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商业银行无法通过运动式的突击来培育风险文化。( )
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TEXT B So far, inflation is roaring in only a few sectors of the economy. While platinum has soared 121 percent, soybeans have risen 115 percent, and an index of Real Estate Investment Trusts has climbed 42 percent since May 2001, the consumer price index (CPI) has gone up only 4.2 percent during the same period. The challenge is figuring out what happens next. Astute investors are asking two questions: 1) Will the dollar continue to decline 2) Which assets will continue to inflate The value of the dollar matters because much of what Americans buy comes from abroad. And in the past two years, the dollar has been slipping badly: down some 25 percent against a basket of foreign currencies, including the euro and the yen. That makes imported goods more expensive. If the dollar falls further, the rise in prices could boost inflation. And that’s exactly what some analysts predict. "This is not a run-of-the-mill problem where the currency corrects 25 percent" then stabilizes, says David Tice, Dallas-based manager of the Prudent Global Income Fund. "We have an economy that’s very dependent upon ever-increasing amounts of debt. Look at borrowing in this country for automobiles and housing. At the federal level, we are creating credit as if it is going out of style. Given that, we think the dollar can decline substantially more from here." That’s why Mr. Tice’s income fund has invested in government bonds in countries that are major trading partners of the US. These bonds tend to increase in value as the dollar weakens. There are other ways for investors to protect themselves from inflation. For example: TIPS (Treasury Inflation-Protected Securities) are US government bonds that increase both principal and interest payments in line with the CPI/U, which measures prices for urban dwellers. Thus, if the price of consumer goods goes up, TIPS owners get a boost in their rate of return. That’s a level of inflation protection that most bonds and money-market funds don’t provide. Still, there are no guarantees. If real interest rates rise faster than inflation, TIPS can lose value if they’ re not held to maturity. "TIPS have generally been less volatile than traditional bonds," but investors have already seen periods when their inflation-protection doesn’t match the actual rise in prices, warns Duane Cabrera, head of the personal financial planning group at Vanguard, based in Valley Forge, Pa. For example, the year-over-year change in the CPI/U is running about 1.9 percent, he points out, but college costs have been rising about 5 percent annually. Investors should also discuss the tax consequences with their investment advisers, Mr. Cabrera notes. On the stock front, investors can also turn to natural-resource stocks or mutual funds that invest in them. A slightly more exotic option: exchange-traded funds, which act like mutual funds but trade like stocks. Commodities offer another avenue for profit during inflationary times. Individual investors probably want to avoid commodity trading, often a wild and woolly experience. But certain mutual funds offer share- holders a chance to profit when commodity prices go up. The PIMCO Commodity Real Return Fund, for example, provides exposure to the performance of the Dow-Jones AIG Commodity Index while generating income from TIPS. Another option: the Oppenheimer Real Asset Fund, which is actively managed and tracks the Goldman Sachs Commodity Index. There’s no clear winner between these stock funds and the commodities their companies have invested in. When commodity prices are hiring, natural-resource firms can protect themselves by hedging their risks, says Kevin Baum, portfolio manager of the Oppenheimer Real Asset Fund. On the other hand, hedging may keep them from benefiting when commodity prices rise. And the stocks can be more volatile than the commodities themselves. Gold funds typically are three times more volatile than the price of gold itself. Sometimes, the commodities and funds tied to those commodities move in opposite directions, Mr. Baum says. PIMCO’ s Mr. Harris is quick to note that many commodity prices have been soaring. So the key question is: Which ones will continue to rise in price Individual investors should maintain strict discipline when they pick commodities funds, he says. "We have an economy that’s very dependent upon ever-increasing amounts of debt. Look at borrowing in this country for automobiles and housing. At the federal level, we are creating credit as if it is going out of style. Given that, we think the dollar can decline substantially more from here." In the 4thparagraph, the words of a fund manager tells us all of the following except that ______.
