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Effective Investment Strategies : Understanding The Investment
Process and Types of Securities
1

2

Miryam Alawiyah , Rega Ababil , Atikah

3

Departemen of Magister Manjamen, Institut Teknologi dan Bisnis Widya Gama Lumajang, Indonesia1,2,3
Corresponding Author: regaababil987@gmail.com

ARTICLE INFO

ABSTRACT

Date of entry:
27 April 2024

The aim of this research is to find out the investment process and
types of securities. This research is qualitative research using the
library research method. From this research, it can be concluded
that the results of the analysis regarding the investment process
show that investors start by understanding the basic concepts of
investment, especially regarding the correlation between the
expected level of return and investment risk. The investment
decision making process is carried out by considering the tradeoff between risk and return, which influences investment
allocation in ordinary shares, bonds and other instruments.

Revision Date:
15 May 20224
Date Received:
28 May 2024

Keywords: Beginners Investors, Investment, Securities.
Cite this as: xxx

INTRODUCTION
Background
In the midst of ever-changing global economic dynamics, the challenges of managing personal
finances and planning for the financial future are increasingly complex. Investment is one of the
main keys to achieving long-term financial goals, such as saving for retirement funds or achieving
wealth. But for many individuals, the world of investing can often seem very complicated and
intimidating. Investment according to Haming and Basmalah (in Ferdiani, 2019) is an act of
purchasing assets in the present to obtain greater income in the future . Investment can generally
be interpreted as the act of investing capital with the hope of gaining profits in the future .
Investments often involve quite large amounts of money , such as investing in a company.
However, public understanding of investment is still limited, even though there are actually
various types of investment available to consider.
Investing is an important step in successful financial planning. But understanding the investment
process and the types of securities available is key to making informed decisions and managing
risk wisely. When faced with a variety of investment options and the risks involved, it is important
for every investor to have a solid understanding of effective investment strategies. Understanding
the investment process and the various types of securities available can help investors make wise
investment decisions and minimize risks. In this article, we will take an in-depth look at effective
investment strategies. We will help readers understand the important steps in the investing process,
from setting investment goals to monitoring portfolio adjustments. In addition, we will also
explain the different types of securities available, from stocks and bonds to mutual funds and
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ETFs, so readers can choose investments that suit their risk profile and financial goals. With a
solid understanding of balanced investment strategies and directing themselves towards achieving
long-term financial goals. From this research it can be concluded that
Background
In the midst of ever-changing global economic dynamics, the challenges of managing
personal finances and planning for the financial future are increasingly complex. Investment is one
of the main keys to achieving long-term financial goals, such as saving for retirement funds or
achieving wealth. But for many individuals, the world of investing can often seem very
complicated and intimidating. Investment according to Haming and Basmalah (in Ferdiani, 2019)
is an act of purchasing assets in the present to obtain greater income in the future . Investment can
generally be interpreted as the act of investing capital with the hope of gaining profits in the future
. Investments often involve quite large amounts of money , such as investing in a company.
However, public understanding of investment is still limited, even though there are actually
various types of investment available to consider.
Investing is an important step in successful financial planning. But understanding the
investment process and the types of securities available is key to making informed decisions and
managing risk wisely. When faced with a variety of investment options and the risks involved, it is
important for every investor to have a solid understanding of effective investment strategies.
Understanding the investment process and the various types of securities available can help
investors make wise investment decisions and minimize risks.
In this article, we will take an in-depth look at effective investment strategies. We will help
readers understand the important steps in the investing process, from setting investment goals to
monitoring portfolio adjustments. In addition, we will also explain the different types of securities
available, from stocks and bonds to mutual funds and ETFs, so readers can choose investments
that suit their risk profile and financial goals. With a solid understanding of balanced investment
strategies and directing themselves towards achieving long-term financial goals. From this
