Lesson 48 Planning a share portfolio [pɔ:t’fəuljəu]

The serious investor 认真的投资者

Plan a proper portfolio 制定正规的投资组合表

Never sink all of your money into one company 不要把全部资金投入一个公司

Establish your individual aim 建立自己的目标

Construct a portfolio with some shares（股份）, but not high risk ones 制定包括某些股票，但风险不高

Gilts 证券 Cash deposits 现金储蓄 Convertibles 可换证券

The income shares of split capital investment trust 分割信托投资公司的所得股

Take an aggressive approach 采取激进的方式

Include a couple of heady growth stocks 高增长

More pedestrian investments 比较平淡的投资项目

The golden rule here is spread your risk 分散风险

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 decides 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.

Portfolio, all the investments that a person or company has (投资组合)

Mr. Jepson has a portfolio of nothing but blue chip stocks.

Tipster, someone who gives information about the stock market

The racecourse was full of tipsters telling us which horses to gamble on.

But if you are a serious investor, leave the Las Vegas mentality to those with money to fritter.

The current situation is different from Czechoslovakia in 1968.

The path to November was uphill all the way.

But exactly how does a newcomer of the stock market go about achieving that?

Go about, is to start dealing with a problem, situation, or job in a particular way

Go about doing something. How did you go about finding a job?

Go about something. I’ll go about it quite differently.

And you can be sure that none of the five advisors would have suggested sinking all (or perhaps any) of your money into Periwigs. (Periwigs, a suppositional company)

Sink, to invest money in something because you hope you will make more money (同 invest)

We sank several thousand dollars into the project, but our investment was boondoggle.

You may include a couple of heady growth stocks in your portfolio, alongside your more pedestrian investments.

Pedestrian, ordinary and boring

There I lived a pretty pedestrian life.

In her books she gave rather pedestrian account of her childhood.

You are setting yourself up as a hostage to fortune.

Set somebody (oneself) up as, to put oneself in a certain position

They decided to set him up as party leader.

So preserving your capital and generating extra income are your main priorities.

Saying is easier than done. His coming here will be of a great help.

Being elected chairman is a great honor to me.

If you put all of your money into Periwigs International, you’re setting yourself up as a hostage to fortune.

Mothers are always worrying about her children. She is only being kind.

User it, or loss it. [‘sə:kəmstəns]