.28 256.37 1.81%356.67 2.01%371.57 256.37 2.82%433.26 4.13%573.47 256.37 5.50%752.40 6.97%1091.54 256.37 655 475.33 4.85%655.30 1(1999)4(1999)5(1999)10(1999)15(1999)-0.29%0.53%0.76%1.73%1.86%-2.53%-0.99%0.15%2.33%4.00%-2.54%-0.63%0.40%3.07%5.04%1998/12/311998/12/31:

Vs. :

:

1. 2. :512203040%3. 4.

304603%30608597,09080%$67,963/$421%$20,700/59% 3025

3%4%5%6%7%1515%17.7%20.8%24.4%28.5%2021.7%26.3%31.8%38.5%46.4%2529.4%36.8%46%57.4%71.6%3038.4%49.5%64%82.7%107%27-35%

3%4%5%6%7%1520%23.9%28.08%32.94%38.47%2029.29%35.5%42.93%51.97%62.64%2539.69%49.68%62.1%77.49%96.66%3051.84%66.82%86.4%111.64%144.45%+13.44 +22.4%28Sheet11102.54.00110101.0021042.502107.51.3331052.0031052.004107.51.3341042.50510101.0052.50.0610101.0062.50.07107.51.3371042.5081052.0081052.0091042.509107.51.3310102.54.001010101.00100$2280$14$54$137171%

Sheet2

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Sheet5

Sheet6

Sheet11102.54.00110101.0021042.502107.51.3331052.0031052.004107.51.3341042.50510101.005102.54.00610101.006102.54.007107.51.3371042.5081052.0081052.0091042.509107.51.3310102.54.001010101.00100$22100$22$54$217217%

Sheet2

Sheet3

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Sheet5

Sheet6

Chart16015101235515151055020610144016323938153467183452014

Sheet16015101235515151055020610144016323938153467183452014