large capitalization stock

  
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Definition
US term for the stock (shares) of a large publicly held blue-chip firm with a market
capitalization of $5-billion or more. Stocks of these firms (which are the major drivers of
economy) are tracked by both Dow Jones Industrial Average (DJIA) and the Standard
And Poor's 500 (S&P 500). Value of their shares, because of their sheer volume, tends to
grow slower than those of smaller firms but remains stable over longer periods. Also
called large caps

Traditionally, companies are divided into large-cap, mid-cap, and small-cap. Recently
people have added 'micro-cap' and 'nano-cap'. People have rules of thumb to determine
category from market capitalization. These need to be adjusted over time due to inflation,
population change, and overall market valuation (for example, $1 billion was a large
market cap in 1950 but it is not very large now), and they may be different for different
countries. A rule of thumb may look like:[3]

 Mega-cap: Over $200 billion

 Large-cap: $10 billion–$200 billion
 Mid-cap: $2 billion–$10 billion
 Small-cap: $300 million–$2 billion
 Micro-cap: $50 million-$300 million[4]
 Nano-cap: Below $50 million

Different numbers are used by different indexes; there is no official definition of or

general agreement about the exact cutoffs. They also may be done by percentiles rather
than fixed cutoffs.

Istilah saham blue chips sudah menjadi hal jamak di pasar modal. Meski begitu, dalam aktivitas sehari-hari
masih sering ditemukan adanya salah pengertian bahwa saham blue chips identik dengan saham yang
harganya mahal. Bahkan sebagian kecil investor masih ada yang menganggap bahwa saham blue chips
jaminan mutu: tidak bakal rugi apabila dibeli. Benarkah begitu? benarkah saham blue chips selalu
memberikan keuntungan (capital gain). Apa sih ciri saham blue chips?

Saham blue chips memang senantiasa menjadi barang dagangan yang favorit di bursa efek. Ia ibarat
barang dagangan dengan kualitas prima, sehingga banyak orang yang menyukai. Makanya saham blue
chips selalu mudah dilempar ke pasar karena peminatnya besar.

Saham blue chips bukanlah saham yang berharga mahal Rp4.000, Rp5.000 atau di atasnya. Ini penting
untuk dipahami karena selama ini ada kesan seolah-olah saham yang harganya mahal merupakan ciri
utama saham blue chips. Tidak selalu saham yang harganya mahal masuk kategori saham blue chips. Ada
banyak contoh untuk itu.
Sebagai ilustrasi, misalnya saham PT ABC diperdagangkan di Rp4.000. Di sisi lain, kinerja dari PT ABC dari
tahun ke tahun hanya mampu menghasilkan laba bersih per saham (earning per share -- EPS) sekira Rp40
per saham. Itu berarti jika dihitung, price earning rasio dari PT ABC adalah 4.000/40 yakni mencapai 100
kali. Dengan PER sebesar 100 kali, maka harga saham Rp4.000 bisa dinilai terlalu mahal dan tidak
reasonable. Saham seperti ini jelas tidak termasuk kategori saham blue chips.

Gambaran lain begini. Perusahaan PT XYZ, sebuah produsen minuman kemasan selalu mencetak laba
bersih yang besar setiap tahun. Pertumbuhan laba bersih juga cukup tinggi sehingga setiap tahun ini selalu
membagikan dividen dalam jumlah yang cukup besar. EPS-nya tinggi dan P/E-nya kecil. Tapi di sisi lain
jumlah saham beredar di masyarakat kecil sekali sehingga nyaris tidak ada transaksi harian di bursa efek.
Investor atau pemodal yang memegang saham PT XYZ cenderung menahan dan tidak mau menjual
dengan alasan setiap tahun mendapat nilai dividen yang lumayan. Nah, kendati performance saham PT
XYZ cemerlang dan harga saham di pasar memang tinggi namun, ia belum bisa dimasukkan dalam kategori
saham blue chips. Penyebabnya, tidak ada likuiditas di pasar. Kalaupun ada, likuiditasnya kecil sekali.

Dari ilustrasi di atas tampak sekali bahwa saham yang harganya tinggi, belum tentu masuk ke dalam
kategori saham blue chips. Tapi pada umumnya, saham blue chips memang seringkali mempunyai harga
yang tinggi. Ini� bisa dimaklumi mengingat pihak yang berminat memiliki cukup banyak.

Lantas bagaimana ciri-ciri sebuah saham yang masuk kategori blue chips? Umumnya saham blue chips
memiliki ciri sebagai berikut: Kinerja keuangannya sehat, artinya dalam kondisi ekonomi normal dan stabil
selalu mencatat pertumbuhan laba bersih dari tahun ke tahun, membagikan dividen kepada pemegang
saham, jumlah saham yang beredar di masyarakat (floating share) tinggi sehingga likuiditas saham di pasar
juga tinggi, ditransaksikan pada harga yang wajar, pergerakan atau fluktuasi harga saham di pasar
berlangsung secara wajar, tidak melompat-lompat dan manajemen dikelola secara profesional (bukan
manajemen keluarga). Ciri seperti ini yang membuat pelaku pasar senantiasa memburu saham-saham blue
chips.

Namun begitu, harus dipahami bahwa yang namanya pasar tetap saja pasar. Harga selalu berubah sesuai
penawaran dan permintaan. Kendati saham blue chips, tapi harganya bisa naik dan bisa juga turun,
tergantung situasi pasar saat itu. Jika Anda melakukan transaksi harian (daily trading) jangan diartikan
saham blue chips selalu memberikan capital gain. Tapi jika Anda memiliki horizon investasi yang cukup
panjang, saham blue chips biasanya selalu memberikan gain kepada pemiliknya. Coba de

Apa beda saham blue chip dengan 2nd liner? Coba temukan disini bedanya Saya yakin
bahwa di dalam benak para investor saham yang baru saja nyemplung di dunia saham
adalah pilihan untuk berinvestasi di saham-saham bluechip atau 2nd liner? Hal ini tentu
saja membutuhkan banyak pertimbangan. Saya yakin bahwa 70% dari para investor
pemula sudah tahu baik dari baca koran, dari teman yang sudah pro atau dari broker Anda
bahwa lebih AMAN untuk membeli saham-saham dengan fundamental bagus, laporan
keuangan bagus, memberi dividen besar, tidak mencla-mencle dan memiliki kapitalisasi
market besar alias saham bluechips. Sayangnya saham-saham yang tergolong bagus ini
HARGA nya memang sering bikin investor maju-mundur. Ingin beli tapi ragu karena
harganya yang sangat mahal dibandingkan dengan saham-saham 2nd liner. Contohlah:
BUMI vs ELTY. Pada penutupan hari ini, 03/04/2008, BUMI ditutup 4,900 sementara
ELTY closing price adalah 415. Bisa dibayangkan bahwa Anda harus merogoh kocek
4,900 x 2 lot x 500 = Rp 4,900,000 + fee 0.25% untuk membeli 2 lot saham BUMI
sementara ELTY hanya memerlukan Rp 415,000. Luar biasa bedanya! Dari segi COST,
Anda sudah bisa membayangkan, selanjutnya, apa yang menjadi pertimbangan? tentu
saja pasti RETURN atau PROFIT. Dari segi return atau profit, saya tidak bisa
menjanjikan bahwa saham-saham bluechip PASTI memberikan return lebih tinggi
daripada saham 2nd liner. Walaupun tentu saja Anda sering mendengar bahwa saham 2nd
liner itu kalau naik pasti 'kenceng', tinggal tunggu dimainin bandar... Yang saya tahu
pasti, saham bluechip itu pasti atau setidaknya memiliki perusahaan yang sudah solid dan
lama berkecimpung dalam bisnisnya, sehingga bila terjadi crash, sering terjadi rebound
yang cukup cepat ketimbang saham 2nd liner. Selain kemampung bounce back yang
relatif cepat, saham-saham bluechip bisa Anda andalkan dari segi pertumbuhannya.
Dibandingkan dengan saham 2nd liner, emiten-emiten bluechip memiliki tingkat
ketahanan tinggi dari segi kebangkrutan karena selain isinya orang-orang profesional juga
keuangan mereka sangat besar. Dari pengalaman pribadi saya, sering orang-orang
bertanya kepada saya, lebih baik beli bluechip atau 2nd liner? Sebagai seorang investor
untuk jangka panjang, pilihan saya tentu jatuh kepada saham bluechip, dan saya tidak
bilang bahwa 2nd liner itu jelek lho. 2nd liner memiliki keunggulan untuk tumbuh lebih
pesat, apabila saham 2nd liner ini bisa masuk dalam kategori growth stock alias saham
yang sedang tumbuh. Kita lihat saja DEWA yang mampu meraih laba 700%. Walau
masih dalam tekanan jual, DEWA mampu untuk menembus angka 700, atau tumbuh
lebih dari 200% dari harga sekarang. Dibandingkan dengan TLKM, perusahaan besar ini
memiliki target price 11,000 dari harga sekarang 9,300. Tapi tidak semua 2nd Liner
mampu menjadi growth stock, banyak juga yang stagnan bahkan bangkrut atau delisted
dari BEI. Kesimpulannya, saya bisa bilang bahwa saham-saham bluechip memiliki tingat
resiko yang lebih kecil dan pertumbuhan relatif stabil ketimbang 2nd liner. Saya bertanya
kembali kepada Anda, tipe apakah Anda dalam berinvestasi saham? Apakah Anda
seorang swing trader, intraday trader, mid investor atau long term investor seperti saya?
Dalam portfolio saya, saya masukan unsur saham bluechip sebesar 70%, 2nd liner 20%
dan saham gorengan atau penny stock 10%. Mengenai portfolio, akan saya bahas dalam
tulisan mendatang. Begitu pula dengan komparasi penny stock vs 2nd liner. Salam
investasi!

Large cap stocks are generally considered safe stocks. The sheer size of these companies tends to make the stock
price fairly stable. It is unusual for them to experience significant growth or to see large declines in the value of
their stock price. For this reason, many investors tend to park their money in large caps during times of
uncertainty or unrest in the stock markets.

However, not all large cap companies can be considered safe. Even among the stocks considered safe there are
better choices than others. An intelligent and diligent investor will still review the specific company's financial
statements and perhaps the industry outlook before investing in a particular stock.

It is also possible to invest in large caps using mutual funds that specialize in large cap companies. There are
many large cap mutual funds to choose from. Most "blue chip" companies are also large cap companies so a
mutual fund that invests in blue chip companies is also a large cap mutual fund.

