L16-Unit4-Lesson2-Discussing_investments
L16-Unit4-Lesson2-Discussing investments
Vocabulary（Investment schemes）
match synonym
capital -> cash for investment（资金，可用于投资的资本性现金）
merger -> two companies becoming one
gamble -> risk （赌博、风险）
regulate规定、管理 -> control
small -> minute(/ˈmɪnɪt/:分钟；/maɪˈnjuːt/极小的)
return -> profit
reading comprehension
What are mutual funds?
Mutual funds are regulated under federal law and assets are managed communally by professional investment advisors for the benefit of shareholders. There are two types of mutual funds: closed-end funds and open-end funds. Closed-end funds have a fixed amount of shares, are issued and traded on a stock market, and are carried out based on a market price which is established by an auction system. Typically, closed-end funds issue all the shares at the outset and investors can trade the shares. Investors may be subject to a commission charge to buy or sell such funds.
Open-end funds are collective investment schemes which can issue and redeem shares at any point in time. An investor will purchase shares in the fund directly from the fund itself rather than from the existing shareholders.
What are the benefits and drawbacks of mutual funds?
By pooling the funds of thousands of investors, mutual funds are beneficial because they provide full-time and high-level professional management that few individual investors can afford to obtain independently. However, the risk will ultimately be determined by the experience and expertise of the fund manager. So if the fund manager does their job assiduously, the fund will do well. If the fund manager is inexperienced, the fund could perform weakly. That means you still need to perform your own due diligence on the fund itself, and on its manager. And you’ll still need to monitor the fund’s performance over time. It won’t be something you can purchase and then ignore, and still expect to make a profit.
What are hedge funds and their benefits and drawbacks?
Hedge funds are investment funds open to a limited range of professional or wealthy investors. They are permitted by regulators to undertake a wider range of investment and trading activities than other investment funds. Similar to mutual funds, investments are reciprocally gathered. Generally speaking, hedge funds can outpace their investment counterparts, in relation to profits because managers have the capability to move capital around rapidly with attractive tax repercussions. However, high-speed turnover strategies means you gamble with the possibility of losing everything at the snap of a finger, should a succession of bad investments arise.
What are the pros and cons of utility stocks nowadays?
Utility stocks have a history of being the safest option for predictable and higher returns during a recession. Of course they are not immune from downturns in a sinking market and prices can swiftly inflate and deflate as all stocks can, but they are less likely to fall precipitously under adverse economic conditions. It has been heard through the grapevine that due to possible mergers and acquisitions after the recession, interest rates are going to rise expediently, and they have a heads up on pricing power. Most people find investing in the stock market a bit of a toss up due to the equal amount of risk and appeal involved.
What are treasury bonds?
These are issued by the government in order to pay for government projects. The money invested in a treasury bond is basically a loan to the government. These bonds are guaranteed, meaning that they are exceptionally low risk — after all, all the government has to do is simply print more money to pay the interest.
Are there any drawbacks to treasury bonds?
The rate of return on treasury bonds is relatively minute. Most experts claim that treasury bonds are in a bull market, which is only true if you are intending on buying long-term as short-term obligations will bring in next to nothing in interest.
