Personal Investment, Finance and Portfolio Management - Essay Example

Personal Investment, Finance and Portfolio Management Table of Contents Overview 3 Influences of the Risk Attitude of Personal Investors in the UK 4 Influences Caused by the Economic Conditions of the UK Investment Market 7 Conclusion 14 References 17 Bibliography 22 Overview Personal investment trends in the UK have been a debated phenomenon in relation to its underlying perceptions of being a ‘scientific course of action’ or a matter of mere ‘good fortune’. Today, I would like to address this long debated investment trends witnessed among the individual investors in the UK. I must say, it is quite hard to not to be struck by the sarcasm of generalised theories in relation to personal investment and portfolio management while discussing about individual investors in the UK. Considering that the fundamental alignment of the propository issue might be regarded as a complex study, I would like to initially address the motive of individual investors regarding investment in the UK. We, as individuals always decipher a motive for earning huge finance within a short period of time. Even as we refer to the cultural analysis of the UK, it can be evidently observed that the societal structure is more inclined towards short-term orientation (The Hofstede Centre, n.d.). Therefore, it can be stated that UK individuals decide upon their investments with focus on yielding greater returns in the short term period which often possesses high risk factors. Undoubtedly, this particular tendency of the UK investors influences the personal investment market to be significantly volatile with limited scope of anticipation in relation to the returns obtainable from the investments made owing to the prevalence of high risks thus making it a matter of ‘good fortune’ (King, 2013). Equities, funds, bonds, preferential shares and similar other high return investment options have been thus listed among few of the mostly preferred investment tools in the UK (Evans, 2010). Accordingly, it shall be quite pious to state that individual investors in the UK personal investment market always tend to be inclined towards either assumptions or scientific judgements regarding their investment patterns. It is in this context that the investment patters observed within the UK personal investment market tends to be strongly influenced by two prominent factors. One of these factors can be identified in terms of the investors behavioural traits or their risk taking attitude while the other influencing element signifies the role of economic conditions which ultimately determines the returns to be expected from the personal investments made (Collard, 2009; Kohler & Drury, 2011). In my further arguments, I would like to focus on understanding these factors in the UK market scenario so as to determine if we can attribute the trends in the personal investment market a scientific process or a matter of mere ‘good fortune’. Influences of the Risk Attitude of Personal Investors in the UK On the basis of investors’ attitudes towards financial decisions, they can be categorised as risk takers, risk averters or risk neutral. Theoretically explaining, risk takers are often observed to concentrate upon generating huge returns on their investments disregarding the potential risks of their decision. The investments preferred by risk takers are mostly thus associated with the equation where high risks yield high returns. Contradictorily, risks averters prefer to invest on long-term fixed investments such as in pensions, bank savings and others government programs which are attributed with fixed, almost no risk returns. Hence, when concentrating on lower risk aspects of their portfolio, risk averters tend to simultaneously compromise with higher return prospects based on the equation which signifies low risk and low return likewise. Contextually, risk neutral investors typically focus on maintaining a balance in their investment portfolio with a mixture of various investments with the intention to substantiate the probable losses from high risk investments with the secured returns obtainable from the low risk projects (London South East Limited, 2013; Kohler & Drury, 2011). Recent trends in the UK personal investment market depicts that majority of the personal investors in the nation, especially those belonging to the young age groups are generally more inclined towards investing in high risk projects such as shares, equities and funds. To be illustrated, in the previous financial year, i.e. in the year ending of 2011-2012, risk takers were able to generate high profits with the virtues of their daring investment decisions which risk averters in the UK personal investment market had to witness a certain fall in their return when compared to the former group (i.e. risk takers). As per the analysts, fiscal policies and monetary performances of the small and medium companies, where the personal investment rates were found to be higher in comparison to large business sectors played a vital role in yielding such ‘good fortune’ to the risk takers in the previous financial year, irrespective of the prevailing volatility in the economic conditions of the UK (Wall, 2013). As per the study conducted by Sharma (2012), the incentives which individual investors expect from their risk attitude, further depend on many factors. The initial influencing element in this regard can be identified in terms of the ‘growing pay magnitude’ of the individuals. From a generalised perspective, it is likely that if a person is able to earn greater magnitude of pay hikes through their employment, they shall be more interested in the investments options which bear high risks and high returns over the short run period. Although this particular perception can be derived from a generalised perspective learning the commonly observed investment attitudes of individuals, studies have lacked in elementarily validating this particular notion. Pay structures can be referred as another attribute which influences the risk taking attitude of investors in the personal investment market of the UK. It is identified in this context that asymmetrical features embedded in the pay structures of individuals often motivate them towards investing in riskier projects thus creating a significant influence on their independent valuations. As revealed by Siegel (2013), individuals seeking information on the basis of their asymmetrical pay structures through investments which in