An even easier way to invest in large cap funds is to purchase Dow Jones index funds. Only large companies
tend to be listed on the Dow Jones stock exchange, also know as the senior exchange. An index fund invests
equally in the companies making up that index. So a Dow Jones 30 index fund will invest equally in the 30
companies that make up the Dow Jones 30 index. There are also large cap index funds available that will invest
in large cap companies that are listed on other exchanges.
LQ 45 is a stock market index for the Indonesia Stock Exchange (IDX) (formerly known
as Jakarta Stock Exchange). The LQ 45 index consists of 45 companies that fulfill certain
criteria, which is:

 Included in the top 60 companies with the highest market capitalization in the last
12 months
 included in the top 60 companies with the highest transaction value in a regular
market in the last 12 months
 Have been listed in the Indonesia Stock Exchange for at least 3 months
 Have good financial conditions, prospect of growth and high transaction value
and frequency

It is calculated semi-annually by research & development division of Indonesia Stock

Exchange.

Lalu mengapa BUMI di depak dari LQ 45 dan Kompas100?

Ok,berikut adalah syarat saham yang masuk indeks LQ45 :

1. Telah tercatat di BEI minimal 3 bulan

2. Masuk dalam 60 saham berdasarkan nilai transaksi di pasar reguler

3. Dari 60 saham tersebut, 30 saham dengan nilai transaksi terbesar secara otomatis akan

masuk dalam perhitungan indeks LQ45

4. Untuk mendapatkan 45 saham akan dipilih 15 saham lagi dengan menggunakan

kriteria

Hari Transaksi di Pasar Reguler, Frekuensi Transaksi di Pasar Reguler dan Kapitalisasi
Pasar.

Metode pemilihan 15 saham tersebut adalah:

5. Dari 30 sisanya, dipilih 25 saham berdasarkan Hari Transaksi di Pasar Reguler.

6. Dari 25 saham tersebut akan dipilih 20 saham berdasarkan Frekuensi Transaksi di

Pasar

Reguler

7. Dari 20 saham tersebut akan dipilih 15 saham berdasarkan Kapitalisasi Pasar, sehingga
akan didapat 45 saham untuk perhitungan indeks LQ45

8. Selain melihat kriteria likuiditas dan kapitalisasi pasar tersebut di atas, akan dilihat
juga

keadaan keuangan dan prospek pertumbuhan perusahaan tersebut.

Dan inilah syarat sebuah saham masuk Kompas100 :

1. Telah tercatat di BEI minimal 3 bulan

2. Masuk dalam 150 saham berdasarkan nilai transaksi di pasar reguler

3. Dari 150 saham tersebut, 60 saham dengan nilai transaksi terbesar secara otomatis
akan

masuk dalam perhitungan indeks Kompas100

4. Untuk mendapatkan 100 saham akan dipilih 40 saham lagi dengan menggunakan
kriteria

Hari Transaksi di Pasar Reguler, Frekuensi Transaksi di Pasar Reguler dan Kapitalisasi
Pasar.

Metode pemilihan 40 saham tersebut adalah :

5. Dari 90 sisanya, dipilih 75 saham berdasarkan Hari Transaksi di Pasar Reguler.

6. Dari 75 saham tersebut akan dipilih 60 saham berdasarkan Frekuensi Transaksi di

Pasar

Reguler

7. Dari 60 saham tersebut akan dipilih 40 saham berdasarkan Kapitalisasi Pasar, sehingga

akan didapat 100 saham untuk perhitungan indeks Kompas100

8. Sebagai saringan terakhir, BEI juga mengevaluasi dan mempertimbangkan faktor-

faktor

fundamental dan pola perdagangan.

Dan saham BUMI tidak mampu mencapai

Indeks Kompas-100 adalah merupakan suatu indeks saham dari 100 saham perusahaan
publik yang diperdagangkan di Bursa Efek Jakarta. Indeks Kompas-100 secara resmi
diterbitkan oleh Bursa Efek Jakarta (BEJ) bekerjasama dengan koran Kompas pada hari
Jumat tanggal 10 Agustus 2007. Saham-saham yang terpilih untuk dimasukkan dalam
indeks Kompas-100 ini selain memiliki likuiditas yang tinggi, serta nilai kapitalisasi
pasar yang besar, juga merupakan saham-saham yang memiliki fundamental dan kinerja
yang baik.

Saham-saham yang termasuk dalam Kompas-100 diperkirakan mewakili sekitar 70-80%

dari total Rp 1.582 triliun nilai kapitalisasi pasar seluruh saham yang tercatat di BEJ,
maka dengan demikian investor bisa melihat kecenderungan arah pergerakan indeks
dengan mengamati pergerakan indeks Kompas-100. Akan tetapi, ini bisa saja berlawanan
arah dengan indeks harga saham gabungan (IHSG) maupun indeks lainnya.

Daftar isi
[sembunyikan]
← 1 Tujuan dan manfaat
← 2 Indeks serupa di BEJ
← 3 Komponen saham Kompas-100
← 4 Catatan kaki
← 5 Pranala luar

← 6 Lihat pula

The point at which an investor decides whether or not a particular security is worth purchasing.
The cutoff point is very subjective and will be based on the personal characteristics of the
individual investor. Some examples of personal characteristics that may determine the cutoff
point include the investor's required rate of return and his or her risk aversion level.

Investopedia explains Cutoff Point

Because cutoff points are largely subjective, they will vary widely among investors. For example,
if an investor has a lower required rate of return, he or she will likely pay more for the same
security than a person with a higher required rate of return. This translates into a higher cutoff
point for the first investor.

A cutoff point may also be considered a good "rule of thumb" when considering particular
securities, as it may help the investor make more consistent investment decisio

Mengapa Reksa Dana DANAREKSA MAWAR FOKUS 10

beda?
Karena DANAREKSA MAWAR FOKUS 10 yang diluncurkan
pada 2 Maret 2010 ini memiliki strategi investasi yang
berbeda dari Reksa Dana saham pada umumnya.
Pertama, Reksa Dana ini hanya akan berinvestasi pada 10
saham saja dengan proporsi yang sama.
Kedua, Reksa Dana ini dikelola secara semi aktif, dimana
pilihan saham yang dapat dibeli ditentukan oleh pasar (IHSG
top 16-30 berdasarkan kapitalisasi), namun pemilihan 10
sahamnya dilakukan dengan kriteria-kriteria fundamental
tertentu.
Dengan strategi investasi tersebut; saham-saham yang dipilih
memiliki potensi pertumbuhan ke depan yang sangat baik,
sehingga imbal hasil dari Reksa Dana ini dapat maksimal.

Seperti apa kinerja DANAREKSA MAWAR FOKUS 10?

Simulasi terhadap IHSG dengan stategi investasi diatas
dengan data 2 Januari 2002 sampai 1 Agustus 2009
menunjukkan kinerja DANAREKSA MAWAR FOKUS 10 jauh
lebih superior dibandingkan kinerja IHSG. Adapun hasilnya
adalah sebagai berikut:

  MAWAR FOKUS 10 Tolok Ukur (IHSG)

Imbal Hasil Tahunan 238,37% 67,11%
Total Imbal Hasil 1807,68% 508,95%

Berdasarkan data tersebut, DANAREKSA MAWAR FOKUS

10 memiliki tingkat sensitivitas terhadap IHSG sebesar 1,67.
Artinya, setiap kenaikan 1% IHSG, DANAREKSA MAWAR
FOKUS 10 akan naik sebesar 1,67%, yang menunjukkan
Reksa Dana ini sangat agresif.

Seperti apa contoh saham di DANAREKSA MAWAR

FOKUS 10?
Berdasarkan data pada Februari 2010, saham-saham dalam
DANAREKSA MAWAR FOKUS 10 adalah sebagai berikut:

Ticker Nama Emiten

KLBF Kalbe farma
LSIP London Sumatera Plantation
BNGA Bank CIMB Niaga
SMCB Holcim
BYAN Bayan Resources
TINS Timah
INDY Indika Energy
 JSMR Jasa Marga
BBNI Bank Negara Indonesia
PNBN Bank Pan Indonesia

Perlu diingat bahwa portofolio Danareksa Mawar Fokus 10

akan disesuaikan dengan kondisi pasar setidaknya setiap
bulan.

Bagaimana target imbal hasil DANAREKSA MAWAR

FOKUS 10 untuk 1 tahun ke depan?
Dengan target pertumbuhan IHSG di 2010 sebesar 20%
setahun, dan tingkat sensitivitas DANAREKSA MAWAR
FOKUS 10 sebesar 1,67, maka target pertumbuhan MAWAR
FOKUS 10 sebesar 33.4%. Tentu, angka ini dapat berubah
sesuai dengan perkembangan pasar saham di Indonesia.

Apa Keuntungan Berinvestasi di DANAREKSA MAWAR

FOKUS 10?
1.    Potensi imbal hasil yang lebih tinggi dari IHSG karena
tingkat sensitivitas yang sebesar 1,67.
2.    Portofolio yang lebih transparan karena pilihan saham
ditentukan oleh pasar.
3.    Investasi yang murah, minimum pembelian hanya 100
ribu rupiah.

Bagaimana cara membeli DANAREKSA MAWAR FOKUS

10?
Mudah sekali. Jika Anda sudah memiliki rekening, hubungi
Relationship Manager Anda untuk mengisi form pembelian
Reksa Dana atau melalui halaman transaksi Reksa Dana
Online dan menyetor dana ke :
Bank Kustodian  : CITIBANK N.A
Rekening            : RD DANAREKSA MAWAR FOKUS 10
Nomor                 : 0-810023-007

Bagi Anda yang belum memiliki rekening, langsung buka

rekening Danareksa Investment Management di halaman
transaksi Reksa Dana Online atau hubungi (021) 3501722

Untuk klien institusi, dapat menghubungi :

Donny S. Adjie         (021) 3509888 ext 1333
 Anna Hariana           (021) 3509888 ext 1314
Erika Triwulandari    (021) 3509888 ext 1331
Mafirotun Ninik         (021) 3509888 ext 1325

Berapa harga DANAREKSA MAWAR FOKUS 10?

Harga DANAREKSA MAWAR FOKUS 10 dilihat dari NAB/unit
pada hari pembelian.  Besarnya baru akan diketahui pada
akhir hari. Sebagai gantinya, Anda akan mendapatkan
sejumlah unit penyertaan sebagai tanda kepemilikan
DANAREKSA MAWAR FOKUS 10. Perlu diingat bahwa batas
waktu penerimaan aplikasi hingga pukul 13.00 WIB dan
penerimaan dana di Bank Kustodian pada pukul 16.00 WIB. 

Apa saja biaya yang harus dibayar ketika membeli

DANAREKSA MAWAR FOKUS 10?
Anda hanya akan dikenakan biaya pembelian maksimum 3%
dan biaya penjualan kembali maksimal 2% jika dijual sebelum
2 tahun.

Bagaimana cara mengetahui perkembangan investasi

DANAREKSA MAWAR FOKUS 10 saya?
Cukup kalikan unit penyertaan yang Anda miliki dengan
NAB/unit DANAREKSA MAWAR FOKUS 10. Untuk lebih
memudahkan, gunakan fasilitas Reksa Dana Online di bagian
portofolio. Perkembangan investasi Anda dapat Anda pantau
setiap hari.