TEXT E People do not analyze every problem they meet. Sometimes they try to remember a solution from the last time they had a similar problem. They often accept the opinions or ideas of other people. Other times they begin to act without thinking; they try to find a solution by trial and error. However, when all these methods fall, the person with a problem has to start analyzing. There are six stages in analyzing a problem. First the person must recognize that there is a problem. For example, Sam’s bicycle is broken, and he cannot read it to class as he usually does. Sam must see that there is a problem with his bicycle. Next the thinker must define the problem. Before Sam can repair his bicycle, he must find the reason why it does not work. For instance, he must determine if the problem is with the gears, the brakes, or the frame. He must make his problem more specific. Now the person .must look for information that will make the problem clearer and lead to possible solutions. For instance, suppose Sam decided that his bike does not work because there is something wrong with the gear wheels. At this time. he can look in his bicycle repair book and read about gears. He can talk to his friends at the bike shop. He can look at his gears carefully. After studying the problem, the person should have several suggestions for a possible solution. Take Sam as an illustration. His suggestions might be: put oil on the gear wheels; buy new gear wheels and replace the old ones; tighten or loosen the gear wheels. Eventually one suggestion seems to be the solution to the problem. Sometimes the final idea comes very suddenly because the thinker suddenly sees something new or sees something in a new way. Sam, for example, suddenly sees that there is a piece of chewing gum (口香糖) between the gear wheels. He immediately realizes the solution to his problem: he must clean the gear wheels. Finally the solution is tested. Sam cleans the gear wheels and finds that afterwards his bicycle works perfectly. In short, he has solved the problem. Which of the following is NOT true
PART ONE · Look at the sentences below and following texts. · Which text does each sentence refer to · For each sentence 1—8, mark one letter A, B, C, D or E. · You will need to use some of the letters more than once.A. Metris Companies, Inc.Metris Companies, Inc. (MCI) provides financial products and services throughout the United States. Its primary line of business is the credit card business. The Company’s credit card products are primarily unsecured credit cards issued through a subsidiary, Direct Merchants Credit Card Bank, National Association. These credit cards generate consumer loans, which, in turn, generate income and cash flow from principal, interest and fee payments. The sales of the Company’s other consumer financial products, such as credit protection products, generate additional cash flow. MCI targets primarily middle-market customers. Direct Merchants Bank obtains information about prospective customers in the middle market from credit bureau information as well as from other third-party sources including other companies’ customer lists and databases.B. Lowe’s Companies, Inc.Lowe’s Companies, Inc. is a home improvement retailer, with a specific emphasis on retail do-it-yourself (DIY) and commercial business customers. Lowe’s specializes in offering products and services for home improvement, home decor, home maintenance, home repair and remodeling and maintenance of commercial buildings. As of the end of the fiscal year ended January 30, 2004, Lowe’s operated 952 stores in 45 states, with approximately 108. 8 million square feet of retail selling space. A typical Lowe’s home improvement store stocks more than 40,000 items, with hundreds of thousands of items available through its special order system. Each store carries a selection of national brand name merchandise.C. Altamira Mgmt. Ltd.Founded in 1969, Altamira is an independent investment management firm and has long been recognized as one of Canada’s leading fund managers. Currently, with over $16 billion under management, Altamira’s innovative investment style has proven successful in all asset classes. There is a constant sharing of ideas and insights among the team. The company’s success is dependent on this ideas driven environment, with investment managers from all disciplines being constantly encouraged to participate with their views and opinions.D. PankowSince 1963, Pankow has maintained an enviable position in the building industry with an unsurpassed record of performance, value and quality. As a veteran and pioneer of the Design-Build project delivery system, Pankow boasts a legacy of on time and on budget performance that is respected by clients and peers alike. Pankow is known for its use of innovative management techniques, maintainenance of strict cost and quality controls and as a pioneer of new construction methods. A key to Pankow’s success is a melding of two proven concepts—active participation in the design process by highly experienced personnel and a comprehensive quality control program throughout construction execution.E. EDSEDS, the world’s most experienced outsourcing services company, delivers superior returns to clients through its cost-effective, high-value services model, EDS’ core portfolio comprises information technology and business process outsourcing services, as well as information technology transformation services. EDS’ complementary and subsidiary business is A. T. Kearney, one of the world’s leading high-value management consultancies. It supports the world’s leading companies and governments in 60 countries.Here are the numbers:Employees: more than 130,0002003 revenues: $ 21.5 billionRanked 80th on the Fortune 500 The company orients itself towards medium-market clients.
简答题 简述什么是审美理解。
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