A、The different kinds of investments. B、The importance of investments. C、The risks of the products and their potential rewards.

W: Good morning and welcome to today’s program. Have you always wanted to invest, but didn’t know where to get started? Today’s show will help you with this problem. Very happily, we have Mr. Brown as our guest. Welcome to our program, Mr. Brown.
M: It’s a pleasure to be here.
W: Now, Mr. Brown. Can you give us some suggestions on how to invest wisely?
M: Well, I think there are three basic guidelines to smart investment.
W: What are they?
M: (23)The first is to have clear goals. Decide how many years you will invest for, and what your needs will be in the future.
W: I see. First, we should have a clear goal. That’s definitely important. Then what is the second guideline?
M: The second is to understand the range of possibilities. You’ll want diversified investments: one with a mix of stocks, mutual funds, bonds and cash. It’s a jungle out there. (24)Each of these products has different risks associated with it and also different potential rewards. Understand it before you buy, so there won’t be any big surprises later.
W: That sounds quite reasonable. Well, what about the third guideline?
M: The third is to have realistic expectations. Keep this in mind: He who wishes to be rich in a day will be hanged in a year. (25) You should invest for the long term since the stock market has both up and down years.
W: That’s quite true. For example, over the past several years, New York stocks have averaged 30% annual returns, but this may not continue for long. Well, that’s today’s show. Thank you for joining us, Mr. Brown.
M: My pleasure.
23. What is the first guideline to smart investment?
24. What should investors understand before they invest?
25. What do we learn about the stock market from the conversation?