Download Prospektus Danareksa Mawar Fokus 10 >>

Kapitalisasi pasar, sering kali disingkat kap pasar, adalah sebuah istilah bisnis yang
menunjuk ke harga keseluruhan dari sebuah saham perusahaan yaitu sebuah harga yang
harus dibayar seseorang untuk membeli seluruh perusahaan. Besar dan pertumbuhan dari
suatu kapitalisasi pasar perusahaan seringkali adalah pengukuran penting dari
keberhasilan atau kegagalan perusahaan terbuka.

Kapitalisasi pasar dihitung dengan mengalikan jumlah saham perusahaan tersebut dengan
harga sekarang dari saham tersebut. Istilah kapitalisasi kadangkala digunakan sebagai
sinonim dari kapitalisasi pasar; dan dapat juga kapitalisasi pasar dan hutang jangka
panjang.

Total kapitalisasi pasar dari seluruh perusahaan terdaftar di Bursa Saham New York lebih
besar dari jumlah uang di Amerika Serikat.
Pergerakan harga di pasar atau bagian dari pasar ditangkap dalam indeks harga yang
disebut Indeks pasar saham, yang diantaranya, Indeks Standard and Poor's, Indeks
Waktu Finansial. Indeks seperti di atas biasanya diukur dari kapitalisasi pasar

You often hear companies or different mutual funds being categorized as small cap, mid cap or
large cap. But what do these terms really mean? The "cap" part of these terms is short for
capitalization, which is a measure by which we can classify a company's size. Although the
criteria for the different classifications are not strictly bound, it is important for investors to
understand these terms, which are not only ubiquitous but also useful for gauging a company's
size and riskiness.
Calculating Market Cap
Market capitalization is just a fancy name for a straightforward concept: it is the market value of a
company's outstanding shares. This figure is found by taking the stock price and multiplying it by
the total number of shares outstanding. For example, if Cory's Tequila Corporation (CTC) was
trading at $20 per share and had a million shares outstanding, then the market capitalization
would be $20 million ($20 x 1 million shares). It's that simple.

Why It's Important
A common misconception is that the higher the stock price, the larger the company. Stock price,
however, may misrepresent a company's actual worth. If we look at two fairly large companies,
IBM (NYSE:IBM) and Microsoft (Nasdaq:MSFT), we see that at as of March 18, 2009 stock
prices were $91.75 and $16.75 respectively. Although IBM's stock price is higher, it has about
1.34 billion shares outstanding, while MSFT has 8.89 billion. As a result of this difference, we can
see that MSFT's market cap of $148.91 billion is actually larger than IBM's $122.95 billion. If we
compared the two companies by solely looking at their stock prices, we would not be comparing
their true values, which are affected by the number of outstanding shares each company has. 

The classification of companies into different caps also allows investors to gauge the growth
versus risk potential. Historically, large caps have experienced slower growth with lower risk.
Meanwhile, small caps have experienced higher growth potential, but with higher risk.

Different Types of Capitalization

While there isn't one set framework for defining the different market caps, here are the widely
published standards for each capitalization:

 Mega cap - This group includes companies that have a market cap of $200 billion and
greater. They are the largest publicly traded companies such as Exxon (NYSE:XOM). Not
many companies will fit in this category, and those that do are typically the leaders of
their industries.

 Big/large cap - These companies have a market cap between $10 billion to $200 billion.
Many well-known companies fall into this category, including companies like Microsoft,
Wal-Mart (NYSE:WMT) and General Electric (NYSE:GE), and IBM. Typically, large-cap
stocks are considered to be relatively stable and secure. Both mega and large cap stocks
are often referred to as blue chips.

 Mid cap - Ranging from $2 billion to $10 billion, this group of companies is considered to
be more volatile than the large- and mega-cap companies. Growth stocks represent a
significant portion of the mid caps. Some of the companies might not be industry leaders,
 but they are well on their way to becoming one.

 Small cap - Typically new or relatively young companies, small caps have a market cap
between $300 million to $2 billion. Although their track records won't be as lengthy as
those of the mid to mega caps, small caps do present the possibility of greater capital
appreciation - but at the cost of greater risk.

 Micro cap - Mainly consisting of penny stocks, this category denotes market
capitalizations between $50 million to $300 million fall into this category. The upward
potential of these companies is similar to the downside potential, so they do not offer the
safest investment, and a great deal of research should be done before entering into such
a position.

 Nano cap - Companies having market caps below $50 million are nano caps. These
companies are the most risky, and the potential for gain is often relatively small. These
stocks typically trade on the pink sheets or OTCBB
Remember, these ranges are not set in stone, and they are known to fluctuate depending on how
the market as a whole is performing.

Conclusion
Understanding the market cap is not just important if you're investing directly in stocks. It is also
useful for mutual fund investors, as many funds will list the 'average' or 'median' market
capitalization of its holdings. As the name suggests, this gives the middle ground of the fund's
equity investments, letting investors know if the fund primarily invests in large-, mid- or small-cap
stocks.

In finance, growth stocks are stocks of companies that have historically achieved
measurable growth traits, particularly characterized by strong earnings growth and high
profitability ratios.

Analysts compute ROE by dividing a company's net income into average common
equity. To be classified as a growth stock, analysts generally expect companies to achieve
a 15 percent or higher return on equity.[citation needed] CAN SLIM is a method which
identifies growth stocks and was created by William O'Neil a stock broker and publisher
of Investment Business Daily. [1]

What Does Value Stock Mean?

A stock that tends to trade at a lower price relative to it's fundamentals (i.e. dividends, earnings,
sales, etc.) and thus considered undervalued by a value investor. Common characteristics of
such stocks include a high dividend yield, low price-to-book ratio and/or low price-to-earnings
ratio.

Investopedia explains Value Stock

A value investor believes that the market isn't always efficient and that it's possible to find
companies trading for less than they are worth. An easy way to attempt to find value stocks is to
use the "Dogs of the Dow" investing strategy - buying of the 10 highest dividend-yielding stocks
on the Dow Jones at the beginning of each year and adjusting it every year thereafter.

Penelitian mengenai kinerja value stocks dan growth stocks telah dilakukan di berbagai
pasar modal dunia. Hasil penelitian terdahulu menunjukkan bahwa kinerja value stocks
secara konsisten mengungguli kinerja growth stock baik pada pasar modal regional
maupun pasar modal global. Penelitian ini bermaksud menguji kembali apakah kinerja
value stocks yang lebih unggul dibandingkan growth stocks terjadi pada Bursa Efek
Jakarta. Periode penelitian ini berlangsung dari tahun 2001-2005 dengan menggunakan
populasi semua perusahaan-perusahaan sektor manufaktur yang terdaftar di Bursa Efek
Jakarta. Sampel yang dipilih adalah perusahaan-perusahaan yang terdaftar di Bursa Efek
Jakarta secara terus-menerus selama periode penelitian. Portofolio dibentuk dengan dasar
P/BV dimana 25% saham dengan P/BV tertinggi akan dikelompokkan sebagai growth
stocks portofolio sedangkan 25% saham dengan P/BV terendah akan dikelompokkan
sebagai value stocks. Untuk menghindari pengaruh size-effect, penelitian ini juga
menguji kinerja value stocks dan growth stocks hanya pada saham-saham dengan
kapitalisasi pasar besar. Pembentukan portofolio dilakukan pada bulan Maret, Juni,
September dan Desember. Abnormal Average Return (ARR) digunakan untuk mengukur
kinerja value stocks dan growth stocks dimana ARR didapat dengan menggunakan
metode market model. Digunakannya ARR sebagai ukuran kinerja value stocks dan
growth stocks juga bertujuan mengkontrol faktor resiko. Penelitian ini menemukan
bahwa kinerja value stocks tidak lebih superior dibandingkan kinerja growth stocks.
Dengan kata lain, kinerja value stocks tidak mengungguli kinerja growth stocks baik pada
semua perusahaan manufaktur yang terdaftar di BEJ maupun pada perusahaan
manufaktur dengan kapitalisasi pasar besar.

Rasio ini adalah perhitungan/perbandingan antara market value (harga pasar) dengan
book value (nilai buku) suatu saham.
Cara menghitung PBV:
Market Value (harga/nilai pasar) dibagi dengan book value (harga/nilai buku)
Rasio analisis ini berfungsi melengkapi analisis book value. Jika pada analisis book
value, investor hanya mengetahui kapasitas per lembar dari nilai saham, pada rasio PBV,
investor dapat membandingkan langsung book value dari suatu saham dengan market
valuenya. Dengan rasio PBV investor dapat mengetahui langsung sudah berapa kali
market value suatu saham dihargai dari book valuenya.
Setelah mendapatkan rasio PBV, investor dapat membandingkanlangsung rasio ini
dengan saham-saham di industrinya atau yang bergerak di sektor ekonomi yang sama.
Dengan demikian investor akan mendapat gambaran mengenai harga suatu saham,
apakah market value saham tersebut sudah relatif mahal atau ternyata masih murah.
Memang tidak ada ukuran pasti mahal tidaknya suatu harga saham jika diukur dari rasio
PBV-nya karena hal ini sangat tergantung pada ekspektasi dan kinerja perusahaan/saham
tersebut. Tapi, paling tidak rasio ini dapat memberikan gambaran potensi pergerakan
harga suatu saham. Maksudnya adalah jika suatu saham yang berkinerja baik ternyata
PBV-nya masih rendah dibandingkan dengan rata-rata PBV saham disektornya, harga
saham tersebut masih memiliki potensi untuk naik, demikian pula sebaliknya.
Perlu diingat, rasio ini hanya efektif jika digunakan untuk membandingkan saham-saham
pada sektor ekonomi yang sama atau dengan perusahaan-perusahaan pada sektor
ekonomi yang sama atau dengan perusahaan-perusahaan yang bergerak dibidang yang
sama. Ini disebabkan kewajaran berapa kali rasio PBV dapat saja berbeda pada setiap
sektor ekonomi. Semuanya sangat tergantung pada ekspektasi pasar terhadap potensi
pertumbuhan usaha dari suatu sektor ekonomi

Growth Stocks adalah saham-saham yang memiliki pertumbuhan di atas pertumbuhan

rata-rata. Saham ini mempunyai kecenderungan mempunyai rasio harga saham dengan
pendapatan per saham cukup tingi dibandingkan dengan pasarnya. Investor yang
mempunyai informasi yang biasanya melakukan investasi pada saham ini.

Cyclical Stocks adalah saham-saham yang pertumbuhan pendapatannya sama atau di

bawah pertumbuhan ekonomi secara keseluruhan. Operasi perusahaan yang sahamnya
dianggap cyclical stocks sangat sensitif terhadap kondisi bisnis secara agregat.

