Planning a share portfolio
Tere is no shortage of tipsters around offering"get-rich-quick'opportunities.But if you are a serious private investor,leave the Las Vegas mentality to those with money to fritter.The serious investor needs a proper'portfolio'-a well-planned selection of investments,with a definite structure and a clear aim.But exactly how does a newcomer to the stock market go about achieving that?
5 Well,if you go to five reputable stock brokers and ask them what you should do with your money,you're likely to get five different answers-even if you give all the relevant infoumation about your age,family,finances and what you want from your investments.Moral?There is no one "right‘way to structure a portfolio.However,thereare undoubtedly some wrong ways,and you can be sure that none of our five advisers would have suggested sinking all(or perhaps any)of your money into Periwigs*.
10 so what should you do?We'll assume that you have sorted out the basics-like mortgages,pensions,insurance and access to sufficient cash reserves.You should then establish your own individual aims.These are partly a matter of personal circumstances,partly a matter of psychology.
For instance,if you are older you have less time to recover from any major losses,and you may well wish to boost your pension income.So preserving your capital and generating extra income are your main 15priorities.In this ease,you'd probably construct a portfolio with some shares (but not high risk ones),along with gilts,cash deposits,and perhaps convertibles or the income shares of split capital investment trusts.
If you are younger,and in a solid financial position,you may decide to take an a ggressive approach-but only if you're blessed with a sanguine disposition and won't suffer sleepless nights over share prices.If you recognize yourself in this description,you might include a couple ofheady growth stocks in your 20 portfolio,alongside your more pedestrian investments.Once you have decided on your investment aims,you can'then decide where to put your money.The golden rule here is spread your risk-if you put all of *‘Periwigs’is the mame of a fictitious company.
译文：
规划股份投资
我们周围不乏情报贩子，向人们提供迅速发财至富的机遇害。但是，如果你是一个认真的私人投资者，就把拉斯韦加斯的心态留给那些有钱可供挥霍的人。认真的投资者需要一份正规的投资组合表——一种计划很周密的投资选择，结构明确，目标清晰。但是，一个股票市场的新手又如何能做到这一点呢？
如果你去向5位有威望的股票经纪人咨询，询问你应该如何使用你的资金，你很可能得到5种不同的答复，即使你提供了所有关于你的年龄\、、、，家庭、财源和你想从投资中获得的好处的信息。这是个道德问题吗？没有一种安全“正确”的方法来排列这种投资组合，然而，却毫无疑问地有几种错误的方法。可以相信5位经纪人中不会有人建议你把全部（或一部分）资金投入佩里威格斯公司。
那么你该怎么做呢？我们假定你已把基本情况弄清楚了，如抵押贷款、养老金、保险金和动用现金储备的机会。然后，你一定要建立起自己的目标。这里一方面是个人所处的环境，另一方面是信收理学的问题。
比如说，如果你年纪较大，你从重大投资损失中恢复过来的时间就较少，你就很希望能够提高你的养老金收入。因此，你的首要任务就是保护你的资金和引发额外的收入。在这种情况下，你大概想制定出一份包括某些股份（但不是风险很大的股份）的投资组合，同时还有高度可靠的证券、现金储蓄，可能还有可换证券，或分割资本信托公司的所得股。
如果你年轻一些，并且经济状况可靠，你可能会采取一种积极的方式——你必须性格开朗，不会因股票价格的浮动而夜不能眠。如果你觉得你的情况是这样的话，你可在投资组合中包括几项有令人陶醉的增值前景的增长股，和其他比较平淡的投资项目放在一起。一旦你的投资目标确立以后，你就可以决定你的钱投向何处。这里的指导原则是：分散你的投资风险。如果你把所有资金投入佩里威格斯国际公司，你就把自己当成了命运的人质。
In recent 30 years,the the industry of American Investment bank was the poineer of the global financial innovation ,as a result of the series of financial innovation ,the ecomomic of America developed steadily and rapdily.Therefore,the routine of the development of American finance and the innovation model of investment bank were learned by many countries inlcude China.Ther're also the reference of
the pulling of the financial development of many countries.
However，When the 2008 financial crisis taking place in America then stretched to the whole world like a storm，when Wall Street's five largest investment banks collapsed ，the Mythology of Wall Street investment bank was completely broke.Despite there were divergent views about the root causes of the crisis, we still can't ignore the inquiry and reflection of financial innovation.
So we need to reflect on the overdone financial innovation in U.S. investment bank carefully, thus for drawing lessons, while avoiding disadvantages to advantage.It has an important reference for our future path of financial innovation .
Keywords:Investment banking,financial innovation,lessons,Revelation
除了个别生词用了谷歌翻译，全文是动脑子敲出来的，主要是秀一下咱的英语——说好那是太过了，但应付四六级还是很富裕，摘要有些话写的绕了，我翻译时通过从句进行了修改。应该没问题……
投资组合 portfolio investment
In economics and finance, Portfolio Investment represents passive holdings of securities such as foreign stocks, bonds, or other financial assets, none of which entails active management or control of the securities' issuer by the investor; where such control exists, it is known as foreign direct investment.
Some examples of portfolio investment are:
purchase of shares in a foreign company.
purchase of bonds issued by a foreign government.
acquisition of assets in a foreign country.
Factors affecting international portfolio investment:
tax rates on interest or dividends (investors will normally prefer countries where the tax rates are relatively low)
interest rates (money tends to flow to countries with high interest rates)
exchange rates (foreign investors may be attracted if the local currency is expended to strengthen)
Portfolio investment is part of the capital account on the balance of payments statistics.