turn influence their interdependency in relation to valuations. It is in this context that growing trends witnessed in a particular industry, especially among the financial institutions of the economy tends to motivate the risk taking attitude among personal investors facilitated with the chances of obtaining greater incentives and thus increasing the magnitude of the investors’ pay structures. Hence, it can be stated that when considering the issue at the economic or national level, asymmetric information and the widening of such asymmetries play a vital role in determining the trend of personal investments market (Siegel, 2013; Sharma, 2012). Therefore, it can be stated that when it comes to the risk attitudes of the investors in the personal investment market of the UK, it is indeed a scientific process, where information obtainment and its interpretation plays a vital role towards driving the investment tendency among the individuals. However, when concerning the tendency of investment among majority of the UK investors in the nation’s personal investment market, it can be observed that a lack of adequate information regarding the return prospects exist among the individuals. For instance, risk averters in the UK personal investment markets often tend to invest in Personal Current Accounts (PCA), without adequate knowledge regarding the returns to be expected from such account holdings in terms of credit interest rates or even in relation to the fees charged by the banks on these personal accounts (Crown, 2008). It has also been fundamentally influenced due to the lack of information prevailing among the personal investors in the UK market that majority of the individuals prefer investing in secured projects with low risk and assured returns such as pension schemes, insurances, gold shares, and real estate among others (UBS, 2012). Hence, when concentrating on the risk attitude, information availability and the consequent reactions amid the investors in the UK personal investment market, it can be stated that personal investment in the nation is more inclined towards science rather than on ‘good fortune’. However, answers may differ in relation to the economic conditions currently witnessed in the UK investment market. Influences Caused by the Economic Conditions of the UK Investment Market As mentioned above, investment patterns in a given economic region is strongly influenced by the prevailing economic conditions which also act as a major determinant of the attitudinal reactions of the individual investors in the market. When assessing the UK economic conditions, especially since the occurrence of the recent financial crisis, the UK economic conditions have been extremely volatile. The effects of the contractionary fiscal policy adopted by the UK government had thus been under deep scrutiny by analysts assuming the effects of increasing interest rates and reduced monetary supply within the economy on the investment trends of the market. As a consequence of the ‘baseline budgeting’ decisions adopted by the UK government, personal finances have been deteriorating in the personal investment market of the UK. UK stock market performance, interest rate fluctuation level, and capital market performance and mutual fund markets as well have been observed to be highly fluctuating in the given market scenario of the UK being significantly influenced by the governmental fiscal policy measures (Heath, 2013; Mitchell, 2013). Undoubtedly, patterns of personal investment have changed significantly in the UK over the past decades. Even though the personal investment market trends, owing to the governmental policies and the industrial performances have altered significantly over the past decades, few of its features can yet be observed as unchanged when assessing the various dimensions of the UK personal investment market. In the UK, the personal investment market is divided into two broad categories traditionally, i.e. the housing or real estate investment market and the public sector investment market. Notably, even though these two sectors were observed to have rewarded significant contributions in the GDP growth rate of the nation during the 1990s, the proportion have significantly reduced in the recent phenomenon as comparing to the other nations such as Japan, Germany, France, Italy and the US. Stating precisely, in between 1980s and 1990s, the personal investment amounts in the UK real estate and public sector were recorded to be almost similar as compared to the US. However, when concerning the recent performances of the UK economy in relation to the investment market. It can be observed that the cuts planned by the UK government in its recent economic conditions accumulated with tax impositions or hikes, following a contractionary fiscal policy, have been influencing the personal investment trends negatively by a significant extent within the nation. As a consequence, the individuals have today become more reluctant towards investing larger sums of their investments in the real estate of the public sector owing to the high volatility of the economic conditions in the UK (Laing & et. al., 2012; Bond, 2000). Many would argue in this context that UK stock market have deciphered a positive performance in the year 2012 where index point reached at substantial high level recording higher degree of personal investments in the market. Although due to the global financial crisis occurred in the year 2008 and the recessionary effects witnessed by the nation, in the year 2011, it has been observed that performance of UK stock markets had crippled due to the increasing budget deficits of banking institutions which in turn had had a strong negative impact on the overall performance of financial system of the economy. In other words, the UK investment market was in a volatile situation during the year 2011 being at the recovery stage of the financial crisis and witnessing recessionary effects, the personal financial investment was witnessed to be declining substantially within the UK personal investment market during the aforementioned period. Due to this reason, majority of the experienced investors had to face huge losses in terms of their returns on investment even though it was later analysed that the investment planning were not conducted randomly based on assumptions but were organised through systematic calculations and scientific logic to support the judgements. From an in-depth perspective when assessing the effects of the recessionary