Defensive Stocks adalah saham-saham yang secara umum bertumbuh pendapatannya

pada rata-rata atau di bawah rata-rata tetapi tidak sangat sensitif atau sangat sedikit
dipengaruhi oleh kondisi bisnis.

Value Stocks adalah saham-saham yang mempunyai harga psar saham lebih kecil dai
nilai bukunya. Artinya, rasio harga saam terhadap pendapatan sangat kecil dibandingkan
dengan rasio pasar. Investor yang mempunyai informasi sangat menyukai saham ini
karena kemungkinan mendapatkan kapital gain cukup besar di masa mendatang.

Aggressive Stocks adalah saham-sagam yang mempunyai risiko tinggi dimana saham ini
mempunyai beta di atas satu. Artinya, saham ini akan mengalami kenaikan yang lebih
tinggi dari kenaikan psar bila pasar naik dan mengalami penurunan yang tajam bila pasar
turun. Saham ini biasanya disukai oleh investor yang menyukai risiko atau berspekulasi.

Selain berdasarkan sektor dan sifatnya, investor saham juga sering membedakan saham-
saham yang ada di Bursa Efek Jakarta (BEJ) berdasarkan kapitalisasi pasarnya (market
capitalization). Ada saham berkapitalisasi pasar besar, menengah, dan saham
berkapitalisasi kecil. Masing-masing tentu punya karakter serta kelebihan dan
kekurangan sendiri-sendiri.

KAPITALISASI pasar atau market capitalization atau market cap adalah nilai sebuah
perusahaan berdasarkan perhitungan harga pasar saham dikalikan dengan jumlah
sahamnya yang beredar. Ambil contoh, kemarin, saham PT Telekomunikasi Indonesia
Tbk (TLKM) memiliki kapitalisasi pasar sebesar Rp 217,73 triliun. Soalnya, jumlah
saham TLKM yang beredar mencapai 20,16 miliar, adapun harganya di pasar adalah Rp
10.800 per saham.

Melihat data itu, kita bisa mengatakan, investor menilai bahwa perusahaan Telkom
bernilai Rp xxx triliun. Inilah konsensus investor tentang nilai perusahaan Telkom.
Tapi, kita harus hati-hati menggunakan data market cap ini. Pasalnya, seperti sudah
disinggung, kapitalisasi pasar dihitung menggunakan komponen harga pasar saham.
Sementara, harga pasar saham itu ditentukan oleh banyak hal.

Lazimnya, harga saham jauh di atas nilai buku per saham perusahaan karena harga pasar
itu mencerminkan ekspektasi investor atas prospek suatu perusahaan di masa yang akan
datang. Dalam hal ini, investor juga memasukkan prospek ekonomi di masa mendatang.

Masalahnya, terkadang, harga saham juga sangat ditentukan oleh faktor spekulasi dan
esti-masi prospek perusahaan yang berlebihan. Jika ini terjadi, harga suatu saham
biasanya akan naik amat tinggi, jauh meninggalkan nilai bukunya. Akibatnya, market cap
saham perusahaan itu akan menggelembung secara berlebihan jauh melewati prospek
perusahaan yang sebenarnya.

Inilah yang disebut bubble atau gelembung. Karenanya, ketika melihat market cap,
investor juga harus melihat kewajaran harga saham itu.?

Jika Anda adalah tipe investor yang cenderung menghindari risiko, sebaiknya Anda
berinvestasi di saham-saham berkapitalisasi pasar besar (big cap). Sebab, risiko
kebangkrutan maupun fluktuasi harga di saham-saham perusahaan big cap relatif rendah.
Cuma, investor harus menyediakan modal yang lebih besar untuk bisa bermain di saham-
saham ini. Soalnya, umumnya, pecahan harga saham big cap lumayan besar.

SAHAM-SAHAM berkapitalisasi pasar besar (big cap) umumnya didominasi oleh

saham-saham perusahaan besar yang telah mapan.

Di Bursa Efek Jakarta (BEJ), misalnya, saham yang memiliki nilai kapitalisasi pasar
paling besar adalah saham PT Telekomunikasi Indonesia Tbk atau Telkom. Kamis lalu
(13/9), saham perusahaan berkode TLKM ini memiliki nilai kapitalisasi pasar Rp 217,7
triliun. Kapitalisasi pasar saham Telkom ini mencapai 13,82% dari total nilai kapitalisasi
seluruh saham-saham di BEJ yang mencapai Rp 1.575,8 triliun per Kamis lalu (13/9).

Beberapa saham lain yang masuk kategori 10 besar big cap di BEJ misalnya: saham PT
Bank Rakyat Indonesia Tbk (BBRI) sebesar Rp 76,2 triliun, saham PT Astra International
Tbk (ASII) Rp 72,9 triliun, saham PT Bank Central Asia Tbk (BBCA) Rp 72,6 triliun,
saham PT Bank Mandiri Tbk (BMRI) Rp 64,5 triliun, saham PT Bumi Resources Tbk Rp
57,2 triliun, dan saham PT Perusahaan Gas negara Tbk ((PGAS) sebesar Rp 47,4 triliun.

Nah, risiko berinvestasi di saham-saham berkapitalisasi pasar besar seperti itu biasanya
relatif lebih rendah dibanding dengan saham-saham small cap. Maklum, pertama, seperti
sudah disinggung tadi, sebagian besar big cap itu merupakan perusahaan-perusahaan
besar yang sudah mapan. Jadi, sangat kecil kemungkinan bahwa perusahaan-perusahaan
itu akan bangkrut.

Kedua, karena nilai kapitalisasi pasarnya sangat besar, harga saham-saham itu juga tak
mudah dipermainkan. Sebab, para bandar akan memerlukan dana yang sangat besar
untuk bisa mempengaruhi harga saham big cap. Jadi, risiko fluktuasi harganya juga lebih
kecil.?

Di bursa saham Indonesia memang belum ada batasan yang resmi tentang kategori
saham-saham berdasarkan nilai kapitalisasi pasarnya. Tapi, yang pasti, investor yang tak
mampu memikul risiko tinggi sebaiknya tak mendekati saham-saham berkapitalisasi
pasar kecil.

SAHAM-SAHAM yang masuk kelompok kapitalisasi pasar menengah adalah saham-

saham perusahaan kelas menengah. Sementara yang berkapitalisasi pasar kecil (small
cap) adalah saham-saham perusahaan kecil.

Di Amerika Serikat (AS), ada batasan yang jelas tentang kategori saham-saham
berdasarkan nilai kapitalisasi pasarnya. Misalnya, saham yang masuk kelompok big cap
adalah saham berkapitalisasi pasar sekitar US$ 10 miliar atau lebih. Adapun yang masuk
kelompok kapitalisasi pasar menengah (mid-cap) nilai kapitalisasi pasarnya sekitar US$ 1
miliar sampai US$ 10 miliar.

Kategori small cap mencakup saham-saham berkapitalisasi pasar antara US$ 250 juta
sampai US$ 1 miliar. Jika nilai kapitalisasi pasar saham itu di bawah US$ 250 juta, ia
biasanya masuk kategori micro-cap. Sayangnya, di Indonesia belum ada pengelompokan
yang jelas seperti itu. Tapi, yang pasti, makin kecil nilai kapitalisasi pasar suatu saham,
semakin tinggi risikonya. Sebab, harga saham-saham berkapitalisasi pasar kecil itu
biasanya gampang dipermainkan oleh bandar-bandar. Maklum, mereka tidak
membutuhkan banyak dana untuk menggerakkan harga saham tersebut.

Sebagai contoh, mari kita tengok beberapa saham yang memiliki nilai kapitalisasi pasar
kecil di Bursa Efek Jakarta (BEJ). Sebut saja saham PT Cipendawa Agroindustri Tbk
(CPDW) yang hanya memiliki nilai kapitalisasi pasar Rp 8,7 miliar. Selain itu, ada pula
saham PT Toko Gunung Agung Tbk (TKGA) yang nilai kapitalisasi pasarnya cuma Rp
13 miliar. Nah, para bandar hanya membutuhkan dana beberapa miliar saja untuk bisa
menggerakkan harga saham-saham seperti itu.

Ironisnya, jika tidak ada bandar yang mendekati, harga saham-saham small cap tersebut
biasanya juga akan cenderung tak bergerak atau hanya menjadi saham tidur.
Karena itulah, investor cenderung menghindari saham-saham berkapitalisasi pasar kecil
tersebut. Atau, mereka baru masuk jika harga saham-saham itu tiba-tiba bergerak. Itu
pun, para investor harus segera merealisasikan keuntungan jika telah memperoleh
keuntungan. Sebab, bisa saja harga saham seperti itu tiba-tiba berhenti lagi.?

Gejolak pasar finansial yang terjadi sejak akhir Juli lalu telah membuat bursa-bursa
saham di berbagai negara merosot cukup dalam. Di antara bursa-bursa itu, indeks saham
di Bursa Efek Jakarta (BEJ) menjadi salah satu indeks yang turun paling dalam. Salah
satu penyebabnya adalah nilai kapitalisasi pasar di BEJ masih kecil. Selain itu, investor
asing juga masih dominan di BEJ.
JIKA kita menjumlahkan kapitalisasi pasar seluruh saham-saham yang ada di Bursa Efek
Jakarta (BEJ), kita akan memperoleh angka yang menggambarkan ukuran bursa saham di
Indonesia.

Menurut data Bloomberg, hingga kemarin, total nilai kapitalisasi pasar saham-saham di
BEJ mencapai US$ 167,4 miliar dolar atau sekitar Rp 1.565,2 triliun. Sekilas, nilai
kapitalisasi ini memang terlihat sangat besar. Namun, jika dibandingkan dengan nilai
kapitalisasi pasar bursa saham seluruh dunia, kapitalisasi pasar BEJ masih amat kecil.
Hingga kemarin, nilai kapitalisasi pasar bursa saham dunia mencapai US$ 56,7 triliun.
Jika dibandingkan dengan angka ini, nilai kapitalisasi pasar saham-saham di BEJ tadi
hanya sekitar 0,3%.

Bandingkan dengan nilai kapitalisasi pasar bursa saham Amerika yang mencapai US$
18,1 triliun atau 32% dari nilai kapitalisasi pasar bursa saham dunia. Di Asia, kita juga
bisa melihat nilai kapitalisasi pasar bursa saham Jepang yang mencapai US$ 4,6 triliun
atau 8% dari nilai kapitalisasi pasar dunia. Contoh lain adalah nilai kapitalisasi pasar
bursa saham Malaysia yang telah mencapai US$ 276, 7 miliar atau 0,49% dari
kapitalisasi pasar bursa dunia.

Karena nilai kapitalisasi pasar BEJ masih kecil dan pemain asing masih mendominasi,
bursa saham di Indonesia lebih rentan terpengaruh pergeseran dana-dana di pasar saham
dunia. Jika dana-dana investor asing keluar dari BEJ, IHSG di BEJ akan cenderung
merosot lebih dalam dibanding indeks bursa negara lain.