research it can be concluded that
Literature review
1. Investment
According to Dedy Setyawan (2020) investment is a commitment to a certain amount of funds
or other resources made at this time, with the aim of obtaining a number of profits in the future.
Investment is regulated in the Financial Accounting Str Statement (PSAK No. 13), investment
is an asset used by a company for the growth of wealth ( accreation of wealth ) through the
distribution of investment returns (such as interest, royalties, dividends and rent), for value
appreciation. investment or for other benefits for the investing company such as benefits
obtained through trade relations. From this definition it can be concluded that investment is the
act of postponing current expenditure in a certain amount and for a certain period of time by
placing funds in assets that are considered efficient by investors, the aim is to obtain future
profits in accordance with the expected rate of return and the investment period that has been
made. determined.
Parties involved in investment activities are often referred to as investors. There are two types
of investors in general, namely individual investors and institutional investors. Individual
investors consist of people who invest personally. Meanwhile, institutional investors include
entities such as insurance companies, banks, financial institutions, pension funds and
investment companies. They usually collect funds from their members or customers to be used
as capital in investments, such as investing in mutual funds, shares or bonds. In investment
activities, investment is generally known in two forms, namely: (1) real investment , which
means real investment which generally involves tangible assets such as land and machinery. Or
a factory. (2) financial investment , which is a financial investment involving written contracts,
such as common stock and bonds . The difference between investment in real investment and
financial investment lies in the level of liquidity. Investments in real investments tend to have
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lower liquidity because they involve long-term commitments between the investor and the
company, making them more difficult to resell.
2. Investment Objectives
As explained in the opening paragraph, every individual is principally involved in investment
activities, whether with full awareness or not. The investments made vary from one individual
to another , including investments in education, health protection, savings, and various other
forms of investment. People's goal in investing is basically to develop the funds they have or
hope for future profits. In general, the objective of investment is to seek profit, but for certain
companies there may be other main objectives besides seeking profit. However, specifically,
the investment objectives are:
1. To get a better life in the future.
This situation is stated as an effective wealth management activity to protect wealth. So, the
value of current wealth can be increased or at least maintained in order to achieve a more
decent/prosperous life in the future.
2. Reduce the impact of inflation
The decline in wealth value basically occurs due to inflation. However, you can work
around reducing inflationary pressure by making investments that can also avoid the risk of
the impact of inflation. Example: if the bank interest rate is 5% per year and the inflation
rate is 10% per year, then the amount of our money will increase because of the interest
rate. But in terms of the value or purchasing power of money, our money has decreased
roughly by around 5%. Therefore, to anticipate this by investing with an interest rate of
more than 10% or at least the same as the inflation rate.
3. Reducing uncertainty ( uncertainly )
The future is an uncertain time. Everyone will not know for sure what will happen in the
future. However, changes will definitely occur in the future. So by investing, investors have
the opportunity to reduce uncertainty or change direction which can reduce their
wealth/welfare to a greater extent. At least the risk of losses that arise can be reduced.
4. Opportunity to save on Tax payments
Several countries in the world have implemented policies that encourage the growth of
investment by providing incentives to reduce/save tax payments for every investor who
wants to contribute their wealth/funds to certain investment fields. Especially in sectors that
are able to absorb a large number of workers.
3. Capital market
The capital market is an organized financial system, including commercial banks and all
intermediary institutions in the financial sector, as well as all securities in circulation (Decree
of the Minister of Finance No. 154, 1990). In a narrow sense, the capital market can be
interpreted as a meeting between parties who have excess funds ( investors/savers ) and parties
who need funds by buying and selling securities. Thus, the midal market can also be
interpreted as a market for buying and selling securities which generally have a maturity of
more than one year, such as shares and bonds. Meanwhile, the place where buying and selling
of securities occurs is called the stock exchange. Therefore, the stock exchange is the meaning
of the physical capital market.

