首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
So far, inflation is roaring in only a few sectors of the economy. While platinum has soared 121 percent, soybeans have risen 11
So far, inflation is roaring in only a few sectors of the economy. While platinum has soared 121 percent, soybeans have risen 11
admin
2011-02-11
38
问题
So far, inflation is roaring in only a few sectors of the economy. While platinum has soared 121 percent, soybeans have risen 115 percent, and an index of Real Estate Investment Trusts has climbed 42 percent since May 2001, the consumer price index (CPI) has gone up only 4.2 percent during the same period. The challenge is figuring out what happens next.
Astute investors are asking two questions: 1) Will the dollar continue to decline? 2) Which assets will continue to inflate?
The value of the dollar matters because much of what Americans buy comes from abroad. And in the past two years, the dollar has been slipping badly: down some 25 percent against a basket of foreign currencies, including the euro and the yen. That makes imported goods more expensive. If the dollar falls further, the rise in prices could boost inflation.
And that’s exactly what some analysts predict. "This is not a run-of-the-mill problem where the currency corrects 25 percent" then stabilizes, says David Tice, Dallas-based manager of the Prudent Global Income Fund. "We have an economy that’s very dependent upon ever-increasing amounts of debt. Look at borrowing in this country for automobiles and housing. At the federal level, we are creating credit as if it is going out of style. Given that, we think the dollar can decline substantially more from here."
That’s why Mr. Tice’s income fund has invested in government bonds in countries that are major trading partners of the US. These bonds tend to increase in value as the dollar weakens.
There are other ways for investors to protect themselves from inflation. For example: TIPS (Treasury Inflation-Protected Securities) are US government bonds that increase both principal and interest payments in line with the CPI/U, which measures prices for urban dwellers. Thus, if the price of consumer goods goes up, TIPS owners get a boost in their rate of return. That’s a level of inflation protection that most bonds and money-market funds don’t provide.
Still, there are no guarantees. If real interest rates rise faster than inflation, TIPS can lose value if they’re not held to maturity. "TIPS have generally been less volatile than traditional bonds," but investors have already seen periods when their inflation-protection doesn’t match the actual rise in prices, warns Duane Cabrera, head of the personal financial planning group at Vanguard, based in Valley Forge, Pa. For example, the year-over-year change in the CPI/U is running about 1.9 percent, be points out, but college costs have been rising about 5 percent annually.
Investors should also discuss the tax consequences with their investment advisers, Mr. Cabrera notes.
On the stock front, investors can also turn to natural-resource stocks or mutual funds that invest in them. A slightly more exotic option: exchange-traded funds, which act like mutual funds but trade like stocks.
Commodities offer another avenue for profit during inflationary times. Individual investors probably want to avoid commodity trading, often a wild and woolly experience. But certain mutual funds offer share holders a chance to profit when commodity prices go up. The PIMCO Commodity Real Return Fund, for example, provides exposure to the performance of the Dow-Jones AIG Commodity Index while generating income from TIPS. Another option: the Oppenheimer Real Asset Fund, which is actively managed and tracks the Goldman Sachs Commodity Index.
There’s no clear winner between these stock funds and the commodities their companies have invested in. When commodity prices are falling, natural-resource firms can protect themselves by hedging their risks, says Kevin Baum, portfolio manager of the Oppenheimer Real Asset Fund. On the other band, hedging may keep them from benefiting when commodity prices rise. And the stocks can be more volatile than the commodities themselves. Gold funds typically are three times more volatile than the price of gold itself.
Sometimes, the commodities and funds tied to those commodities move in opposite directions, Mr. Baum says.
PIMCO’s Mr. Harris is quick to note that many commodity prices have been soaring. So the key question is: Which ones will continue to rise in price? Individual investors should maintain strict discipline when they pick commodities funds, he says
Which of the following is NOT a feasible way for investors to protect themselves from inflation?
选项
A、To invest in government bonds in countries that are major trading partners of the US.
B、To hold TIPS always to maturity.
