Lesson 48 Planning a share portfolio
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 stockbrokers 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.
📝 文章大意
到处都有人兜售”快速致富”的门路，但严肃的私人投资者不应抱着赌徒心态，而应建立一个结构明确、目标清晰的”投资组合”。问五个经纪人会得到五种不同的答案，可见组合并没有唯一”正确”的建法，但错误的建法肯定有，比如把钱全押在一家公司上。在处理好房贷、养老金、保险和现金储备等基本问题之后，你要根据个人情况和心理特点确定投资目标。年纪大的人没有时间从重大损失中恢复，应以保本和增加收入为主，选择风险不高的股票、金边债券、现金存款等；年轻、财务稳健、心态乐观的人可以积极一些，在稳健投资之外加入几只高增长股票。确定目标之后再决定投资方向，黄金法则是”分散风险”。
标题问题的答案：年长的投资者以保本和增加收入为主，选择低风险的投资；年轻的投资者如果财务状况稳健、心态乐观，可以采取激进的投资方式，加入高增长股票。
📚 核心单词
| 单词 | 音标 | 词性 | 含义 | 文中用法 |
|---|---|---|---|---|
| portfolio | /pɔːtˈfəʊliəʊ/ | n. | 投资组合 | a share portfolio |
| tipster | /ˈtɪpstə(r)/ | n. | 提供内幕消息的人 | no shortage of tipsters |
| mentality | /menˈtæləti/ | n. | 心态，思维方式 | the Las Vegas mentality |
| fritter | /ˈfrɪtə(r)/ | v. | 浪费（钱、时间） | money to fritter |
| reputable | /ˈrepjətəbl/ | adj. | 声誉好的 | five reputable stockbrokers |
| stockbroker | /ˈstɒkbrəʊkə(r)/ | n. | 股票经纪人 | five reputable stockbrokers |
| sink | /sɪŋk/ | v. | 把（钱）投入 | sinking all of your money into |
| mortgage | /ˈmɔːɡɪdʒ/ | n. | 抵押贷款，房贷 | mortgages, pensions |
| pension | /ˈpenʃn/ | n. | 养老金 | boost your pension income |
| reserve | /rɪˈzɜːv/ | n. | 储备 | sufficient cash reserves |
| boost | /buːst/ | v. | 提高，增加 | boost your pension income |
| capital | /ˈkæpɪtl/ | n. | 资本，本金 | preserving your capital |
| priority | /praɪˈɒrəti/ | n. | 优先考虑的事 | your main priorities |
| gilt | /ɡɪlt/ | n. | 金边债券（英国政府债券） | along with gilts |
| deposit | /dɪˈpɒzɪt/ | n. | 存款 | cash deposits |
| convertible | /kənˈvɜːtəbl/ | n. | 可转换债券 | perhaps convertibles |
| trust | /trʌst/ | n. | 信托（投资）公司 | investment trusts |
| aggressive | /əˈɡresɪv/ | adj. | 积极进取的，激进的 | an aggressive approach |
| sanguine | /ˈsæŋɡwɪn/ | adj. | 乐观的 | a sanguine disposition |
| disposition | /ˌdɪspəˈzɪʃn/ | n. | 性情 | a sanguine disposition |
| heady | /ˈhedi/ | adj. | 令人兴奋的；冒失的 | heady growth stocks |
| pedestrian | /pəˈdestriən/ | adj. | 平淡的，普通的 | more pedestrian investments |
| hostage | /ˈhɒstɪdʒ/ | n. | 人质 | a hostage to fortune |
| fictitious | /fɪkˈtɪʃəs/ | adj. | 虚构的 | a fictitious company |
📖 难句解析
1. There is no shortage of tipsters around offering “get-rich-quick” opportunities.
There is no shortage of= 不缺少，有的是around= 在周围，到处offering ...是现在分词短语，修饰 tipsters- 译: 到处都有人在提供”快速致富”的门路。
2. But if you are a serious private investor, leave the Las Vegas mentality to those with money to fritter.
the Las Vegas mentality= 拉斯维加斯心态，即赌徒心态leave sth to sb= 把某事留给某人money to fritter= 可以挥霍的钱，to fritter 是不定式作定语- 译: 但是，如果你是一个严肃的私人投资者，那就把赌徒心态留给那些有钱可挥霍的人吧。
3. The serious investor needs a proper “portfolio” - a well-planned selection of investments, with a definite structure and a clear aim.
