第九章 投资学_投资学第九章
第九章 投资学由刀豆文库小编整理，希望给你工作、学习、生活带来方便，猜你可能喜欢“投资学第九章”。
Chapter 9 Investments New Words and Expreions Paper aets 纸资产
tangible aets 实物资产 warrants 认股权证
put option 看跌期权 call option 看涨期权
future contracts 期货合约
convertible securities 可转换证券
iuer 发行人
junk bond 垃圾债券
stock-index future 股指期货
life insurance 人寿保险 health insurance 健康保险
disability insurance 伤残保险
property insurance 财产保险
busine insurance 企业保险
portfolio management投资组合管理
dividend 股息
ownership 所有权expected return 预期收益
opportunity cost 机会成本
margin 保证金 common stock 普通股
preferred stock 优先股
penny stock 低价股
discount 贴现
real estate 不动产
mutual funds 共同基金
volatility 波动性
commiion 佣金
loan 申购费用
management fee 管理费
balanced funds平衡型基金
principal 本金
momentum funds 趋势型基金
corporate bond 公司债券
par value 面值
default risk 违约风险
government bond 政府债券
junk bond 垃圾债券
conversion ratio 转换比率
Background Why invest? We invest to make money, that is invest your money today and increase your income tomorrow.Many people buy stocks.Some of them are very wealthy.They have a lot of money.They buy stocks in hopes of getting more money than they have.其中有些人非常富有，很有钱，他们买股票是希望赚更多的钱。
Other people are not very rich, but they buy stock anyway.They buy it to try to become rich.Or they buy it as part of a plan to save money..另一些人并非富有，但是他们也买股票，他们买股票是想发财致富，或者作为储蓄计划的一部分。
There are many reasons why people buy and sell stocks.In general, everyone who buys or sells stock hopes to make money.人们买卖股票的原因很多，总而言之，每一个买卖股票的人都希望赚钱。
How to invest your money? First, you should save your money.Second, where should you invest your money? There is no same place for every one to invest.There are two things you need to know before asking that question: How much is your investing target return? How much risk are you willing to take?
Remember that the higher return you want, the riskier it will be.The most common known areas to invest money are stocks, bonds, mutual funds, real estate, and starting your own busine.Each investment has its own characteristic.It’s your job to know their characteristic and match it with your preference.Bonds, mutual funds, and real estate generally have lower risk than stocks and starting your own busine.Everybody plans to invest money in the stock market.Millions of people have made millions of dollars in the stock market.However, millions of people have also lost millions of dollars in the stock market.The stock market is a high risk and high reward place.The same applies if you start your own busine.There are many companies that are closed at its first year.People want to invest in real estate because it is a much safer investment then the stock market and still has the potential to be highly profitable.The real estate market does not fluctuate as often as the stock market.Also, the real market typically does not fluctuate down.If you don’t know anything about investing and want to leave it to the pros, then you can try mutual fund.A mutual fund is a profeionally managed type of collective investment that pools money from many investors.Although it is profeionally managed, it does not mean that you won’t lose money from it.Those profeional can also lo money, but at least their knowledge is a lot more than you.Types of stocks Basically there are two groups of stocks, preferred and common stocks.Common stocks 普通股
When investors talk about investing in stocks, they are referring to common stocks.They are the only kind of shares with voting rights.Preferred stocks 优先股
They usually receive a fixed dividend, which must be paid in full before any dividend is paid on other shares.Blue chip stocks 蓝筹股
The blue chips usually have the highest value.They are sector or industry leaders.They are big companies that have been around for a long time, they have strong fundamentals.They pay steady dividends.Though their prices don't grow very much, they are good options for retirement portfolios.They are best suited for the long term.penny stock低价股 speculator 投机者
