题目内容
The term investment portfolio (证卷投资组合) conjures up visions of the truly rich--the Rockefellers, the WalMart Waltons, Bill Gates. But today, everyone--from the Philadelphia firefighter, his part-time receptionist wife and their three children, to the single Los Angeles lawyer, starting out on his own--needs a portfolio.
A portfolio is simply a collection of financial assets, it may include real estate, rare stamps and coins, precious metals and even artworks. But those are for people with expertise. What most of us need to know about arc stocks, bonds and cash (including such cash equivalents as money market funds).
How do you decide what part of your portfolio should go to each of the big three？ Begin by urulerstanding that stocks pay higher returns but are more risky; bonds and cash pay lower returns but are less risky.
Reach by Ibbotson Associates, for example, shows that large company stocks, on average, have returned 11.2 percent annually since 1926. Over the same period, by comparison, bonds have returned an annual average of 5.3 percent and cash, 3.8 percent.
But short term risk is another matter. In 1974, a one-year ＄1000 investment in the stock market would have declined to ＄735.
With bonds, there are two kinds of risk: that the borrower won't pay you back and that the money you'll get won't be worth very much. The U.S. government stands behind treasury bonds, so the credit risk is almost nil. But the inflation risk remains. Say you buy a ＄1000 bond maturing in ten years. If inflation averages about seven percent over that time, then the＄1000 you receive at maturity can only buy ＄500 worth of today's goods.
With cash, the inflation risk is lower, since over a long period you can keep rolling over your CDs every year (or more often). If inflation rises, interest rates rise to compensate.
As a result, the single most important rule in building a portfolio is this: If you don't need the money for a long time, then put it into stocks. If you need it soon, put it into bonds and cash.
This passage is intended to give 'advice on______.
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A．In 1843.B．In 1849.C．In 1856.D．In 1861.
同一只股票，其风险是客观的，但是有的人买有的人卖，这可能是因为买者和卖者的风险认知度有差异。()
A．He always takes it with him.B．It was made by his uncle.C．He borrowed it from his unc
听力原文： Unlike Boas, who had only suggested language as a measure of culture, Sapir proposed a mutual relationship between culture and language.
When Sapir was teaching at Yale; Benjamin Lee Whorl enrolled in his class. A chemical engineers, Whorf neither sought nor obtained a higher degree in linguistics. His contribution to the science of language is nonetheless significant.
Whorf was recognized for his investigations of the Hopi language, including his authorship of a grammar and a dictionary. Even in his early publications, it is clear that he was developing the theory that the very different grammar of Hopi might indicate a different manner of conceiving and perceiving the word on the part of the native speaker of Hopi.
In 1936, he wrote his monumental work "An American Indian Model of the Universe," which explored the implications of the Hopi verb system with regard to the Hopi conception of space and time.
Whorf is probably best known for his article, "The Relation of Habitual Thought and Behavior. to Language," and for the throe articles which appeared in 1941 in the Technology Review.
In these articles, he proposed what he called the principle of "linguistic relativity," which states, at least as a hypothesis, that the grammar of a man's language influences the manner in which he understands reality and behaves with respect to it. Since the theory did not emerge until after Whorf had begun to study with Sapir, and since Sapir had most certainly shared in the development of the idea, it came to be called the Sapir-Whorf Hypothesis.
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