period, it can be observed that the personal investment trends in the UK had to experience sudden fall in terms of economic growth accumulated with declining employment rates, public spending, budget deficits and close down of various financial institutions. As a consequence led by these factors accumulatively, the personal saving amount had been declining within the UK economic structure which in turn caused the investment market to run steeply downwards. This caused majority of the investors to lose their investment finances and thus create a fear or ambiguity among the individual investors which restricted them towards investing in the high profit projects. With due consideration towards this particular aspect, it can be apparently observed that irrespective of the scientific calculations and systematic logical understanding of the investment market, the unpredicted changes in the UK economic conditions led to the declining personal investment returns in the UK market which further can be attributed as a sign to advocate that personal investments in the market is subjected to ‘good fortune’ being strongly influenced by the unpredictability and the volatility of the UK economic conditions (Hon & Tonks, 2001; Trading Economics, 2012). A contradictory view could be obtained when analysing the recent performances of the UK economy. Unlike the performance observed within the economic structure in the year 2011, owing to the short term virtues of the contractionary policy measures adopted by the government, personal investments made in the riskier projects were recorded to yield greater returns, especially those comprising of bonds, equities and shares. Following the trend of sluggish or rather negative growth, individual or personal investors in the UK focused on more secured investments rather than opting for high risk oriented short terms projects. However, the unpredictable changes in the UK economic conditions which in turn was recorded to yield greater reward in the high risk investments made by personal investors influenced the risk averters and neutrals within the nation to be in surprise. When solely concentrating on the high risk projects, following the trend of sluggish returns, personal investors in the UK felt reluctant to invest in such markets during the year 2011 which again increased in the year 2012 depicting greater magnitude of pay for the comparatively lesser number of investors. Again when focusing on the forecasts, analysts predicted that returns on the riskier projects by the personal investors are likely to continue increasing in the UK personal investment market. However, the volatile trends of the economic conditions can be observed as causing significant confusions among the personal investors and thus making them reluctant to opt for secured investment with lower returns or invest in high risky projects with high returns in the upcoming years. Hence, when concentrating on the stock market performances of the UK personal investment market, it can be stated that it is particularly due to the volatility of the economic situations witnessed within the UK that personal investments have become subjected to ‘good fortune’ rather than being solely dependent of scientific calculations or trend analysis. From an overall perspective, investments in the UK share market have increased substantially over the past few years irrespective of the volatility in the economic conditions which might have been influenced by the better growth prospects of few industrial segments including the Small and Medium Size Enterprises which comprise of a significant proportion of the industrial structure in the UK. One of the most significant tools for the personal investors in the recent trend of UK share market has been to invest in the mutual funds. As we have all know mutual funds are generally considered as the “investment companies” where huge amount of finance are allocated from different investors in the personal investment markets. One of the most significant characteristics of the mutual fund investments is that it allows free selling and purchasing of shares on frequent basis to yield greater return on the investments made and also to avoid any risks associated with the decision as per the alterations taking place in the economic and industrial conditions of the economy. In this way investors can invest in various securities of different companies and exchange the shares in return of high value in the international markets and thus obtaining the benefits of arbitrage (HSBC, 2013). Contextually, the rise in the mutual fund share by approximately double proportion to the recently held percentage in the London Stock Exchange (LSE) can be regarded as a cause of this particular advantage which personal investors in the UK market will to obtain in the highly volatile situation of their economy. Moreover, by considering the UK mutual funds performance, it can be observed that return from this market is not quite stable in the home country when compared to the host countries such as the developing economies and the developed countries with more stable economic conditions such as the US, where majority of the investors can attain average amount of return on the basis of their calculations or assumptions. Recent studies have depicted in this regard that the UK mutual funds market has not been performing well fundamentally owing to the fact that the listed companies’ prices of shares or equity vary substantially due to highly volatile economic situations prevailing within the nation. These situations of mutual funds tend to directly influence the personal investors in terms of the investments disregarding the scientific logic they offer for their investment decisions (Cuthbertson & et. al., 2008; InvestmentUK.net, 2010). The other major constituent of the UK personal investment market can be identified as the interest rates prevailing within the economic structure which is again debated to be subjected to highly volatile governmental fiscal policies. When assessing its recent performances, the UK interest rates can be observed as declining significantly as compared to the past three years. As of the year 2012, the Monetary Policy Committee (MPC) of Bank of England postulated that the interest rate level is intended to remain constant within the economy at around 0.5% on public savings and investment schemes, however probable chances prevail for a substantial decrease or cuts in the interest rates charged by the government on personal