[al:新概念英语（四）] [ar:MP3 同步字幕版（美音）] [ti:Planning a Share Portfolio] [by:更多学习内容，请到yingyu.chazidian.com搜索“新概念”] [00:00.70]Lesson 48 [00:02.50]Planning a share portfolio [00:10.35]How does the older investor differ in his approach to investment from the younger investor? [00:19.17]There is no shortage of tipsters around offering 'get-rich-quick' opportunities. [00:24.88]But if you are a serious private investor, leave the Las Vegas mentality to those with money to fritter. [00:32.41]The serious investor needs a proper 'portfolio' --a well-planned selection of investments, with a definite structure and a clear aim. [00:41.88]But exactly how does a newcomer to the stock market go about achieving that? [00:48.15]Well, if you go to five reputable stock brokers and ask them what you should do with your money, [00:54.44]you're likely to get five different answers, [00:57.32]-- even if you give all the relevant information about your age, family, finances and what you want from your investments. [01:05.48]Moral? There is no one 'right' way to structure a portfolio. [01:10.44]However, there are undoubtedly some wrong ways, and you can be sure that none of our five advisers [01:17.23]would have suggested sinking all (or perhaps any) of your money into Periwigs. [01:23.36]So what should you do? [01:25.21]We'll assume that you have sorted out the basics--like mortgages, pensions, insurance and access to sufficient cash reserves. [01:34.00]You should then establish your own individual aims. [01:37.56]These are partly a matter of personal circumstances, partly a matter of psychology. [01:43.67]For instance, if you are older you have less time to recover from any major losses, and you may well wish to boost your pension income. [01:53.09]So preserving your capital and generating extra income are your main priorities. [01:59.36]In this case, you'd probably construct a portfolio with some shares (but not high risk ones), along with gilts, cash deposits, [02:09.00]and perhaps convertibles or the income shares of split capital investment trusts. [02:15.11]If you are younger, and in a solid financial position, [02:19.49]you may decide to take an aggressive approach--but only if you're blessed with a sanguine disposition and won't suffer sleepless nights over share prices. [02:29.68]If you recognize yourself in this description, [02:32.72]you might include a couple of heady growth stocks in your portfolio, alongside your more pedestrian investments. [02:40.96]Once you have decided on your investment aims you can then decide where to put your money. [02:47.65]The golden rule here is spread your risk--if you put all of your money into Periwigs International, [02:55.44]you're setting yourself up as a hostage to fortune.