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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  105
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.
The word "stomach" (Line 2, Last paragraph) has the closest meaning to "______ ".
选项 A、avoid
B、handle
C、endure
D、adopt
答案C
解析 stomach最常见的意思是名词“胃”，此处作动词，需要从文中推断其意义。该句意为：许多投资者不能够______像基森的基金那样的左右摇摆。下文介绍正确看待风险的方法，故推断出投资者不是很喜欢风险，选项中[C] endure可以表达出投资者不喜欢风险。文中并未提到他们不能处理，故[B]不正确。下文中提到可以找到中间立场，故[A]不正确。[D]不符合文意，故不正确。  
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