投资组合
投资组合 (Investment portfolio)，又名 资产投资组合，所重视的是资产，例如股票、债券、外币、期权、贵金属、衍生性金融商品、房地产、土地、古董、上市公司地位(俗称「壳」)、艺术品、及至红酒等。 一个投资组合是一个投资者手上持手的资产性投资组合的成分，其中可分类为进取型、保守型等。 一个优质的资产投资组合最理想的是具高流动性、平稳及较高收益、低投资风险等。
资产投资组合的成份不会包括消费品，例如跑车、电视机、化妆品、成衣等，因为它们都并无增值潜力，甚至只有折旧。
In finance, a portfolio is an appropriate mix of or collection of investments held by an institution or a private individual. In building up an investment portfolio a financial institution will typically conduct its own investment analysis, whilst a private individual may make use of the services of a financial advisor or a financial institution which offers portfolio management services. Holding a portfolio is part of an investment and risk-limiting strategy called diversification. By owning several assets, certain types of risk (in particular specific risk) can be reduced. The assets in the portfolio could include stocks, bonds, options, warrants, gold certificates, real estate, futures contracts, production facilities, or any other item that is expected to retain its value.
Management
Portfolio management involves deciding what assets to include in the portfolio, given the goals of the portfolio owner and changing economic conditions. Selection involves deciding what assets to purchase, how many to purchase, when to purchase them, and what assets to divest. These decisions always involve some sort of performance measurement, most typically expected return on the portfolio, and the risk associated with this return (i.e. the standard deviation of the return). Typically the expected return from portfolios of different asset bundles are compared.
The unique goals and circumstances of the investor must also be considered. Some investors are more risk averse than others.
Mutual fund have developed particular techniques to optimize their portfolio holdings. See fund management for details.
[edit] Porfolio formation
Many strategies have been developed to form a portfolio.
equally-weighted portfolio
capitalization-weighted portfolio
price-weighted portfolio
optimal portfolio (for which the Sharpe ratio is highest)
[edit] Models
Some of the financial models used in the process of Valuation, stock selection, and management of portfolios include:
Maximizing return, given an acceptable level of risk.
Modern portfolio theory—a model proposed by Harry Markowitz among others.
The single-index model of portfolio variance.
Capital asset pricing model.
Arbitrage pricing theory.
The Jensen Index.
The Treynor Index.
The Sharpe Diagonal (or Index) model.
Value at risk model.
Portfolio returns can be calculated either in absolute manner or in relative manner. Absolute return calculation is very straight forward, where return is calculated by considering total investment and total final value. Time duration and cash flow in portfolio doesn't influence final return.
To calculate more accurate return of your investments you have to use complicated statistical models like Internal rate of return or Modified Internal Rate of Return. The only problem with these models are that, they are very complicated and very difficult to compute by pen and paper. You need to have a scientific calculator or some software. Both of these models consider all cash flow(Money In/Money Out) and provide more accurate returns than absolute return. Time is a major factor in these models.
Nowadays, more and more people are interested in making investment. Investment is no longer enjoyed only by rich people. However, no matter how big the investment project is, all the investors shall pay special attention to the following aspects and make the preparations accordingly.
First of all, the investors have to decide the form of the investment. There are so many types of investments, such as the stock market, real estate, establishing a company for certain business, and etc. Different types of investments have different risk level, pay back ratio and pay back term. The investors have to choose the right form according to many issues, such as the amount of the investment the investor wants to make, how long the investor is aiming to gain back the investment, how much risk the investor wants to take, and etc.
Second, the investors have to consider the partners for the investment. An investment may be carried out by only investor or by cooptation with other partners. If the investor wants to invite partners, he has to look for the suitable and honest partners.
Third, the investors also need to consider the feasibility of the project in consideration of laws. Especially in international investment, some forms of investments may be allowed under one legal system, but forbidden under another.
Generally, investors shall make the above preparations before the commencement of an investment. However, different types of investments will have different aspects. Some of them involves with environmental protection certificate, while some of them may involve with labor issues... Special attention shall be paid if such investment involves with special sectors.
投资不一样准备也不一样，如果有更详细的投资内容请追问哈~
大哥你累死我了，希望能帮到你，我是做翻译的。
The topic our country finance systematic risk's recognition and guards against the abstract: Is not only the developing country is experiencing the economical switch's country speaking of Chinese such one, how guards against the financial risk maintenance finance security facing the economic globalization has the important theory significance and the practice significance and the very stern topic. Spreads gradually as a result of the American loan crisis initiation the global financial Tsunami, if the dominoes have attacked the entire world financial system, from this causes the systematic financial risk to arouse in the worldwide scale interest more and more. Under this situation, how to guard against and melt systematic finance risk this topic is taken seriously day by day by various countries. this article attempts take the systematic risk analysis as a breakthrough point, expected that through to the systematic financial risk present situation, the origin and measure's research, how to stabilize and develop our country money market to provide own ponder. In the paper structure, this article first carries on the outline to the current global economic environment, under this background, obtains from the elaboration systematic finance risk's definition and the connotation, through to the domestic and foreign experts, the scholar carries on to the systematic financial risk's definition combs with the comparison, thus obtains its substantive characteristics. Based on this, has analyzed the influence financial stability the factor, the multiple systematic financial risk has the process, the origin and the substantive characteristics compared with the history in realizes to the systematic risk identification, and in these characteristic understanding's foundation, unifies many countries to carry on the risk management and the guard related experience, from this obtains based on the systematic risk angle supervision idea and the related countermeasure. this article plans to carry on the shallow discussion regarding this. key word: Systematic risk risk management loan crisis
