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  3. When the Dow rockets 300 points or the stocks of retailers, say, get decimated, I devour the news. Here’s my admission: I’m a bu

When the Dow rockets 300 points or the stocks of retailers, say, get decimated, I devour the news. Here’s my admission: I’m a bu

admin2013-08-05  57
问题     When the Dow rockets 300 points or the stocks of retailers, say, get decimated, I devour the news. Here’s my admission: I’m a buy-and-hold investor, and a lazy one at that. My employer prohibits us news folks to trade equities on a short-term basis, but even if it didn’t, I’d still buy and hold.
    The bulk of my portfolio is in two retirement accounts, and neither stock-market gyrations nor major financial earthquakes prompt me to tweak my allocations. I simply hold a fairly routine mix of low-cost U. S. and international-stock mutual funds, plus a bond fund, and I stick to it.
    Sure, the markets get volatile but I figure that, eventually, average historical returns will work in my favor. And, to my mind, stock-market trading, if you’re not spending many hours a week working on it, is little more than a guessing game.
    The fact is, a buy-and-hold investor with a decently diversified portfolio should celebrate her ability to remain firm in the face of financial-news tidal waves which prompt many, less staunch, to jump in and out of investments, often at the worst possible time.
    Some might say the staunch investor is akin to a passenger on the Titanic, refusing a lifeboat to safety due to misguided loyalty to the idea of "buy and hold." But as long as three prerequisites are satisfied, that investor is among the most prudent savers around: a well-diversified investment plan, invested in low-cost index funds, with a long-term outlook.
    In fact, if you’re not going to be an active, pay-attention-every-day investor, setting up a simple plan and then forgetting about it may be the best retirement-savings decision you make. "What is often problematic is the middle ground People will set something up and then follow it intermittently and on a whim make changes," says John Nofsinger, associate professor of finance at Washington State University and author of "The Psychology of Investing."
    Those who follow the markets tangentially but don’t take time for deeper analysis tend to buy high and sell low. If, like me, you’re not going to spend time daily on your plan, then set it and forget it.
    Note that, unless you have a rock-solid pension plan from your employer and significant other assets, you’re going to need to invest Interest rates on cash simply won’t get most savers to a well-funded retirement.
    What to do?
    1. Create a plan. That means investing in low-cost index funds covering the U.S. stock market, perhaps 10% to 25% of your portfolio in international stock funds, plus exposure to bonds (a typical scenario is 70% or 80% in stocks and 30% or 20% in bonds), and perhaps some portion in a money-market or cash-type account. Keep in mind that your focus is not to beat the market.
    2. Once your plan is in place, ignore it. "I do virtually nothing. I do less than I do for my car. There’s not even a need to change the oil," Mr. Statman says. If rebalancing worries you, don’t even do that except perhaps once every few years. And make sure you focus on getting back to your investment plan, rather than chasing the winners of the moment. "If the stock market went up that year and maybe bonds didn’t, so you take a little out of the stock market and put it in bonds to reallocate to where your targets originally were, I think that’s a good strategy," Mr. Nofsinger says.
    3. Accept risk. Yes, stock-market investing is risky. But over the long haul, investors are rewarded—if they adopt a long-term outlook and diversified investment plan. "Risk is not something you want, but oftentimes risk does go hand in hand with return," says Peng Chen, chief investment officer of Ibbotson Associates, an investment research and consulting firm owned by Morningstar in Chicago. Keep in mind: Avoid this risk with money you need soon, say, in the next year or two. And remember that the more you invest in one company, sector or country, the more risk you’re taking on.
    4. Stay in for the long haul. We have no idea what’s coming tomorrow, and past stock-market performance does not predict future results. But what is your alternative? Stick all your cash in a money-market account, a CD or, slightly riskier, bonds? You are not avoiding risk with this plan, simply shifting to the risk inflation will trump your return.
    5. Do what you can. The investment options available through your retirement plan may not be ideal. Invest there for the employer match, but ensure diversification through an account outside your employer plan, perhaps an individual retirement account or Roth IRA.
The word "volatile" in the third paragraph means
选项 A、explosive.
B、transient.
C、unstable.
D、lively.
答案C
解析 根据文章内容，作者即使在市场波动的情况下，还是坚持“buy-and-hold”，因此，可推断volatile意为“易变的”，C的unstable“不稳定的”与它意思接近，故选C。
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