unfamiliar words:
Mutual（/ˈmjuːtʃuəl/ adj.共同的；）
federal （美/ˈfedərəl/ adj.联邦的；）
shareholder 股东
communal （美/kəˈmjuːnl/ adj.共享的，共有的，共用的；）
communally (adv. 共同地；集中地；由集体一起地)
closed-end open-end (封闭式、开放式)
auction （美/ˈɔːkʃn/ vt.&n. 拍卖）
carried out（美/ˈkærid aʊt/ 完成，实行）
typically（美/ˈtɪpɪkli/ adv. 通常；一般）
outset （美/ˈaʊtset/ n. 开始；开端 ；起始）
subject to （表示“可能会受到……影响 / 需要承担……”）
commission charge（佣金；手续费；回扣 | 费用）
collective （美/kəˈlektɪv/ adj. 集体的；共同的；）
scheme（美/skiːm/ n. 计划，规划，方案；）
redeem （美/rɪˈdiːm/ vt.赎回；）
at any point in time（在任何时间点，随时）
obtain （美/əbˈteɪn/ v. 获得）
ultimately （美/ˈʌltɪmətli/ adv. 最终）
diligence （ 美/ˈdɪlɪdʒəns/ n.勤奋）
due diligence 尽职调查
assiduous （美/əˈsɪdʒuəs/ adj. 刻苦的；兢兢业业的；勤勤恳恳的）
hedge （美/hedʒ/ adj.套期保值的，两面下注的，对冲）
permit（美/pərˈmɪt , ˈpɜːrmɪt/n.许可证；v.允许；准许；）
undertake （美/ˌʌndərˈteɪk/ v. 承担；承诺；）
reciprocal （美/rɪˈsɪprəkl/ adj. 互惠的；相应的）
counterpart（美/ˈkaʊntərpɑːrt/ n. 职位(或作用)相当的人；对应的事物）
outpace （超过）
in relation to （涉及；关于；与……相比较）
repercussion（美/ˌriːpərˈkʌʃn/ n. (间接的)影响；反响；恶果）
at the snap of a finger 弹指间、一瞬间
arise（美/əˈraɪz/ vi. 发生）
immune （美/ɪˈmjuːn/ adj. 免除；豁免；不受影响；受保护）
immune from downturns 免受经济衰退的影响
sinking （美/ˈsɪŋkɪŋ/adj. (情绪突然)颓丧的，抑郁的，沮丧的）
swiftly （美/ˈswɪftlɪ/ adv. 迅速地）
inflate & deflate（上涨&下跌）
precipitously （美/prɪˈsɪpɪtəs/adj.急剧的；突然的）
adverse （美/ədˈvɜːrs/adj.不利的；有害的；反面的）
It has been heard through the grapevine从小道消息听说
acquisition（美/ˌækwɪˈzɪʃn/n.收购；）
grapevine （美/ˈɡreɪpvaɪn/n.小道消息；传闻）
expedient（美/ɪkˈspiːdiənt/n.权宜之计；应急办法adj.权宜的；适时地的）
toss（美/tɔːs/v.扔，抛，掷；掷硬币决定；n.掷硬币决定；）
toss up 艰难抉择（a bit of a toss-up “有点成败难料”）
appeal（美/əˈpiːl/n.吸引力；v.上诉；呼吁；）
involve（美/ɪnˈvɑːlv/vt.涉及；包含；）
heads up（提醒，当心，提前预警）
have a heads up（提前获得信息”或“占得先机）
Treasury（美/ˈtreʒəri/财政部；财政；美国财政部；资金管理；资金部）
treasury bonds国家债券
after all（毕竟）
short-term obligations（短期债券）
Translation:
什么是共同基金?
共同基金受到联邦法律监管，其资产由专业投资顾问集中管理，收益归基金持有人所有。
共同基金分为两类：封闭式基金和开放式基金。
封闭式基金，发行的份额数量固定，在证券市场上发行并交易，它基于拍卖系统形成的市场价格进行买卖交易。
通常情况下，封闭式基金在设立之初一次性发行全部份额，之后投资者在市场上进行买卖。买卖此类基金通常需要支付佣金费用。
开放式基金是一种集合投资计划，可以在任何时间发行或赎回基金份额。
投资者购买基金份额时，是直接向基金公司认购，而不是从现有的基金持有人手中购买。
共同基金的优点和缺点是什么？
通过将成千上万投资者的资金集中起来，共同基金具有明显优势：它们能够提供个人投资者通常难以独立负担的 全职、专业化的高水平资产管理。
然而，基金的风险最终仍然取决于 基金经理的经验与专业能力。
如果基金经理 勤勉尽责，基金的表现就会良好；
如果基金经理 经验不足，基金的表现可能会较弱。
这意味着你仍然需要对基金本身以及基金经理做 尽职调查（due diligence），并且还要 持续监控基金的长期表现。
共同基金并不是一种“买了就不管”的投资产品，如果你完全放置不管，却仍然期待获利，这是不现实的。
什么是对冲基金？它们的优点和缺点是什么？
对冲基金是一类只向特定范围的专业投资者或高净值人士开放的投资基金。监管机构允许它们从事比其他投资基金更广泛、更多样化的投资与交易活动。与共同基金类似，对冲基金中的资金也是由投资者共同汇集而成的。