C、To turn to natural-resource stocks or mutual funds that invest in them.
D、To try Commodities sometimes.
答案
B
解析
这是第六、七段涉及的问题。TIPS,由美国财政部发行的抗通货膨胀保值债券,并非在所有情况下只要持有到期就能够保值,已经有过一些时期,实际物价上涨幅度超过这种债券提供的保值程度。
转载请注明原文地址:https://kaotiyun.com/show/JeeO777K
0
专业英语八级
相关试题推荐
TheAmericanTaxSystemGovernmentsraiserevenuesthroughtaxation,Ataxisa【1】______paymenttogovernment.IntheUnit
ClassicIntentionMovementInsocialsituations,theclassicIntentionMovementis"thechair-grasp".Hostandguesthaveb
TheOriginofMoneyIntheearlieststagesofman’sdevelopmenthehadnomoreneedofmoneythananimalshave.Hewasconte
WithTheAdventuresofTomSawyerpublished,MarkTwaingavealiteraryindependencetoTom’sbuddyHuckinaseparatenovelcal
1Duringtheadolescence,thedevelopmentofpoliticalideologybecomesapparentintheindividual;ideologyhereisdefined
Pricesdeterminehowresourcesaretobeused.Theyarealsothemeansbywhichproductsandservicesthatareinlimitedsupply
Professionalwomenwhoputcareersonholdforfamilyorotherreasonsearnispercentlessoncetheyreturntotheworkforce,a
Professionalwomenwhoputcareersonholdforfamilyorotherreasonsearnispercentlessoncetheyreturntotheworkforce,a
Asaliteraryfigure,SophiaappearsinHenryFielding’s______.
A、threebillionpeopleinfouryearsB、threemillionpeopleinfouryearsC、fourmillionpeopleinthreeyearsD、threemillionp
随机试题
在Excel2003中,若要选择不相邻的单元格或单元格区域,可以先选定第一个单元格或单元格区域,然后再按住_______键选定其他的单元格或单元格区域。
脊柱骨折合并截瘫的手术指征中,哪几项是恰当的
2008年底,小王欲以自有资金和商用房贷款购买一套价值120万元的商用房。如果小王是以商住两用房名义申请的贷款,银行对于商住两用房的首付比例规定为最低45%,则其贷款额度最大为()万元。
留园留园占地面积约为50余亩,分为东、西、中、北四大景区。西区以山石为奇,堆砌自然险峻,山上一片枫林,极少建筑。北区以田园风光为胜,多植树木,东区和中区是园内景观的集中地带。留园的中区以山池为主体,人们穿过南门,经过幽深的曲径可达“古木交柯”
下列加下划线字中,哪一组为同音字?()
如图所示,在水平台面上放置有一光滑斜面,倾角为α,在斜面上某处放了一根垂直于纸面的直导线,在导线中通有垂直纸面向里的电流,图中α点在导线正下方,b点与导线的连线与斜面垂直,c点在α点左侧,d点在b点右侧。现欲使导线静止在斜面上,下列措施可行的是:
(一)2012年7月31日,国务院新闻办公室在北京举行建军85周年新闻发布会。国防部新闻事务局局长、国防部新闻发言人耿雁生,总参应急办公室副主任吴喜铧,总政办公厅政研室副主任王永胜,总后司令部战勤计划局局长贾祥玉,总装综合计划部综合局副局长林柏,
简述栈、队列、循环队列的定义。
进程P1、P2、P3、P4、P5的前趋关系图如下所示:若用PV操作控制这5个进程的同步与互斥,程序如下:程序中空a和空b处应分别为(48),空c和空d处应分别为(49);空e和空f处应分别为(50)。(48)
(1)在考生文件夹下有一个工程文件sjt3.vbp。程序的功能是通过键盘向文本框中输人大、小写字母和数字。单击标题为“统计”的命令按钮,分别统计输入字符串中大写字母、小写字母及数字字符的个数,并将统计结果分别在标签控件数组x中显示,如图所示。在给
最新回复
(
0
)