METHODS
The method used in this research is a literature review ( library research ). Researchers use
primary data sources in the form of Financial Management books, discussing the investment
process and types of securities as a basis for understanding when investing. Collecting data using
note-taking techniques is the technique used by researchers. In data analysis, researchers used
content analysis. This technique involves the process of reading, categorizing, and analyzing
information contained in relevant library sources. Researchers will identify themes or patterns that

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emerge in the literature, compare and contrast findings from various sources, and describe and
interpret findings holistically.

RESULTS AND DISCUSSION
Investment Process
The investment process includes an analysis of the basic nature of the steps taken in making
investment decisions and the organization of activities in the decision-making process. Every
investor usually starts by understanding the basic concepts of investment, which will become the
basis for every investment decision taken. Basic understanding in the investment decision making
process is understanding the correlation between the expected level of return and the risk of an
investment. In general, the correlation between risk ( risk ) and returns The anticipated ( return )
from an investment is a parallel and linear relationship. This means that the higher the risk of an
investment, the higher the level of return expected from that investment, and vice versa. Ordinary
shares generally offer much greater returns than savings and bonds . The question is, should all
investors allocate their investments to ordinary shares to achieve higher returns? To get high
returns, investors must be willing to face high risks. Thus, there is a linear relationship between the
desired return and the risk that will occur. Therefore, the main consideration in the basic principles
of investment is the trade-off between risk and return. So investors should not only focus on
securities with high returns, but also consider combining them with securities that provide lower
returns as a strategy to manage the risks they face.
Basis for Investment Decisions
The main basis for making investment decisions is to achieve a balance ( trade-off ) between risk
and return. The investment decisions taken by investors are often closely related to the way they
respond to risk. Basically, most individuals do not like or avoid risk, so most investors try to
achieve optimal returns with minimal risk or even no risk at all. This kind of investor behavior
pattern is known as a risk averse investor . The investment decision making process is usually
based on the maximin criterion .
On the other hand, there is also a type of investor known as a risk taker investor , namely an
investor who dares to face risks. These investors tend to choose optimal returns, even if that means
taking high risks. These investors use a decision-making criterion known as the maximax criterion
.on the other hand , from the two groups of investors who have opposite approaches in making
investment decisions, there is also investor behavior that is more realistic. Investors like this are
known as risk neutral investors , who are in the middle between risk averse and risk taker . This
group of investors will be willing to take risks to a certain extent, taking into account various
factors that influence future investments. Therefore, investment decisions taken are based on
realism criteria .
Below we will discuss each of the basic investment decisions.
1. Yield ( return )
The main goal of individuals in investing is to make a profit. In the context of investment
management, investment profit is known as return. It is natural for investors to demand a
certain level of return from the funds they have invested. The return expected by investors
from their investment is a replacement for opportunity costs and the risk of decreasing
purchasing power caused by inflation. Of investment management, it is necessary to distinguish
between expected returns and realized returns . Expected return is the level of return projected
by investors in the future. Meanwhile, actual return is the level of return that investors actually
get. When an investor invests their funds, they usually expect a certain level of return.
However, after the investment period has passed, investors will face the actual level of return
received. There is a possibility of a difference between the expected level of return and the
actual level of return obtained by investors from the investment that occurs. This difference is a
risk that needs to always be considered in the investment process. Therefore, apart from paying
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attention to the level of return, investors must also always consider the level of risk of an
investment.
2. Risk _ _
It is natural for investors to want high returns from their investments. However, the most
important thing that must always be considered is how much risk the investment must bear. In
general, the greater the risk, the higher the expected level of return. The excess of stock returns
over bond returns is also known as equity premium . One of the factors that causes the equity
premium phenomenon is the fact that stock risk is higher than bond risk. Risk can be
interpreted as the possibility that the actual return from an investment will be different from the
expected return. In economics in general and especially in investment science, there is an
assumption that investors are rational individuals. Rational investors will not like uncertainty
or risk which are usually categorized as risk averse investors . Investors like this will not be
willing to bear the risk of an investment if the expected return is not commensurate with the
risk that the investor must bear.
3. Balance between expected returns and risk
The balance ( trade-off ) between expected returns and risk can be depicted as shown in Figure
1.1. What is clearly seen is the position of the expected return and risk of each financing
asset/security that can be traded on the financial markets. Investors can reach all positions on
the expected risk-return spectrum as seen in Figure 1.1.
The RF to B line is the balance line ( trade-off ) between expected returns and risks available to all
investors interested in transacting on financing assets. This balance line has a positive slope
because the vertical axis is the expected return, where rational investors will not be willing to bear
greater risk, unless they obtain return compensation large enough to face the additional risk, even
though there is none. assurance that these additional returns will be realized. Thus, the balance (
trade-off ) that occurs is that an increase in each unit of risk will be followed by a certain amount
of return expected by investors. So the line RF to B has a positive slope and along this line is the
best point for investors to make investments which will form a security market line .
The RF point is the risk-free return on government-issued financing assets such as State Treasury
Certificates or Treasury Bills. Based on applied results and in the standard sense, the expected
return from risk-free securities is the same as the actual return obtained by investors so that the risk
level = 0. This condition can be seen from the actual return obtained which is the same as the
expected return. results on the Bank Indonesia Certificate (SBI).

