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    Business school

    商学院

    Li Yuchun，the Ambassador for the “Yu Mi Loving

    Fund”

    李宇春魅力

    ——玉米爱心基金

    Chinese pop singer Li Yuchun is helping to spearhead a new fund to

    help children with leukaemia.

    The winner of the Super Girl singing contest last year has been chosen

    as the ambassador for the “Yu Mi Loving Fund” of the Chinese Red Cross

    Foundation(CRCF). It is designed to raise money for China’s impoverished

    leukaemia stricken children，whose families are burdened by expensive

    medical bills and can do little but wait to die.

    Around 160 fans of Li came from all over the country，including some

    from HongKong，to participate in the ceremony for the launch of the fund in

    Beijing. The fans，including teenagers，middle-aged and elderly people，vied with one another to put donations into a big red box，and then got a T-

    shirt as a souvenir from the hands of Li. Some of them even donated many

    times，contributing all the money in their wallets，to get more chances to

    get up close to their idol.

    “Li Yuchun has unimaginable influence among Chinese people，however young or old，male or female，” said Wang Rupeng，general-

    secretary of CRCF. He said his foundation had invited Li to serve as the

    image spokeswoman for the “Little Angel Fund，” that is also designed to

    help poor children with leukaemia late last year.

    “When the news was published，the website of CRCF was soon

    jammed and broke down many times as too many fans piled up to donate

    money on the request of their idol.”Wang recalled.

    “The telephone lines of my foundation were also engaged all the time as

    those who could not log on to the Web asked us how to send their money via

    remittance. “Many fans even traveled a long distance to go to the foundation

    with their donations.”

    At present，CRCF has received more than 6000 donations from fans

    totaling 400000yuan(US50000). The donations have been helping 31 poor

    children hit by leukaemia，Wang said. “Given the huge influence of Li，CRCF decided to set up the special YuMi Loving Fund，hoping that more

    fans can take part in the charity move.” Wang said.

    Li，the 22-year-old，who wore little make up for the launch，said at

    the ceremony，“It does not need many words here. Let us take action.”

    中国流行歌手李宇春正在建立一个新的基金来帮助患有白血病的儿

    童。

    去年超级女声冠军被选为中国红十字基金会(CRCF)的“玉米爱心

    基金”的大使。“玉米爱心基金”是一个自愿为中国贫困的白血病孩子筹

    集资金的组织。这些患儿的家庭面对昂贵的医药费，除了坐以待毙，其

    他的什么也做不了。

    全国各地的160多位李宇春的歌迷(玉米)，包括一些香港歌迷参

    加了在北京举办的发起仪式。这些玉米包括十几岁的青年，中年，老年

    人，他们争先恐后的将捐赠品放入一个红色的大盒子，李宇春送给每人

    一件T恤，作为纪念。一些人连续捐了许多次，把他们钱包里的钱都捐

    出来了，为的是得到更多接近他们的偶像的机会。

    中国红十字基金会秘书长王汝鹏说：“无论男女老少，李宇春在中

    国人心中拥有超乎想象的影响力。” 他还说，他的基金会邀请李宇春

    当“小天使基金”的形象代言人，该基金也是用于去年下半年帮助贫困的

    白血病儿童的。

    王回忆说：“当发布了这个消息后，中国红十字基金会网站的点击

    率马上暴涨，网页需要不断刷屏才能打开，因为太多的歌迷响应他们偶

    像的号召，争先恐后地要捐款。”

    “我们基金会的电话也一直很忙，因为那些打不开网页的人都打电

    话来咨询汇款方式。许多玉米曾经不远万里亲自到基金会来捐赠。”

    王说，目前，中国红十字基金会已经从玉米那里收到6，000多笔捐

    赠，总计40万元人民币(约5万多美元)。这些捐赠已经投入使用，正

    在帮助31个白血病患儿。因为李宇春的巨大影响力，中国红十字基金会

    决定成立 “玉米爱心基金”，希望有更多玉米加入到慈善团队中来。

    今年22岁的李宇春身穿专门为这次活动设计的衣服，出席了仪式并

    号召：“这里不需要太多的语言，让我们行动起来吧。”

    核心单词

    财经知识一点通

    形象代言人(celebrity)

    是指为企业或组织的赢利性或公益性目标而进行信息传播服务的特

    殊人员。代言人可以存在于商业领域，也可以出现于政府组织的活动

    中。

    慈善团体(charity)

    各种以社会慈善事业为目的的团体，如孤儿院、养老院、免费医院

    等。最初的慈善团体多为宗教组织的一个分支，以后才发展成以私人捐

    献财产直接为慈善事业的团体形式。现由国家拨款建立的慈善机构或属

    于教会的慈善机构属于公法人，其余则属于私法人。

    翻译行不行

    It is designed to raise money for China’s impoverished leukaemia

    stricken children，whose families are burdened by expensive medical bills

    and can do little but wait to die.

    Some of them even donated many times，contributing all the money in

    their wallets，to get more chances to get up close to their idol.

    At present，CRCF has received more than 6000 donations from fans

    totaling 400000yuan(US50000).

    Foreign Exchange Market

    走近外汇市场

    Foreign Exchange dealings take place on the Foreign Exchange

    market，they may be subject to Exchange Control. The Foreign Exchange

    market consists of the exchange dealers of the banks and the exchange

    brokers. It is made up of two sections: the spot market for spot transactions，and the forward market for forward transactions. Spot transactions are foreign

    exchange transactions that have to be settled promptly，forward transactions

    have to be settled on an agreed future date. The price of one currency in terms

    of another is called the rate of exchange or exchange rate. There are different

    rates for the different exchange instruments，The rates at which the banks

    sell foreign exchange (selling rates) are higher than the rates at which they

    buy (buying rates). Spot transactions are concluded at the spot rate and

    forward transactions at the forward rate. The forward rate may be higher or

    lower than，or on the same level as，the spot rate. If the forward rate is

    above the spot rate，the difference is called the premium，if the forward rate

    is below the spot rate，the difference is known as a discount. If the forward

    rate is on the same level as the spot rate，they are known as at par.

    在外汇市场上进行外汇交易，可能会受到外汇管制。外汇市场由银

    行的外汇交易员和经纪人组成，分为两大部分：即期交易市场和远期交

    易市场。即期交易是指必须立刻进行交割的外汇交易；远期交易必须在

    双方约定的将来某个日期进行交割。一种货币的价格用另一种货币来表

    示，叫做汇率。不同的信用工具有不同的汇率，即电汇汇率。即期交易

    按即期汇率交割，远期交易按远期汇率交割。远期汇率可能会高于、低

    于或等于银行卖出外汇(卖出汇率)要比买入外汇(买入汇率)的价格

    要高。如果远期汇率高于即期汇率，其差额叫做升水；如果远期汇率低

    于即期汇率，其差额叫做贴水。如果远期汇率等于即期汇率，叫做平

    价。

    核心单词

    财经知识一点通

    现货交易( spot transaction)

    指买卖双方以实物交割为目的的商品交易方式。按其交割时间不

    同，可分为即期现货交易和远期现货交易。即期现货交易是现买现卖，钱货两讫，即由拥有商品准备立即出售的卖方和拥有货币但想立即得到

    商品的买方直接见面，即时成交。

    升水(Premium)

    金银币在销售时，其本金本银部分是按国际价格而确定的，而加工

    费和利润部分称为升水。升水是指远期汇率高于即期汇率，与贴水对

    应。在通常情况下，银行报出的升贴水数只报两位或三位数。升贴水数

    的大小，两个数的排列次序也按升水或贴水而不同。在直接标价法下，小数在前，大数在后，即为升水；在间接标价法下，若是小数在后，大

    数在前，即为升水。

    翻译行不行

    Foreign Exchange dealings take place on the Foreign Exchange

    market，they may be subject to Exchange Control.

    It is made up of two sections: the spot market for spot transactions，and

    the forward market for forward transactions.

    The forward rate may be higher or lower than，or on the same level

    as，the spot rate.

    The Courses that Make You Rich in University

    让你致富的8门大学课程

    Is it common knowledge that school doesn’t prepare you well for the

    real world?

    Sure，you can get a good degree，find a well-paying job，work until

    you’re in your 60s，and then retire to enjoy the life you’ve deferred for 40

    years. However，that may not prove to be a successful life，a secure life，a

    financially sound life. A lot will depend on your outlook and your goals but

    know this: School doesn’t prepare you well for achieving wealth or becoming

    an entrepreneur and it downright fails at teaching you how to be rich.

    Nevertheless，school is here to stay. For now. Thus，it helps to

    identify which classes are the most relevant and helpful for those of us

    looking to become rich entrepreneurs. There are，in fact，several courses

    that contain critical information and instruction that，if used correctly，will

    put you on your path to riches.

    Accounting

    Although this list is in no particular order，I think Accounting is，by

    far，the most important course to take if you want to succeed financially.

    Today’s “credit crunch”illustrates that there are too many people who do not

    understand a balance sheet. Someone who walks into Best Buy and pays for a

    47-inch plasma television with a credit card does not comprehend the

    difference between an asset and a liability.

    Learning the difference between assets and liabilities，as well as

    concepts like inventory and cash flow，is essential if you intend on keeping

    your finances in order. Moreover，these concepts are crucial if you want to

    start your own business. The health of a business is reflected in its balance

    sheet and financial statement. As those numbers go，so does the business.

    Accounting will help you understand that cash flow is what helps a business

    succeed，and it is what helps you as an individual succeed.

    Marketing

    If you intend on making money from selling something (which，incidentally，is how any business makes money)，then you need to learn

    how to find the right product. Marketing，in and of itself，is not selling.

    However，it helps you learn how to promote certain products and services.

