12金融答案翻12章.docVIP

SOLUTION: Dad has exposed himself to risk by concentrating almost all of his plan money in the Ruffy Stock fund. This is analogous to taking 100% of the money a family has put aside for investment and investing it in a single stock. 父亲将自己完全置身于冒险中，通过将几乎所有的计划资金投资于Ruffy存货基金。这就相当于将一个家庭所有的金钱100%的用于投资且是单一的股票投资。 First, Dad needs to be shown that just because the company stock has continually performed quite well is no guarantee that it will do so indefinitely. The company may have sold off the divisions which produced price declines in the past, but future problems are unpredictable, and so is the movement of the stock price. “Past performance is no guarantee of future results” is the lesson. 首先，父亲需要被展示这个公司的股票持续良好的态势，并且（is no guarantee that it will do so indefinitely）这个公司在过去也许已经出售完价格下跌的部分，但是未来的问题是不确定的，股票接个的变动也如此。“过去的表现并不能保证未来的结果。”就是讲述这样的道理。 Second, Dad needs to hear about diversification. He needs to be counseled that he can reduce his risk by allocating his money among several of the options available to him. Indeed, he can reduce his risk considerably merely by moving all of his money into the “blend” fund because it is diversified by design: it has a fixed-income component, a large companies component, and a small companies component. Diversification is achieved not only via the three differing objectives of these components, but also via the numerous stocks that comprise each of the three components. 其次，父亲必须知道有关多样化的信息。他需要被告知，他可以通过将金钱在对他而言可得到的多种选择中进行分配来分散风险。他可以减少风险，通过移动他的金钱到“混合”的基金中，因为这样就保证了计划的多样性：包括固定收入部分，一家大的公司部分和几家小的公司部分。多样化不仅通过不同的三个组成部分得到实现，还可以通过组成这三个部分的众多股份得到实现。 Finally, Dad’s age and his retirement plans need to be considered. People nearing retirement age typically begin to shift the value of their portfolios into safer investments. “Safer” normally connotes less variability, so that the risk of a large decline in the value of a portfolio is reduced. This decline could come at any time, and it would be very unfortunate if it were to happen the day before Dad ret