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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 aver age of 5.3 percent and cash, 3.8 percent. But short term risk is another matter. In 1974, a one year $ I000 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, ff 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). If 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.
This passage is intended to give advice on ______.
选项 A、how to avoid inflation risks
B、what kinds of bonds to buy
C、how to get rich by investing in stock market
D、how to become richer by spreading the risk
答案D
解析 通读全文后可知，本文主要介绍了投资的三种渠道，并分析了每种渠道的利弊(即风险程度)，如何降低风险来投资致富，即D所指“如何降低风险来致富”。A“如何避免通货膨胀风险”，过于片面； B“买人哪种债券”，不是文章的主题；C“如何通过投资股票市场致富”，也过于片面。
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