优点：
总体而言，对冲基金往往能够取得高于其他投资产品的收益，原因在于基金经理可以迅速调动资本，采取灵活的策略，并享受 较有利的税务安排。这种高自由度使得对冲基金在捕捉市场机会时更具优势。
缺点：
这种高速、频繁的交易策略也带来了极大的风险。如果一系列错误的投资决策发生，你可能会在极短时间内遭受巨额损失，甚至在一瞬间失去全部投资。对冲基金的高杠杆和高风险意味着收益与亏损同样可能被放大。
总结来说，对冲基金潜在回报高，但风险也极高，更适合具备专业知识并能承受高波动的投资者。
如今公用事业类股票的优点和缺点是什么？
公用事业类股票一直以来都被视为在经济衰退时期最安全、最具可预测性并能够提供较高回报的投资选项。
当然，它们并非在整体市场下滑时就完全免疫，股价同样可能像其他股票一样快速上涨或下跌，但在恶劣经济环境下，它们不太可能出现断崖式暴跌。
有传闻指出，由于衰退结束后可能出现的并购活动，利率可能会迅速上升，而这类公司通常拥有较强的定价能力（pricing power），能够在利率变化时更快调整价格。
多数人认为投资股市本身就像一次抛硬币——风险与吸引力并存，因此难以做出明确判断。因为其中包含着同等程度的风险与吸引力。
什么是国债（Treasury Bonds）？
国债是由政府发行，用来为政府项目筹集资金的一种债务工具。
投资国债本质上是把钱借给政府。
这些债券通常被视为有政府担保，因此属于极低风险资产——
毕竟，政府要支付利息时，理论上只需要多印一些钱即可完成偿付。
choice question
with the snap of a finger
immediately
lazily
fiercely(/ˈfɪəs.li/猛烈地)
through the grapevine（ɡreɪpˌvaɪn）
via an informal contact（通过非正式渠道 / 小道消息）
over the phone（“电话里”）
via a well-known source （正规渠道）
bull market
a period when investors are hesitant(/ˈhezɪ.tənt/ adj. 犹豫的；)
a period when investors are optimistic（投资者乐观的时期）
a period when investors are pessimistic(adj.悲观的；/ˌpesɪˈmɪs.tɪk/)
toss up
in interesting experience
an unpredictable phenomenon(/fəˈnɒmɪnɒn/ n. 现象；事件；)
a predictable result
this means a decline in general price levels, often caused by a reduction in the supply of money or credit.(decline 美/dɪˈklaɪn/n.v.衰退 下降。reduction 下降)
这意味着整体物价水平的下降，通常是由于货币或信贷供应减少所导致的。
inflation
deflation（通货紧缩）
regulation
if a company doesn’t have much of this, then an increase in their prices would lessen the demand for their products(lessen 美/ˈlesn/v.减少；变少，减弱)
如果一家公司在这方面能力不足，那么提高产品价格就会减少消费者对其产品的需求。
pricing power（定价权）
mutual funds
gamble
this is when an investor elects a particular for when they want their returns to be paid out.(paid out支付；付清；)
这是一个投资者选择特定的时间，用来领取他们的投资收益。
investment counterpart(投资交易另一方)
deferred purchase（延期购买 / 延期领取）（adj.延期的；/dɪˈfɜːd/）
high-speed turnover
grammar（Adverbs）
match
beneficially /ˌbenəˈfɪʃəli/：有益地
expediently /ɪkˈspiːdiəntli/：权宜地、方便而有效地
profitably /ˈprɒfɪtəbli/：有利可图地、收益良好地
quickly /ˈkwɪkli/：快速地
swiftly /ˈswɪftli/：迅速地
rapidly /ˈræpɪdli/：快速地
carefully /ˈkeəfəli/：小心地、仔细地
diligently /ˈdɪlɪdʒəntli/：勤勉地、认真努力地
assiduously /əˈsɪdʒuəsli/：刻苦地、不懈地
fill in the blanks
cautiously /ˈkɔːʃəsli/ adv. 小心地；谨慎地
assiduously /əˈsɪdʒuəsli/ adv. 勤勉地；刻苦地；尽心尽力地
communally /kəˈmjuːnəli/ adv. 集体地；共同地
relatively /ˈrelətɪvli/ adv. 相对地；比较而言
rapidly /ˈræpɪdli/ adv. 快速地；迅速地
Mutual funds are managed ( ) by investment advisors.
