First listen and then answer the following question.
听录音,然后回答以下问题。
How does the older investor differ in his approach to investment from the younger investor?
There is no shortage of tipsters around offering‘get-rich-quick’opportunities. But if you are a serious proper‘portfolio’----a well-planned selection of investments, with a definite structure and a clear aim. But exactly how does a newcomer to the stock market go about achieving that? Well, if you go to five reputable stock brokers and ask them what you should do with your money, you're likely to get five different answers,----even if you give all the relevant information about your age, family, finances and what you want from your investments. Moral? There is no one‘right’way to structure a portfolio. However, there are undoubtedly some wrong ways, and you can be sure that none of our five advisers would have suggested sinking all(or perhaps any) of your money into Periwigs*.
So what should you do? We'll assume that you have sorted out the basics----like mortgages, pensions ,insurance and access to sufficient cash reserves. You should then establish your own individual aims. These are partly a matter of personal circumstances, partly a matter of psychology.
For instance, if you are older you have less time to recover from any major losses, and you may well wish to boost your pension income. So preserving your capital and generating extra income are your main priorities. In this case, you'd probably construct a portfolio with some shares(but not high risk ones), along with gilts, cash deposits, and perhaps convertibles or the income shares of split capital investment trusts.
If you are younger, and in a solid financial position, you may decide to take an aggressive approach----but only if you're blessed with a sanguine disposition and won't suffer sleepless nights over share prices. If you recognize yourself in this description, you might include a couple of heady growth stocks in yourportfolio, alongside your more pedestrian investments. Once you have decided on your investment aims, you can then decide where to put your money. The golden rule here is spread your risk----if you put all of your money into Periwigs International, you're setting yourself up as a hostage to fortune.
* Periwigs' is the name of a fictitious company.
INVESTOR'S CHRONICLE, March 23 1990
New words and expression生词和短语
portfolio(title)[pɔ:tˈfəuljəu]n.投资组合
tipster(1.1) ['tipstə] n.(以提供证券投机等内部消息为生的)情报贩子
priority(11.14-15)[prai'ɔriti] n.优先权
gilt(1.16)[gilt] n.金边证券(高度可靠的证券)
Las Vegas(1.2)n.拉斯韦加斯
convertible(1.16)[kən'və:təbl] n.可换证券
fritter(1.2)['fritə] v.挥霍,浪费
sanguine(1.18) ['sæŋgwin] adj.乐观的
reputable(1.5)['repjutəbl] adj.享有声望的
heady(1.19)['hedi] adj.令人陶醉的
broker(1.5)['brə n.经纪人
alongside(1.20)[əˈlɔŋˈsaid] prep.在……旁边,和…一起
finance(1.7) [fai'næns]n.资金,财源
mortgage(1.10)['mɔ:gn.抵押贷款
pedestrian(1.20)[pi'destriən] adj.平淡无奇的,乏味的
pension(1.10)/'penʃən/ n.养老金
Notes on the text 课文注释
1 go about, 从事,做。
2 Periwigs, 是一个假想中公司的名字。
3 the basics, 这里指基本情况,基本要素。
4 If you recognize yourself in this description, 如果你觉得你的情况是这样的话。
Refer to the text to see how the following words have been used, then write sentences of your own using sufficient cash reserves(1.11); personal circumstances(1.12); preserving your capital(1.14); pedestrian(1.20).
Summary摘要
Drawing your information from the whole passage, give advice to a new investor(young or old). Do not write more than 100 words. Use your own words as far as possible. Your answer should be in one paragraph.
Composition作文
Write a composition on one of the following subjects:
1 Saving and spending.
2‘Fear and greed are the driving forces of those who invest in stocks and shares.’Discuss.
3 Many people get hurt in a capitalist system.
Key structures关键句型
A Supply, a or the only where necessary in the following piece. Do not refer to the passage until you have finished the exercise:
There is no shortage of tipsters around offering____‘get-rich-quick’opportunities. But if you are____ serious private investor, leave____ Las Vegas mentality to those with____ money to fritter. _____serious investor needs_____ proper‘portfolio’----,_____well-planned selection of investments with _____definite structure and_____ clear aim. But exactly how does_____ newcomer to_____ stock market go about achieving that?
Well, if you to five reputable stock brokers and ask them what you should do with your money, you're likely to get_____ five different answers,----even if you give all_____ the relevant information about your age,_____ finances and what you want from your investments. Moral? There is no one‘right’way to structure _____portfolio. However, there are undoubtedly some wrong ways, and you can be sure that none of our five advisers would have suggested sinking all(or perhaps any) of your money in Periwigs.(11.1-9)
B Complete these sentences. Do not refer to the passage until you have finished the exercise.1 But if you are a serious private investor____(11.1-2)
2 If you go to five reputable stock brokers____(1.5)
3 You're likely to get five different answers----even if____(11.5-6)
4 If you are older____(1.13)
5 If you are younger____(1.17)
6 If you recognize yourself in this description____(11.18-19)
7 If you put all of your money into Periwigs International____(11.21-22)
Special difficulties难点
Supply any, some or no in the following sentences. Do not refer to the passage until you have finished the exercise:
1 There is____ shortage of tipsiers around offering‘get-rich-quick’ opportunities.(1.1)
2 There is____ one‘right’way to structure a portfolio.(11.7-8)
3 There are undoubtedly____ wrong ways(to structure a portfolio)(1.8)
4 If you are older, you have less time to recover from ____major losses.(1.13)
5 You'd probably construct a portfolio with ____shares along with gilts.(11.15-16)
Multiple choice questions多项选择题
Choose the correct answers to the following questions.
Comprehension 理解
1 The writer distinguishes between serious investors and ____.
a.people who gamble at Las Vegas
b.private investors
c.those who want to make money fast
d.newcomers to the stock market
2 If you want to invest money seriously, you ____.
a.should get at least five opinions
b.should put all your money into a young company
c.won't find it easy to decide, even with good advice
d.should make sure you have sufficient funds after meeting all your other expenses
3 Priorities for investment largely depend on ____.
a.how quickly you want to make a lot of money
b.your age and circumstances
c.how much money you have available for investment
d.how much income you expect from your investments
4 According to the writer, different financial advisers would probably agree that you ____.
a.should select stocks that will grow in value
b.will have sleepless nights whatever you decide
c.shouldn't‘put all your eggs in one basket’
d.should understand your personality very well
Structure句型
5 There are____ tipsters around offering‘get-rich-quick’ opportunities.(1.1)
a.many of
b.a lot
c.plenty of
d.much
6 If you _____ them, none of our five advisers would have suggested sinking all your money into Periwigs.(11.8-9)
a.would ask
b.ask
c.had asked
d.will ask
7 The younger you are _____ time you have to recover…(1.13)
a.the extra
b.more
c.the more
d.the less
8 You might include a couple of heady growth stocks_____ with your more pedestrian investments.(1.20)
a.apart
b.beside
c.as well as
d.side by side
Vocabulary 词汇
9 Leave the Las Vegas mentality to those with money to _____.(1.1)
a.scatter
b.waste
c.invest
d.gamble
10 We'll assume that you've ____of the basics.(1.10)
a.taken care of
b.ordered
c.discharged
d.differentiated
11 You may well wish to____ your pension income.(11.13-14)
a.increase
b.facilitate
c.establish
d.replace
12 If you're blessed with a more ____disposition…(1.18)