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  3. The term investment portfolio conjures up visions of the truly rich the Rockefellers, the Wal-Mart Waltons, Bill Gates. But toda

The term investment portfolio conjures up visions of the truly rich the Rockefellers, the Wal-Mart Waltons, Bill Gates. But toda

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问题     The term investment portfolio conjures up visions of the truly rich the Rockefellers, the Wal-Mart 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 are 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 understanding that stocks pay higher returns but are more risky; bonds and cash pay lower returns but are less risky.
    Research 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’11 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), ff 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.  
The author mentions such millionaires as the Rockefellers and Bill Gates to show that______.
选项 A、they are examples for us on our road to wealth
B、a portfolio is essential to financial success
C、they are really rich people
D、they started out on their own
答案D
解析 第一段最后一句话，“But today，…，starting out on his own needs a portfolio，”这是讲的今天每个人都可以根据自己的需要进行证券投资；推到前面一句，那么前面提及的百万富翁也都是根据自己的需要开始证券投资而致富的。 A“他们是我们迈向致富之路的榜样”，不具体，没有说明如何致富；B“证券投资对于经济成功很关键”，这句话本身是正确的，但与第一段表达的意思不一致；C“他们确实很富裕”，也不是第一段想要表达的意思。D“他们是从自己开始做起的”，这正是第一段所要表达的意思，即这些百万富翁是从自己做起开始致富的，而现在每个人都可以这样做，紧接着引入下面的投资指南。
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