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بسم الله الرحمن الرحيم in the last meeting we

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talked about the active or passive managers or

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managements the main difference between active and

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passive regarding to what extent the market is

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efficient يعني الفرق بين ال .. ال active و ال

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passive لأي درجة ال .. ال market is efficient لأي

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درجة السوق المالي كفوء طبعا فال .. ال active

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managers think that the market is not efficient

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however the passive managers think the market is

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efficient يعني المضراءاللي بيعملوا دايما تغيير في

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ال portfolios تبعتهم بيعتقدوا ال market ليس كافر

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لكن ال .. ال .. ال managers المدرة .. المدرة اللي

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هم ما بيغيروا بال portfolios تبعتهم و passive

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بيكونوا سلبيين لتغيرات السوق بيعتقدوا ان ال market

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is .. is efficient and we don't need to rebalance

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our portfolios or to follow up the .. the

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information وما بيزامش كتير ان احنا ن .. نتابع

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المعلوماتmarket efficiency and portfolio

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management let's consider the relationship between

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the market efficiency and the portfolio management

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حكينا portfolio management اللي هو إدارة المحفظة

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يمكن مش واضحة عندكم what it means portfolio خلينا

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نفترض فرضية بسيطة لو كان أنا معايا 1000$ ألف دولار

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I have two options to invest all of them in one

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stock or one securityإنه أنا أستثمرهم كلهم في one

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security in one single stock يعني أستثمر كل ال one

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thousand dollar في سهم واحد the problem of this is

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not considering the importance of risk يعني لو

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كانت a ارتفعت is fine but when a is going downthis

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investor will lose his or her all money يعني ال

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investor هيخسر كل فلوسهbut if we invest this is if

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we invest in one single security إذا احنا بنستثمر

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في سهم واحد but in the portfolio management لكن

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المحافظة الاستثمارية build on the notion مبنية على

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فكرة that don't put your eggs on one basket يعني

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مانحطش البيض كله تبعنا في سلة واحدة so we can

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invest on a portfoliothis portfolio includes C, B,

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A, X, Y for instance if A is going down maybe X is

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going up, C is going up, Y going up and maybe B is

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going down so it means yes so it's likeis good for

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managing the risk إذا كويسة بتكون في managing the

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risk so this is the importance of the portfolio

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the portfolio the main importance of the portfolio

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is increase the interest rate increase the rate of

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return and decrease the risk يعني الهدف في النهاية

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تبع ال portfolio المحفظة أن أحنا نزيد العائد و

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نقلل المخاطر and in the chapter five and six we

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will see how we can manage thisفي chapter خمسة و

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ستة هنشوف كيف أنه احنا هنعمل managing لل portfolio

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okay so the thing is the link between the market

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efficiency and portfolio management enable the

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investor to diversify their securities بيقدروا

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ينوعوا فاحنا في ال portfolios احنا في عندنا C في

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عندنا D في عندنا A في عندنا X و عندنا Y لأنه ال

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market is efficientand we know the rate of return

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of C, we know the risk, we know the rate of return

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of Y, we know the risk, we know everything so this

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enable us to do diversification diversification it

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means تنويع بنقدر احنا ننوىnot only the

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diversification on the securities on the stocks مش

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بس ان احنا بنقدر نعمل تنويع بال stocks بالأسهم

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ممكن we can create another portfolio ممكن ان احنا

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نعمل portfolio أخرى includes stocks for instance A

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,B,R stocks we can include the treasury bills we

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can include bondsيعني ممكن احنا كمان ننوع بأنواع

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ال securities نعمل diversification نعمل تنويح حسب

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نوع ال securities ممكن احنا نحط أسهم و نحط سندات و

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نحط treasure bins و سندات خزينة we can also build

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another portfolio based on the geographic areas

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حسب التنويع الجغرافي for instance united states

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stocks ممكن نحط أسهم بتاعي على ال united states UK

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stocksAsian, Asians stock أسهم أساوية for instance