Pasar modal merupakan salah satu lembaga keuangan yang diharapkan sebagai
media mobilisasi dana yang berasal dari masyarakat (investor) sekaligus sebagai
media pemerataan usaha. Oleh karena latar belakang masalah tersebut penulis
melakukan penelitian yang bertujuan untuk menganalisa Faktor-Faktor yang
Mempengaruhi Nilai Kapitalisasi Saham, yang ditunjukan Volume Saham, Kurs
Rupiah per Dollar, dan Emiten (Listed Company). Metode yang digunakan adalah
metode kuantitatif. Analisis yang digunakan adalah analisis deskriptif, uji korelasi,
dan menggunakan analisis regresi sederhana. Berdasarkan hasil uji dari masing-
masing variabel dapat diambil kesimpulan bahwa ketiga variabel yaitu, volume
saham, emiten (listed company), dan kurs rupiah per dollar memiliki pengaruh
terhadap nilai kapitalisasi saham (value). Variabel yang pengaruhnya paling dominan
adalah volume saham.

INILAH.COM, Jakarta - Selama sepekan dari Senin (1/3) hingga Jumat (5/3) investor asing
mencatatkan penjualan saham sekitar Rp4,07 triliun. Sedangkan investor lokal sekitar Rp11,04
triliun.

Demikian dikutip INILAH.COM dari data perdagangan Bursa Efek Indonesia (BEI) pada Minggu (7/3).
Investor domestik juga mencatatkan penjualan saham sekitar Rp11,04 triliun selama sepekan.
Pada Senin (1/3) asing mencatatkan volume penjualan sekitar 286,409,250 lembar saham dengan nilai
sekitar Rp736,258 miliar. Sedangkan investor domestik menjual saham sekitar Rp2,05 triliun dengan
volume saham 2,240,726,204. Sedangkan pada Selasa (2/3) investor asing mencatatkan penjualan saham
dengan volume 366,404,352 dengan nilai sekitar Rp731,119 miliar. Investor domestik mencatatkan nilai
penjualan sekitar Rp2,48 triliun dengan volume sekitar 2,497,281,055.

Asing juga mencatatkan volume perdagangan saham 473,173,800 saham dengan penjualan saham senilai
Rp782,590 miliar pada Rabu (3/3). Sedangkan investor domestik menjual saham sekitar Rp2,47 triliun
dengan volume perdagangan penjualan saham 3,428,713,421.

Selanjutnya pada Kamis (4/3), investor asing menjual saham senilai Rp1,366 triliun dengan volume
492,756,500 saham. Sedangkan investor domestik menjual saham dengan volume sekitar 2,536,481,022
saham dengan nilai Rp2,260 triliun.

Pada penutupan perdagangan Jumat (5/3), asing menjual saham dengan volume perdagangan
145,596,000 saham dengan senilai Rp459,521 miliar. Sedangkan investor domestik menjual saham dengan
volume perdagangan 2,779,836,889 dengan nilai Rp1,762 triliun. [hid]

Jika ingin bermain saham di Bursa Efek Jakarta (BEJ), terlebih dahulu investor harus
mengenal indeks-indeks saham yang ada di BEJ. Ada Indeks Harga Saham Gabungan
(IHSG), LQ45, Jakarta Islamic Index (JII), indeks sektoral, indeks individual. Indeks-
indeks ini merupakan cerminan arah pergerakan harga-harga saham. Investor juga bisa
menggunakan indeks saham sebagai alat pengukur tingkat keuntungan.

Indeks harga saham merupakan indikator atau alat ukur paling penting yang
menggambarkan pergerakan harga saham di bursa. Secara teori, untuk investor, indeks
harga saham itu bisa mempunyai tiga manfaat utama. Yaitu: sebagai penanda arah pasar,
tongkat pengukur tingkat keuntungan, dan tolok ukur kinerja portofolio.

Nah, di Bursa Efek Jakarta (BEJ), saat ini, sebenarnya ada lima indeks. Yaitu: indeks
individual, indeks sektoral, Indeks Harga Saham Gabungan (IHSG), Indeks LQ 45, dan
Jakarta Islamic Index (JII).

Di antara indeks-indeks itu, indeks yang paling utama adalah IHSG. Sebab, indeks ini
dihitung berdasarkan harga hampir semua saham yang tercatat di BEJ.

Indeks ini pertama kali diperkenalkan pada tanggal 1 April 1983. Tapi, hari dasar
perhitungan IHSG adalah tanggal 10 Agustus 1982 dengan nilai 100, dan jumlah saham
yang tercatat pada waktu itu sebanyak 13 saham.

Karena menggunakan harga hampir semua saham di BEJ dalam perhitungannya, IHSG
menjadi indikator kinerja bursa saham paling utama. Gampangnya, jika ingin melihat
kondisi bursa saham saat ini, kita tinggal melihat pergerakan angka IHSG.

Jika IHSG cenderung meningkat seperti yang terjadi akhir-akhir ini, artinya harga-harga
saham di BEJ sedang meningkat. Jika kondisi peningkatan indeks ini terjadi secara terus-
menerus, orang sering bilang bahwa pasar sedang bergairah atau bullish. Cuma, yang
ideal, selain IHSG-nya yang naik, saat bullish, pertumbuhan ekonomi, inflasi, dan
ketenagakerjaan juga mestinya meningkat.
Pada saat bullish ini biasanya investor mempunyai banyak peluang untuk mencetak
untung. Sebab, harga sebagian besar saham memang tengah meningkat tinggi.

Sebagian analis menilai, kondisi bursa saham kita saat ini sedang memasuki fase bullish.
Sebab, beberapa tahun terakhir, IHSG terus naik tinggi sehingga sudah melampaui angka
psikologis 2.000. Nah, menurut para analis saham, saat IHSG naik tinggi adalah saat
yang baik untuk memetik keuntungan (profit taking).

Sebaliknya, jika IHSG cenderung turun, artinya harga-harga saham di BEJ sedang
merosot. Jika kondisi penurunan indeks harga saham ini terjadi secara terus-menurus,
pemain saham sering menyebut bahwa pasar sedang lesu atau bearish.

Cuma, jangan salah, kondisi ini sebenarnya juga memberikan banyak peluang untuk
investor. Sebab, mereka memiliki kesempatan untuk membeli saham-saham saat
harganya murah.

Oh, ya, sekadar catatan; persentase kenaikan atau penurunan IHSG akan berbeda
dibanding dengan kenaikan atau penurunan harga masing-masing saham. Kadang kala
ada harga saham yang peningkatan atau penurunannya jauh melampaui pergerakan angka
IHSG.

Selain Indeks Harga Saham Gabungan (IHSG), Indeks LQ45 bisa digunakan sebagai alat
untuk memantau kinerja pasar saham di Bursa Efek Jakarta (BEJ). Tapi, indeks ini tidak
mencerminkan pergerakan harga semua saham-saham di BEJ.

Saham-saham yang menjadi anggota Indeks LQ45 adalah saham-

saham pilihan. Selain memiliki kapitalisasi pasar besar, saham-saham itu juga merupakan
saham paling likuid di BEJ.
Indeks LQ45 hanya beranggotakan 45 saham pilihan. Ada beberapa kriteria yang
digunakan untuk memilih saham-saham anggota Indeks LQ45 ini.

Yang pertama, saham-saham itu minimal sudah harus tercatat di Bursa Efek Jakarta
(BEJ) dalam jangka waktu tiga bulan. Saham-saham itu juga harus masuk dalam ranking
60 besar saham-saham yang memiliki total transaksi terbesar di pasar reguler Bursa Efek
Jakarta (BEJ). Selain itu, dalam 12 bulan terakhir, rata-rata kapitalisasi pasar (harga
dikalikan jumlah saham) saham itu juga harus masuk dalam ranking 45 saham tertinggi.

Yang tak kalah pentingnya, kinerja keuangan dan prospek pertumbuhan perusahaan
penerbit saham itu juga harus bagus.

Saham yang menjadi anggota Indeks LQ45 itu tidak tetap. BEJ akan terus memantau
kinerja masing-masing saham. Tiap tiga bulan sekali, BEJ akan melihat kembali ranking
saham-saham anggota LQ45. Selain itu, setiap enam bulan, yaitu bulan Februari dan
Agustus, BEJ juga akan melakukan penggantian anggota Indeks LQ45 jika memang
diperlukan.
Jika ada saham yang tidak memenuhi kriteria lagi, saham itu akan didepak dari anggota
LQ45 dan diganti dengan
saham-saham baru yang lebih memenuhi syarat.

Selama ini, pergerakan Indeks LQ45 cenderung selalu searah dengan Indeks Harga
Saham Gabungan (IHSG) di BEJ. Jika LQ45 naik, IHSG juga naik. Begitu pula
sebaliknya; jika ia merosot, IHSG juga cenderung merosot. Ini terjadi karena semua
saham-saham yang menjadi anggota Indeks LQ45 juga menjadi anggota IHSG. Sudah
begitu, saham-saham yang menjadi anggota LQ45 sebenarnya juga merupakan lokomotif
utama penggerak IHSG. Sebab, Indeks LQ45 menampung saham-saham yang paling
likuid, paling besar kapitalisasinya, dan paling baik kinerjanya.

Karena itulah, LQ45 juta bisa digunakan sebagai alat untuk mengukur kinerja pasar
saham di BEJ. Secara khusus, investor yang fokus investasi di saham-saham top juga
lebih tepat jika menggunakan indeks ini sebagai acuan jika dibandingkan dengan IHSG.

Anda termasuk investor yang hanya mau berinvestasi di instrumen-instrumen investasi

syariah? Tenang, Anda bisa memilih saham-saham yang menjadi anggota Jakarta Islamic
Index (JII) jika ingin berinvestasi di saham. BEJ dan Danareksa Manajemen Investasi
sengaja membentuk indeks ini untuk menyediakan tolok ukur (benchmark) bagi investor
yang berinvestasi di saham-saham halal.

Selain Indeks Harga Saham Gabungan dan Indeks LQ45, ada pula Indeks Islami Jakarta
atau Jakarta Islamic Index.

Ini merupakan indeks termuda di Bursa Efek Jakarta (BEJ) yang diluncurkan pada 3 Juli
2000. Penyusunnya adalah BEJ dan Danareksa Manajemen Investasi (DMI).

JII ini merupakan indeks yang spesial karena anggotanya adalah 30 saham-saham halal,
atau saham-saham yang sesuai dengan syariah islam. Karena itu, tentu saja Dewan
Pengawas Syariah DIM dan BEJ tidak sembarangan memilih dalam memilih saham-
saham yang bisa masuk dalam perhitungan JII.

