[al:新概念英语（四）] [ar:MP3 同步字幕版（英音）] [ti:Planning a Share Portfolio] [by:更多学习内容，请到chazidian.com搜索“新概念”] [00:01.51]Lesson 48 [00:03.59]Planning a share portfolio [00:12.36]How does the older investor differ in his approach to investment from the younger investor? [00:20.64]There is no shortage of tipsters around offering 'get-rich-quick' opportunities. [00:26.23]But if you are a serious private investor, [00:29.61]leave the Las Vegas mentality to those with money to fritter. [00:34.01]The serious investor needs a proper 'portfolio' --a well-planned selection of investments, [00:40.33]with a definite structure and a clear aim. [00:43.92]But exactly how does a newcomer to the stock market go about achieving that? [00:49.83]Well, if you go to five reputable stock brokers and ask them what you should do with your money, [00:56.63]you're likely to get five different answers, [01:00.19]-- even if you give all the relevant information about your age, family, [01:05.11]finances and what you want from your investments. [01:08.86]Moral? There is no one 'right' way to structure a portfolio. [01:13.59]However, there are undoubtedly some wrong ways, [01:17.09]and you can be sure that none of our five advisers would have suggested sinking all [01:22.49](or perhaps any) of your money into Periwigs. [01:27.39]So what should you do? [01:29.90]We'll assume that you have sorted out the basics--like mortgages, pensions, insurance and access to sufficient cash reserves. [01:39.45]You should then establish your own individual aims. [01:42.89]These are partly a matter of personal circumstances, partly a matter of psychology. [01:50.53]For instance, if you are older you have less time to recover from any major losses, [01:56.56]and you may well wish to boost your pension income. [02:00.37]So preserving your capital and generating extra income are your main priorities. [02:07.10]In this case, you'd probably construct a portfolio with some shares (but not high risk ones), along with gilts, cash deposits, [02:16.92]and perhaps convertibles or the income shares of split capital investment trusts. [02:23.61]If you are younger, and in a solid financial position, [02:27.34]you may decide to take an aggressive approach--but only if you're blessed with a sanguine disposition [02:34.46]and won't suffer sleepless nights over share prices. [02:38.52]If you recognize yourself in this description, [02:41.50]you might include a couple of heady growth stocks in your portfolio, alongside your more pedestrian investments. [02:49.47]Once you have decided on your investment aims you can then decide where to put your money. [02:55.88]The golden rule here is spread your risk--if you put all of your money into Periwigs International, [03:03.48]you're setting yourself up as a hostage to fortune.