共同基金由投资顾问 共同地/集体地 管理。
If your fund manager doesn’t do their job (assiduously ), you might have to take more responsibility.
如果你的基金经理不 勤勉地 完成他们的工作，你可能不得不承担更多责任。
The interest rate for treasury bonds is (rapidly) low.
国债的利率 相对地 较低。
Managers can (rapidly) move assets around for high-speed turnover.
管理者可以 快速地 调动资产以实现高速周转。
you should invest your money (cautiously) and with the least amount of risk.
你应该 谨慎地 投资你的资金，并将风险降到最低。
record voice
reciprocally
diligently
assiduously
profitably
expediently
rapidly
swiftly
Expression（considering benefits and drawbacks）
Part1 sound recording
Debt comes in the form of credit cards, student loans and (mortgages).
paychecks
mortgages
bonuses
‘Tighten your belt’ means to ().
spend less money
change your look
lose weight
One way to reduce credit card debt is to ().
borrow money from friends to pay it off
use another credit card to pay it off
pay it off as quickly as possible every month
Part2 Reading
From _
Dear Sara,
You are right in saying that they are a relatively safe investment, but in order to make a decent amount of money you are better off avoiding short-term obligations because the returns are next to nothing. A 3-month bond yields virtually nothing. Even a 30-year one pays less than 3%.
I advise longer-dated bonds this year due to deflation – they should provide you with a steady source of income if you are willing to invest long term.
All the best,
Frank
你说得没错，它们确实是一种相对安全的投资，但如果你想赚到一笔可观的钱，最好避免短期债券，因为它们的回报几乎等于零。三个月的债券几乎没有收益，甚至三十年的债券收益率也不到 3%。
今年我建议你选择期限更长的债券，因为通货紧缩——如果你愿意长期投资，它们应该能够为你提供稳定的收入来源。
From_
ToAll
Dear Hilary,
You are right in saying that these are among the best this year. Despite the typical risks involved in buying them, I believe investing long term will be beneficial – especially if you are looking for decent and rapid returns. Experts say that due to possible mergers and acquisitions, you could be looking at as much as 6% return this year.
All the best,
Frank
你说得没错，这些确实是今年表现最好的资产之一。尽管购买它们通常会伴随一定风险，但我认为长期投资仍然是有利的——尤其是如果你追求 不错且快速 的回报。专家表示，由于可能发生的并购活动，今年你的回报率可能会高达 6%。
From_
ToAll
Dear Joe,
Personally I don’t like the idea of these, or investing communally at all – it is truly risky business. Even though you may have the opportunity to earn more than 35% in a short period of time, you could lose everything even quicker. I don’t think it is a very smart move as they are not regulated by the government. I suggest you diligently look elsewhere to invest your money.
All the best,
Frank
就我个人而言，我不喜欢这种投资方式，事实上我根本不喜欢任何形式的共同投资——这真的是一门高风险的生意。即使你可能有机会在短时间内获得超过 35% 的收益，你也可能更快地把所有钱都赔光。
我认为这不是一个明智的决定，因为它们不受政府监管。我建议你 认真地 去寻找其他更适合你资金的投资方向。
Vocabularies:
decent /ˈdiːsnt/ adj.不错的；相当好的（常用于表达数量、收入、回报“还可以”）
virtually adv. /ˈvɜːrtʃuəli/ 几乎；差不多；实际上
virtually nothing 几乎没有
yield 美/jiːld/ v. 产生(收益、效益等)
among the best 最好的之一；名列前茅；属于顶尖行列
among prep.（介词）/əˈmʌŋ 属于……之一
acquisitions noun（名词，复数）/ˌækwɪˈzɪʃənz/ 收购
hedge 美/hedʒ/ adj. 套期保值的，两面下注的；对冲的
question:
Frank advises Sarah to invest in (long-term bonds).
