赠送题(四)阅读部分(3)

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1、阅读部分SectionⅡReadingComprehensionPartADirections:Readthefollowingfourtexts.AnswerthequestionsbeloweachtextbychoosingA,B,CorD.MarkyouranswersonANSWERSHEET1.(40points)三十、股票投资We’removingintoanotherera,asthetoxiceffectsofthebubbleanditsgraveconsequencesspreadthroughthefinancialsystem.Justacoupleofyears

2、agoinvestorsdreamedof20percentreturnsforever.Nowsurveysshowthatthey’redowntoa“realistic”8percentto10percentrange.Butwhatifthenextfewyearsturnouttobebelownormalexpectations?MartinBarnersoftheBankCreditAnalystinMontrealexpectsfuturestockreturnstoaveragejust4percentto6percent.Soundimpossible?Afteramu

3、chsmallerbubblethatburstinthemid-1960sStandard&Poor’s5000stockaveragereturned6.9percentayear(withdividendsreinvested)forthefollowing17years.Fewinvestorsarepreparedforthat.Rightnowdenialseemstobetheattitudeofchoice.That’stypical,saysLoriLucasofHewitt,theconsultingfirm.Youhatetolookatyourinvestments

4、whenthey’regoingdown.Hewitttracks500,000401(k)accountseveryday,andfindsthatsaversarekeepingtheircontributionsup.Butthey’remuchlessinclinedtoswitchtheirmoneyaround.“It’stheslot-machineeffect,”Lucassays.“Peoplegetmoreinterestedinplayingwhentheythinkthey’vegotahotmachine”—andnothing’shottoday.Theaver

5、ageinvestorfeelsoverwhelmed.Againstallcommonsense,manysaversstillshuttheireyestothedangersofowningtoomuchcompanystock.Inbigcompanieslastyear,asurprising29percentofemployeesheldatleastthreequartersoftheir402(k)intheirownstock.Youngeremployeesmayhavenochoice.Youoftenhavetowaituntilyou’re50or55before

6、youcansellanycompanystockyougetasamatchingcontribution.Butinsteadofgettingoutwhentheycan,oldparticipantshavebeenholding,too.Onethirdofthepeople60andupchosecompanystockforthreequartersoftheirplan,Hewittreports.Aretheyinattentive?Loyaltoafault?Sick?It’sasifLucent,EnronandXeroxneverhappened.Noinvesto

7、rshouldgivehisorhertotaltrusttoanyparticularcompany’sstock.Andwhileyou’reatit,thinkhowyou’dbeiffuturestockreturns—averaginggoodyearsandbad—areaspoorasBarnespredicts.Ifyouaskme,diversifiedstocksremaingoodforthelon