    By taking Marketing，you can understand the process involved in figuring

    out what consumers want，focusing on a product that satisfies those

    desires，and the attempt at moving consumers toward that product.

    Too often，products fail because their creators didn’t bother to learn

    whether a market existed for that product. This process involves research and

    time，but，in the end，it can save a business thousands，if not millions，of dollars. As an entrepreneur，it can also save you valuable time and

    money. Find the market first，and then develop the product.

    Economics

    Understanding the production，distribution，and consumption of goods

    and services is essential if you want to take a big picture approach to business

    and investing. The current state of the U.S. economy is a combination of

    various factors (i.e.consumer over-spending，speculative real estate

    investing，fragile lending practices，a weakening dollar，low supply of

    oil，etc.).

    If you understand how the economy got to the point where it is today，it

    helps you identify where your money should be. You can pick out the right

    investments and turn away from the bad ones. You can identify which

    direction your business should go in，including whether to take advantage of

    certain trends or cut out excess inventory.

    Economics is a vital ingredient in a person’s financial education. The

    world is now a global marketplace，and the supply and demand of goods and

    services operate at that level.

    Finance

    Finance helps you understand how the time value of money works and

    how various investment vehicles operate. One of the keys to becoming rich is

    comprehending how money works when it’s not in your hands. A finance

    course (preferably one geared towards entrepreneurship) will teach you what

    you need to know to reach this level of understanding. There might be some

    math involved，but it won’t kill you. It’ll just make you a stronger and more

    savvy investor.

    Any American History Course

    History can be boring. But if you look at history from a different

    viewpoint，it can open doors for you. The most valuable aspect of history is

    its ability to convey to us the mistakes of others. Studying history helps you

    learn from others mistakes so that，hopefully，you won’t commit the same

    mistakes.

    American history is filled with mishaps，wrong turns，and terrible

    decision-making，both at the national political level and at the business

    level. Look at these errors，and figure out how a better decision could have

    been made.

    Writing and Composition

    Succeeding as an entrepreneur requires that you be able to express

    yourself and your ideas. Whether it involves pitching an idea to an investor，writing a press release，or composing a business plan，entrepreneurs need

    to communicate. More often than not，this communication is done in

    writing. Basic composition and grammar skills can do wonders for your

    ability to convey your ideas and your mindset.

    Any Literature Course

    Literature，like history，contains valuable lessons that emanate from

    years of experience and wisdom. Why not draw on these sources of

    information? There is no limit to the topics covered by novels. Ernest

    Hemingway’s books are full of inspirational messages. Oscar Wilde provides

    brilliant business advice. Henry David Thoreau is the master of teaching self-

    reliance. These books and others provide timeless principles of personal

    development and，just as important，wealth creation.

    Management

    One of the problems with“bosses”is that they don’t know how to

    manage people. If you want to own and run a business，you need to manage

    that business effectively and efficiently. An understanding of management

    concepts and learning different techniques and skills will not only make you

    likable，but they will also help you make more money.

    学生通过学校的学习并不能掌握应对残酷现实世界的技能，这是否

    已经成为所有人的共识了呢？

    当然，你可以通过上大学获得一个高学位和一份高薪工作，接着工

    作到60岁，然后开始享受退休生活，享受迟来了40余年的那份安逸快

    活。但是，这并不能保证你就能过上成功、稳定并且金钱宽裕的生活。

    你要明白，学校是不会在让学生变富裕或成为一名企业家方面下大工夫

    的，换句话说就是，学校在传授学生如何变得富有这方面，是彻底的失

    败者。

    不过，目前学生还是要待在学校里学习的。尤其对于那些想成为富

    人的学生来说，学校可以帮助你选择一些最有帮助的相关课程。实际

    上，有些课程能够提供十分关键的信息和指导。如果你能加以充分地利

    用，那么财富就会在不远处向你招手。

    ● 会计学

    虽然排列的顺序没有特殊的意义，但是我觉得如果你想要获得经济

    上的成功，那么会计必是首选的课程。当今的信用危机不正好说明了有

    很多人对保持收支平衡都很不在行吗。人们在好购刷卡购买一台47英寸

    等离子电视的时候还是分不清财产和负债的区别。

    如果想要使你的财政状况保持有序，你就需要对这两者间的差别，还有货物清单及现金流这些概念有所了解。此外，当你想自己创业时，这些概念也很重要。生意的好坏都会在收支平衡表和财政结算表中有所

    反映。如果这些表上的数据不够理想，那么你的生意也不会好到哪儿

    去。通过学会计学，你会知道现金流的保有能使你取得生意上的成功，进而帮助你取得人生的成功。

    ● 市场营销

    如果你想要从销售(这也是绝大多数公司赚钱的方式)中赚到钱，那么你就得学会找到合适的产品。市场营销从本质上来说并不等于销

    售。不过它会让你学会怎样去推销产品和服务。通过学习市场营销，你

    就会明白消费者想要什么样的商品，把精力集中到能让消费者满意的商

    品上，并试着让他们对那件产品有购买的欲望。

    产品不畅销，通常都是因为其生产商事先没有调查，确定这件产品

    的市场前景。虽然在这个过程中既要做市场调查又要消耗一些时间，不

    过这样做却能帮公司省掉成千上万，甚至百万、千万美元的损失。对于

    一位企业家来说，它还可以帮忙节省许多宝贵的时间和金钱。因此，首

    先要认真调研市场，其次才是着眼于产品本身。

    ● 经济学

    如果想全面了解投资与生意，那你就得对货物和服务的生产、分配

    以及消费这些方面有所了解。当前美国的经济状况是由多种因素造成

    的，例如消费者的过度消费，房地产的投机猖獗，过于脆弱的借款机

    制，美元的疲软以及石油供应不足等。

    了解经济发展的态势，会让你看清投资方向。进而，你就可以避免

    错误的投资并找到正确的投资领域。此外，你还能清楚地洞察到自己生

    意的未来走向，比如你是应该紧跟当前的风头增加货源，还是应该清理

    积压商品等等。

    经济学在个人的金融教育中是一个不可或缺的因素。当今世界已经

    变成了一个全球市场，所有的货物及服务的供求都在这个大市场中进

    行。

    ● 金融学

    金融学会帮你理解钱的时间价值以及不同投资机构的运行方式。要

    想发财，关键之一就是要了解：当钱不在你手上的时候，它们是如何运

    作的。有关金融——最好是针对如何管理企业的课程会教你怎样达到那

    样的理解层次。或许这会涉及到数学，但并不会太难。相反，它会让你

    成为一名更强更有悟性的投资人。

    ● 任意一门美国历史课

    历史可能很枯燥。但是如果你能换一个角度去看待它，你就会得到

    很多有用的启示。你能从历史中看到他人所犯的错误，这是它最有价值

    的地方。此外，通过对历史的学习能够让你避免再犯前人所犯过的错

    误。

    美国历史是由许许多多的灾难、错误的转折，以及可怕的决定充斥

    而成的——不论是政治的还是经济的。你要做的，就是研究这些错误，并找出更好的解决办法。

    ● 写作

    要想成为一名成功的企业家，你必须具有表达自己观点以及表达自

    己的能力。因为无论是要向投资者表述一个构思、起草记者会文稿，还

    是拟定一份商业计划书，你都需要与别人沟通，而且大多数情况下，这

    种沟通都是通过书面形式完成的。当你在表达自己的观点和想法时，熟

    练掌握基本的写作以及语法技巧能让你事半功倍。

    ● 任意一门文学课程

    文学和历史一样，饱含了前人留下的宝贵经验和才智。鉴于此，为

    什么不把这些宝贵资源充分汲取呢？小说所涵盖的主题是不受任何限制

    的。厄内斯特·海明威的小说的内容能激发人们的灵感。奥斯卡·王尔德

    会提供十分独到的、精辟的商业建议。亨利·大卫·梭罗则是教人自助自

    立的大师级作家。这些书能够提供的原理古今通用，不仅促进个人发

    展，而且还能帮助你创造财富。

    ● 管理学

    老板们的一个通病，就是不知道如何管理好自己的员工。如果想要

    经营一门生意，你必须能高效高速地处理问题。当你对管理的理念有所

    了解，又掌握了多种应对方法和技巧之后，你这个老板就会变得人见人

    爱，而且还能赚到更多的钱。

    核心单词

    财经知识一点通

    信用危机 (credit crisis)

    信用危机的主要表现是：商业信用和银行信用遭到破坏，大批银行

    倒闭，商业信用需要减少，借贷资本的需要大大超过供给，利息率急剧

    上升。

    现金流(cash flow)

    一般是针对企业而言的，所以现金流是指某一段时间内企业现金流

    入和流出的数量，比如企业销售商品、提供劳务、出售固定资产、向银

    行借款、上市等都会取得现金，形成现金流入；购买原料、支付工资、构建固定资产、对外投资、偿还债务等都需要支付现金，从而形成企业

    的现金流出。

    翻译行不行

    Is it common knowledge that school doesn’t prepare you well for the

    real world?

    Too often，products fail because their creators didn’t bother to learn

    whether a market existed for that product.

    If you want to own and run a business，you need to manage that

    business effectively and efficiently.

    Reflation And How To Exploit It

    如何从通货再膨胀中获利

    The most talked-about investing strategy these days isn’t stuffing money

    in a mattress，it’s the reflation trade—the bet that the world economy will

    rebound，driving up interest rates and commodities prices.

    Even though the economy continues to struggle，investors are looking

    ahead to the time when the massive rescue efforts by central banks and

    governments gain traction.

    They are focused on raw materials and commodity-related stocks that

    would benefit from the surge in infrastructure spending. They are looking to

    exploit potential bottlenecks in production that could lift prices and corporate

    earnings.