Source: Jones, et al, 2009 (processed)
Figure 1.1Balance ( trade-off ) between Expected Returns and Risk
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Figure 1.1 shows the relative position of several forms of financing assets, where the expected
returns on corporate/private bonds are relatively higher compared to government bonds. Although
if we look further, it turns out that the expected returns on shares are greater than mutual funds and
corporate bonds. Of course, it can be seen that ordinary shares also have a higher level of risk. At
the same time , the risk of futures contracts apparently provides a higher risk burden compared to
options, both Put and Call options. So it is very natural that investors want higher returns as
compensation for the additional risks they will face. The most important thing from Figure 1.1
shows that the balance between the expected results and the risks to be faced must take place in a
rational environment. Investors will not be willing to bear high risks by accepting returns at the
risk-free rate, at the RF point. If investors wish to obtain higher expected returns, they must be
willing to assume a greater level of risk, as with the financing asset investment options available
on the market. Considering that each investor has a different risk tolerance, as previously stated in
making investment decisions, each investor will have their own balance (trade-off) in expected
returns and risk.
Investment Decision Process
The investment decision process is a continuous decision process (going process). The investment
decision process consists of five decision stages that run continuously until the best investment
decision is reached. The investment decision stages include five decision stages, namely (see
Figure 1.2) as follows:
a. Determination of investment objectives
The initial stage in the investment decision making process is determining the investment goals
to be achieved. Investment objectives can vary depending on the investor making the decision.
For example, a pension fund may have a goal of accumulating funds to pay for its clients'
future pensions, and therefore may choose to invest in a portfolio of mutual funds because they
are expected to provide stable income compared to stocks. Meanwhile, depository institutions
such as banks may have a goal of achieving returns that exceed the investment costs they incur.
They tend to choose investments in liquid securities or in credit distribution that is risky but
promises high returns.
b. Determining investment policy
The second stage in this process involves creating policies to achieve predetermined
investment objectives. This stage begins with making decisions regarding asset allocation (
asset allocation decision ), which involves distributing investment funds among the various
available asset classes, such as shares, bonds, real estate, or foreign securities. Investors also
need to consider various limitations that influence investment policies, such as the amount of
funds available, the desired allocation of funds, as well as the tax obligations and reporting
requirements that must be met.
c. Selection of portfolio strategy
The selection of portfolio strategy must be consistent with the previous two steps. There are
two portfolio strategy options to choose from, namely active portfolio strategy and passive
portfolio strategy. Active portfolio strategies involve the active use of available information
and forecasting techniques to seek optimal portfolio combinations. On the other hand , a
passive portfolio strategy involves investing in a portfolio that tracks the performance of a
market index. The assumption behind passive strategies is that all available information has
been absorbed by the market and reflected in stock prices.
d. Asset selection and portfolio formation
After the portfolio strategy has been determined, the next step is to choose the assets that will
be included in the portfolio. This process involves evaluating each potential security for
inclusion in the portfolio. The aim of this step is to find an efficient portfolio combination,
which means the portfolio can provide the highest level of expected return with a certain level
of risk, or vice versa, provide the lowest level of risk with a certain level of expected return.
e. Portfolio performance measurement and evaluation
This stage is the final stage in the investment decision making process. However, it is
important to remember that the investment decision process is a continuous and continuous
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process. This means that if the results of performance measurement and evaluation show
unsatisfactory results, the investment decision making process must be started again from the
initial stage, and so on until the most optimal investment decision is reached. This performance
measurement and evaluation stage involves assessing portfolio performance and comparing it
with the performance of other portfolios through a benchmarking process. This benchmarking
process is usually carried out by comparing portfolio performance with a market index, to
assess how well the performance of a predetermined portfolio is compared to the performance
of other portfolios (market portfolios).
The following is a picture showing the five stages in the investment decision process. In this
figure it can be seen that the stages in the investment decision process are a continuous process
( on going process ), consisting of five decision stages that run continuously.

