48 · 规划股份投资
Planning a Share Portfolio
区分观点、依据、例子与限制，用自己的话准确重建论述。
时代语境：本课是投资论述的语言材料，所举产品、制度和市场背景带有年代与地域限制；重点是区分目标、条件和风险分散的关系，不把文中示例直接当作当下产品选择依据。
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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.
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整篇课文
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.
四周总不缺兜售“快速致富”机会、给人荐股的人。不过，若你是认真投资的个人投资者，就把拉斯维加斯式的赌徒心态留给那些有钱任性挥霍的人吧。认真投资的人需要一份合适的“投资组合”：经过周密选择的一组投资，结构明确，目标清楚。但刚进入股市的人，究竟怎样才能做到这一点呢？
即使你把年龄、家庭、财务状况和投资期望等相关信息全都告诉五位信誉良好的股票经纪人，问他们该怎样安排资金，得到的也很可能是五种不同的答案。这说明什么？构建投资组合，并没有唯一“正确”的方法。不过，错误的方法无疑是存在的。你可以肯定，这五位顾问都不会建议你把全部资金，或许连其中一部分，投入佩里威格斯公司。
那么，你该怎么办呢？ 我们先假定，你已经把房贷、养老金、保险以及随时可动用的足够现金储备等基本事项安排妥当。接下来，你应该明确自己的投资目标。这一方面取决于个人处境，另一方面也取决于心理特点。
比如，假如你年纪较大，一旦遭受重大损失，留给你弥补损失的时间就较少；你也很可能希望增加退休后的收入。因此，保住本金、获得额外收入，便是首要目标。这种情况下，你可能会构建这样一份组合：配置一些股票，但避开高风险品种；同时持有英国国债、现金存款，也可能加入可转换债券，或分割资本投资信托中的收益类份额。
如果你比较年轻，财务状况又稳健，或许会选择更积极进取的策略——但前提是你性情乐观，不会为了股价而彻夜难眠。如果这正是你的情况，那么除了较为平稳的投资，你或许还会在组合里加入一两只增长势头强劲的成长股。确定投资目标以后，才能决定把钱投向哪里。这里的黄金法则是“分散风险”：如果把全部资金都投进佩里威格斯国际公司，你就是把自己完全交给了运气。
学完这一课
承认条件相同，解释为何仍可能有多种合理方案。
译文依据整理稿，由本站按中文表达重新校订；解析据吴应时整理资料及首轮审校稿；词伙与练习提示为本站学习设计。原PDF第228—234页，2022年2月第2版。