    “Between the bailouts and the stimulus，it’s pretty clear that we’re

    going to have some inflation when we get out of this mess，”says Roger

    Ibbotson，founder of Ibbotson Associates and chairman of hedge-fund

    manager Zebra Capital Management. He says，“It may not show up for

    another two years，after that I think it’s quite likely and I think you should

    be positioning a portfolio against that.”

    Shawn Rubin，an adviser at Smith Barney in New York，has moved

    some clients partly into natural-resources stocks while using strategies to

    protect against a spike in inflation.

    One way is to use options，where an investor is able to use relatively

    small amounts of money and take positions that would profit from a massive

    drop in Treasury prices or a near doubling in gold prices. “While in the short

    run such trades may not work，it’s a long-term move，”Mr. Rubin

    says.“You should buy insurance when it’s cheap.”

    And despite the recentl altirity that lifted stocks 20% from their lows as

    of Thursday—the common definition of the return to a bull market，though

    they promptly fell again Friday—most investors expect a challenging

    environment well into next year.

    But the Federal Reserve has taken dramatic steps to revive the economy

    and stabilize the financial system. It has lowered interest rates essentially to

    zero and is on track to pump more than 2 trillion into the credit markets.

    On top of that，there is the 787 billion federal stimulus program

    coupled with a growing budget deficit. Around the globe central banks and

    governments are making similar moves.

    Paul Kasriel，director of economic research at Northern Trust，says

    “the Fed will likely err on the side of ensuring that the recovery is sustained

    and usually that means they will be late in turning against inflation. The

    political sentiment will be toward inflation and in preventing deflation，” he

    adds.

    Mr. Liinamaa suggests investors keep a “survivor bias”. That

    means“looking for names that have low cost structures and balance-sheet

    capacity to still be standing”even if demand doesn’t recover soon. He cites

    steel producer Nucor as one example.

    Already there are signs that the market is less worried about deflation.

    That’s clearest in the market for Treasury Inflation-Protected Securities. Back

    in February，five-year TIPS were priced for a 0.5% drop in consumer

    prices，now that’s swung around to a 1.35% increase.

    “The magnitude of the expected inflation rise predicted by TIPS may be

    small，but the direction tells the tale，”says John Hollyer，a co-manager of

    Vanguard Inflation-Protected Securities Fund.

    “The fiscal and monetary stimulus are causing investors to say there’s a

    decent chance the Fed will be successful and there will be an increase in

    inflation，”he says.

    就市场而言，最近谈的最多的投资策略并不是寻求避险，而是通货

    再膨胀交易——下注全球经济将复苏，从而推高利率水平和大宗商品价

    格。

    即便目前经济仍然走势蹒跚，投资者却具有前瞻性地看到了各国央

    行和政府的大规模救助举措发挥作用的时刻。

    他们重点关注原材料和大宗商品相关类股，这些类股可能会从基础

    设施支出的飙升中受益。他们还期望从生产瓶颈中获利，生产瓶颈会推

    高价格和企业利润。

    伊博森伙伴咨询公司创始人、对冲基金公司斑马资本管理有限公司

    董事长伊博森说，“在诸多救助计划和刺激计划中，很明显我们走出经

    济危机的时候会出现一些通货膨胀。”他说，“或许这种情况两年之内不

    会出现，但我认为在两年之后，很有可能出现，我觉得你们应该针对这

    种情况设置一个投资组合。”

    史密斯·邦尼公司驻纽约顾问肖恩·鲁宾已经将一些客户的部分投资

    转移至自然资源类股，同时使用策略应对通货膨胀上升的风险。

    期权是一种手段，投资者可以使用相对较少的资金，建立头寸应对

    国债价格大幅下挫或金价上涨将近一倍的情况。如果出现这种情况，他

    们就能从中获利。鲁宾说，“尽管此类交易短期可能不会奏效，这是一

    个长期性举措。你得趁成本低廉的时候就采取防范性措施。”

    尽管在近期涨势的推动下，截至上周四美国股市较低点回升了

    20%──达到了通常的牛市回归标准，不过上周五再次急剧下滑──但多

    数投资者仍认为明年会遭遇更为困难的环境。

    不过，美国联邦储备委员会(Fed，简称：美联储)已经采取许多重大

    举措重振经济，稳定金融体系。美联储已经将利率下调到实际为零的水

    平，并正在逐步向信贷市场注入超过2万亿美元。

    除此之外，联邦政府还有7，870亿美元的刺激计划以及不断扩大的

    预算赤字。全球主要央行和政府都在采取着类似举措。

    北美信托银行有限公司经济研究主管保罗·卡斯里尔表示，“美联储

    在确保经济持续复苏时可能会出现错误，这通常意味着他们在遏制通货

    膨胀方面的行动可能会迟缓。”他补充说，“政治舆论将会倾向于刺激通

    胀和防止通缩。”

    利纳马建议投资者考虑那些能够生存下来的公司。这意味着寻找那

    些成本结构较低、资产负债能力强劲的公司，即便需求短期难以复苏，它们仍然会生存下来。他说纽科钢铁公司就是这样一个例子。

    已经有迹象显示市场并不是那么担忧通货紧缩。这点在美国财政部

    通货膨胀保值债券的(TIPS)市场上表现最为明显。今年二月，5年期通

    货膨胀保值债券的走势显示，市场预计美国消费者价格会下跌0.5%，但

    目前的走势已经逆转，市场认为消费者价格会上升大约1.35%。

    先锋抗通胀债券基金的联席经理霍尔耶说，“通货膨胀保值债券走

    势所预计的通货膨胀率幅度或许不大，但方向说明了一切。”

    他说，“财政和货币刺激举措正促使投资者相信美联储很可能会取

    得成功，通货膨胀也很有可能上升。”

    核心单词

    财经知识一点通

    基金(Fund)

    从广义上讲，基金是机构投资者的统称，包括信托投资基金、单位

    信托基金、公积金、保险基金、退休基金以及各种基金会的基金。在现

    有证券市场上的基金，包括封闭式基金和开放式基金，具有收益性功能

    和增值潜能的特点。从会计角度透析，基金是一个狭义的概念，意指具

    有特定目的和用途的资金。因为政府和事业单位的出资者不要求投资回

    报和投资收回，但要求按法律规定或出资者的意愿把资金用在指定的用

    途上，从而形成了基金。

    期权(Option)

    它是在期货的基础上产生的一种金融工具。从其本质上讲，期权实

    质上是将在金融领域中的权利和义务分开进行定价，使得权利的受让人

    在规定时间内对于是否进行交易而行使其权利，而义务方则必须履行。

    在期权的交易中，购买期权的和约方称作买方，而出售和约的一方则叫

    做卖方。期权分为看涨期权和看跌期权。

    翻译行不行

    They are focused on raw materials and commodity-related stocks that

    would benefit from the surge in infrastructure spending.

    But the Federal Reserve has taken dramatic steps to revive the economy

    and stabilize the financial system.

    Already there are signs that the market is less worried about deflation.

    Buying on the Installment Plan

    分期付款购物

    In Western countries people have been using the installment plan since

    the first half of the twentieth century. Today，a large proportion of all the

    families in Great Britain buy furniture，household goods and cars by

    installment. In the U.S.A.，the proportion is much higher than in Great

    Britain，and people there spend over 10 percent of their income on the

    installment plan.

    The goods bought on the installment plan are，in almost every case，goods that will last—radios，television sets，washing machines，refrigerators，motorcars，motorcycles，and furniture.

    The price of an article bought in this way is always higher than the price

    that would be paid by cash. There is a charge for interest. The buyer pays a

    proportion，perhaps one - quarter or one - third，of the price as a down

    payment when the goods are delivered to him. He then makes regular

    payments，weekly or monthly，until the full price is paid up. The legal

    ownership of the goods remains with the seller until the final payment has

    been made.

    Installment buying has advantages and disadvantages. In the past，it

    was easy to find couples who had been saving for years in order to furnish

    their homes. Now，they don’t have to do that. Installment buying can help

    couples with small incomes to furnish their homes and start housekeeping. It

    increases the demand for goods，and in this way helps business and

    employment.

    There is，however，the danger that when business is bad，installment

    buying may end suddenly，making business much worse. This may result in

    a great increase in unemployment. If the people on the installment plan lost

    their jobs，they would probably not be able to make their payments. If great

    numbers of people are not able to pay their installment debts，there is a

    possibility that businessmen cannot collect their debts and will therefore lose

    money. If businessmen lose money or fail to make a satisfactory profit，the

    possibilities of having a depression are increased. This is why，in some

    countries，the government controls the installment plan by fixing the

    proportion of the down payment and the succeeding installments to

    discourage people from buying more than they can pay for on the installment

    plan.

