国际经贸高级英语19

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1、TEXTⅠ.IntroductionThereisasubtlebutpervasiverevolutiongoingoninthetheoryandpracticeofinvestment—arevolutioninthemostfundamentalassumptionswithwhichinvestorsframetheirnotionsoftheirinvestmentassets.Theoldregimeofsecurityanalysisemphasizedindividualassets,butoverthelastq

2、uartercenturyithasbeengraduallyreplacedbyanewregimeofportfoliomanagement,withcorrespondingemphasisoncompositeassets.ThenewemphasisoncompositeassetsisasrevolutionaryinrelationtotraditionalinvestmentperspectivesasanApolloastronaut’sphotographofthewholeEarthrisingabovethe

3、SeaofTranquilityistoamapoftheNewYorkCitysubwaysystem.UnitNineteenTheRevolutioninCompositeAssets—DonaldL.LuskinBy“compositeassets”Imeandiversifiedinvestmentaggregates,suchasportfoliosofstocksorbonds,thatarethemselvesmadeupofindividualassets,butarenonethelessthoughtofg

4、lobally,asindivisibleunits.Thecompositeassetperspectiveoperatesonthemacrocosmic,whole-portfoliolevel,relegatingindividualassetstotheroleofmerebuildingblocks.Ⅱ.InvestmentStrategieswithCompositeAssetsAsofthiswriting,approximately$200billionisinvestedonbehalfofAmerica’sla

5、rgestandmostsophisticatedcorporateandpublicpensionplansandendowmentsinvariousequityandfixed-incomeindexfunds.Thephenomenalgrowthofindexfundsisonlypartiallyattributabletofrustrationwithtraditionalactivemanagement.Perhapsitisjustaswellexplainedbyapreferenceforsystematicd

6、iversification,rigidinvestmentdisciplineandtightcostcontrolmadepossiblebyaperspectivethattreatsthebenchmarkindexasasinglecompositeasset.UnitNineteenTheRevolutioninCompositeAssets—DonaldL.LuskinTheimpactoftheseenormousfunds,andtheattitudethathasmadethemsopopular,canbe

7、seenwhenanewstockisaddedtoStandardandPoor’s500,themostwidelyfollowedbenchmarkindex.Intheweeksfollowingaddition,newstockscanbeobservedtoappreciablyoutperformthemarket,reflectingnotonlybuyingpressurefromindexfundsbutalsotheenhancementofthestock’scredibilityandprestigeres

8、ultingfrommembershipinthisexclusivecompositeassetclub.Manyindexfundsnowseeknotsimplytomimicorreproducepublishedindexe