Figure 1.2 Investment Decision Process
TYPES OF SECURITIES
Securities traded in capital markets are often referred to as market instruments. These capital
market instruments include shares, bonds, mutual funds and derivative instruments such as options
and futures contracts. Each of these securities provides different returns and risks.
Share
Shares are a document that records share ownership in a company, which indicates ownership of
the assets of the company that issued the shares. Therefore, shareholders have the right to receive a
share of the company's net income after deducting retained earnings, which is often referred to as
free net cash flow . This free net cash flow is then distributed to shareholders in the form of cash
dividends. Shares can be divided into preferred shares and common shares . Preferred shares are
financial instruments that combine the characteristics of bonds and ordinary shares because they
provide fixed income like bonds, but also provide ownership rights like ordinary shares. Preferred
stockholders have rights to the company's earnings and assets after payment of obligations to
bondholders and debt, before common stock gets its rights. However, unlike ordinary shares,
preferred shares do not give their holders voting rights to elect the company's directors or
management.
Ordinary shares are a type of security that shows that shareholders have ownership rights to
company assets. Therefore, ordinary shareholders have voting rights to elect directors and
company management and participate in important company decision making through the General
Meeting of Shareholders (GMS).
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Investors who buy shares have two opportunities in their investment. First, they can earn
dividends, which is free net cash flow distributed by the company for each share owned by
investors. Second, they can obtain the difference between the acquisition price of the shares and
the current market price of the shares. If the difference is positive, the investor will get a capital
gain , namely an increase in capital. Conversely, if the difference is negative, investors will
experience capital loss , namely a decrease in capital. Furthermore, if investors sell shares with
realized capital gains , they will gain profits as positive actual returns. However, if they sell shares
with a realized capital loss, they will experience a loss as a negative actual return.
Bond
Bonds are a type of security that promises a fixed income to its holder. When buying bonds,
investors can know with certainty the amount of interest payments they will receive periodically
and the amount of repayment of the par value when the bond matures. However, bonds are not
risk-free because it is possible that the bond issuer may not be able to repay the funds due to
financial failure. Therefore, investors must be careful in choosing the bonds they will buy. For this
reason, investors need to pay attention to the bond rating because it shows the level of risk and
quality of the bond based on the performance of the company that issued it. Interest payments from
bonds depend on the coupon size set by the bond issuer. Usually, each bond has a coupon with a
predetermined amount and payment schedule. However, there is one type of bond that does not
pay coupons, which is known as a zero coupon bond . In this type of bond, the issuer does not pay
interest periodically, but the buyer will purchase the bond at a price below the par value (discount
price), and at maturity, will receive the par value without a discount. This price discount when
purchasing bonds is an advantage for the buyer.
Apart from that, there are other types of bonds, such as those that have provisions for payment by
the issuer before maturity ( call provisions ) and those that can be exchanged for a number of
shares (convertible bonds). On the one hand, paying off bonds before maturity can benefit the
bond issuer when interest rates decrease. The explanation is as follows. When market interest rates
fall, bond coupons can become higher than market interest rates, which will be detrimental to the
issuer because the company will have to pay higher interest. If the company chooses to pay off the
bonds at that time (before maturity), then the company will avoid these losses. On the other hand,
investors will experience losses if the issuer decides to pay off the bond when the bond's market
price is higher than the par value. Therefore, when paying off a bond before maturity, the issuer
must pay certain additional costs, such as call premium and administrative costs.
Mutual funds
Mutual funds are an investment option offered to investors who may not have sufficient time,
knowledge or skills, or may have limited capital to manage their own investments, especially in
dealing with investment risks . In this case, a mutual fund is a certificate that shows that the mutual
fund holder has submitted a certain amount of funds to the mutual fund company to be invested in
the money market and/or capital market by an investment manager. The collected funds will then
be managed as a portfolio that is considered diversified and profitable by the investment manager.
Mutual funds can be divided into two, namely closed- ended mutual funds and open-ended
mutual funds . In closed mutual funds, once the funds collected reach a certain amount, the mutual
fund will be closed. Thus, investors cannot withdraw the funds they have invested. Meanwhile, in
open mutual funds, investors have the flexibility to deposit or withdraw their funds at any time as
long as the mutual fund is still operating. This means that investors can resell mutual fund units
that they have purchased, or mutual fund companies can buy back mutual fund units that investors
have sold.
Based on the institutional structure, mutual funds can be divided into mutual funds in the
form of a company ( company type ) and in the form of a collective investment contract (
contractual type ). In the case of Indonesia, corporate mutual funds consist of open and closed
mutual funds. Meanwhile, mutual funds in the form of collective investment contracts only consist
of open-ended mutual funds. Another difference between corporate structured mutual funds and
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collective contracts is that investment contract mutual funds are not traded on the secondary
market, so investors do not own shares. However, in corporate structured mutual funds, investors
will obtain shares that can be traded on the secondary market. Currently, in Indonesia, collective
contract type mutual funds are more common than company type mutual funds.
The benefits obtained by mutual fund holders are as follows:
a. Formation of an investment portfolio indirectly.
b. Receive dividends or interest from mutual fund companies.
c. Obtain profits from sales of mutual fund portfolios.
d. Obtain an increase in net asset value (NAV) through selling mutual funds in the secondary
market or reselling them to the mutual fund company that issued them.
Derivative Instruments
Derivative instruments are securities whose value is a derivative of another security so that the
value of the derivative instrument is very dependent on the price of the other security which is set
as a benchmark. There are several types of derivative instruments, including warrants , proof of
right issues ), options , and futures .
a. Warrants
Is an option issued by a company to purchase shares in a predetermined quantity and price
within a certain period of time, usually several years. The issuance of warrants is usually
attached to other securities such as shares or bonds to attract more interest from investors.
Warrants are often referred to as "sweeteners" for the issuance of shares or bonds.
b. Rights Issue
Is a derivative instrument derived from shares. A rights issue gives the owner the right to buy a
number of new shares issued by the company at a certain price. Rights issues are generally
limited to existing shareholders. The company issues a rights issue with the aim of not
changing the proportion of shareholder ownership and reducing issuance costs resulting from
the issuance of new shares.
c. Option
It is the right to sell or buy a certain number of shares at a predetermined price. Options can be
call options or put options . A call option gives the owner the right to buy a specified number
of shares and a certain price within a specified time period. On the other hand, a put option
gives the right to sell designated shares at a certain price and quantity within a predetermined
time period so that the issuer and option buyer have different expectations. In a call option, the
issuer expects the share price to fall while the buyer expects the share price to rise at
expiration. Meanwhile, in a put option , the issuer expects the share price to rise while the
buyer expects the share price to fall at expiration.
d. Futures
Futures is a standardized contract agreement that binds both parties to make or deliver a certain
number of commodities, at a certain quality level, at a price level that has been
agreed/negotiated when the contract is made. Thus, there is a real difference between options
and futures , because options are only a right, not an obligation, as in futures , which have
obligations that must be carried out/executed at maturity.