    在西方国家，人们从二十世纪上半叶以来就一直用分期付款的方式

    购物。今天，绝大部分的英国家庭用分期付款的方式购买家具、家用电

    器和汽车。在美国，通过分期付款购物的比例高于英国。美国人将其百

    分之十以上的收入用于分期付款购物。

    采用分期付款方式购买的商品，几乎都是耐用品，比如收音机、电

    视机、洗衣机、冰箱、汽车、摩托车和家具。

    用这种办法购买的物品，其价格要比用现金购买的价格要高，因为

    要加收利息费。购买者在拿到货物之前需支付一定比例的货款——四分

    之一或三分之一作为定金，以后按期付款，如按周或按月付款，直到付

    清全部货款。在付清全部货款前，货物的所有权归销售商。

    分期付款购物有利有弊。过去，人们经常看到一对夫妇为了购买家

    具布置房间，需要储蓄好多年。现在，他们不用这样了。分期付款购物

    可以帮助收入较低的家庭购买家具布置房间，维持家计。这么做的结果

    就是増加了商品需求，并且有助于企业发展和提高就业水平。

    然而，当企业不景气时，也会伴随有风险出现：分期付款购物会突

    然中断，使企业难以为继。这可能导致失业率大幅上升。如果购物者失

    业，也就失去了支付货款的能力。如果有许多购物者无力偿付货款，就

    可能出现商家收不回债务，导致亏损的情况发生。如果商家亏损或赚不

    到可观的利润时，市面就会更加萧条。这也就是为什么在一些国家，政

    府会通过规定首付款与以后各期付款的比例来控制分期付款，并劝导人

    们在分期付款购物时不要超出自己的支付能力。

    核心单词

    财经知识一点通

    分期付款(Pay by Installments)

    大多用在一些生产周期长、成本费用高的产品交易上。如成套设

    备、大型交通工具、重型机械设备等产品的出口。分期付款的做法是在

    进出口合同签订后，进口人先交付一小部分货款作为订金给出口人，其

    余大部分货款在产品部分或全部生产完毕装船付运后，或在货到安装、试车、投入以及质量保证期满时分期偿付。

    债券(Bonds)

    是政府、金融机构、工商企业等机构直接向社会借债筹措资金时，向投资者发行，承诺按一定利率支付利息并按约定条件偿还本金的债权

    债务凭证。债券的本质是债权的证明书，具有法律效力。

    翻译行不行

    A large proportion of all the families in Great Britain buy furniture，household goods and cars by installment.

    He then makes regular payments，weekly or monthly，until the full

    price is paid up.

    If the people on the installment plan lost their jobs，they would

    probably not be able to make their payments.

    InvestFinance

    理财投资

    Five Father-Son Teams Share Investing Secrets

    投资父子兵 分享投资秘诀

    It’s a cliche，but it happens to be true: You can’t learn everything from

    books. As important as a degree from a business school can be to the

    education of a young money manager or advisor，there’s nothing quite like

    the lessons imparted by an older，wiser，more experienced professional.

    And who better to learn from than dear old dad?

    “Steve first became interested in investing when he was about eight

    years old and he found out that you could put money in a bank and it would

    earn interest，”says Ronald Rogé of his son Steven，who together run R.W.

    Rogé Co.and the Rogé Partners fund.“In other words，he discovered that

    you could make money without working，”the elder Rogé says with a

    chuckle.

    Later Steven was curious about mutual funds. He collected baseball

    cards at the time，so his father explained that a mutual fund was kind of like

    a pack of cards—a basket of individual stocks，some of which were

    potentially more valuable than others. By the time Steven was 12，he was

    hooked.

    That’s a common theme among the father-son teams SmartMoney spoke

    with ahead of Father’s Day weekend. When talk at the family dinner table

    centers around stocks，bonds，mutual funds and the market，well，an

    interest in investing tends to get kindled at a very young age.

    Even more important is that those relationships create an appreciation

    for history，for experience，for risk and for unconventional thinking—

    things that can’t necessarily be learned in an MBA program.

    After all，when your dad’s been in the business a long time，you stand

    to benefit from his decades on the front lines of the securities markets.

    Here，then，is a look at five father-and-son investing teams—and some of

    the generational wisdom that has stood them in good stead. And lest we

    forget，daughters can benefit，too. Abigail Johnson helps run the company

    her family founded，mutual fund giant Fidelity.

    Learn the investing secrets of Steven and Ronald Rogé and four other

    father-son investing teams.

    Bryan and Bob Auer | Auer Growth Fund

    Bryan，73，had been managing his own investments quite successfully

    for a long time when his son Bob，48，took a job as a broker at Dean Witter

    Reynolds in 1986. Bryan opened accounts with his son but wasn’t interested

    in the firm’s research or recommendations. Rather，he had his own stock-

    picking system—one the duo continues to employ at Auer Growth fund to

    this day: Cull through thousands of stocks looking for 25% earnings

    growth，at least 20% sales growth and a forward priceearnings multiple of

    less than 12.“Once a stock stops having those characteristics or doubles in

    price，we sell，”Bryan says. “We started that process in 1987 and by 2007

    our accounts had an annualized return of more than 30%，”says Bob. So in

    late 2007 they launched Auer Growth，with Bob acting as portfolio manager

    and Bryan in charge of portfolio analysis. Naturally 2008 was an inauspicious

    time to start a fund，but for the year to date it’s up 22%. When asked what’s

    the greatest lesson he’s learned from his dad，Bob laughs.“Only how to

    compound money at 30% a year.”

    Gordon，Kent and Russell Croft | Croft Funds

    Gordon，now 76，had been a director and manager at T. Rowe Price

    for 20 years when his older son，Kent decided to leave his job at Salomon

    Brothers in 1989 and return to Baltimore to start a firm with his dad.“The

    first thing I did was make Kent president，so he has been the boss for 20

    years，“Gordon says. ”Russell joined the firm in 1999.“Both of them have

    the highest ethics and highest character that you can imagine，”says

    Gordon，“and that holds them in good stead in this business.”The Croft

    Value fund seeks out high-quality companies with low PEs that can be held

    for the long term. It’s a strategy that’s allowed the fund to beat the SP 500

    over the last three-，five- and 10-year periods. Kent，46，says the greatest

    lesson he’s learned from his dad is the importance of keeping long horizons

    on stocks.“When you’re younger you tend not to quite think like that，”he

    says. Russell，35，says his father taught him and his brother to constantly

    question the conventional wisdom. “That’s in our blood，”he says. “The

    search for inherent，hidden value with a contrariant nature—we got that

    from our father more than anything.”

    Lloyd and Larry Glazer | Mayflower Advisors

    In 1989 Lloyd，now 70，was a partner at Bear Stearns in Boston，a

    place he had worked for two decades. His son Larry，41，had senior

    positions at H.C. Wainwright，Trammell Crow and Bank of Tokyo. They

    had long talked about working together and decided that the time was right.

    So they formed what Lloyd calls“a terrific partnership，”setting up their

    advisory，Mayflower Partners，within Advest，a regional brokerage firm.

    When Merrill Lynch acquired Advest in 2005，the Glazers’ clients urged

    them to strike out on their own.“And it has worked out wonderfully for us，”

    Lloyd says.“Mayflower was one of the first advisors to transition to a fee-

    based structure from a commission-based one，and was also quick to grasp

    the utility of ETFs for asset allocation and hedging positions.”Larry says. But

    the most important lesson learned from Dad? “In our household we talked

    about debt and leverage at the dinner table，”the son says.“I had that benefit

    from a very young age. As a result，our firm has no debt，and we advise

    clients to have little or no leverage.”

    Stephen and Samuel Lieber | Alpine Funds

    Stephen，83，and Samuel，53，used to do a lot of sailboat racing

    together. “That’s how we learned to work together as a team，” says

    Stephen. That experience was critical to the 1989 launch of the Alpine

    International Real Estate Equity fund，the first global real estate offering of

    its kind. Not only did that wed the son’s experience in real estate and REITS

    with the father’s decades of asset and portfolio management，it taught

    Samuel a valuable professional—and personal—lesson.“In the late 1980s，we were so big in the real estate sector that we found we were moving share

    prices around，” Samuel says.“I expressed concern to my dad. He said look

    farther afield，broaden your horizons and look for other types of

    opportunities.”That’s how the first international real estate fund was born.

    Today Alpine runs nine funds，but that first lesson remains key，Samuel

    says.“Take a broad，holistic approach not only to investing，but also to

    life.”

    Ronald，62，started R.W. Rogé in 1986 as a financial planning and

    advisory business. He first started stock picking in the early 1970s but found

    that he wasn’t very good at it. He was better at finding good fund managers—

    like his son Steven，28，who joined the company in 1997.“I’m really good

    at strategy and looking at the big picture，”Ronald says.“Steve is very good

    at finding undervalued stocks.”Steven might have been a longtime disciple of

    Benjamin Graham and Warren Buffett，but his first job at Dad’s office was

    making copies and doing other menial chores. After seven years of learning

    the business，Steven become portfolio manager of the Rogé Partners fund，which launched in late 2004. The fund got off to a good start，posting total

    returns of 10% and 21% in 2005 and 2006，respectively，but cooled off in

    2007 and，of course，2008. But then that just makes the lessons instilled by

    the father all the more important.“When you are a value investor the most

    important thing is patience，” Ronald says.“Warren Buffett watched Coca-

    Cola for 25 years before he purchased it.”