You'd lose your shirt investing in penny stocks.投资那些低价股会让你输得精光。
Growth stocks 成长股
They are stocks with great potentials for growth.They grow faster than the economy.Investors are attracted to them because they have good earning growth over the long run.Income stocks 收入性股
Income stocks pay as much as 60% to 80% to investors as dividends compared to other stocks.Recurring stocks 周期性股
They are stocks affected by the swings of the economy.When the economy goes up or down a recurring stock responds likewise.Their performance depends on the dictates of the economy.Defensive stocks 防守性股
They are stocks not much affected by the swings of the economy.Market Price Idiom Exercises 1.After early loes, the Dow Jones rallied to finish ten points up.道琼斯工业指数在开始下跌后，收盘时上升了10点 rally 在受挫后重新振奋，恢复 recover
2.Chrysler continued to drift, finishing 75 cents down at 45 and a half.drift: move slowly
克莱斯勒的股价缓慢下降，收盘时下降了75美分，收于45.5 美圆
3.CIBA-Geigy shares rocketed after the company announced the discovery of a drug that will
cure people of wanting to make a fortune on the stock market.CIBA-Geigy公司的股票价格飚升，当公司宣布他们发明一种新药，此药可以帮助那些想要在股市发财的人。
Rocket: to rise suddenly，like a rocket 4.Compaq stock suffered a small setback, losing $2.25.(c)Setback: 阻碍事物发展的事物，挫折
康柏股票受挫下跌$2.25 5.EuroDisney shares sank to FF2.35.Sink: to go down in amount or value 欧洲迪斯尼
6.Eurotunnel shares went through the floor, finishing at 0.14.Go /fall through the floor: it becomes very low
欧洲隧道公司的股票降到了很底的水平，收盘于0.14 7.IBM stocks suffered a drop after disappointing quarterly results were released.在令人失望的季度报告公布出来后，IBM 股票价格有所下跌 8.In Paris, the CAC-40 recovered slightly, finishing up by 0.32%.法国巴黎CAC-40指数稍微回弹（回调），收盘上升0.32% 9.Silver was steady at six hundred and thirty-five cents.Steady =unchanged 如果股市表现平平，以“平盘”收尾，我们就说unchanged/ Steady。10.News of 911 attacks caused the markets to collapse.911攻击事件造成股市崩盘。
资料：a Piece of News about New Oriental School New Oriental Education and Technology Group Inc., the largest provider of private educational services in China went public on Thursday in New York Stock Exchange.Its initial public offering of 7.5 million American depositary shares was priced at $15 each, topping the expected pricing range of $11 to $13.New Oriental soared 39 percent after their initial public offering, the biggest first-day gain for a new stock since April.New Oriental has granted the underwriters a 30-day option to purchase up to an additional 1.13 million ADSs.Each ADS represents four common shares of New Oriental, and shares begin trading Thursday on the New York Stock Exchange under the ticker “EDU.”
Credit Suie Securities was the sole global coordinator and acted as joint book-runners with Goldman Sachs.Piper Jaffray & Co.acted as a co-manager for the offering.New Oriental offers English and other foreign-language claes, test-preparation and online instruction.It runs 25 schools and more than 110 learning centers concentrated in the eastern provinces of China.Proceeds will be used to develop programs, acquire facilities and repay debt, according to the filing.New Oriental opened 10 schools in the fiscal year and plans to open six to eight more in fiscal 2007.“Private education is just starting to take off in China and we hope we can help China's growth,'' Chief Executive Officer Michael Ming Hou Yu said in an interview.中国最大的民营教育服务机构新东方教育科技集团本周四在纽约股票交易所挂牌上市。新东方通过首次公开招股共发行750万股美国存托凭证，每股发行价为15美元，超过了此前预期的11至13美元。
新东方首日收盘价较之其发行价飙升了39％，是今年4月以来纽交所首日表现最好的新股票。
目前，新东方已赋予承销商一个30天的选择权，承销商在30天内还可另购113万股美国存托凭证。
每股美国存托凭证相当于四股新东方普通股，新东方在纽约股票交易所的交易代码为“EDU”。
瑞士信贷是新东方首次公开招股的唯一全球协调人，并与高盛投行一起担任此次招股的主承销商。Piper Jaffray & Co.投行是此次公开招股的副承销商。
新东方的主要课程包括英语及其它外语类课程、备考类课程及在线教育课程。新东方在中国东部省份共开设了25所分校和110多个培训中心。
据资料显示，其收益主要用于开发新项目、购置设施及偿还贷款。新东方本财政年度共新开设10所分校，并计划在2007年财政年度再开设六至八所分校。
新东方总裁俞敏洪在接受采访时说：“民办教育在中国刚刚起步，希望我们能为中国的发展尽一份力。”
