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Lesson 48
Planning a share portfolio
规划股份投资
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 private investor, leave the Las Vegas
mentality to those with money to fritter. The serious investor needs a 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 your portfolio, 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 expressions 生词与短语
portfolio
n. 投资组合
tipster
n. (以提供证券投机等内部消息为主的)情报贩子
Las Vegas
n. 拉斯韦加斯
fritter
v. 挥霍，浪费
reputable
n. 享有声望的
broker
n. 经纪人
finance
n. 资金，财源
mortgage
n. 抵押贷款
pension
n. 养老金
priority
n. 优先权
gilt
n. 金边证券(高度可靠的证券)
convertible
n. 可换证券
sanguine
adj. 乐观的
heady
adj. 令人陶醉的
alongside
prep. 在……旁边，和……一起
pedestrian
adj. 平淡无奇的，乏味的
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发表于 2016-7-11 22:48:02