Czasopismo
Tytuł artykułu
Autorzy
Warianty tytułu
Języki publikacji
Abstrakty
Purpose: The theoretical aim of the article is to present the portfolio construction according to Harry Brown's strategy and its modification adapted to the capital market in Poland. The empirical goal is to answer the question whether it is possible to build a profitable Harry Brown portfolio using the available assets of the capital market in Poland in the third decade of the 21st century.
Design/methodology/approach: The goal was achieved by using selected quantitative methods, including portfolio methods and Harry Brown's strategy.
Findings: A portfolio constructed according to Harry Brown's strategy gives poor results (low or negative rates of return) in the analyzed period.
Research limitations/implications: You can build a portfolio based on Polish assets. However, domestic securities should not constitute the majority of a well-diversified and long-term portfolio built with the future in mind. In the analyzed period, the rates of return on passive investments were negative in most cases. The economic recession in the period under review has a negative impact on investment results.
Practical implications: Portfolio diversification according to Harry Brown reduces investment risk due to changes in the economic situation.
Social implications: The proper selection of assets for the portfolio affects the investment result, thus the well-being of society in the case of individual and collective investments, and the financial results of the company. It is an important element of the functioning of entities in a market economy.
Originality/value: The article presents the application of Harry Brown's method in the third decade of the 21st century on the Polish capital market, taking into account selected values. The effectiveness of the investment was examined.(original abstract)
Design/methodology/approach: The goal was achieved by using selected quantitative methods, including portfolio methods and Harry Brown's strategy.
Findings: A portfolio constructed according to Harry Brown's strategy gives poor results (low or negative rates of return) in the analyzed period.
Research limitations/implications: You can build a portfolio based on Polish assets. However, domestic securities should not constitute the majority of a well-diversified and long-term portfolio built with the future in mind. In the analyzed period, the rates of return on passive investments were negative in most cases. The economic recession in the period under review has a negative impact on investment results.
Practical implications: Portfolio diversification according to Harry Brown reduces investment risk due to changes in the economic situation.
Social implications: The proper selection of assets for the portfolio affects the investment result, thus the well-being of society in the case of individual and collective investments, and the financial results of the company. It is an important element of the functioning of entities in a market economy.
Originality/value: The article presents the application of Harry Brown's method in the third decade of the 21st century on the Polish capital market, taking into account selected values. The effectiveness of the investment was examined.(original abstract)
Rocznik
Strony
423--431
Opis fizyczny
Twórcy
- University of Economics in Katowice, Poland
Bibliografia
- 1. Bankier. Retrieved from http://www. bankier.pl, 20.07.2023.
- 2. Begg, D., Dornbusch, R., Fischer, S. (2007). Makroekonomia. PWE.
- 3. Browne, H. (1999). Fail-Safe Investing: Lifelong Financial Security in 30 Minutes. New York: Harry Browne. St. Martin's Press.
- 4. Dorosz, A. (ed.) (2014). Wpływ globalnego kryzysu finansowego na działalność wybranych sfer gospodarki. Warszawa: Akademia Finansów i Biznesu Vistula.
- 5. Giełda Papierów Wartościowych w Warszawie. Retrieved from: http://www.gpw.pl, 20.07.2023.
- 6. Głuch, C. (ed.) (2020). Biblia Inwestowania. Expertia.
- 7. Markowitz, H.M. (1952). Portfolio Selection. Journal of Finance, 7, pp. 77-91.
- 8. Mastalerz-Kodzis, A. (2016). Risk analysis of foreign currency bank loans offered on the Polish Capital Market. In: M. Culik (ed.), Managing and Modelling of Financial Risks (pp. 563-571). 8th International Scientific Conference, Proceedings Part II.
- 9. Mastalerz-Kodzis, A. (2014). Optymalne strategie inwestycyjne - podejście fundamentalne. Zeszyty Naukowe. Organizacja i Zarządzanie, z. 68, pp. 221-22.
- 10. Mastalerz-Kodzis, A. (2015). Efektywność indywidualnych i zbiorowych strategii inwestycyjnych stosowanych na polskim rynku kapitałowym. In: J. Mika, M. Miśkiewicz- Nawrocka (eds.), Metody i modele analiz ilościowych w ekonomii i zarządzaniu. Part 7 (pp. 9-21). Wydawnictwo Uniwersytetu Ekonomicznego w Katowicach.
- 11. Mastalerz-Kodzis, A., Pośpiech, E. (2015). Zastosowanie modeli ilościowych w konstruowaniu strategii inwestycyjnych. Zeszyty Naukowe Organizacja i Zarządzanie, No. 86, pp. 325-335.
- 12. Mennica Polska. Retrieved from: http://www.mennica.com.pl, 20.07.2023.
- 13. Narodowy Bank Polski. Retrieved from: http://www. nbp.pl, 20.07.2023.
- 14. Partridge, M. (2022). Investing Explained. The Accessible Guide to Building an Investment Portfolio. Kogan Page Ltd.
- 15. Petzel, T.E. (2021). Modern Portfolio Management: Moving Beyond Modern Portfolio Theory. John Wiley & Sons.
- 16. Pośpiech, E., Mastalerz-Kodzis, A. (2015). Wybór metody wielokryterialnej do wspomagania decyzji inwestycyjnych. Zeszyty Naukowe Organizacja i Zarządzanie, No. 86, pp. 379-388.
- 17. Rowland, C., Lawson, J.M. (2012). The Permanent Portfolio: Harry Browne's Long-Term Investment Strategy. Wiley.
- 18. Stewart, S., Piros, Ch.D. Heisler, J. (2019). Professional Portfolio Management. John Wiley & Sons Inc.
- 19. Taylor, M., Mankiw, G. (2009). Makroeknomia. Warszawa, :PWE.
- 20. Wojewoda, P. (2023) Podręcznik pasywnego inwestowania. Jak racjonalnie pomnażać majątek. Onepress.
Typ dokumentu
Bibliografia
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Identyfikator YADDA
bwmeta1.element.ekon-element-000171690846
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