    这显然是陈词滥调，不过确实是真的：书上是学不到这一切的。一

    个商学院学位对一个年轻的资金经理或咨询师的成长很重要，同样，一

    个年长睿智、经验丰富的职业老手传授的经验也是无可取代的。

    谈到学习对象，还有谁会比亲爱的老爸更好呢？

    罗纳德·罗杰和他的儿子斯蒂文·罗杰共同运营着R.W. Rogé Co.和

    Rogé Partners fund。罗纳德谈到自己的儿子时说，“斯蒂文大约在八岁的

    时候，就发现把钱放到银行就可以得到利息，那是他第一次表现出对投

    资的兴趣。”罗纳德笑着说，“换句话说，他发现不干活也能挣钱。”

    斯蒂文后来又对共同基金产生了兴趣。他当时在收集篮球卡，因此

    罗纳德就向他解释说，一只共同基金有点像是一叠篮球卡──一篮子个

    股，一些股票可能会比其他股票更值钱。当斯蒂文12岁的时候，他开始

    痴迷于此了。

    《财智》杂志在父亲节周末之前做了一个关于父子团队组合的报

    道，这是其中的一个共同主题。当股票、债券、共同基金和市场成为家

    庭餐桌谈话中心的时候，小孩子自然会很小就有了对投资的兴趣。

    更为重要的是，这些关系能引发对历史、经验、风险以及非常规思

    维的重视──这可是你在MBA课程中不一定能学到的东西。

    毕竟，如果你的爸爸长期从事这项业务，那他在证券市场前沿数十

    年的经历肯定会让你受益匪浅。下面我们就看看五对父子投资组合的情

    况──其中一些家传密技的参考价值会很高。当然，女儿们也会从中受

    益。阿比加尔·约翰逊就在协助运营着她家人创立的共同基金巨头富达

    基金。

    那就我们分享学习罗杰父子以及其他四对父子投资组合的投资秘诀

    吧。

    奥尔父子组合|奥尔增长基金

    现年48岁的鲍伯·奥尔在添惠证券投资谋到了一份经纪人的工作，而现在73岁的布莱恩·奥尔当时就已经相当成功地管理他自己的投资很

    长时间了。布莱恩和儿子合开了投资账户，但对公司的研究或推荐股票

    并不感兴趣。他有自己的选股心得──其中的一条规律目前仍在奥尔成

    长基金沿用：在数千只股票中搜寻那些收益增长25%，至少是20%的销

    售增长，未来市盈率不超过12倍的公司股票。布莱恩说，“一旦股票不

    再具有这些特征，或是股价增长一倍，我们就会卖出。”鲍伯回忆

    道，“我们从1987年开始实施这一策略，到2007年我们的账户年回报率

    超过了30%”。因此，在2007年底，两人共同推出了奥尔成长基金，鲍

    伯担任投资组合经理，布莱恩负责投资组合分析。2008年显然不是个开

    创基金的好时候，但该基金今年以来已经上涨了22%。当被人们问到从

    父亲那里学到什么重要的教益时，鲍伯笑着说，“只有一条，那就是如

    何实现每年增值30%的目标。”

    克劳福特父子三人|克劳福特基金公司

    1989年，肯特·克劳福特决定辞去在所罗门兄弟的工作，回到巴尔

    的摩和父亲高登·克劳福特创立一家公司；现年76岁的高登当时担任T.

    Rowe Price的董事兼经理职位已长达20年。高登说，“我当时做的第一件

    事就是让肯特做总裁，然后他就做了20年的老板。小儿子罗赛尔于1999

    年加入公司。高登表示，“他们两人都有你所能想到的最好的道德与性

    格，这会给他们从事这个行业带来很大帮助。”克劳福特基金选择的股

    票都是可以长期持有的、市盈率较低的优质股。凭借这一策略，该基金

    过去3年、5年和过去10年的回报率一直都超过了标准普尔500指数。现

    年46岁的肯特说，他从父亲那里学到的最重要的经验就是，着眼于长远

    对投资股票很重要。他说，“当你年纪不大的时候，你一般不会这么

    想”。现年35岁的罗赛尔说，父亲教他们要经常质疑常规智慧。他

    说，“这已经渗透到我们的血液里了。父亲让我们以反向投资的眼光去

    寻找内在的隐藏价值，这是我们从父亲那里学到的最大教益。”

    格拉泽父子|Mayflower Advisors

    1989年，现年70岁的劳依德·格拉泽还是贝尔斯登在波士顿的合伙

    人，他在那个地方工作了20年。他的儿子、现年41岁的拉里·格拉泽在

    H.C. Wainwright、Trammell Crow和东京银行都担任过高级职员。这对

    父子在很早之前就讨论过合作投资的问题，并认定当时是恰当的时机。

    因此他们组建了劳依德所称的“绝佳合伙关系”，在一家地区券商Advest

    旗下组建了他们的咨询公司Mayflower Partners。美林公司在2005年收购

    了Advest，格拉泽父子的客户们督促他们自立门户。劳依德说，“我们

    后来发展得很顺利”。拉里说，“Mayflower是最早从按佣金收费转向按

    手续费收费的咨询公司之一，同时也迅速借助上市交易基金进行资产配

    置和对冲头寸。”那么，他从父亲那里得到最为重要的教益是什么？拉

    里说，“我们家会在吃饭的时候讨论债务和杠杆问题，我很小的时候就

    从中受益了。受此影响，我们公司没有债务，我们建议客户不要使用或

    尽量少使用杠杆。”

    列伯父子|Alpine Funds

    今年83岁的斯蒂文·列伯和53岁的塞缪尔·列伯过去经常一起进行帆

    船比赛。斯蒂文说，“我们就是通过它，学会了像团队一样协作”。这一

    经验对1989年成立的Alpine International Real Estate Equity基金非常重

    要，这是全球该类型的首个房地产基金。这只基金不仅汇聚了塞缪尔在

    房地产和房地产投资信托基金领域的经验，以及斯蒂文在资产和投资组

    合管理领域数十年的经验，还给塞缪尔带来了一个重要的职业以及个人

    方面的教益。塞缪尔回忆道，“那是二十世纪八十年代末，当时我们在

    房地产业的业务做得非常大，以至于我们发现自己正在影响股价”。他

    说，“我向父亲表达了我的担忧。他告诉我要看的远一点，把视野拓宽

    一点，寻找其他类型的机遇。这就是第一只国际地产基金的诞生经

    历”。塞缪尔说，“现在Alpine旗下运营着9只基金，但那条头号教益仍然

    非常重要。做事要视野宽广，全盘考虑；这点不仅适用于投资，也适用

    于人生。”

    现年62岁的罗纳德于1986年创立了金融规划和咨询公司R.W.

    Rogé。他从二十世纪七十年代初就开始选股，但他发现自己在这方面并

    非特别擅长。罗纳德更擅长发现出色的基金经理，比如他那位28岁的儿

    子斯蒂文。斯蒂文于1997年加入公司。罗纳德说，“我确实擅长规划战

    略和全盘考虑。斯蒂文则在发现价值被低估的股票方面有一套。”斯蒂

    文可能长期信奉本·杰明·格雷厄姆和巴菲特的投资哲学，但他在父亲公

    司做的第一份工作却是复印以及其他杂事。他用了7年的时间来了解业

    务，在2004年底，斯蒂文成了新推出的Rogé Partners fund的基金经理。

    这只基金起步不错，在2005年和2006年分别实现了10%和21%的回报

    率，但在2007年有所冷却，当然2008年就不用说了。不过，正是那个时

    候，父亲传授的教益才显得无比重要。罗纳德说，“要做个价值投资

    者，最重要的就是有耐心。巴菲特在投资可口可乐公司之前可是观察了

    该股长达25年之久。”

    核心单词

    财经知识一点通

    市盈率(Price to Earning Ratio，简称PE或PE Ratio)

    指在一个考察期(通常为12个月的时间)内，股票的价格和每股收

    益的比例。投资者通常利用该比例值估量某股票的投资价值，或者用该

    指标在不同公司的股票之间进行比较。市盈率通常用来作为比较不同价

    格的股票是否被高估或者低估的指标。

    头寸(position)

    也称为“头衬”就是款项的意思，是金融界及商业界的流行用语。如

    果银行在当日的全部收付款中收入大于支出款项，就称为“多头寸”，如

    果付出款项大于收入款项，就称为“缺头寸”。对预计这一类头寸的多与

    少的行为称为“轧头寸”。如果暂时未用的款项大于需用量时称为“头寸

    松”，如果资金需求量大于闲置量时就称为“头寸紧”。

    翻译行不行

    It’s a cliche，but it happens to be true: You can’t learn everything from

    books.

    After all，when your dad’s been in the business a long time，you stand

    to benefit from his decades on the front lines of the securities markets.

    As a result，our firm has no debt，and we advise clients to have little

    or no leverage.”

    All-Suitable Investment Wisdom

    鱼和熊掌兼顾的投资智慧

    Even the experts can’t agree whether rising or falling prices lie in our

    future.

    That leaves investors in a quandary: how to construct a portfolio at a

    time of great uncertainty？ A wrong bet could be devastating. If your

    portfolio is built for deflation，for example，your assets will slump if the

    country instead experiences a bout of inflation.

    The answer is to prepare for the economic scenario you think is most

    likely，and then build in some insurance in case you are wrong.

    “If you want to win the war，” says Rich Rosso，a financial consultant

    at Charles Schwab，“you have to own both sides of the fight to some

    degree.”

    Such an approach necessarily means some investments will suffer no

    matter how the economy turns.

    Here are three portfolios，each with built-in insurance. The first will do

    best in an inflationary period but won’t be crushed if deflation instead rules

    the day. The second is for investors who fear deflation，but want some

    protection against potential inflation. And the third is aimed at investors who

    believe the economy will muddle through without severe inflation or

    deflation.

    Inflation

    If you believe all the government spending in response to the financial

    crisis will ultimately beget inflation，you want a portfolio that thrives in a

    period of surging prices.

    Commodities are the primary play，because everything from oil and

    corn to copper and pork bellies should gain. Plus，commodities—

    particularly gold—hedge against the dollar，offering a 2-for-1 benefit if a

    weak dollar accompanies inflation，as some expect.

    Insurance Component: Long-term Treasury bonds and municipal bonds

    Both will likely soar in value amid deflation because their long period of

    fixed payments would be an attractive source of income as prices for goods

    and services broadly fall，and as paychecks shrink. And Treasury papers，in

    particular，would likely become a haven for foreign investors，further

    pushing up their price.

    Deflation

    Portfolio preparation is easier for deflationists: Put a chunk of money

    into long-term Treasury bonds and much of the rest into cash and some

    municipal bonds.

    If broad-based deflation materializes，long-term Treasury papers are

    likely to surge. The bonds’ fixed-income stream，meanwhile，would be

    worth increasingly more relative to falling consumer prices.

