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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。

参考译文

我们周围不乏情报贩子，向人们提供迅速发财致富的机遇。但是，如果你是一个认真的私人投资者，就把拉斯韦加斯的心态留给那些有钱可供挥霍的人。认真的投资者需要一份正规的投资组合表——一种计划很周密的投资选择，包括你的投资结构和明确的目标。但是，一个股票市场的新手又如何能做到这一点呢？

如果你去向5位有威望的股票经纪人咨询，询问你应该如何使用你的资金，你很可能得到5种不同的答复，即便你提供了所有关于你的年龄、家庭、财源和你想从投资中获得的好处的信息。这是个道德问题吗？没有一种完全“正确”的方法来排列这种投资组合，然而，却毫无疑问地有几种错误的方法。可以相信5位经纪人中不会有人建议你把全部（或一部分）资金投入佩里威格斯公司。

那么你该怎么做呢？我们假定你已把基本情况弄清楚了，如抵押贷款、养老金、保险金和动用现金储备的机会。然后，你一定要建立起自己的目标。这里一方面是个人所处的环境，另一方面是个心理学的问题。

比如说，如果你年纪较大，你从重大投资损失中恢复过来的时间就较少，你就很希望能够提高你的养老金收入。因此，你的首要任务就是保护你的资金和引发额外的收入。在这种情况下，你大概想制定出一份包括某些股份（但不是风险很大的股份）的投资组合，同时还有高度可靠的证券、现金储蓄，可能还有可换证券，或分割资本投资信托公司的所得股。

如果你年轻一些，并且经济状况可靠，你可能会采取一种积极进取的方式——你必须性格开朗，不会因股票价格的浮动而夜不能眠。如果你觉得你的情况是这样的话，你可在投资组合中包括几项有令人陶醉的增值前景的增长股，和其他比较平淡的投资项目放在一起。一旦你的投资目标确立以后，你就可以决定你的钱投向何处。这里的指导原则是：分散你的投资风险。如果你把所有资金投入佩里威格斯国际公司，你就把自己当成了命运的人质。

Comprehension 理解

Answer these questions:

1 What kind of portfolio should a serious investor have?

2 How do we know there's no‘right way’to invest money?

3 What's one of the worst things you can do if you're investing money?

4 What arrangements should you have in place before you can think of investing money?

5 What would you probably want to achieve if you were an older investor?

6 What can you afford to do if you are a younger investor?

7 What's the main thing you have to do, whatever your age, when investing money?

Vocabulary词汇

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)

a．reckless

b．confident

c．bloody

d．adventurous