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نحط مثلا من Tokyo، من Japan، من دبي، من قطر، the

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king سعودي we can include other areas in our

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portfolios ممكن احنا نوّعالمحفظة الاستثمارية ممكن

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ناخد أسهم من الولايات المتحدة الأمريكية أسهم من

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الأوروبا أسهم من ال UK أسهم من السعودية من دبي من

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قطر من Tokyo من ماليزيا فهي بيسموها تنويع جيографي

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okayهذه هي الهيبوتسيز التسريحية التي تساعدنا في

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تدفع ميزاتنا باستخدام الأمن باستخدام المناطق

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الجغرافية باستخدام رغبات الأمن على سبيل المثال

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نستطيع إنشاء ميزاتنا باستخدام على سبيل المثال

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أساتذة رخية و أساتذة خفيةيعني ممكن احنا نعمل

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portfolio جزء منها assets فيها مخاطر و assets

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مافيهاش فيها مخاطر okay فزي ما انتوا شايفين ال

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investors are free to form up their portfolios ان

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المستثمرين هم أحرار في يكونوا ال portfolios تبعتهم

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ممكن يعملوا جغرافية تنمية جغرافية ممكن they can

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also diversify their portfolios based on the

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industrial levelممكن حسب ال industrial level ممكن

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هم يستثمروا مثلا في ال agriculture في الزراعة ممكن

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في ال tourist السياحة ممكن يستثمروا في ال industry

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الصناعة ممكن في ال telecommunication okay so they

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don't need to to channel their funds to a

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particular industry يعني مابيحتاجوش انه فقط يروحوا

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يستثمروا only in the telecommunicationbecause if

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they invest in only the telecommunication it means

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they only taking the risk of the telecommunication

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and if the telecommunication is going down all of

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their portfolios is going down so they need to

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diversify their portfolios based on the industrial

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level فعشان هيك هم محتاجين كمان يعملوا تنويع في

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المحفظة حسب ال industrial level يعني بيستثمروا في

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العقارات في ال real estatesممكن يستثمروا في ال

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currencies، في العملات، ممكن يستثمروا في السياحة،

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يستثمروا في الصناعة، في ال telecommunication، في

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.. في كل هذه يكونوا محافظ استثماريين، فإذا كانت ال

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telecommunication is going down ممكن يكون في other

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areas is going up، يعني areas أخرى بتطلع .. تطلع،

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فهذه بدأت أخد بعين الأعتبار، إذا هذه some .. some

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examples on how investorsforming up their

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portfolios كيف هم بيكونوا المحافظة الاستثمارية

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بناء على شو هم بدهمOkay ف the efficient markets

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helping them to forming a good diversified

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portfolio لتساعدهم بأنهم يحصلوا على تنويع ممتاز من

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المحافظة الاستثمارية and as I said the main

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objective of doing this is to reduce the risk يعني

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الهدف أنه احنا نخفض المخاطر اللي بتتحملها ال

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investorsThe second most important thing is

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appropriate risk level if we look at the

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portfolios the investors they try to assign which

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risk they can apply

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يعني بيقدروا من خلال ال portfolio يقولوا احنا بدنا

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مخاطرX فبيقدروا يعملوا ال portfolios تبعتهم

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according to the X risk يعني بتوفر لهم ال

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portfolio management انه بالظبط يقدروا يكونوا

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محافظ استثمارية with unknown risk يعني بيقدروا

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يعملوا محافظ استثمارية معروفة المخاطرOkay فالأسواق

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المالية بتساعدهم على الكلام هذا and they use

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advanced calculations بيستخدموا ال advanced

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calculations to do this يعني رياضيات متقدمة عشان

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يحصلوا على ال appropriate risk يعني مثلا خليني

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أعطيكم مثال لو أجاني investors شوفوا كيف مثلا

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خليني .. لو أجاني أنا channelinvestors from

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different origins يعني مستثمرين من من مختلف ال

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origins المصادر okay مثلا عندنا I one investor one

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I two investor two I three I four I five till I