    Round out your deflation portfolio with a big slug of cash. Though it

    won’t generate much of a return in a low-rate，deflationary environment，cash in the bank will gain value as prices fall.

    Insurance Component: Commodities react most drastically to surprise

    inflation，so they should be part of your insurance. If inflation arises，companies such Coca-Cola，tobacco giant Altria，and toothpaste maker

    Colgate-Palmolive will have some pricing power.

    Goldilocks Economy

    Maybe，just maybe，world bankers will get this right，and the

    economy will experience neither severe inflation nor severe deflation.

    “We think most likely the central banks of the world will get this close

    enough to right that we will settle in close to a relatively benign inflation rate

    of between 1.5% and 2.5%，”says Aaron Gurwitz，head of global

    investment strategy at Barclays Wealth.

    “In such a‘Goldilocks’scenario—where the economy is neither too hot

    nor too cold—risky assets would do best，so equities and bonds with some

    equity characteristics should receive the emphasis，” says Scott Wolle，portfolio manager of the AIM Balanced-Risk Allocation Fund.

    For the bond component，pick a fund such as the Fidelity Total Bond

    fund that largely owns high-grade，intermediate-term corporate bonds and

    mortgages，along with government and agency debt.

    Insurance Component: Just in case the Goldilocks scenario is wrong，you will need insurance against either inflation or deflation. Pick up inflation

    protection through a commodity ETF，and deflation protection with long-

    term Treasury papers. Cash also is OK in either situation.

    即便是专家也对物价到底是涨还是跌的看法不一。

    这就给投资者出了一个难题：在经济前景如此不明朗的情况下，该

    如何构建自己的投资组合呢？下错了注，受到的打击将是致命的。比

    如，你的组合是基于对通货紧缩的预期，那么假使发生了通货膨胀，你

    的资产便会大幅缩水。

    最佳方案就是，按你认为最有可能出现的经济状况来进行投资，同

    时采取一定的保险措施，以防止出现失误。

    嘉信理财的金融咨询师里奇·罗索说，“要想赢得战争的胜利，作战

    双方你都得投点资。”

    采取这种投资方式的话，不管经济形势如何，你都会有部分资产受

    损。

    下面的三种投资组合均考虑了内在的保险要素。第一种组合在通货

    膨胀时期表现最佳，遭遇通货紧缩时却也不致崩盘。第二种适于那些预

    期通货紧缩，同时也希望能够应对通货膨胀的投资者。第三种针对的则

    是那些认为经济发展温和，既不会有严重的通货膨胀也不会有严重通货

    紧缩的投资者。

    通货膨胀型投资

    如果你认为政府应对经济危机的一应开销最终会导致通货膨胀，那

    么你肯定希望自己的投资组合在物价上涨时能有良好表现。

    商品期货可以是投资的重头，因为到时候原油、粮食、铜、猪肉的

    价格都会上涨。而且，大宗商品──尤其是黄金，可对冲美元贬值。有

    人预计，在美元疲软兼通胀的形势下，投资黄金可能会带来双倍的收

    益。

    保险元素：长期国债和市政债券

    这两种债券在通货紧缩时期价格都会攀升，因为在商品和服务大幅

    降价、薪酬缩水的情况下，这两种债券的长期固定收益会是一笔可观的

    收入。尤其是美国国债，到时会很受国外投资者的青睐，从而价格会受

    到进一步地推动。

    通货紧缩型投资

    通货紧缩论者要构建投资组合相对更为容易：可将大部分钱购置长

    期美国国债，剩余的钱，一部分存现，一部分购入市政债券。

    如果大范围通货紧缩成为现实，长期国债便极有可能会升值。而与

    此同时，债券的固定收益同消费价格下跌的关联日益密切。

    如果你对经济的预期是通货紧缩，那么就在你的投资组合中保留大

    量的现金吧。把现金存在银行，在低利率、通货紧缩的环境下产生不了

    大的收益，不过随着物价的下跌，存在银行里的现金实际上是升值的。

    保险元素：假使通胀不期而至，大宗商品期货会有最大的收益，所

    以应当将其作为一项保险措施。如果通胀爆发，可口可乐公司、烟草巨

    头奥驰亚集团、牙膏生产商高露洁棕榄等企业便有了定价权。

    金发女孩经济型

    可能，仅仅是可能──全世界的银行家都很了解这一点──经济既没

    有严重的通货膨胀也没有严重的通货紧缩。

    巴克莱全球投资策略主管亚伦·格威茨说，“我们认为，各国央行最

    终极有可能将通胀率保持在相对温和的水平，即介于1.5%至2.5%之

    间。”

    AIM Balanced-Risk Allocation基金投资组合经理斯科特·沃勒

    说，“在‘金发女孩’经济时期──经济既不过热也不过冷，风险资产会有

    最好的表现，股票和带有股票性质的债券应当是关注的重点。”

    债券部分可以选择一支基金，比如富达债券总指数基金，该基金持

    有高等级中期企业债券、抵押贷款及政府和政府机构债务。

    保险元素：假设关于金发女孩经济的预期是错误的，那么你需要抵

    御通货膨胀和通货紧缩的双重风险。可以购入大宗商品交易所买卖基金

    来应对通货膨胀、长期国债来应对通货紧缩。现金则是可以同时应对两

    种情况的法宝。

    核心单词

    财经知识一点通

    通货紧缩(deflation)

    当市场上流通的货币减少，人民的购买力下降，物价下跌，造成通

    货紧缩。长期的货币紧缩会抑制投资与生产，导致失业率升高及经济衰

    退。

    通货膨胀(inflation)

    一般指在纸币流通条件下，因货币供给大于货币实际需求，导致货

    币贬值，而引起一段时间内物价持续而普遍上涨的现象。

    翻译行不行

    Even the experts can’t agree whether rising or falling prices lie in our

    future.

    Round out your deflation portfolio with a big slug of cash.

    Pick up inflation protection through a commodity ETF，and deflation

    protection with long-term Treasury papers.

    To Be a Super Financer

    爱钱，更爱幸福

    Over the past few decades we have seen big jumps in economic growth

    in countries such as the U.S. and Japan，but only small increases in reported

    happiness. Surveys of lottery winners and people in the Forbes 100 list have

    found they are not much happier than the average person.

    So you can be happier，no matter what your income level.

    Stop comparing. When people make relative—income comparisons，they frequently look at those who have more—and get upset when their

    income compares unfavorably，according to a study by Andrew Oswald of

    England’s Warwick University. Even if our incomes are rising，we tend to

    become less happy if the incomes of others are rising even more. Never

    measure your financial achievements against anything except your own

    goals.

    Be grateful. Professor Sonia Lyubomirsky of University of California

    Riverside had subjects write down five things they were thankful for.

    “Gratitude seems to be incompatible with some negative emotions. It’s hard

    to feel envious or greedy or bitter when you’re grateful，”Lyubomirsky

    explains. One group wrote on a weekly basis；the other group three times a

    week；and a control group didn’t write at all. Only the group that did the

    exercise once a week experienced a significant rise in gratitude.

    Don’t make money a top priority. People who say money is one of their

    most important goals score lower for mental health，according to a variety of

    studies conducted over the past decade by Dr. Tim Kasser，associate

    psychology professor at Knox College，and Dr. Richard Ryan，psychology

    professor at the University of Rochester. Money-seekers suffer a greater risk

    of depression；have more anxiety and lower self-esteem；experience more

    physical，behavioral and relationship problems；and score lower on

    indicators testing for vitality (feeling alive and vigorous) and self-

    actualization. The problems were not caused by being affluent but by making

    money a primary goal in life.

    Be conscious of how you talk about money. The way we explain things

    to ourselves has a big impact on our happiness，says author David Myers，professor at Michigan’s Hope College. Instead of saying，“I can’t afford

    it，” say，“I choose to spend my money on other things.”Think of yourself

    as an empowered person making wise choices based on your values and

    priorities-instead of a self-pitying victim who views life in terms of what she

    can’t have.

    Focus on essential psychological needs. Money scored last on the list of

    psychological needs that create happiness and fulfillment，according to a

    study by Kennon Sheldon，psychologist at the University of Missouri-

    Columbia. What are the four most essential needs? Autonomy—feeling your

    actions are self-chosen and self-endorsed；competence—feeling effective in

    what you do；self-esteem；and a sense of closeness with others. The

    University of Chicago’s National Opinion Research Center found that people

    with five or more close friends are 50 percent more likely to describe

    themselves as “very happy” than respondents with fewer friends.

    Help others. Professor Lyubomirsky has done studies in which students

    were asked to practice altruism，doing five acts of kindness a week for six

    weeks. The participants reported a significant rise in happiness. Kind acts，she says，not only make you feel better about yourself，but foster a sense of

    interdependence and cooperation.