雷曼、AIG股票变赌场
堪称金融危机标志的美国国际集团(American International Group Inc., AIG)已经变成了投机者的乐园。
American International Group Inc., a symbol of the financial crisis, has morphed into a playground for speculators.对冲基金T3 Capital Management的首席策略师瑞德勒(Scott Redler)在周一股市开盘前的交易员会议上说，AIG的股票多日未见波动，已到了大幅涨落的时候。无论是涨是跌，交易员们都应当有所准备。
At a traders meeting before the market opened on Monday, Scott Redler, chief strategist at hedge fund T3 Capital Management, noted that AIG's stock hadn't moved much for days and was ripe for a breakout.Whether it headed up or down, he said, the traders should be ready.AIG股票当天开盘价格不到40美元，在15分钟内就攀升至41美元，随后又上升到42美元上方。T3总裁斯佩林(Marc Sperling)看着自己面前的6个电脑显示器说，这支股票会涨到45美元，美国各地的交易员都在密切注意它。
AIG shares, trading below $40 at the opening bell, climbed within 15 minutes to $41, then above $42.'This thing's going to $45,' T3 President Marc Sperling said, watching his six computer monitors.'It's on every trader's radar screen acro the country.' 瑞德勒说，AIG股票当天上涨21%，T3的交易员收获颇丰。8月5日以来，被大多数分析师认为风险很高的AIG股票上涨了两倍以上。瑞德勒说，交易员们整个夏天的收入全靠它了。
AIG shares rose 21% for the day, and T3's traders did 'great,' said Mr.Redler.Since Aug.5, the shares--deemed highly risky by most analysts--have more than tripled.'The stock paid the traders' bills all summer,' Mr.Redler said.美国政府为避免市场崩溃而对一些规模最大的金融机构展开救助已有一年，如今投机者正借这些公司实现暴利。今年8月，受政府保护的两家抵押贷款巨头房利美(Fannie Mae)和房地美(Freddie Mac)的股价从0.6美元左右反弹至2美元。没有得到政府救助而崩溃的雷曼兄弟(Lehman Brothers)目前正处于破产程序，其股价近几周从0.05美元上涨至0.2美元。A year after the government sought to avert a market meltdown by rescuing some of the country's biggest financial firms, speculative traders are feasting on these companies' remains.Shares of two government wards, mortgage giants Fannie Mae and Freddie Mac, bounced between about 60 cents and $2 in August.Shares of Lehman Brothers, left to fail by the government and currently in bankruptcy proceedings, rose from five cents to 20 cents in recent weeks.AIG堪称其中最大的赌场。过去7周，AIG普通股在13美元-55美元之间波动，周二飙升54美元上方，随后收于45.8美元。
AIG, arguably, has been the biggest casino of all.In the past seven weeks, its common shares have careened between $13 and $55, surging past $54 on Tuesday before closing at $45.80.这种不同寻常的价格行为戏剧性地展示了美国政府救助AIG的一个意外结果。去年9月16日，美国政府以850亿美元贷款换取了AIG80%的股权，以优先股的形式持有，不上市交易，以此支撑起这个摇摇欲坠的公司。政府允许AIG其余的20%资产(数百万股普通股)继续公开交易。
The extraordinary price action is a dramatic display of an unintended consequence of the U.S.bailout of AIG.Last Sept.16, the government propped up the faltering company by trading $85 billion in loans for an 80% stake in AIG in the form of preferred shares, which don't trade on the market.It allowed the other 20% of the company's equity--its millions of common shares--to continue to trade publicly.一些分析师宣称负债累累的AIG的普通股基本上已经不值钱了。许多采用买进并持有策略的投资者抛售该股。这使得AIG普通股(截止周二价值62亿美元)在短线交易员之间交易最为活跃，这些交易员根据市场趋势买卖股票，相互做高风险的期权交易。他们通常会用借贷的资金交易，从而放大收益或损失。
Some analysts declared the deeply indebted company's common shares basically dead money.Many buy-and-hold investors bailed out.That has left AIG's common shares--$6.2 billion worth, as of Tuesday--trading most actively between short-term traders, who buy and sell based on market momentum and bet against each other in risky options trades.Often they use borrowed funds, amplifying their gains and loes.像T3的交易员这类的专业短线交易员最近主导了AIG股价的波动。但知情人士说，高盛集团(Goldman Sachs Group Inc.)和摩根大通(J.P.Morgan Chase & Co.)在上涨阶段也持有AIG股票。AllianceBernstein LP和Davis Selected Advisers等基金管理机构的文件显示，这些机构在上涨过程中也一度持有AIG股票。
Dominating the recent move in AIG stock were profeional day traders like those at T3.But Goldman Sachs Group Inc.and J.P.Morgan Chase & Co.also owned AIG shares during the run-up, according to people familiar with the matter.Fund managers including AllianceBernstein LP and Davis Selected Advisers also held the shares during a portion of the run-up, according to fund documents.AIG普通股的涨跌对纳税人没有影响。因为政府所持有的优先股不能交易。政府只有在AIG通过出售资产或实现盈利偿还债务时收回大部分投资。虽然普通股上涨通常反映出一家公司的整体价值预期增长，但对于AIG来说，它必须归还大约800亿美元，然后普通股股东才能分享利润。
