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  3. We’re moving into another era, as the toxic(有毒的)effects of the bubble(泡沫)and its grave consequences spread through the financial

We’re moving into another era, as the toxic(有毒的)effects of the bubble(泡沫)and its grave consequences spread through the financial

admin2014-11-24  63
问题     We’re moving into another era, as the toxic(有毒的)effects of the bubble(泡沫)and its grave consequences spread through the financial system. Just a couple of years ago investors dreamed of 20 percent returns forever. Now surveys show that they’re down to a "realistic" 8 percent to 10 percent range.
    But what if the next few years turn out to be below normal expectations? Martin Barners of the Bank Credit Analyst in Montreal expects future stock returns to average just 4 percent to 6 percent. Sound impossible? After a much smaller bubble that burst in the mid-1960s Standard & Poor’s 5000 stock average returned 6.9 percent a year(with dividends reinvested)for the following 17 years. Few investors are prepared for that.
    Right now denial seems to be the attitude of choice. That’s typical, says Lori Lucas of Hewitt, the consulting firm. You hate to look at your investments when they’re going down. Hewitt tracks 500,000 401(k)accounts every day, and finds that savers are keeping their contributions up. But they’re much less inclined to switch their money around. "It’s the slot-machine(老虎机)effect," Lucas says. "People get more interested in playing when they think they’ve got a hot machine"—and nothing’s hot today. The average investor feels overwhelmed.
    Against all common sense, many savers still shut their eyes to the dangers of owning too much company stock. In big companies last year, a surprising 29 percent of employees held at least three quarters of their 402(k)in their own stock.
    Younger employees may have no choice. You often have to wait until you’re 50 or 55 before you can sell any company stock you get.
    But instead of getting out when they can, old participants have been holding, too. One third of the people 60 and up chose company stock for three quarters of their plan, Hewitt reports. Are they inattentive? Loyal excessively? Sick? It’s as if Lucent, Enron and Xerox never happened.
    No investor should give his or her total trust to any particular company’s stock. And while you’re at it, think how you’d be if future stock returns—averaging good years and bad—are as poor as Barnes predicts.
    If you ask me, diversified stocks remain good for the long run, with a backup in bonds. But I, too, am figuring on reduced returns. What a shame. Dear bubble, I’ll never forget. It’s the end of a grand affair.
In face of the current stock market, most stock-holders______.
选项 A、stop injecting more money into the stock market
B、react angrily to the devaluing stock
C、switch their money around in the market
D、turn a deaf ear to the warning
答案D
解析 细节题。第四段第一句提到，许多投资者(savers)对拥有太多公司股票的危险视而不见。D项是该句的改写，其中turn a deaf ear对应原文中的shut their eyes to，the warning对应the dangers。第三段作者通过休伊特(Hewitt)咨询公司的职员的介绍说明，投资者仍在不断地投钱(keeping their contributions up)，而他们不太愿意把资金转投其他地方(less inclined to switchtheir money around)。由此排除A项和C项。第三段末句“投资者普遍感到吃惊(overwhelmed)”指的就是持股者对股市不景气的反应。因此B项与事实不符。
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