- 破折号后是 portfolio 的同位语，解释什么是投资组合
with a definite structure and a clear aim是介词短语，修饰 selection- 译: 严肃的投资者需要一个合适的”投资组合”，即一套经过精心策划的、结构明确、目标清晰的投资选择。
4. But exactly how does a newcomer to the stock market go about achieving that?
exactly放在疑问词前加强语气：到底go about doing= 着手做，开始做- 译: 但是，一个股市新手到底该怎么去做呢？
5. Well, if you go to five reputable stockbrokers 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.
ask them what ...中 what 引导宾语从句，ask 带双宾语be likely to do= 很可能even if= 即使；about的宾语有四个并列成分，最后一个是宾语从句what you want ...- 译: 如果你去找五个声誉很好的股票经纪人，问他们该怎样用你的钱，你很可能得到五种不同的答案——即使你把自己的年龄、家庭、财务状况以及想从投资中得到什么等相关信息都告诉了他们。
6. Moral? There is no one “right” way to structure a portfolio.
Moral?是自问自答，= What is the moral?；moral = 寓意，教训no one "right" way= 没有唯一”正确”的方法，one 是”唯一的”- 译: 结论是什么？建立投资组合没有唯一”正确”的方法。
7. 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.
you can be sure that ...= 你可以肯定……would have suggested是对过去的虚拟推测：（如果问他们的话）都不会建议sink money into= 把钱投入（往往是有风险的事情）all (or perhaps any)补充：全部投入，甚至哪怕只投一部分- 译: 但是，错误的方法肯定是有的。你可以肯定，那五位顾问中没有一个人会建议你把所有的钱（或许甚至是任何一笔钱）投入”假发”公司。
8. These are partly a matter of personal circumstances, partly a matter of psychology.
partly ..., partly ...= 部分是……，部分是……a matter of= ……的问题- 译: 这些目标一部分取决于个人的情况，一部分取决于个人的心理。
9. 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.
recover from= 从……中恢复may well= 很可能- 译: 例如，如果你年纪较大，就没有多少时间从重大损失中恢复过来，你可能很希望增加养老金收入。
10. 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.
along with= 连同，和……一起split capital investment trusts= 分割资本投资信托，将投资者分为收入股和资本股两类- 译: 在这种情况下，你可能会建立这样一个投资组合：一些股票（但不是高风险股），再加上金边债券、现金存款，也许还有可转换债券或者分割资本投资信托公司的收入股。
11. 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.
and (you are) in a solid financial position省略了 you arebut only if= 但前提是be blessed with= 有幸拥有suffer sleepless nights over= 因……而失眠- 译: 如果你比较年轻，财务状况良好，你可能会决定采取积极进取的投资方式——但前提是你天生性格乐观，不会因为股票价格而夜不能寐。
12. If you recognize yourself in this description, you might include a couple of heady growth stocks in your portfolio, alongside your more pedestrian investments.
recognize yourself in this description= 认为这样的描述符合你的情况heady growth stocks= 增长迅速、令人兴奋的股票alongside= 与……一起；pedestrian本义”行人”，作形容词意为平淡、乏味- 译: 如果你认为自己符合上述情况，你可以在比较平稳的投资之外，再选择两只增长迅速的股票加入你的投资组合。
13. 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.
the golden rule= 黄金法则set oneself up as= 使自己成为a hostage to fortune= 命运的人质，指把命运交给运气，承受可能出现的损失- 译: 这里的黄金法则是”分散风险”——如果你把所有的钱都投入”国际假发公司”，那你就把自己的命运交给了运气。