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  3. By any standard, money manager Malcolm Gissen has had a complicated relationship with risk over the past couple of years. After

By any standard, money manager Malcolm Gissen has had a complicated relationship with risk over the past couple of years. After

admin2011-03-11  51
问题     By any standard, money manager Malcolm Gissen has had a complicated relationship with risk over the past couple of years. After losing 62 percent in 2008, the Encompass Fund, which Gissen co-manages, gained a staggering 137 percent last year, cementing its reputation as one of the more volatile funds in the industry. "Most mutual fund managers tend to invest for mediocre results. Their goal is to perform in line with their benchmark," says Gissen, whose returns--for better or worsen-have been anything but mediocre.
    Encompass is one of a small group of funds that have a "go-anywhere" mandate (meaning they can invest in essentially any type of security), and Gissen wields that power freely. Late last year, for instance, his fund had about 20 percent of its assets in gold-related investments. Despite all that, Gissen’s attitude toward risk is surprisingly straightforward: "We don’t like risk," he volunteers.
    This, of course, begs the question: What exactly constitutes a risky portfolio? "When people think about risk.., they think, ’What’s going to be the next AIG or the next Enron?’" says Chris Konstantinos, a portfolio risk manager at Riverfront Investment Group, a Virginia-based advisory firm. "That’s a really important risk, but it’s not the entire side of the risk equation. It’s just one piece. "
    Lately, the market has shone a light on an entirely different type of risk, one that’s far more paradoxical and difficult to grasp. "Sometimes the biggest risk you can have in your portfolio is not having enough risk," says Konstantinos. "And certainly since March of 2009, that’s clearly been the case. "
    Advocates of this philosophy point to two main scenarios. In one, a traditionally safe asset class falls off, pulling the rug out from underneath investors who were overexposed to it. That’s what many analysts expect will happen to bond investors once interest rates start creeping up. In the other, a risky type of investment takes off, leaving those who don’t own it behind in a cloud of dust. That’s what occurred when consumer discretionary stocks surged during last year’s rebound.
    In both scenarios, the advantage goes to investors with portfolios that are traditionally seen as risky. The challenge, of course, is achieving the right balance. Many investors can’t stomach the swings associated with funds like Gissen’s, but there’s middle ground to be found. "The right way to look at risk is to look at it from a portfolio construction perspective, which means that in a highly diversified portfolio, there’s room for what’s perceived as risky kinds of investments," says Konstantinos.
According to Konstantinos, the biggest risk of portfolio is that ______.
选项 A、you invest in any type of security
B、the portfolio can not achieve the right balance
C、you continue a risky portfolio
D、your portfolio does not have enough risk
答案D
解析 文章第四段第二句引用了康斯坦蒂诺斯的话：“有时候，你的证券投资组合的最大风险是没有足够的风险。”由此可知，[D]为正确答案。第二段第一句括号中的句子说明这个基金小组可以为任何类型的证券投资，但并没有提到有关风险的内容，故[A]不正确。[B]和[C]在文中没有提及。  
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