    在过去的十几年，像美国、日本的经济增长迅速，但是幸福感却只

    有小幅增加。研究表明：中彩票者和福布斯前100位的富豪并不比普通

    人快乐多少。

    所以无论你的收入有多少，你都可以变得更快乐。

    不要攀比。根据英格兰沃里克大学的安德鲁·奥斯的研究显示：当

    人们在收入上相互比较的时候，他们所关注的往往是谁拥有更多的收

    入，当他们的收入比别人少时则显得很沮丧。即便是自己的收入在增

    加，如果他人增加得更多，我们也不会高兴。不要把金钱上的成就看成

    是你人生的目标。

    心怀感激。加州大学河滨分校的索尼娅·柳博米尔斯基教授曾布置

    过这样一个课题，她要求学生写下五件感激之事。柳博米尔斯基解释了

    这么做的理由：“感恩的心和消极的情绪是格格不入的。当你心存感激

    时，嫉妒、贪婪和痛苦的感觉就会远离”。其中一组每周写一次，另外

    一组一周写三次，对照组则什么也不写。最后，只有一周写一次的那个

    小组的人的感激心情有显著的上升。

    不要把钱当做头等重要的事情。根据诺克斯大学心理学副教授提姆

    ·卡塞博士和罗切斯特大学心理学教授理查德·赖安博士在过去十几年来

    的研究结果显示，那些把钱当做重要目标之一的人在心理健康方面的得

    分是较低的。这些人一般更容易情绪消沉，常常焦虑，只有少得可怜的

    自尊，并会导致身体、行为举止和人际关系方面的诸多问题。他们在生

    命力(感觉活泼和精力旺盛)和自我完善的测试中，往往也得分较低。

    以上种种问题并不是因为富裕本身引起的，而是由于这些人把金钱当做

    了人生的首要目标。

    知道怎样谈论金钱。密歇根的霍普学院的教授作家大卫说，我们向

    自己说明一件事情的方式对我们的幸福有很大的影响。“我买不起”，换

    一句话可说成“我想把钱花在其他东西上。”把自己想象成一个有能力按

    照自己的价值观和偏好做出明智选择的人，而不是那个不能左右生活的

    自怨自艾的可怜虫。

    注重必要的心理需求。据密苏里州哥伦比亚大学的心理学者肯尼·

    谢尔登的研究显示，在那些能够创造幸福和成就感的心理需求列表中，金钱排在最后一位。最为必要的4个需求是什么？自治——感觉你的行

    动都是自己选择和自己认可的；能力——感觉自己所做得是有意义的；

    自尊；与他人亲密的感觉。芝加哥大学全国意见研究中心发现，那些拥

    有5个或者更多亲密朋友的人比起那些朋友较少的人，在把自己描述

    为“非常快乐”的几率要高出50%。

    帮助他人。柳博米尔斯基教授曾做过这样的研究，让他的学生去练

    习帮助他人，在一周内做5件善事，连续做6周。这些参与者报告说他们

    的幸福感显著提高了。她说，友善的行为不仅仅让你自我感觉更好，并

    且培养了互相帮助、合作的意识。

    核心单词

    财经知识一点通

    福布斯(Forbes)

    福布斯首先是个集团，其次是个人，全名是史提夫·福布斯，他是

    福布斯集团的总裁 。最后是福布斯先生经营的世界上最著名的财经杂

    志《福布斯》(Forbes)。《福布斯》杂志是美国最早的大型商业杂

    志，它前瞻性强，有不妥协的精神，观点鲜明，反传统，不拘一格、简

    明扼要。著名的福布斯富豪榜是全球最具权威的财富榜。

    理财(Financial management)

    是对于财产的经营。多用于个人对于个人财产或家庭财产的经营，是指个人或机构根据个人或机构当前的实际经济状况，设定想要达成的

    经济目标，在限定的时期内采用一类或多类金融投资工具，通过一种或

    多种途径达成其经济目标的计划、规划或解决方案。具体实施该规划方

    案的过程，也称理财。

    翻译行不行

    Never measure your financial achievements against anything except

    your own goals.

    The problems were not caused by being affluent but by making money a

    primary goal in life.

    Kind acts，she says，not only make you feel better about yourself，but

    foster a sense of interdependence，cooperation.

    Pawnbroking-A Rising Industry In Financial Crisis

    金融危机中崛起的产业——典当行

    When economic times are tough it is generally thought that the

    pawnbroking industry booms-after all，gold and cheap loans are tempting

    for credit crunchers.

    Lynda Damario，regional director of Albemarle Bond said: “There

    are increasing numbers of people from all walks of life who are finding

    themselves in a situation where the banks are unable to help so our business

    is growing.”

    That reluctance by banks to lend has helped earn the UK’s biggest

    pawnbroker a 47 percent rise in profits.

    At a time when the price of gold is rising in value it is probably

    unsurprising that sales of second hand jewellery accounted for 75 percent of

    the firm’s total sales.

    Harvey Thompson，one of Britain’s biggest pawnbrokers has seen

    business increase by 11 percent in recent months and said this is all due to

    gold—and people coming in to sell their jewellery—not from people simply

    pawning items.

    A spokeswoman for HT，said that consumers are more aware of the

    idea of selling their possessions because of the popularity of online auctions.

    “It’s the eBay effect. People are more aware now that they can raise cash by

    selling things they don’t need.”

    Pawnbrokers give customers money in return for an object which is held

    as security until the customer pays off the loan plus any interest charges. No

    credit checks are needed and，once the item is valued and a rate of interest

    agreed，the customer can leave with the money. Jewellery and watches

    are“pledged”most often.

    According to the National Pawnbrokers Association，around 88 percent

    of pledged goods are redeemed. But what if the worst happens and you are

    unable to pay for the item at the end of the loan period?

    You can usually extend the length of time of borrowing. If you cannot

    do this，as a last resort，the pledge will get sold off，but it is generally not

    in the pawnbroker’s interest to do so，particularly as many of them thrive on

    repeat customers.

    经济不景气的时候，典当业却普遍被看好，因为它提供的金价和低

    息贷款在信贷紧缩的时候着实诱人。

    Albemarle Bond典当公司的地区经理林达·达马里奥说，“越来越

    多的各行各业的人陷入困境，银行帮不了他们，于是我们的生意就好了

    很多。”

    正是银行的惜贷使得这个英国最大的典当公司的利润增长了47%。

    如今黄金价格上扬，典当手里的珠宝不足为奇，这块占到了公司所

    有销售业务的75%。

    另一家英国大型典当公司Harvey Thompson也表示，近几个月生

    意量增加了11%。不是简单的物品典当，而是由于金价上涨，人们开始

    典当手里的珠宝。

    HT的一名发言人说，由于网上拍卖的日益流行，典当被越来越多

    的人接受。“这就是‘eBay效应’。更多的人认同出售自己的闲置物品来换

    取现金。”

    光顾当铺的人将物件作为抵押典当，当铺给出现金，直到典当人偿

    还本金和利息(偿还后可赎回抵押)。典当人不需经过信用检查，只需

    交易双方就典当品价值和利息达成一致，典当人既可换得现金。珠宝和

    手表是最常见的典当品。

    据英国全国典当协会统计，大约88%的典当品都被赎回。但是，如

    果发生什么不幸，你在典当期内无力赎回抵押品该怎么办呢？

    通常你可以延长赎回期。若到期你仍不能偿还，典当行最终将会出

    售抵押品。但是典当商这么做是不得已而为之的，因为他们特别依赖从

    回头客身上赚钱。

    核心单词

    财经知识一点通

    典当行(pawnbroking)

    亦称当铺，是专门发放质押贷款的边缘性金融机构，是以货币借贷

    为主和商品销售为辅的市场中介组织。

    信贷紧缩(credit crunch)

    一般来说，信贷紧缩是指经营贷款的金融机构提高贷款标准，以高

    于市场利率水平的条件发放贷款，甚至不愿发放贷款，从而导致信贷增

    长下降，信贷资金难以满足社会再生产的合理需求的现象。

    翻译行不行

    When economic times are tough it is generally thought that the

    pawnbroking industry booms-after all gold and cheap loans are tempting for

    credit crunchers.

    Pawnbrokers give customers money in return for an object which is held

    as security until the customer pays off the loan plus any interest charges.

    According to the National Pawnbrokers Association，around 88 percent

    of pledged goods are redeemed.

    The Stock Value Wasn’t Decided by Economic

    Conditions

    股票价值，该用多长远的目光去看待

    The stock market jumped 6% last week on growing hopes of an

    imminent economic recovery. It has risen 39% from the March lows on

    similar hopes. Of course，it had previously fallen nearly 60% on fears of a

    slump.

    All these moves have one thing in common: Millions of investors have

    acted on the belief that shared values are closely related to what will happen

    in the economy in the next few months and years. But are they right?

    Not according to Ben Inker，director of asset allocation at contrarian

    fund company Grantham Mayo Van Otterloo Co. In a recent and

    fascinating note，Mr. Inker persuasively argues that the next moves in the

    economy shouldn’t actually matter too much to investors at all.

    Why? Two reasons.

    First，because most of the value of shares really depends on the cash

    they will generate many years，even decades，ahead. The next few years

    are only a minuscule part of the equation. “Since stocks do not have an

    expiration date and dividends grow over time，”Mr. Inker argues，“the

    duration of stocks is extremely long. If we assume that half of the return from

    stocks in a given year comes from the dividends and half from the growth in

    dividends，most of the value of stocks comes from cash flows in the distant

    future.”

    How distant? Using Mr. Inker’s hypothesis，it turns out that about 75%

    of the value of shares is actually based on dividends that will be paid more

    than eleven years from now. Half the value is based on dividends to be paid

    after 25 years，and a quarter on those to be paid after about 50 years.

    In other words，when you look at the market today，three quarters of

    its true value is based on what companies will earn and pay out after 2020

    and half is based on what they will do after 2034. So really，how much

    attention should you pay to next quarter’s earnings?

    There is a second reason for not paying too much attention to the

    economy’s next move. No matter what happens next month or next year，sooner or later the economy will probably find its way back onto its long-

    term path anyway. If we now boom wildly，we’ll pay for it with weaker

    growth down the line. And if things are bad for a while，eventually they’ll

    pick up. That can be true even for devastating blows. GMO’s calculations

    show that by the late 1940s，Mr. Inker writes，the U.S. economy had

    returned to the long-term growth path“as if the Depression had never

    happened.”

    This sort of analysis is a useful antidote to stock market moods.

    Wall Street is back on its happy pills again. At some point，maybe even

    soon，brokers may start urging us to pay too much for stocks on the basis of

    this year’s economic growth or next. Canny investors may respond: But what

    about 2034?