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end for instance I one is old old manلو كان ال I

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one investor number one is old man رجل كبير and I

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two is old lady I five for instance is young with

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a secure job okay

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and I four is young ladywith a secure job as well

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so let's see how we can reflect appropriate level

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of risk according to the characteristics of the

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investors يعني خليني أشوف كيف احنا ممكن نعمل محفظة

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استثمارية حسب المخاطر بتاعة ال investors okay طيب

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هلأ لو نيجي احنا نيجي handle ال old men and old

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ladies هدول بتحمل المخاطر؟شو رأيكم؟ زلمة كبيرة و

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ستة كبيرة يعني retired people يعني خلينا نحكي هنا

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number .. I3 retired lady يعني ستة تقاعدت يعني

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كانت تشتغل و صار عندها تقاعد شو رأيكم؟ال old man و

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ال old lady و ال retired lady هدول بتحملوش مخاطر

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فإحنا إيش بنعملهم محفظة ناخدهم هدول مع بعض و

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بنعملهم محفظة with lower risk بنعملهم محفظ

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استثماري with lower risk طب إيش بنستثمرهم؟ إيش ال

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investment اللي فيه lower risk؟ال treasury bills،

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مظبوط، فيه lower risk، إيش فيه كمان؟ ال bonds،

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فيها lower risk، إيش كمان؟ عقد ثابت، إيش رأيكم؟ ال

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derivatives، نحطولهم في ال derivatives؟ نستثمرهم

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في ال derivatives؟ no, لأن ال derivatives ..high

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risk طيب وش كمان ممكن نعطيهم real estate عقارات

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استثمروا بالعقارات so this is the thing so we

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forming up this portfolio by using for instance

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treasury bills which is risk free maybe treasury

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bonds and real estate this is the example okay

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let's consider the I4 and I5 I5 young man and

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young lady with a secure jobصغار و عندهم شغلهم

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okay so they can bear more risk so they can bear

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more risk يعني ممكن يتحملوا or they hold they may

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hold more risk فممكن يتحملوا مخاطر أعلى so وين

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ممكن يستثمروا ممكن في ال stocks يستثمروا بال

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stocks ممكن بال currencies ممكن يستثمروا ممكن في

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ال derivatives okay that's it يعني شفنا احنا how

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we reflect thisإذن حسب the characteristics of the

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investors so we can forming up the appropriate

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portfolio with appropriate risk يعني ممكن إحنا

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ننشأ محافظة استثمارية حسب ال investors اللي سبعونا

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وحسب المخاطر اللي هم ممكن يتحملوها okay so this is

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the appropriate risk level the last one is tax

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considerationstax tax consideration okay let's

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focus on the importance of tax considerations

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خلّيني أركز على ال tax considerations يعني

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الاعتبارات الضريبية طيب

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خلّيني أخد مثال احنا عندنا stock Astock A بيوزع

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dividends، ال stock A نفسه ممكن

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ما يدفع dividends، no dividends، نشوف what is the

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difference when the stock A paying dividends and

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when the stock A paying no dividends يعني إيش

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الفرق بإنه الشركة تدفع أرباح .. تدفع توزيعات أرباح

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و ما تدفعش؟the dividends when the investors

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receiving the dividends they have to pay tax لازم

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يدفعوا دريبة and this tax is maybe 25% هبتصل this

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tax in the united states this the tax income is up

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to 25% and in the UK as wellيعني في الولايات

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المتحدة الأمريكية و ال .. و ال .. و ال UK بتصل ل

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25% فاللي مثلا لو احنا we receive 10$ as a

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dividends we have to pay 2.5$ as a tax okay this

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is the .. this is the problem in the opposite if a

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being no dividends it means there is no taxطيب

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what is the alternative of not paying the

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dividends؟ شو البديل أنه احنا ماددفعش نوزعش أرباح؟

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فضل ازاي

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صح كلامك بس ازاي انا احكي لك لما احنا ماددفعش

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الأرباح انا محتجزة بيصير في 110 earnings أرباح