Taxpayers aren't profiting, or taking a hit, from the movement in AIG's common stock.That's because the securities the government owns, preferred shares, aren't traded.The government will recoup most of its investment if AIG can repay its debts through aet sales or profits.While a run-up in common shares would typically reflect an increase in expectations of a company's overall value, in this case, AIG has to repay roughly $80 billion before holders of common stock can expect to see their share of profits.位于新泽西州的短线交易公司Soldier Capital LLC有26名成员，其负责人赫雷拉(Alex Herrera)一直在买卖AIG股票。曾为纽约证券交易所场内交易员的赫雷拉说，他通过公司借入交易资金，通常以10万股为单位进行交易，做出15倍于自己投资组合规模的押注。Alex Herrera, head of Soldier Capital LLC, a 26-member day-trading firm in Ramsey, N.J., has been among those buying and selling AIG.A former floor trader on the New York Stock Exchange, Mr.Herrera says he often trades blocks of 100,000 shares, using funds he borrows through the firm to make bets of as much as 15 times the size of his portfolio.过去一个月中的几天，AIG股票交易量一度超过1.3亿股，几乎相当于现有普通股的总量，而8月初该股日交易量不到1,000万股。40岁的赫雷拉说，Soldier Capital这类公司的交易操作是该股交易量如此巨大的一个原因。
On some days during the past month, AIG trading volume topped 130 million shares--nearly equaling the total number of existing common shares--up from le than 10 million a day in early August.Trading by firms such as Soldier Capital is 'one of the reasons you're seeing all this volume,' says Mr.Herrera, 40 years old.Comprehension of the Text
1.What is the investment? 2.What does the investment proce involve? 3.How to distinguish between the expected return and the realized return? 4.What is stock referred to as? 5.What is the common stock? 6.What is the mutual fund? 7.What is the convertible bond?
课文难句理解
More knowledgeable investors would include other “paper” aets, such as warrants, puts and calls, futures contracts, and convertible securities, as well as tangible aets, such as gold, real estate, and collectibles.许多知识丰富的投资者还会投资于其他的纸资产，如认股权证、看涨期权和看跌期权、期货合约、可转换证券，以及实物资产如黄金、不动产和收藏品。
In addition, very important decision must be made about insurance of various types — life, health, disability, and protection of busine and property.除此之外，投资者还必须决定购买何种保险——人寿保险、健康保险、伤残保险以及企业保险和财产保险。
Busine Insurance为使企业永续经营或留住人才而设计之保险制度。
By forgoing consumption today and investing the savings, investors expect to enhance their future consumption poibilities by increasing their wealth.通过放弃今天的消费并且将储蓄资金进行投资，投资者期望通过增加财富额来提高未来消费的可能性。An organized view of the investment proce involves analyzing the basic nature of investment decisions, dividing the activities in the decision proce, and examining the major factors in the investors operating environment that affect their investing decisions.系统性的认识投资过程，需要包括对投资决策基本特性的分析、划分投资过程中的活动、以及对投资者操作环境中影响投资决策的主要因素进行检验。
全套服务经纪人(Full Service Broker)
全套服务经纪人几乎从各方面提供服务来满足客户的需求，他们完成客户的买卖指令外，还向客户提供投资咨询等高端服务，但他们往往只向投资额度很大的大客户提供这样的服务。折扣经纪人(Discount Broker)他们收取较低的佣金(Commiion)，提供较少的服务。
Mutual fund strategies include growth/ aggreive, low risk, balanced, momentum, and many others.根据投资策略不同，共同基金包括成长型基金/进取型基金，低风险基金，平衡型基金，趋势型基金以及其他种类。momentum fund趋势型基金
根据证券市场趋势，特别是股票走势操作的基金,并不看重市场的基本面。
可转换优先股（convertible preferred stock）是指允许优先股持有人在特定条件下把优先股转换成为一定数额的普通股。
视频 Chinese invest in US homes
A group of 40 Chinese investors is looking to place money in the US housing market, CNN's Emily Chang reports.本期主题：美国次贷危机，中国商人趁机而入，想要在美国房地产市场取得一席之地，详情请听CNN的Emily Chang从北京发来报道。
At the Beijing Airport, 40 Chinese investors embark on a miion to open their wallets on the other side of the world and buy a house in the United States.“The price's right,” says lawyer Yin Guohua.For him, it will be a home away from home, a place to stay on busine and quite simply an opportunity to get a deal.“It sounds cheap,” says this busine woman, “but I’ll have to see it with my own eyes.”