Tentu saja perusahaan-perusahaan yang menjalankan kegiatan yang bertentangan dengan

syariah Islam tidak bisa masuk JII. Kegiatan-kegiatan yang masuk dalam kategori haram
ini adalah: perjudian, lembaga keuangan konvensional yang menerapkan sistem bunga
(ribawi), usaha yang memproduksi dan memperdagangkan makanan dan minuman
haram, serta usaha-usaha yang yang menyediakan barang atau jasa yang merusak moral
atau mudarat.

Untuk memilih saham-saham yang layak menjadi anggota JII, DIM dan BEJ
melaksanakan urutan seleksi khusus. Pertama, BEJ memilih kumpulan saham yang
memiliki usaha utama yang tidak bertentangan dengan syariah islam. Saham ini harus
sudah tercatat di BEJ lebih dari 3 bulan, kecuali jika saham itu masuk dalam kelompok
10 saham dengan kapitalisasi pasar terbesar.
Kedua, BEJ dan DIM memilih saham yang memiliki rasio kewajiban terhadap aktiva
tidak melebihi 90%, berdasarkan laporan tahunan atau semesteran terakhir.

Ketiga, mereka memilih 60 saham dari saham-saham itu yang memiliki rata-rata
kapitalisasi pasar terbesar dalam setahun terakhir.

Keempat, BEJ dan DIM akan memilih 30 saham dari saham-saham tadi yang memiliki
nilai likuiditas perdagangan reguler rata-rata paling tinggi dalam setahun terakhir.

Jadi, bisa disimpulkan bahwa selain halal, saham-saham yang masuk dalam JII juga
merupakan saham-saham yang paling besar kapitalisasi pasarnya, dan paling likuid.

Karena usaha perusahaan, kapitalisasi pasar, maupun likuiditas saham bisa berubah-ubah;
BEJ dan DIM akan terus mencermati saham-saham anggota JII. Jika ada yang perlu
diganti, setiap enam bulan - pada bulan Januari dan Juli - BEJ akan melakukan
penggantian dan mengumumkan daftar anggota JII yang baru.

Investor bisa menggunakan JII sebagai tolok ukur (benchmark) untuk mengukur kinerja
portofolio investasi yang berinvestasi di saham-saham syariah. Contohnya adalah
reksadana syariah. Selain itu, investor JII memudahkan investor yang memang hanya
mau berinvestasi di saham-saham halal. Investor ini tinggal memilih saja satu atau
beberapa saham yang jadi anggota JII itu.

The correlation between any two variables (or sets of variables) summarizes a relationship,
whether or not there is any real-world connection between the two variables. The correlation
coefficient will always be between -1 and +1. These two extremes are considered perfect
correlations. A negative coefficient means that the two variables, or sets of variables, will move in
opposite directions (if one variable increases, the other will decrease); a positive coefficient will
mean that the two will move in the same direction (as one increases, the other will increase).

If we compare the US Dollar Index (USDX), an index that tracks the value of the U.S.
dollar against six other major currencies, and the value of the Dow Jones Industrial Average
(DJIA), Nasdaq and S&P 500 over a 20-year period, the correlation coefficient calculated for the
USDX versus the DJIA, Nasdaq and S&P 500, is 0.35, 0.39 and 0.38, respectively. Note that all
of the coefficients are positive, which means that as the value of the  U.S. dollar increases, so do
the stock indexes, but only by a certain amount. Notice also that each coefficient is below 0.4,
which means that only about 35% to 40% of the stock indexes' movements are associated
with the movement of the U.S. dollar.

A country’s currency can become more valuable in relation to the rest of the world in two main
ways: when the amount of currency units available in the world market place is reduced (for
example, when the Fed increases interest rates and causes a reduction in spending), or by an
increase in the demand for that particular currency. The fact that an increase in the U.S. dollar
affects the value of American stocks seems natural, as U.S. dollars are needed to purchase
stocks.

The value of American stocks, especially those that are included in market indexes, tend
to increase along with the demand for U.S. dollars - in other words, they are positively correlated.
One possible explanation for this relationship is foreign investment. As more and more
investors put their money in U.S. equities, they are required to first buy U.S. dollars, which can be
used to purchase American stocks, causing the indexes to increase in value. 
Risiko yang dapat menyebabkan penyimpangan tingkat pengembalian investasidapat
dikelompokan menjadi 2 jenis, yaitu:

a. Systematic risk

Systematic risk disebut juga risiko pasar karena berkaitan dengan perubahaan yang
terjadi di pasar secara keseluruhan, risiko ini terjadi karena kejadian diluar kegiatan
perusahaan, seperti :

a.
 Risiko inflasi

Inflasi akan mengurangi daya beli uang sehingga tingkat pengembalian

setelah disesuaikan dengan inflasi dapat menurunkan hasil dari investasi
tersebut.

a.
 Risiko nilai tukar mata uang (kurs)

Perubahan nilai investasi yang disebabkan oleh nilai tukar mata uang asing
menjadi risiko dalam investasi.

a.
 Risiko tingkat suku bunga

Jika suku bunga naik maka return investasi yang terkait dengan suku
bunga, misalnya suku bunga Sertifikat Bank Indonesia (SBI) akan naik ini
dapat menarik minat investor saham untuk memindahkan dana ke
Sertifikat Bank Indonesia, sehingga banyak yang akan menjual saham dan
harga saham akan turun oleh karena itu perubahan suku bunga akan
mempengaruhi variabelitas return suatu investasi.

Systematic risk disebut juga undiversible risk karena risiko ini tidak dapat
dihilangkan atau diperkecil melalui pembentukan portofolio.
 a. Unsystematic risk

Unsystematic risk merupakan risiko spesifik perusahaan karena tergantung dari kondisi
mikro perusahaan. Contoh unsystematic risk antara lain : risiko industri, operating
laverage risk dan lain-lain. Risiko ini dapat diminimalkan dengan melakukan
diversifikasi investasi pada banyak sekuritas dengan pembentukan portofolio,
unsystematic risk disebut juga diversible risk.

3 Responses to “Jenis-jenis

Basically, stocks are subject to two types of risk - market risk and nonmarket risk.
Nonmarket risk, also called specific risk, is the risk that events specific to a company or
its industry will adversely affect the stock's price. For instance, an increase in the cost of
oil would be expected to adversely affect the stock prices of the entire oil industry, while
a major management change would only affect that company. Market risk, on the other
hand, is the risk that a particular stock's price will be affected by overall stock market
movements.
Nonmarket risk can be reduced through diversification. By owning several different
stocks in different industries whose stock prices have shown little correlation to each
other, you reduce the risk that nonmarket factors will adversely affect your total portfolio.

No matter how many stocks you own, you can't totally eliminate market risk. However,
you can measure a stock's historical response to market movements and select those with
a level of volatility you are comfortable with. Beta and standard deviation are two tools
commonly used to measure stock risk.
Beta
Beta, which can be found in a number of published services, is a statistical measure of the
impact stock
market movements have historically had on a stock's price. By comparing the
returns of the Standard & Poor's 500 (S&P 500) to a particular stock's returns, a pattern
develops that indicates the stock's exposure to stock market risk.

The S&P 500 is an unmanaged index generally considered representative of the U.S.
stock market and has a beta of 1. A stock with a beta of 1 means that, on average, it
moves parallel with the S&P 500 - the stock should rise 10% when the S&P 500 rises
10% and decline 10% when the S&P 500 declines 10%. A beta greater than 1 indicates
the stock should rise or fall to a greater extent than stock market movements, while a beta
less than 1 means the stock should rise or fall to a lesser extent than the S&P 500. Since
beta measures movements on average, you cannot expect an exact correlation with each
market movement.

Calculating your portfolio's beta will give you a measure of its overall market risk. To do
so, find the betas for all your stocks. Each beta is then multiplied by the percentage of
your total portfolio that stock represents (i.e., a stock with a beta of 1.2 that comprises
10% of your portfolio would have a weighted beta of 1.2 times 10% or .12). Add all the
weighted betas together to arrive at your portfolio's overall beta.

Standard Deviation
Standard deviation, which can also be found in a number of published services, measures
a stock's volatility, regardless of the cause. It basically tells you how much a stock's
short-term returns have moved around its long-term average return. The most common
way to calculate standard deviation is to figure the deviation from an average monthly
return over a three-, five-, or 10-year period and

 
Small cap stocks can be both extremely beneficial in financial terms and disastrous
to your hard earned money.

Generally, companies with a market capitalization of $1 billion or less are

characterized as issuing small cap stocks. In order to determine the market cap of a
company you should multiple its number of outstanding shares by the current price
per share.

Additionally, the value below which a stock is considered as a small cap varies from
source to source.

Small Cap Stock Advantages and Disadvantages

Small Cap Stock Risks and Disadvantages
Smaller companies are threatened by larger
competitors.
Different market conditions may be disastrous to
small companies, because the latter may lack the
financial resources to counteract them.
Most small company founders lack the business
experience to implement the idea on which they base
their company. Some of them even fail to recognize
the importance of turning the governance to a
professional and as a result see their great idea turning
into dust.
Most small companies lack historical data on which Since smaller companies tend to be
Small Cap Stock Opportunities
and Advantages
Smaller companies can afford to
exploit opportunities that larger
companies are reluctant to seize
because of their higher overhead.
In the same time small cap
companies are more flexible. As a
result they are more efficient in
responding to changed market
conditions.
Rapid growth is easier, since it is
easier to double the sales of a
company that makes smaller sales
than a company with larger sales
volume.
 overlooked by the market, the
to base your evaluations. As a result all you are left is chances of their price being
guessing and gambling. artificially inflated are significantly
lower.
Everyone agrees upon the claim that most small cap stocks carry a high degree of
risk. This is especially true for companies which have market capitalization of less
than $500 million.

However, even though small cap stocks carry a great degree of risk, you should not
ignore them and make them a part of your investment portfolio.

You should have in mind that most of today's most successful companies have
started as small companies, which under the proper management have turned into
leaders in their industries. There are many examples, such as Amazon.com or Sony.

Finding a Small Cap Company

Since the information available about small cap companies is limited you may be
required to do some extra work.

However, it is recommended that you invest in companies with which activities you
are familiar and comfortable. Understanding is a key to success, so try to invest in
companies you possess knowledge of or at least of the industry in which they
operate.

Additionally, try to be as realistic as possible. Even if you like a particular company a

lot, if it suffers deep debt or has no cash, it is better to pass it by and look for
another investment opportunity. There are plenty of them around.

Apply the necessary discipline and patience. Give the company enough time to grow
to its potential and be sure to understand that when you invest in a small cap
company you are making a long term investment.

In order to facilitate your work with finding a small cap company you can use the
services of some of the online stock screens, such as the Business Week Online.

When you decide on whether to invest in a small cap company determine how averse
you are to risk. If you are not comfortable with risk avoid investing in small cap
stocks. On the other hand if you can afford to take the risk which such investments
carry, allocate a portion of your investment portfolio to small cap stocks.