CONCLUSION
The results of the analysis regarding the investment process show that investors start by
understanding the basic concepts of investment, especially regarding the correlation between the
expected level of return and investment risk. The investment decision making process is carried
out by considering the trade-off between risk and return, which influences investment allocation in
ordinary shares, bonds and other instruments. Investors need to consider that common stocks offer
high returns but also high risks, while bonds provide lower returns but more stable risks. The

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importance of achieving a balance between expected returns and risk is reflected in the decisionmaking criteria of investors, whether they tend to be risk averse, risk taker or risk neutral.
The investment decision process consists of five continuous stages, starting from determining
investment objectives, determining investment policy, selecting a portfolio strategy, selecting
assets and forming a portfolio, to measuring and evaluating portfolio performance. Each stage
requires careful thought and a deep understanding of the investor's goals and preferences, as well
as the current financial market conditions. The stage of determining investment objectives is an
important starting point, because it will influence the entire subsequent investment decision
process. Apart from that, selecting assets and forming a portfolio is also a crucial stage in
achieving investment goals, because it determines an efficient combination of assets to achieve the
expected level of return with risks that are acceptable to investors. Thus, the investment decision
process becomes the basis for a successful and effective investment strategy.

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Budiman, Raymond. 2017. Stock Analysis Techniques and Investment Strategies for Beginners.
Jakarta: Publisher PT Elex Media Komputindo.
Herlianto, Didit. 2013. Investment Management Plus Tips for Detecting Fraudulent Investments.
Yogyakarta: Gosyen Publishing.
Paningrum, Destina. 2022. Capital Market Investment Reference Book. Kediri: publisher of the
Brahmanda Lentera Chakra Institute.
Pustpitaningtyas, Zarah. 2014. Investor Behavior in Making Investment Decisions in the Capital
Market. Jember State University Repository.
Tandelilin, Eduardus. 2010. Portfolio and Investment. Yogyakarta: Karnisius.

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