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محتجزة اه بتكون قصود احنا الأصل هو عبارة عن قيمة

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الفرق من القصود او قيمتهبصير ايش؟بتزيد المكية

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بتزيد حصته بس هذا from the financial perspective

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this is from the corporate finance perspective هذا

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من غير نظر corporate finance but from the

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financial market perspective you are right but

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from the financial market perspective let's see

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what is going خلينا نشوف ال A بتدفع dividends فهم

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بدفعوا taxation فال investors اللي بتثمروا في A و

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اللي بتدفع dividendsفهيدفعوا 25% taxation if a

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decided not paying any dividends إذا هم قرروا

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مايدفعوش dividends خلينا نشوف لو أنتوا شفتوا ال

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assets و ال liabilities مظبوط؟فلما أنا ب .. بعمل

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no dividends فبعمل احتجاز للأرباح فبتروحها تحت ال

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capital as she said تحت ال capital بيصير في return

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earnings طيب let's ask you a question return

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earnings what is the importance of return earnings

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خلينا سؤال finance إيش أهمية ال return earnings

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ليش .. ليش الشركات بتعمل investment is for

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expansionexpansion يعني توسع صح ولا لأOkay فالان

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لما الشركات بتروح بتعمل keeping the profit it

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means return earnings it means in the future they

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may invest this money في المستقبل هم هيتستثمروا

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الأموال because they keep this the price of the

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stocks is going up لما الشركات تحتجز الأرباح

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فالمستثمرين مقتنعين ان هاي الشركات لما تحتجز

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الأرباح هتعمل expansion ايش يعني expansion يعني

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توسعطب لأنه بده تعمل expansion فبصير ال investors

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معنيين بالشركة هذه بتعرفوا أن الشركة هذه مثلا نيجي

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بالتل عاملة تحتجز أرباح و بتفكر أنه تروح تعمل مثلا

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a new investment فإيش اللي بيصير على ال price إيش

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ال price السعر؟ شو بيصير فيه؟ going up بصير ارتفاع

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طيب خليني عشان انا بتواصلكم فكرة معينة هلأ instead

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of paying dividends بدل ما احنا ندفع dividendswe

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are keeping the profits مظبوط keeping the profits

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اللي هو بانجو سان نسميها returned earnings اللي هو

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احتجاز أربعة طيب هلأ حكينا 25% اللي ندفعه على ال

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dividend tax لما نعمل keeping the profits مع

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الكلام we do expansion نعمل expansion توسع

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لما يعمل توسع ال investors think that the income

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will increase لما ال investors بيعرفوا أن الشركة

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هي هتعمل توسع الأربعة هتزيد صح ولا لأ؟because they

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think the income increase the price will going up

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السعر هيرتفع okay what this means from the

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financial market perspective هذا إيش معنى الكلام

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من وجهة نظر ال financial perspective ال financial

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perspective saying thatit means R the return on a

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particular asset R of A this is from mathematical

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perspective من وجهة نظر المحاسبية financial

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mathematical perspective من وجهة نظر الأمالية

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المحاسبية RA اللي هو السهم A اللي احنا حكينا فيه

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بساوي D one D plus B one minus B not what it means

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العائد بتاع RAهيساوي ال dividends على زائد pay one

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سعر البيع ناقص سعر الشراقة معنى الكلام أنه احنا

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العائد تبع السهم بنحصله من مكانين من ال dividends

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و من ال capital gains هذا بيسموها capital gains

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ليش سميناها capital gains لأنه احنا اشترينا السهم

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على سعرو لما صار في keeping the profit هنبيعه على

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سعر أعلى okay طب لنفترض احنا هنا حكينا ال tax high

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ال tax في حالة ال dividends is greater than the

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capital gains ال tax في حالة ال dividends is

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greater than the capital gains الحكومة الأمريكية و

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البريطانية و حتى اللي عندنا و ال local governments

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و الحكومات المحلية عندنا بتفرض ضرائب أعلى على ال

