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  3. The term investment portfolio conjures up visions of the truly rich—the Rockefellers, the Wal-Mart Walton’s, Bill Gates. But tod

The term investment portfolio conjures up visions of the truly rich—the Rockefellers, the Wal-Mart Walton’s, Bill Gates. But tod

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问题     The term investment portfolio conjures up visions of the truly rich—the Rockefellers, the Wal-Mart Walton’s, 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 average of 5. 3 percent and cash, 3. 8 percent.
    But short term risk is another matter. In 1974, a one year $1,000 investment in the stock market would have declined to $7. 35.
    With bonds, there are two kinds of risk: that the borrower won’t pay you back and that the money you’ll 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 $1,000 bond maturing in ten years. If inflation averages about seven percent over that time, then the $1,000 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 主旨大意题。第一段指出如今每个人都需要投资组合；第二段介绍了大多数人会用到的投资组合是股票、债券和现金；第三段总结了这三种投资方式的优缺点；第四到七段则具体说明这三种投资方式的回报率和风险；最后一段总结了投资组合的一条最重要规则。由此可知，本文旨在就“如何通过分散风险来致富”给出建议，故D项为答案。
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