long-term bonds
3-month stocks
short-term ventures /ˈventʃərz/ n.风险项目
Frank tells Hilary that utility stocks will give her a high return due to (mergers and acquisitions) .
mergers and acquisitions
stocks and shares
typical long-term risks
Frank advises Joe not to trust hedge funds because () .
the government doesn’t agree with them
you can’t trust the other investors
you can win big, but also lose big
part3 match
benefits：
earn more than 35% on capital
as much as 6% return
relatively safe investment
drawbacks：
short-term obligations 短期债务
pays less than 3%
truly risky business
not regulated
lose everything
part4 Reorder
For the majority of investors, trading stocks online gives them the opportunity to act rapidly on stock movement.
Also, not only does it give them instant access to prices and charts, but it also allows them to buy and sell stock instantly.
However, trading stocks online lacks the availability of an investment plan which is usually created by one’s investment broker or advisor.
It would be profitably viable if you combined both the services of a broker or advisor and the online services.
The downside to this is that you’d have to pay for the creation of the investment plan, but in the long run you’ll have a better chance of avoiding serious trading loss.
对于大多数投资者来说，线上交易股票让他们有机会能够对股价变动 迅速做出反应。
此外，它不仅让投资者可以 即时获取价格和图表，还允许他们 立即买卖股票。
然而，线上交易股票缺乏投资计划的支持，而投资计划通常由投资经纪人或顾问制定。
如果你能将经纪人或投资顾问的服务与线上服务结合起来，这会是 一种有利可图的可行方案。
这样做的缺点是，你需要为制定投资计划付费，但从长远来看，你将 更有机会避免严重的交易损失。
instant 美/ˈɪnstənt/ adj.立即的，
broker 经纪人；掮客，能让你破产的人
viable adj.可行的；可实施的；
stock movement 股票走势
profitably viable 有利可图且行得通的；既能赚钱又能成功实施的
availability n.可用性；
Final（讨论投资）
When the video is playing, give a response to the host in the video.
vocabulary collection
inheritance 美/ɪnˈherɪtəns/ n.遗产
I’m not planning on：我并没有打算
anytime soon：在可预见的近期内（不是“永远不投”，而是“短期内不投”）
percentage 明确指 分成 / 抽成 / 佣金
invest it all：把所有钱都投入
brokerage 美/ˈbroʊkərɪdʒ/ n. 证券/投资经纪机构
a major investment brokerage：大型投资经纪公司
hedge fund：对冲基金
Maynard 美/ˈmeɪnərd/ 梅纳德
Morton 美/ˈmɔrtən/ n. 莫顿
treasury 美 [ˈtreʒəri] 国债
Round 1
A. Yeah, I’d be interested in talking about your inheritance.
B. Right, but I don’t have much money and I’m not planning on investing anytime soon.
C. Well, I’m sorry to hear about your grandmother, but congratulations on the inheritance.
Round 2
A. Well, my house isn’t very big, but are you seriously considering buying it?
B. Well, I know a lot about investing. What percentage will I get for helping you?
C. Well, I’ll help you if I can, but you know that I’m not a financial advisor, right?
Round 3
A. Oh, I wouldn’t invest it all in one company. The stock could do really badly.
B. That sounds like a great idea! You should invest everything in one company.
C. Actually, I know a financier who can guarantee a 20 percent return in one year!
Round 4
A. What about a major investment brokerage, one that has a lot of mutual funds?
B. Have you thought about a hedge fund? You can increase your money rapidly.
C. You should just put it in a savings account. That would be really safe.
Round 5
A. Morton is probably OK, but Maynard funds is now guaranteeing ten percent growth a year!
B. I don’t know about Morton. Don’t you want your investments to be a cash cow?
C. Yeah, that’s what I’ve heard also. Morton does a lot of research before investing.
Round 6
A. Yeah, Maynard is the best.
B. Yeah, stick with treasuries.
C. It was my pleasure.