investments, thus discouraging greater public spending on such investment options as discussed above. Also the tax increases shall also have negative influences on the Notably, prior to the occurrence of the financial crisis in the year 2008, UK interest rate was recorded to be at 5% where majority of the personal investors in the market were able to earn high returns through their investments in the bank fixed deposit investments. The MPC has also taken strict measures in order to keep inflation rate at control under 2% in the UK as it has been observed that with the increase in the inflationary rates, the purchasing capacity and likewise the saving or rather investing capacity of the investors tend to decrease substantially thus discouraging any risky investments in the personal investment markets of the nation (BBC, 2013; Peachey, 2012; Bank of England, n.d.). Hence, the influences of the external market affairs such as the governmental policy measures, economic fluctuations and accuracy of the forecasts for the changes likely to be occurring in the investment markets tend to indicate the investment trends in the UK personal investment market a significant matter of ‘good fortune’. Conclusion Based on the above arguments I would like to convey once again the overall scenario of the personal investment of UK by considering the facts which depict that whether it is a science or a matter of ‘good fortune’. Both these concepts are applicable in the doctrine of personal investment where risk takers or affluent investors make investments based on their personal assumptions or expectations and also by following the trend observable in the personal investment market gains. It is worth mentioning in this context that from an overall perception, the blend of assumptions and calculations prevails in almost every stock market around the world. What actually signifies the influences caused by personal predictions based on scientific methods and assumptions and thus determine the personal investment activities to be science or a good fortune is the predictability or the volatility of the economic conditions witnessed within the home country during that particular period. In the modern day context, no investors solely rely on their intuition or calculations to make investment decisions; they are either driven towards secured investment programs which will bear fewer influences from the economic fluctuations or they are driven towards higher return and riskier projects depending on their information regarding stock market performances of that particular company. Today, hardly any investor tends to consider their luck to judge their investment decisions. However, predictions yet prove wrong and thus make the investment decisions a matter of ‘good fortune’. In the UK, this particular aspect can be observed as quite apparent given the current economic situations which depict significant fluctuations in the personal investment markets. Stating precisely, the governmental fiscal policies currently being practiced in the UK depicts its inclination towards a contractionary fiscal structure, where substantial rise in interest rates along with increased tax charges can be observed as major determinant of personal saving and investment activities. Owing to such contractions in relation to the monetary flow observed within the economic context, personal investors in the economy have been inclining towards investing in secured funds such as governmental pension schemes and current accounts with their preferred banking institutions. Accordingly, focusing on the trends of global economies, the personal investors have also been observed to opt for obtaining the benefits of arbitrage with the virtues of short term mutual fund investments. It is in this context that various attributes or influencing factors tend to create a significant impression on the investment decisions made by the personal investors in the UK. The initial factor in this context can be identified in relation to the cultural prospects where the UK investors prefer to yield better pay or incentives making investments in the short term projects which are again attributed with high risk potentials but simultaneously offer higher return opportunities. With this particular understanding, the general trend in the personal investment market of the UK can be identified as depicting higher risk projects to be preferred by the individual investors in the market. However, owing to the volatility and the rapid fluctuations which can also be categorised as unpredictability of the economic conditions currently prevailing within the UK context, a certain degree of confusion can be observed amongst the personal investors in their home country. To be illustrated, when the market was expected to perform poorly with no potential chances to obtain greater return as expected from short-term high risky investments, the personal investment market in the UK was recorded to reward greater returns to the individual investors. That is, in the year 2012, investors and analysts had predicted that owing to the contractionary fiscal policies and the prevalence of double-dip recession, high risk projects are likely to suffer losses where long term secured investments and foreign investments through shares are likely to suffer less due to the economic volatility of the UK. Unlike the predictions, the investors who had invested their money in high risk projects were able to earn higher returns. As a consequence, many investors in the personal investment market today are being inclined towards investing in the shares and other short term high risk projects to yield similar returns focusing on the trend of the previous year. Although analysts depict that equities and shares are likely to grow over the next few years, contradictory view can be observed among the economists who argue regarding the probable chances of next recessionary effects on the investment trends of the UK market quoting the alleged ‘triple-dip recession’. Observing the previous year performances of the UK and the forecasts obtained in relation to its economic developments, it can be argued that fluctuations are quite likely to continue prevailing in the nation. Certainly, in light of such unpredictable fluctuations and highly volatile market situations, observed particularly in the UK investment market, it can be argued that personal investments have indeed become a matter of ‘good fortune’ within the country. 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