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dividendsفبصير إنه الاهتمام بال capital gains أكتر

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من اهتمام بال dividends okay so the thing is some

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investors they prefer to take dividends but the

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problem is paying more tax بعض المستثمرينبيفضلوا

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ال dividends لكن المشكلة إيش في ال dividends تدفع

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دريبة عالية they have to do this يعني نرجع لمثالنا

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إذا كانت راجل كبير و ست كبيرة بفضلوش ال capital

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gains بفضلوش إن الشركات تروح تترسم للأربعة واحدة

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بعدها بفضلوا كل شهرين تلاتة يجي لهم dividends لكن

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المشكلة هذه they have to pay high tax لكن بواجهوا

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مشكلة إنه بدفعوا high tax

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people they prefer the capital gains they don't

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consider the risk ماباهتموش بالضريبة they want to

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avoid the high tax الناس اللي بيفضلوا الأرباح

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المحتجزة طبعا في الحالة هذه هيتجنبوا دفع درائب

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عالية فاحنا أمام two synergiesthe tax on the

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dividends is higher than the capital gains الأرباح

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الرقسمالية so some investors prefer the dividends

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however it pay high tax other investors prefer the

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.. the capital gains and paying no tax طب التنين

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بيه مشكلة على فكرة التنين إيه إيش بيه مشكلة مشكلة

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هذا معروفة أنه بي .. أنه الدرائب طب مشكلة هذا وين؟

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time yes right the time ايش risk لأنه there is no

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guarantee the price will go up فش ضمان الأسعار

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ترتفع لفوق صحيح they are keeping the profits is

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right they are keeping the profits but it is not

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right the prices will go up يعني زي مثلا مثال

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بنقول الحج والحجة اللي هو old man old man old lady

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they consider one bird in your hand is more

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preferable than ten birds on the treeيعني عصفور

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بيدك أحسن من عشر ع الشجرة ده ال thing in this way

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بقى young people الناس الصغار في السن اللي زيكو

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طبعا they have difference بيقول لأ why I don't

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need money for instance now so خلي العشر ع الشجرة

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أحسن ما يكونوا في one bird in my hand because ten

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trees .. ten birds on the tree إيش بيصير? ten

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birds on the trees may call otherbears to be in

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the tree but if the bird is in your hands, no

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additional birds will be in your hands يعني لما

308
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تخلوا العشر على الشجرة, they calling more birds

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هيستدعوا طيور أكتر تيجي على الشجرة لكن لما يكون

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الطير بيدك في حد هييجي و that's it يعني

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الفكرة هان أنه ال capital gains is higher risk

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than the dividends, the dividends is guaranteed,

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there is a dividends, but the problem in the

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dividends, there is high tax okay, so the

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portfolios, the portfolio management is helping us

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to state whether we prefer the tax or we avoid the

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tax, some people or some investors are between the

318
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two scenariosبعض الناس بال two scenarios ممكن

319
00:24:08,620 --> 00:24:12,080
بياخدوا ال portfolios تبعتهم stocks بتعمل

320
00:24:12,080 --> 00:24:16,120
dividends و stocks no dividends يعني بياخدوا أسهم

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بتعمل dividends و أسهم مابتعملش dividends هدول

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بيكونوا أيش يعني متوسط المخاطر تمام؟ okayيعني لو

323
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احنا قررنا مثلا ladies بال in her 35 to 40 ست كانت

324
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من 35 لل40 مع راجل من 35 لل40 طبعا ال ladies عادة

325
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بيكونوا تحملوا المخاطر أقل فهم ممكن يختاروا

326
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dividends مع capital gains ال mens تحملهم للمخاطر

327
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أعلى شوية فممكن ان هم to go to the capital gains

328
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انه يروحوا لل capital gains more than the

329
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dividends okayهذا المثال ممكن احنا نعطيه طبعا هذا

330
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لا يعني ان ال ladies they took whole dress لأ في

331
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ناس ممكن يتحمل بس احنا بنحكي in majority in the