To be a successful investor you need two main things - the knowledge and the right
trading platform.
For a trading platform we recommend you try Zecco .
Zecco offers free stock trades, no account minimum, real time quotes, trading
community, and is also insured and protected against loss by SIPC. Opening a
Zecco account to benefit from $0 Stock/ETF trading is a smart idea. Free stock
trades allow you to preserve more of your wealth and save money, which you can
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Inflation represents one of the major threats to stock investors. When the inflation
rates start to rise, investors get really nervous in expectation of the potentially
negative consequences. Additionally, the Fed starts to look ways to prevent the
negative impacts from the rising inflation.

Many industries wait for the response of the Fed for tactics of combating inflation.
One of the alternatives is to increase interest rates.

However, the rising prices and the higher interest rates don't lead to positive effects
on the investment portfolios of investors. Since the revenues and earnings of
companies tend to rise at the same pace as inflation, then stocks provide protection
to inflation to a significant degree.

Rising process can be transferred to consumers. However, the globalization of the

market may lead to loss of competitiveness of companies that compete in the global
arena. Since inflation rates are not the same in foreign countries the rise will not be
reflected in the prices of foreign goods.

Inflation has another negative impact, namely the prices rise but no additional value
is added. This means that your dollars lose purchasing power and as a result you buy
less with the money you have than before.
Since revenues and earnings of companies rise at the same pace as inflation, their
financials are overstated, since no additional value is created.

However, when the inflation starts to fall to its normal levels, the overstated
earnings and revenues will decline as well. These ups and downs lead to blurring the
actual state of value.

In order to combat inflation, the Fed usually uses short term interest rates. Since the
interest rates are increased, it becomes more expensive to borrow money. As a
result borrowing is discouraged, which leads to less money in circulation.

Generally, inflation is defined as having too much money going after too few goods
and services. By discouraging borrowing and decreasing money in circulation, the
Fed manages to decrease the amount of money that chases goods.

Inflation Effects on Investment Portfolios

If your investment portfolio includes a big portion of fixed income securities you
should pay attention to inflation rates.

Most susceptible to rising inflation rates are retirees that have fixed income. This is
so since inflation decreases the purchasing power of dollars and retirees will be able
to purchase less with their money than before. So, many financial advisors
recommend the inclusion of stocks as part of their investment portfolios since they
protect against inflation.

Inflation will eat up the cash and cash equivalents that you hold. It is recommended
to invest in Treasury I Bonds and other fixed income solutions that represent a
hedge against inflation.

Therefore, you should be cautious about rising interest rates, since they can greatly
damage your investments.

To be a successful investor you need two main things - the knowledge and the right
trading platform.
For a trading platform we recommend you try Zecco .
Zecco offers free stock trades, no account minimum, real time quotes, trading
community, and is also insured and protected against loss by SIPC. Opening a
Zecco account to benefit from $0 Stock/ETF trading is a smart idea. Free stock
trades allow you to preserve more of your wealth and save money, which you can
invest instead of paying brokerage commissions.
When looking to save money on trades in order to have more to invest, you should
definitely check the promotion OptionsHouse is currently running. Open a new
account and get 100 free trades.
For knowledge we can highly recommend you subscribe to the The Wall Street
Journal .

Speculant

Tadi sore saya dikasih tau teman di Jakarta tentang saham TMPI. Hari ini, saham itu
turun 24.84%. Kalau Anda termasuk yang sial membeli saham itu beberapa menit
sebelum jatuh, mungkin Anda telah rugi 36.6% hanya dalam beberapa menit saja. Kalau
Anda membelinya dengan margin di harga itu, ruginya bisa berlipat lagi.

Apa itu saham gorengan? Mungkin definisi yang cukup realistis adalah saham yang
dijadikan ajang spekulasi sehingga pergerakan harganya seolah-olah terpisah dari faktor-
faktor fundamental perusahaan tersebut dan terpisah dari sentimen pasar secara
keseluruhan. Rumor selalu bertiup. Satu atau beberapa “bandar” dan kawanannya bekerja
sama untuk berusaha menggiring pergerakan saham. Biasanya, saham-saham yang
dipakai adalah saham yang bukan blue chips atau saham berkapitalisasi kecil dan
memiliki cerita yang menarik untuk dihembuskan. Saham blue chips sulit untuk digoreng
karena (a) jumlah saham yang beredar biasanya jauh lebih banyak sehingga sulit untuk
memonitor pergerakannya (b) pemiliknya bervariasi dari investor dalam negeri dan luar
negeri dan mungkin tidak tertarik goreng-menggoreng (c) mungkin tidak ada satu pun
pemegang mayoritas yang bisa berperan sebagai bandar.

Kalau Anda biasa melihat chart saham, mungkin Anda akan merasa ada yang aneh di
chart harian saham TMPI. Terlalu rapih dan teratur untuk sebuah harga saham yang tidak
dimanipulasi.

After the fact, mudah untuk berkomentar dan mungkin menjelaskan mengapa TMPI
jatuh. Before the fact (sebelum TMPI jatuh), sulit untuk memprediksi kapan saham ini
akan jatuh, kecuali kalau Anda masuk dalam inner circle di saham ini (the big boys atau
bandar). Saya tidak akan berspekulasi mengapa TMPI jatuh tadi sore.

Kalau Anda tidak masuk di dalam circle tersebut, menurut saya akan lebih bijaksana
untuk membatasi dana Anda di saham-saham seperti ini.

Kalau Anda berpikir bahwa stop loss order bisa mengurangi resiko Anda, coba lihat
betapa cepatnya harga jatuh (3 menitan). Stop loss Anda tidak akan efektif.
 Over the course of the past several decades, the term "investor" has been
used for anyone who owns a share of stock. It is important that you understand this is not the
case. When a person buys a stock, they are doing it as one of two people: either an investor
or a speculator.

What's the difference? An investor is someone who carefully analyses a company, decides
exactly what it is worth, and will not buy the stock unless it is trading at a substantial discount
to its intrinsic value. They are able to say, for example, that "Company 'X' is trading for $48
per share, but it is worth $62 per share." They make their investment decisions based on
factual data and do not allow their emotions to get involved. A speculator is a person who
buys a stock for any other reason. Often, they will buy shares in a company because they are
"in play" (which is another way of saying a stock is experiencing higher than normal volume
and its shares may be being accumulated or sold by institutions). They buy stock not on the
basis of careful analysis, but on the chance it will rise from any cause other than a recognition
of its underlying fundamentals. Speculation itself is not necessarily a vice, but its participants
must be absolutely willing to accept the fact that they are risking their principal. While it can
be profitable in the short term (especially during bull markets), it very rarely provides a
lifetime of sustainable income or returns. It should be left only to those who can afford to lose
everything they are putting up for stake.

Over the course of the past several decades, the term "investor" has been used for anyone
who owns a share of stock. It is important that you understand this is not the case. When a
person buys a stock, they are doing it as one of two people: either an investor or a speculator.

What's the difference? An investor is someone who carefully analyses a company, decides
exactly what it is worth, and will not buy the stock unless it is trading at a substantial discount
to its intrinsic value. They are able to say, for example, that "Company 'X' is trading for $48
per share, but it is worth $62 per share." They make their investment decisions based on
factual data and do not allow their emotions to get involved. A speculator is a person who
buys a stock for any other reason. Often, they will buy shares in a company because they are
"in play" (which is another way of saying a stock is experiencing higher than normal volume
and its shares may be being accumulated or sold by institutions). They buy stock not on the
basis of careful analysis, but on the chance it will rise from any cause other than a recognition
of its underlying fundamentals. Speculation itself is not necessarily a vice, but its participants
must be absolutely willing to accept the fact that they are risking their principal. While it can
be profitable in the short term (especially during bull markets), it very rarely provides a
lifetime of sustainable income or returns. It should be left only to those who can afford to lose
everything they are putting up for stake.

How do these two different types of activity affect stock price? The speculator will drive prices
to extremes, while the investor (who generally sells when the speculator buys and buys when
the speculator sells) evens out the market, so over the long run, stock prices reflect the
underlying value of the companies. If everyone who bought common stocks were an investor,
the market as a whole would behave far more rationally than it does. Stocks would be bought
and sold based on the value of the business. Wild price fluctuations would occur far less
frequently because as soon as a security appeared to be undervalued, investors would buy it,
driving the price up to more reasonable levels. When a company became overpriced, it would
promptly be sold. Speculators on the other hand, are the ones who help create the volatility
the value investor loves. Since they buy securities based sometimes on little more than a
whim, they are apt to sell for the same reason. This leads to stocks becoming dramatically
overvalued when everyone is interested and unjustifiably undervalued when they fall out of
vogue. This manic-depressive behavior creates the opportunity for us to pick up companies
that are selling for far less than they are worth.
This leads to a fundamental belief among value investors that although the stock market may,
in the short-term, wildly depart from the fundamentals of a business, in the long-run the
fundamentals are all that matter. This is the basis behind the famous Ben Graham quote "In
the short-term the market is a voting machine, in the long-term, a weighing one." Sadly,
some reject this basic principle of the stock market. Several months ago, I received an email
from a reader who asserted that "the economic fundamentals of a company have no relation
to the stock price." This is completely false. My response was a simple message that read "If
fundamentals don't matter, what if Coca-Cola never sold another bottle of Coke? How long do
you think the stock price would stay at its current level?" When put in this light, the folly of
the "fundamentals don't matter" becomes evident. The next time someone preaches this,
simply ask "what happens to the stock if the company can't make its payments and defaults
on its loans?" When they answer "it goes bankrupt", simply smile and walk away.
Fundamentals do matter.

Unfortunately, countless investors believe the myth this gentleman does. The perfect example
of this is the dot-com boom of the late 1990's. Companies that generated no profit and had
very little, if any, book value were selling at astronomical levels. "Surely this would prove that
fundamentals mean nothing," some would argue. On the contrary, it proves our point entirely.
Only a few short years after the initial stock market bonanza, the economic realities of these
companies came back to haunt them. Most fell 90% or more from their highs, with many more
going bankrupt, ultimately worth less than the paper their stock certificates were printed on.

Saham gorengan = penny stock

In the United States, a penny stock is a common stock that trades for less than five
dollars a share and is traded over the counter (OTC) through quotation services such as
the OTC Bulletin Board or the Pink Sheets. Although penny stocks are said to be "thinly
traded," share volumes traded daily can be in the hundreds of millions for a sub-penny
stock. Legitimate information on penny stock companies can be difficult to find and a
stock can be easily manipulated.[1]

Many new investors are lured to the appeal of a penny stock due to the low price and
perceived potential for rapid growth, which can appear to be occurring if the stock is
being promoted. However, severe loss can occur and many penny stocks lose all of their
value in the long term. Accordingly, the SEC warns that penny stocks are high risk
investments and new investors should be aware of the risks involved. These risks include
limited liquidity, lack of financial reporting, and fraud.[2]

Sudden changes in demand or supply of penny stock can lead to volatility in the stock
price up or down. A lack of liquidity can also make it extremely difficult to sell a stock,
particularly if there are no buyers that day. This can also make the stock extremely
difficult to short. Lack of liquidity and volatility also makes penny stocks much more
vulnerable to manipulation.

