# 第四册 Lesson 48 Planning a share portfolio 规划股份投资组合

## 一、课文原文

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

## 二、重点词汇详解

| 单词 | 音标 | 词性 | 释义 | 用法说明 |
|------|------|------|------|----------|
| tipster | /ˈtɪpstə/ | n. | 提供内幕消息的人 | offering get-rich-quick opportunities |
| fritter | /ˈfrɪtə/ | v. | 浪费，挥霍 | fritter away 浪费掉 |
| portfolio | /pɔːtˈfəʊliəʊ/ | n. | 投资组合 | share portfolio 股份投资组合 |
| reputable | /ˈrepjətəbl/ | adj. | 有声望的 | reputable stock brokers 有声望的股票经纪人 |
| mortgage | /ˈmɔːɡɪdʒ/ | n. | 抵押贷款 | sort out mortgages 处理好房贷 |
| pension | /ˈpenʃn/ | n. | 养老金 | boost pension income 增加养老金收入 |
| priority | /praɪˈɒrəti/ | n. | 优先事项 | main priorities 主要优先事项 |
| gilt | /ɡɪlt/ | n. | 金边债券（英国国债） | gilts 英国政府债券 |
| convertible | /kənˈvɜːtəbl/ | n. | 可转换债券 | convertibles 可转换证券 |
| aggressive | /əˈɡresɪv/ | adj. | 进取的，激进的 | aggressive approach 激进方法 |
| sanguine | /ˈsæŋɡwɪn/ | adj. | 乐观的 | sanguine disposition 乐观的性格 |
| heady | /ˈhedi/ | adj. | 令人兴奋的，刺激的 | heady growth stocks 令人兴奋的成长股 |
| pedestrian | /pɪˈdestriən/ | adj. | 平淡的，普通的 | pedestrian investments 普通的投资 |

**固定搭配：**
- **get-rich-quick**：快速致富
- **Las Vegas mentality**：拉斯维加斯心态（赌博心态）
- **go about**：着手做
- **set oneself up as a hostage to fortune**：使自己成为命运的赌注
- **spread your risk**：分散风险

## 三、语法知识点

### 1. even if 让步状语从句

> **even if** you give all the relevant information about your age, family, finances

even if = 即使，引导让步状语从句。

### 2. 虚拟条件句

> **if** you **are** older...you **may well wish** to boost your pension income

条件句用现在时，主句用 may well + 动词原形，表示可能性。

### 3. only if 条件强调

> **but only if** you're blessed with a sanguine disposition

only if = 只有在……条件下，强调条件的唯一性。

| 结构 | 含义 | 例句 |
|------|------|------|
| if | 如果 | If you study hard, you'll pass. |
| only if | 只有 | You'll pass only if you study hard. |
| even if | 即使 | Even if you fail, try again. |

### 4. 祈使句 + 破折号解释

> 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

- 祈使句给出核心建议
- 破折号后解释反例

## 四、重点句型分析

### 句型1：修辞性问句

> But exactly **how does** a newcomer to the stock market **go about achieving** that?

- 不期待具体回答
- 引出下文的建议

### 句型2：Moral? 结论句

> **Moral?** There is no one 'right' way to structure a portfolio

- Moral = 寓意/教训
- 简洁有力的结论

### 句型3：对比论证（年老 vs 年轻）

| 年老投资者 | 年轻投资者 |
|-----------|-----------|
| less time to recover | more time to recover |
| preserve capital, generate income | aggressive approach |
| gilts, cash deposits | heady growth stocks |

## 五、课文翻译

周围从不缺提供"快速致富"机会的股市内幕人。但如果你是一个严肃的个人投资者，把拉斯维加斯心态留给那些有钱挥霍的人吧。严肃的投资者需要一个适当的"投资组合"——一个精心挑选的投资组合，有明确的结构和清晰的目标。但股市新手究竟该如何着手做到这一点呢？

如果你去找五个有声望的股票经纪人，问他们你该怎么处理你的钱，你很可能得到五个不同的答案——即使你提供了关于你的年龄、家庭、财务状况和投资目标的全部相关信息。教训是什么？构建投资组合没有一种"正确"的方法。然而，毫无疑问有一些错误的方法，你可以肯定我们的五位顾问中没有人会建议把你所有（或任何）的钱投入 Periwigs 公司。

那么你该怎么做呢？我们假设你已经理清了基本问题——如抵押贷款、养老金、保险和充足的现金储备。然后你应该确定自己的个人目标。这些部分取决于个人情况，部分取决于心理。

例如，如果你年纪较大，你从重大损失中恢复的时间较少，你可能希望增加养老金收入。所以保本和创造额外收入是你的主要优先事项。在这种情况下，你可能会构建一个包含一些股票（但不是高风险的）的投资组合，加上金边债券、现金存款，或许还有可转换债券或分割资本投资信托的收入股。

如果你较年轻，财务状况稳固，你可能会决定采取激进方法——但只有在你天生乐观且不会因股价而失眠的情况下。如果你在这个描述中认出了自己，你可能会在投资组合中包含几只令人兴奋的成长股，同时配上更平淡的投资。一旦你确定了投资目标，你就可以决定把钱投向哪里。这里的黄金法则是：分散风险——如果你把所有的钱都投入 Periwigs 国际公司，你就把自己变成了命运的赌注。

## 六、语言点精讲

### 1. 写作手法：对话式建议

- 直接使用"you"——与读者对话
- 用反例（Periwigs）说明错误方法
- 分年龄段给出建议——实用性强

### 2. 逻辑结构

| 段落 | 主题 | 论证方式 |
|------|------|----------|
| 第一段 | 严肃投资 vs 赌博心态 | 对比 |
| 第二段 | 没有唯一正确方法 | 举例（五位经纪人） |
| 第三段 | 确定个人目标 | 前提条件 |
| 第四段 | 年老投资者的策略 | 分类建议 |
| 第五段 | 年轻投资者的策略 | 分类建议 + 黄金法则 |

### 3. 文化背景

- 金边债券（gilts）：英国政府债券，以安全著称
- 可转换债券（convertibles）：可转换为股票的债券
- "Las Vegas mentality"：赌徒心态，即追求短期暴利
- Investor's Chronicle：英国知名投资杂志

### 4. 修辞分析

- "Las Vegas mentality"——隐喻，生动
- "hostage to fortune"——习语，形象
- "heady growth stocks" vs "pedestrian investments"——对比鲜明
- "Moral?"——简洁有力

## 七、课后练习要点

1. **词汇练习**：掌握 portfolio、fritter、gilt、convertible、sanguine、pedestrian 等核心词
2. **语法练习**：even if 让步从句；only if 条件强调；虚拟条件句
3. **翻译练习**：注意金融术语的翻译；习语的处理
4. **写作练习**：模仿实用建议文的写法，写一篇关于理财规划的短文

## 八、本课小结

本课为个人投资者提供建议。核心观点：**投资组合没有唯一正确的方法，但必须根据个人情况制定目标，关键是分散风险**。文章从否定赌博心态开始，通过五位经纪人不同回答的例子说明没有标准答案，然后分年老和年轻两种情况给出建议。语法重点为 only if 条件强调和 even if 让步从句。语言风格实用、对话式，金融术语使用准确。