Their journey will take them on a tour of bargain and foreclosure properties from L.A.to Las Vegas, San Francisco, Boston and New York.Yin says he’s been watching the US Housing market for two years.He’s willing to spend up to a million dollars and pay it all at once.“This could be a positive stimulus for the American economy,” he says.He’s a family man who already owns 3 properties in Beijing.“Our son will have a place to stay when he goes to America for school some day,” his wife says.The house hunting trip is being run by a Chinese real estate brokerage, Soufun.com.The company says it received hundreds of applications for just 40 spots from Chinese eager to invest overseas, but it raised questions: Are the Chinese capitalizing on the misfortune of Americans in the Subprime Mortgage Crisis and is this the start of a dangerous flow of capital out of China when China's own economy is slowing down? “It is still a very, very small fraction of the purchasing power here in China.So I don't think, you know, er, this, er, you know, small group of people, because of their personal interest or their, for whatever reason is going to affect the China's demand for properties.”
Foreigners can buy property in the US under fairly simple guidelines, they may have to make a bigger down payment or pay more taxes.And investment experts say China's restrictions on transferring money out of the country are relatively easy to navigate.Yin has his eyes on a few homes in New York and L.A., but like any smart investor, he says he won't make a deal unle it's a good one.Emily Chang, CNN, Beijing.Vocabulary: 1.embark on: begin or start(a piece of work, etc.)着手，从事
2.bargain: something you buy cheaply or for le than its usual price廉价货
3.foreclosure: A situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property as stipulated in the terms of the mortgage contract.抵押品赎回权的丧失
4.brokerage: a busine, firm, or company whose busine is to act as a broker经纪人(或中间人)业务
5.Subprime Mortgage Crisis: an ongoing financial crisis characterized by contracted liquidity in global credit markets and banking systems.次贷危机
6.purchasing power: The value of a currency expreed in terms of the amount of goods or services that one unit of money can buy.购买力
7.down payment: A type of payment made in cash during the onset of the purchase of an expensive good/service.首付
参考译文
第十四章
投资
投资这一概念，它包括了一个很大范围的活动。它常常与向定期存单，债券，普通股，或者是共同基金中投入资金有关。有更多投资意识的投资者还会购买一些其他的“纸制”资产，例如认股权证，看涨期权和看跌期权，期货合约，和可转换债券。他们也会购买有形资产，例如黄金，不动产和收藏品。投资中既包括这谨慎投资行为，同时也存在激进的投机行为。你是一个刚刚毕业的大学生，还是一个正考虑着退休后生活的年长者，这对你的投资决定很重要。投资可定义为把资金投入到一个或更多的领域，并且你将在未来的一段时间后得到回报。因此，对投资领域的研究还包括对投资过程的研究。投资还与投资者的财富规划有关，其中包括现值以及将来资金的价值总和。（因此，在投资过程中，现值和复利非常重要）。虽然投资领域包括了很多因素，但他仍然可以通过用两种函数方法的分析方法来思考和管理。本文所介绍的投资大体上是金融资产投资，特别是市场化的有价证券。金融资产是关于例如联邦政府或者一个企业的纸质或电子债券，另一个方面，不动产包括金，银,钻石，艺术品及房地产等有形资产。可买卖的有价证券是那些在规范市场中的易于交易的金融资产。理论上说，投资包括金融投资与实物资产投资，也可以分为买卖资产投资和非买卖资产投资。因为对投资者来说，存在大量可利用的投资机会，所以我们最根本要强调的是关于有价证券。但在这一章中，所讨论的基本原则和技巧同样适用于实物资产。尽管我们把讨论范围仅限于金融资产，但是仍然追赶上新的金融产品的增殖速度。垃圾债券与股指期货这两种资产在过去几年中是不存在的。垃圾债券是直到二十世纪八十年代后期一次严重的金融危机与灾后的回弹之前已经成为了拥有2000亿美元的市场，同时股指期货也快速发展，并且其交易会对股票市场产生显著的影响。
Answers for Exercises 9 Ⅲ Translate the following sentences and paage into English: 1.组合投资原则，即将风险资金按一定比例投向不同行业、不同企业（项目），或联合几个风险投资公司共同向一家企业投资。