332
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majority اه بال majority يعني ان هم جداش بتحمله

333
00:25:15,010 --> 00:25:19,290
المخاطر ممكن رجال كمان conservative كونوا طبعا

334
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احنا بنحكي بشكل عام ايش بيصير بالاسواق المالية

335
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okay

336
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طيب أي سؤال any question about the free

337
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diversification appropriate risk level, tax

338
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considerations؟ no questions؟ أه؟ في حد عنده سؤال؟

339
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okay طيب resource allocations توزيع الموارد أو

340
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تخصيص الموارد

341
00:25:59,910 --> 00:26:02,270
طيب ال market .. we still talking about the

342
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implications of market efficiency احنا مازالنا

343
00:26:05,010 --> 00:26:08,230
بنحكي عن أثر ال market efficiency on portfolio

344
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management على إدارة المحافظة الاستثمارية if you

345
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think the market is inefficient we cannot

346
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efficiently allocate our resources يعني إذا احنا

347
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بنعتقد إن السوق غير كفوء بيكون احنا من الصعوبة إن

348
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احنا نعمل تخصيص الموارد تبعتناbecause the market

349
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is inefficient فبصير في miss pricing فبتكون الأسهم

350
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الغالية هتكون رخيصة و الأسهم الرخيصة هتكون غالية

351
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that's it يعني if the market is inefficient okay

352
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فإذا كان السوق المالي كفو يعني لو أجينا احنا مثلا

353
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على ال mobile إذا كان السوق المالي كفو هذا سعره

354
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مثلا مائة دولار so the price is مائة دولار one

355
00:26:51,610 --> 00:26:55,430
hundred dollar if the market is inefficient this

356
00:26:55,430 --> 00:26:59,610
could be overpriced or could be underpriced ممكن

357
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يكون أقل من سعره ممكن يكون أعلى من سعره يعني if

358
00:27:02,570 --> 00:27:04,730
this one hundred dollar it could be one hundred

359
00:27:04,730 --> 00:27:07,510
fifty if the market is inefficient and in this

360
00:27:07,510 --> 00:27:12,790
case it is overpricedif it is fifty dollar it

361
00:27:12,790 --> 00:27:18,470
means it is under priced and this is misleading if

362
00:27:18,470 --> 00:27:21,170
the market is inefficient buying and selling these

363
00:27:21,170 --> 00:27:25,510
mobile phones is misleading يعني ممكن تعمل

364
00:27:25,510 --> 00:27:31,310
misleading يعني إيش misleading إنه مايستطيعوش

365
00:27:31,310 --> 00:27:34,310
ال investors to take the right decision okay

366
00:27:39,170 --> 00:27:42,450
ف the implications of .. if markets were

367
00:27:42,450 --> 00:27:47,250
inefficient إذا كان الأسواق ليست كفؤة resources

368
00:27:47,250 --> 00:27:51,810
would be systematically misallocated هنروح نعمل

369
00:27:51,810 --> 00:27:54,670
misallocation لل .. نروح .. نروح نستثمر في أشياء

370
00:27:54,670 --> 00:27:57,350
غالية هي المفروض تكون رخيصة و أشياء رخيصة المفروض

371
00:27:57,350 --> 00:28:01,230
تكون غالية so this is the things misallocation or

372
00:28:01,230 --> 00:28:05,010
misleading as .. as I explained fame with

373
00:28:05,010 --> 00:28:07,310
overvalued securities can raise capital too

374
00:28:07,310 --> 00:28:13,780
cheaplyيعني الشركات اللي أسعارها مغالا فيها ممكن

375
00:28:13,780 --> 00:28:20,560
تحصل على تمويل رخيص و العكس شركات undervalued أقل

376
00:28:20,560 --> 00:28:25,280
من قيمتها الحقيقية may have to pass up profitable

377
00:28:25,280 --> 00:28:27,700
opportunities because cost of capital is too high

378
00:28:27,700 --> 00:28:30,980
ممكن أنه ماتحصلش على تمويل لأنه ال cost of capital