    对经济复苏指日可待的希望日益加大，受此提振，美国股市上周涨

    了6%。在同样希望的推动下，股市较3月份的低点涨了39%。当然，受

    经济滑坡担忧的拖累，美股此前跌了近60%。

    股市的所有这些走势都有一个共同点，那就是数百万投资者的行为

    都是基于这样一种观点：股价与未来几个月和未来几年的经济形势密切

    相关。但是他们的看法对吗？

    反向投资基金公司Grantham Mayo Van Otterloo Co.的资产配置主

    管本·印克可不这样认为。在最近一份颇有趣的报告中，印克很有说服

    力地辩称道，投资者实际上不应该过于看重近期的经济走势。

    为什么呢？有两个原因。

    首先是因为股票价值大部分取决于未来很多年甚至几十年里股票产

    生的现金。今后的几年只是其中很短的一段时间。印克说，“由于股票

    没有到期日，股息随着时间的增长而增长，股票持续的时间非常长。如

    果我们假定某一年里股票的一半收益来自股息，另一半来自股息的增

    长，那么大部分股票价值都来自未来的现金流”。

    多远的未来？利用印克的假设得出，约75%的股票价值实际上取决

    于未来11年之后的股息收入。一半的股票价值取决于25年之后的股息，四分之一的股票价值取决于50年之后的股息收入。

    也就是说，当你看今天的股市时，真正价值中的四分之三要看2020

    年之后公司的盈利和股息，一半的价值要取决于公司2034年之后的表

    现。因此，你该对下个季度的公司收益投入多大的关注呢？

    不要对短期的经济走势关注过多，这是第二个原因。无论下个月或

    是明年发生什么事，经济或许早晚都会重新回到长期的发展道路上去。

    如果现在经济疯狂增长，那么代价就是今后增幅会减小。如果一段时期

    形势不好，最终总会好起来的。即使是对灾难性的打击也是这样。印克

    写道，据Grantham Mayo Van Otterloo Co.计算，到20世纪40年代末，美国经济已经回到了长期的增长道路上，就像大萧条从来没有发生过一

    样。

    这类分析是对股市情绪的一剂有效的“解毒剂”。

    华尔街又开始吃“忘忧药”了。有一天，或许很快，经纪人就可能开

    始敦促我们根据今年或明年的经济增长情况花高价买股票了。谨慎的投

    资者可能会问：2034年的情形会怎样呢？

    核心单词

    财经知识一点通

    收益率(rate of return )

    是指投资的回报率，一般以年度百分比表达，根据当时市场价格、面值、息票利率以及距离到期日的时间计算。对公司而言，收益率指净

    利润占使用的平均资本的百分比。

    股息(dividend)

    是以股票的方式派发的股息，通常是由公司用新增发的股票或一部

    分库存股作为股息，代替现金分派给股东。股票股息是股东权益账户中

    不同项目之间的转移，对公司的资产、负债、股东权益总额毫无影响。

    翻译行不行

    The stock market jumped 6% last week on growing hopes of an

    imminent economic recovery.

    There is a second reason for not paying too much attention to the

    economy’s next move.

    This sort of analysis is a useful antidote to stock market moods.

    How to Start a Successful Business

    成功创业者的八个素质

    What does it take to start a successful business? While there’s no such

    thing as the perfect entrepreneur—even Bill Gates has made mistakes—a

    number of personal qualities can help you to build a successful business. If

    you pass muster on most of these traits，you’re off and running.

    You can delegate. No matter how smart and energetic you are，it’s a

    mistake to try to attend to every detail yourself. Unless you’re a solo act，you’re going to have to trust employees to do their jobs so that you can run

    the business.

    You are a teacher. In order to delegate successfully，you will need

    people with appropriate skills—and they may have to learn some of those

    skills from you.

    You are self-motivated. As a small business owner，you won’t have a

    boss to tell you when to get to work. If that’s a problem，keep your day job.

    You can work with numbers. You will spend a fair amount of time

    keeping track of money—expenses，revenues，taxes and the like. A math

    phobia won’t help.

    You don’t mind making mistakes. You will make them；the trick is to

    learn from them and move on. Not everyone finds that easy to do.

    You like to work. Contrary to myth，you don’t need to be a workaholic

    to start a successful business. Many entrepreneurs find that it makes more

    sense to establish a reasonable working pace—one that lets them strike a

    balance between work and their personal lives. That said，don’t start a

    business unless you enjoy work. There’s going to be plenty of it.

    You don’t mind selling. You’ll have to sell products to customers，of

    course. You may also need to sell lenders or other financial backers on the

    prospects of your company. And you’ll need to convince potential employees

    to accept jobs with your firm rather than going to work for the competition.

    You don’t quit easily. You’ll encounter obstacles that might stymie

    some individuals. You’ll have more success if you are the type of person who

    relishes such challenges. A dash of optimism helps；it will help you handle

    the uncertainty that is part of every venture.

    如何成功地创业？不存在十全十美的企业家——即便是比尔· 盖茨

    也会犯错，不过具备一些素质能帮助你成功。如果你在以下的大部分事

    项中做得足够好，那么你就拥有了一个好的开头。

    第一，会委派工作。不论你多聪明，精力有多旺盛，事必躬亲绝对

    是错误的做法。除非你唱独角戏，不然你就得信任员工，派他们去完成

    工作，这样你才有空来经营企业。

    第二，老师型。要成功委派工作，你需要有具有合适技能的人，而

    他们也许要从你那里学一些技能。

    第三，自我激励型。身为小企业家，没有老板会告诉你什么时候来

    上班。如果你的工作动力是个问题的话，那还是继续打工吧。

    第四，能和数字打交道。相当一部分的时间需要跟踪资金——开

    销、收入、税款等等。惧怕数学可不行。

    第五，不怕犯错。你一定会犯错误，关键在于能够汲取教训然后继

    续努力。这不是人人都能轻易做到的。

    第六，喜欢工作。和那些创业神话相反，并非一定要是工作狂才能

    成功。许多企业家都认为建立合理的工作节奏更重要，在工作和个人生

    活之间建立平衡。除非对工作热爱，否则不要创业，因为今后会有很多

    的工作。

    第七，不介意从事销售工作。你肯定得将产品卖给客户。同样，你

    也许需要把你公司的前景“推销”给借款者或其他金融资助方。你还需要

    说服潜在雇员为你工作，而不是给对手打工。

    第八，不轻易放弃。你将会遇到可能让人止步不前的障碍。如果你

    是一个喜欢这种挑战的人，那么你会取得更大的成功。拥有乐观精神会

    有所裨益，它将帮助你从容应对存在于每个经营项目中的不确定性。

    核心单词

    财经知识一点通

    市场营销(Marketing)

    是指个人或集体通过交易其创造的产品或价值，以获得所需之物，实现双赢或多赢的过程。它包含两种含义：一种是动词理解，指企业的

    具体活动或行为，这时称之为市场营销或市场经营；另一种是名词理

    解，指研究企业的市场营销活动或行为的学科，称之为市场营销学、营

    销学或市场学等。

    融资(Financing)

    也叫金融，就是货币资金的融通，当事人通过各种方式到金融市场

    上筹措或贷放资金的行为。从现代经济发展的状况看，作为企业需要比

    以往任何时候都更加深刻，全面地了解金融知识、了解金融机构、了解

    金融市场，因为企业的发展离不开金融的支持，企业必须与之打交道。

    翻译行不行

    Unless you’re a solo act，you’re going to have to trust employees to do

    their jobs so that you can run the business.

    Contrary to myth，you don’t need to be a workaholic to start a

    successful business.

    You’ll have more success if you are the type of person who relishes such

    challenges.

    Investment Tactics Depend on the Age Difference

    年龄不同，投资策略不同In recent months，the stock market has

    rebounded，but most of our nest eggs have still lost a lot of money since the

    market topped out in 2007.

    Alas，there’s no such thing as a risk-free approach to rebuilding your

    nest egg. Super safe may feel nice，but it pays no returns over time. A few of

    us are in a position to live off a super-safe approach，but most of us are

    trying to figure out how to get back on track.

    Figuring out how to deal with your retirement portfolio depends on

    where you are in your life. Time is perhaps the most important element in

    building or rebuilding a portfolio. That’s one reason we’re breaking down

    this nest-egg analysis into age groupings，aiming to give people some ideas

    that suit their current situation.

    Under 40

    If you are under 40，consider yourself lucky. Two things are working in

    your favor. First，time—if you have enough of it—can heal wounds. The

    stock market will eventually recover and grow. Second，by saving early—

    which you should definitely be doing—you get the benefit of

    compounding，wherein early gains are built upon.

    You also want to take a long view of the investment arena. A lot of

    growth in coming years is expected to come from overseas，especially in

    emerging markets. Tim Medley of Medley Brown Financial Advisers in

    Ridgeland，Miss. says，“clients should have at least 35% of their stock

    holdings in non-U.S. stock funds”.

    In terms of risk，emerging-markets funds are more volatile than

    overseas funds that focus on developed economies like Japan or Western

    Europe. That volatility is emblematic of the risk in this cohort of funds. But

    as a younger investor，you want to have a bit more risk exposure，since

    greater risk tends to translate into greater returns over the long term.

    Also，given your long-term outlook，the drop in share prices is an

    opportunity. Great long-term investors，such as Warren Buffett，believe

    that U.S. stock prices are still a relative bargain，even after the recent

    bounce-back in the major averages.

    “For younger people，the best place to be is in well-selected stock

    mutual funds，”Mr. Medley says.

    40 to 55

    Once you enter this age range，you are starting to move from the

    aggressive stance of your youth to something a bit more measured. At the

    same time，you are entering a very important savings period since you likely

    are at the height of your earning ......