The principle of portfolio investment is to invest the venture capital, in certain proportion, into different industries and different projects , or to invest a company in cooperation with other investing companies.2.风险投资主体多元化原则。在美国，风险资金来源相当广泛，既有政府、财团法人的资金，也有来自大众游资、民间企业和海外的投资，还有养老保险基金的积极参与。The principle of diversification of venture capital investors.In American, the sources of venture capital are various, including government, financial institutes, idle capital, private firms, overseas investment and the active investments of pension funds.3.创业投资是由专业投资者投入到新兴的、迅速发展的、有巨大竞争潜力的企业中的一种股权性资本。
Venture investment is an equity capital invested into to a new, rapidly developing and highly potential firm by profeional investors.4.随着社会经济的快速发展，如何投资、如何理财已经成为商业人士关注的焦点。With the rapid development of social economy, how to invest and finance has become the major concern for busine men.5.创业投资以其谋求长期资本收益、分散投资及专业化管理的特点适应了高新技术产业的资金需求，以其特别的投资方式、合同方式和组织架构部分地解决了信息不对称和激励约束不当所带来的问题.Venture capital, with the feature of looking for long term return, investment diversification and profeional management, has adapted to the capital requirements of high-tech industry and, with its special investing mode, contract mode and organization framework, has partly solved the problems caused by information asymmetry and flaws of incentive restraint mechanisms.6.投资者可把目光聚焦到正在发售的银行保本基金上，这种在国际市场上大受欢迎的新型理财品种不但能够提供银行储蓄般的安全感，而且可以利用此次利率上升的机会创造更高的收益；同时，加息导致债券价格下跌，实际上提高了即将入市的银行保本基金的债券投资收益率。
Investors may focus on present available guaranteed fund iued by bank.This new style of financing product quite popular in the international market, which will not only provide the same safety as bank deposits, but also will bring higher return with the current rising interest rates.At the same time, rising interest rates will lead to the drop of the bond price, and that will increase the rate of return on investment of the guaranteed fund that are to be iued by banks.Ⅳ Translate the following sentences and paage into Chinese: 1.A bull market is when everything in the economy is great, people are finding jobs, GDP is growing, and stocks are rising.Things are just plain rosy!Picking stocks during a bull market is easier because everything is going up.牛市意味着经济一切向好，人们都找到工作，GDP在增长，股票价格在上涨。前景一片光明！在牛市期间挑选股票较为容易，因为所有的股票价格都在上涨。
2.Bull markets cannot last forever though, and sometimes they can lead to dangerous situations if stocks become overvalued.牛市不可能永远持续，而且如果股票价格被高估，就有可能导致市场处于危险的境地。3.If a person is optimistic, believing that stocks will go up, he or she is called a ”bull“ and said to have a ”bullish outlook.“ 如果一个人对市场十分看好，认为股票价格将上涨，他或她被称做”多头”，并且说行情看涨。
4.In investments it is critical to distinguish between an expected return(the anticipated return for some future period)and a realized return(the actual return over some past period).Investors invest for the future—for the return they expect to earn—but when the investing period is over, they are left with their realized returns.在投资中，区分预期收益(预测未来某段时间获得的收益)和已实现收益(过去某段时间获得的收益)是非常重要的。投资者为将来投资——为了预期的收益投资——但是在投资期结束后,他们获得了实际收益。
5.What investors actually earn from their holdings may turn out to be more or le than what they expected to earn when they initiated the investment.This point is the eence of the investments proce: investors must always consider the risk involved in investing.投资者在投资期间实际得到的收益与他们初始投资所预想的收益或多或少有差异。这就是投资过程的本质：投资者在投资时必须牢记风险的存在。
6.There are three important factors you need to consider before buying a bond.The first is the person iuing the bond.The second is the interest(or coupon)you will receive.The third is the maturity date, the day when the borrower must pay back the principal to the lender.在投资债券前你要考虑三个重要因素。第一是债券发行人；第二是你将得到的利息(或息票)；第三是到期日, 在到期日债券发行人必须将本金偿还给债券持有人。
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