379
00:28:30,980 --> 00:28:37,260
تكليف رأس المال بتكون عالية جدا okay so this is

380
00:28:37,260 --> 00:28:41,630
importantف resource allocation if the market is

381
00:28:41,630 --> 00:28:44,730
efficient we can effectively allocate our

382
00:28:44,730 --> 00:28:49,170
resources but the problem efficient market does

383
00:28:49,170 --> 00:28:53,230
not mean perfect for sides markets مابتانش كل شي

384
00:28:53,230 --> 00:28:57,170
تمام 100% اعطيكوا مثال يعني لا يعني انه if the

385
00:28:57,170 --> 00:29:01,150
market is efficient it means we have a proper

386
00:29:01,150 --> 00:29:05,970
asset allocation ده يعني انه السوق المالي كافه انه

387
00:29:05,970 --> 00:29:11,150
في عندنا توزيع صحfor instance لو أنا جبتلكم car

388
00:29:11,150 --> 00:29:18,430
2013 and we have two people سيارة 2013 efficient

389
00:29:18,430 --> 00:29:22,250
خدنا نقول مثلا لموزين و جينا ال two people we have

390
00:29:22,250 --> 00:29:26,150
a good driver and we have a bad driver and we said

391
00:29:26,150 --> 00:29:30,190
to the bad driver take the keys and try it يعني

392
00:29:30,190 --> 00:29:33,290
خدها المفاتيح و روح جربها maybe after one minute

393
00:29:33,290 --> 00:29:37,850
come back with a smashed carممكن بعد دقيقة يرجعلنا

394
00:29:37,850 --> 00:29:42,790
و السيارة مكسرة and we may talk to the second

395
00:29:42,790 --> 00:29:45,750
driver which is an excellent driver with a good

396
00:29:45,750 --> 00:29:50,170
profile he can use it and get it back with

397
00:29:50,170 --> 00:29:54,260
excellent conditionلذا لدينا اتفاقين اثنين،

398
00:29:54,260 --> 00:29:59,760
المشكلة في الناس و كيف يستخدموا المصادر، السيارة

399
00:29:59,760 --> 00:30:04,060
مفيدة، كل شيء بخير، لكن المشكلة في الناس و كيف

400
00:30:04,060 --> 00:30:09,190
يستخدموا المصادرyou have good experience with a

401
00:30:09,190 --> 00:30:11,310
good knowledge with the .. with the .. with a good

402
00:30:11,310 --> 00:30:14,650
profile you can efficiently and effectively manage

403
00:30:14,650 --> 00:30:18,530
the portfolios if you don't have this knowledge it

404
00:30:18,530 --> 00:30:22,990
means you cannot do this هذه المشكلة efficient

405
00:30:22,990 --> 00:30:25,450
market does not mean perfect foresight markets

406
00:30:25,450 --> 00:30:28,210
because it depends on how people foresight how

407
00:30:28,210 --> 00:30:32,050
they understand the portfolios يعني لو احنا جيبنا

408
00:30:32,050 --> 00:30:36,190
ال laptop هذا و حكينا للناس خدوا صمموه لشغلات على

409
00:30:36,190 --> 00:30:41,340
ال laptopممكن ناس بعرفوه و ناس مابيعرفوش so it

410
00:30:41,340 --> 00:30:43,540
depends يعني ما تفكروا ان والله احنا خدنا

411
00:30:43,540 --> 00:30:46,620
portfolio management و investments و we can do

412
00:30:46,620 --> 00:30:51,440
this so you should have skills to do the .. the

413
00:30:51,440 --> 00:30:57,020
management .. the portfolio management okay نحكي

414
00:30:57,020 --> 00:31:02,410
عن event studiesاللقاء الجاى بيكون نقف عند ال

415
00:31:02,410 --> 00:31:07,070
event studies اللقاء الجاى is the last meeting

416
00:31:07,070 --> 00:31:11,770
talking about the chapter four