Secondly, unlike NASDAQ or the NYSE, there are only minimal requirements for a
stock to be quoted on the OTCBB, namely that they make their filings with the SEC on
time.[3] In fact, companies that fail to meet minimum standards on one of the broader
exchanges and are delisted often relist on the OTCBB or the Pink Sheets.
Furthermore, a stock trading on the Pink Sheets (recognizable with a .PK suffix) has little
to no regulatory or listing requirements whatsoever, at least compared to major markets.
There are no minimum accounting standards, change in notification of ownership of
shares, and reported other material changes affecting the financial viability of a company,
all of which are designed to protect shareholders.[3]

The SEC notes most of the same about Internet message boards, where fraudsters
claiming to be unbiased investors who've carefully done their due diligence may in fact
be company insiders, and that a single person or a small team can create the appearance
of a huge interest in a stock simply by creating a huge number of aliases, while banning
the most vocal or perceptive critics of these offerings.

Low-priced shares and micro-cap stocks are often relentlessly promoted as part of illegal
pump and dump schemes. The SEC[4] explains how it works:

"A company's web site may feature a glowing press release about its financial health or
some new product or innovation. Newsletters that purport to offer unbiased
recommendations may suddenly tout the company as the latest "hot" stock. Messages in
chat rooms and bulletin board postings may urge you to buy the stock quickly or to sell
before the price goes down. Or you may even hear the company mentioned by a radio or
TV analyst. Unwitting investors then purchase the stock in droves, creating high demand
and pumping up the price. But when the fraudsters behind the scheme sell their shares at
the peak and stop hyping the stock, the price plummets, and investors lose their money.
Fraudsters frequently use this ploy with small, thinly traded companies because it's easier
to manipulate a stock when there's little or no information available about the company."

Another fraudulent scheme is the sale of chop stocks in which shares acquired below
market under Regulation S are illegally sold to overseas or domestic retail investors.[5]

Other features penny stock scams include spam e-mails[6] and junk faxes[7] that tout
ludicrous and fraudulent claims, crooked newsletter writers who promote a stock for a
fee,[8] message boards swarming with "buy now!!!" postings about a stock from
anonymous, paid posters,[9] fake or misleading press releases issued by the company,[10] or
boiler rooms full of cold-callers targeting naive, elderly, or foreign buyers[11] all in
attempt to drive up the share price just before the insiders sell.[12]

A more recent outbreak of penny stock fraud is far more brazen, and is based mostly
overseas.[13] Organized crime gangs in Eastern Europe and Asia will acquire a large
number of shares of a moribund penny stock. Then, using passwords and logins to
electronic brokerages, such as E*Trade, stolen at public computer terminals in hotels and
elsewhere, they will then use the hijacked customer accounts to buy up shares, while at
the same time selling their own shares, draining the customer accounts and leaving their
victims holding thousands of shares of worthless penny stocks.
While not all stocks listed on the Pink Sheets or the OTCBB are fraudulent, one Business
Week article estimated that chop stocks alone "make up perhaps half the 85 million-share
daily volume of the OTC Bulletin Board.

Risk in the stock market is everywhere. Investing in the stock market is fraught with
worry, for good reason. If you lose half of your investment, you must double your return
to just breakeven. Warren Buffett, considered by many to be the world’s greatest
investor, states his first rule of investing is “do not lose money.” Unfortunately, the
risk in the stock market of losing your money is always a possibility. However,
without taking some risk there is no reward. Therefore, successful investors
employ stock market risk management strategies to minimize their losses.
Managing risk in stock market starts with
identifying the type of risk and taking action
to mitigate the impact of the risk on your
investment portfolio.
Risk in the stock market comes in many forms and each can lead to a loss. The

most common is the overall trend of the

market. Approximately 60 % of the move of
an individual stock is attributed to the trend
of the stock market. If the stock market is rising, it takes with it most
of the other stocks, though not in equal amounts. When the stock market falls, stocks sink
with it.

Another big risk in stock market lies with

owning an individual stock. While owning
the stock of a company can offer greater
rewards, it also entails the risk that
something might go wrong that can cut the
price of the company’s shares in half. It might be
news that sales have suddenly fallen due to a new competitor, or a product liability issue
has arisen. For whatever the reason, individual stocks are subject to risk associated to
them alone.
While there are other risks in the stock market, these encompass the vast majority of the
ones you will encounter. Fortunately, investors can employ several strategies as a part of
their stock market risk management program.

Are you looking to make and save enough cash for your retirement in the near future? Do
you have money idly waiting in your desk drawer? Do you feel that bank rates are just too
low to get a significant return on investment per year? Why not try something that is riskier,
and at the same time, will give you higher returns? I am not talking about simple stock
market trading. What I am talking about is using the diversification strategy in stock market
trading. It is not as complicated as you may think.

Before I start discussing the diversified strategy for stock trading, here’s a saying that I would
like you guys to keep in mind.

“Don’t put all your eggs in one basket”.

This strategy entails investing in different kinds of stocks that do not move together perfectly
in the fluctuations of the stock market. Thus, you get a diversified portfolio. When I say,
“stocks that do not move together”, I mean that the stocks that you should be investing in are
stocks that both are rise in price in economic booms and in recessions. These stocks should
be in different sizes and from many different industries.

You would probably tell me,

So that would mean that, even in normal markets or economic booms, you should also invest
in stocks that are relatively low during these times. Why? Are you crazy?

These stocks serve as a buffer so that when recession strikes, just like what happened a
couple of months ago, you won’t lose everything. By having a diversified portfolio, you
decrease the variability of your stock and thus reduce risk.

Two types of risk

There are actually two types of risk when it comes to trading in the stock market. The first
one is the market risk and the second one is diversifiable risk.

1.       The Market Risk is the risk that is common to all of the firms. Such risks are
recessions, when cost of goods rise, etc. This is the kind of risk that cannot be diversified
away even if you have diversified portfolios.

2.       The Diversifiable Risk is the risk that is unique to every firm. These risks include
labor strikes, bankruptcy, the manager running away with the company’s money etc. This
kind of risk can be diversified away when one has a diversified portfolio.

Some Benefits of having Diversified Portfolio

1.       Less Risk! That is the best benefit I could think of. The more stocks in your portfolio,
the more risk that is diversified away. 

2.       Assures you that even with the fluctuation in the stock market prices, your portfolio is
more secure than if you are only investing in one particular stock. You are given more
assurance that you are not wasting your money or are not throwing it all away.
Diversification is a strategy for reducing risk by spreading your money across different investments. It’s a fancy

way of saying, “Don’t put all your eggs in one basket.” But how do you go about divvying up your money and

distributing it among different investments? The easiest way to understand proper diversification may be to look

at what you should not do:

Don’t put all your money in just one stock. Sure, if you choose wisely and select a hot stock, you may make a

bundle, but the odds are tremendously against you. Unless you’re a real expert on a particular company, it’s a

good idea to have small portions of your money in several different stocks. As a general rule, the money you tie

up in a single stock should be money you can do without.

Don’t put all your money in one industry. I know people who own several stocks, but the stocks are all in the

same industry. Again, if you’re an expert in that particular industry, it could work out. But just understand that

you’re not properly diversified. If a problem hits an entire industry, you may get hurt.

Don’t put all your money in just one type of investment. Stocks may be a great investment, but you need to

have money elsewhere. Bonds, bank accounts, treasury securities, real estate, and precious metals are

perennial alternatives to complement your stock portfolio. Some of these alternatives can be found in mutual

funds or exchange traded funds (ETFs). Okay, now that you know what you shouldn’t do, what should you do?

Until you become more knowledgeable, follow this advice:

Only keep 20 percent (or less) of your investment money in a single stock.

Invest in four or five different stocks that are in different industries. Which industries? Choose industries that

offer products and services that have shown strong, growing demand. To make this decision, use your common

sense (which isn’t as common as it used to be). Think about the industries that people need no matter what

happens in the general economy, such as food, energy, and other consumer necessities.

Stock market provides the same chance for investors to take their return, but so many
investors can’t earn enough returns and lose money, why? Because they don’t know what
is risk management and don’t use it.

What is Risk Management?

Risk management is the process of measuring, or assessing risk and then developing
strategies to manage the risk while attempting to maximize returns. Typically involves
utilizing a variety of trading techniques, models and financial analyses.

The potential return from any investment is generally depending to the amount of risk the
investor is willing to assume.

Investors will not take on greater risks without the possibility of higher earnings. This is
called the risk premium.

Common types of Risk

There are two common risks that investors should notice them well:

Market Risk: The possibility that the value of financial markets rise or fall.

Inflation Risk: The risk that rising prices of goods and services over time, Inflation risk is
also known as ‘purchasing-power risk’ and it is one of the most important factors for
long-term investing.

You can’t control the inflation risk, but with a good strategy you can manage and control
the affect of market risk on your stocks.

A professional trader always tries to understand and control portfolio risk. Before
entering into any trade, good traders first think about how much risk to take and how
much risk exposure comes with a particular trade selection. Only then do they allow
themselves to think about how much profit they stand to make.

Prudent investors always close their position and exposure if they determine that a
portfolio carries too much risk.

Risk Management for a Trade

1- Before you decide to trade consider to these fundamental principles:

2- Before you trade a stock, know how much you are willing to lose.

3- Check the stock to be sufficiently liquid, can you buy or sell promptly?

4- Determine the cut-loss level before trading.

5- Determine your profit target (take-profit-level).

6- Buy the stock only at an acceptable price level. Use a limit order when you buy a
stock.
7- Immediately after the trade has been confirmed, enter the stop-loss-at- market order at
your predetermined stop-loss level.

8- Take profit when the trade reaches your profit target.

For example: so many traders determine their cut-loss level 2% of their capital and they
call it 2% rule. If you own 1000 shares of X at $100 with a $2 stop loss order in place,
your risk is: $2 * 1000 = $2,000. So long as you have capital amounting to at least
$100,000 on hand, you would not be considered to be in breach of this “rule”.

Portfolio Risk Management

Whit managing the risk of each trade your portfolio risk will be well under control and
you manage your portfolio risk actively, but to control your portfolio risk management
better notice to this pointes:

1- Determine your overall cut-loss level. Usually your portfolio should not lose more than
10% of your capital.

2- Diversify your investment in at least six or more different stocks.

3- Know your overall risk tolerance before building up the portfolio.

4- Act quickly when you see your risk limits exceeded.

5- Close out the entire portfolio if it loses to your overall stop-loss level.