Attention When Investing投资捷径与陷阱

Despite recent gains in the stock market, portfolios remain badly damaged by the market performance of the past 18 months. With jobs still falling away at a rapid clip, the recession is still a serious concern.

As we wade through these difficult times, how should you think about your own financial situation?A good starting point is to remember what Kipling wrote：Keep your head about you as everyone is losing theirs. It's a great temptation in times such as these to think things will never get better.But if history shows us anything, things do eventually improve.In fact, judging by the standards of past economic shocks, this recession is getting long in the tooth.The average recession since World War ll has lasted 11 months, and the longest was 16 months in 1981—1982.Our current crisis is 15 months old.

Also, hints of bottoming are starting to surface. Oil prices have begun to rise, indicating some increased demand.China is importing aluminum again.In addition, the stimulus plan will start to kick in later this year, creating jobs and, perhaps, helping soothe some of the enormous fears in the marketplace.

So, there are definitely brighter times ahead. Until then, here are some strategies to help you keep your head about you:five things that you definitely should do and five things you definitely should not do, as you weigh how to protect and build your assets.

Let's start with the five things you should definitely do：

Reduce Your Expensive Debt

Too many of us overextended ourselves during the past decade with credit cards and other debt. These bills now hang over people like the Sword of Damocles.The first order of business is to reduce this expensive debt, even before saving for retirement or investing in the stock market.

Get On a Budget

Thrift is the new black. That means getting on a budget, measuring exactly what you spend and looking for ways to save money.Perhaps you are eating out more than you appreciate or spending too much on a cup of coffee.Budgeting is a lost discipline for many people and one that should be rediscovered.

There are several free Web sites, such as Mint. com, Quicken.com and Wesave.com, that can help you sort out your spending.

You upload password information for your credit cards and other accounts, and the sites aggregate and sort the data, so you can see how much you're spending on, say, groceries, eating out and movies. You can then track your spending habits over time and make adjustments to save money.

Guard Against Inflation

Currently, inflation is a relative nonissue.

Yet, many things are taking place that could raise the specter of inflation in rapid order.

For that reason, it's smart to have a portion of your fixed-income investments in Treasury inflation-protected securities, or TIPS. These bonds are backed by the U.S.government, like normal Treasury papers, but also have built-in protections that boost returns to account for inflation.

Another inflation-hedging strategy is to invest in commodities. When growth resumes, demand for oil, copper and other commodities will rise, making their prices increase.A warning, though：Given the volatility of commodities, financial planners recommend that investors have no more than 5%to 10%of their portfolio in this sector.

Have a Stock-Market Strategy

Despite the recent sprint in share prices, investors remain leery of the stock market. It will take more than a four-week rally to soothe the pain caused by the stock market since it tumbled from its late-2007 highs.When so much doubt surrounds the stock market, it's usually a time to think about investing in equities.Despite the horrid pain most of us have suffered in the market during the past 18 months, stocks, like the economy, will not remain down forever.

Even with the recent runup in stocks, you still might have a larger-than-usual chunk of your assets in bonds these days, because bonds did well last year and have remained solid this year. If that's the case, rebalancing toward stocks makes sense, especially with their prices so low.

Preserve What You Have

One of the lessons of the past few years is that the stock market and your home are not ATMs. They are assets that can rise and fall.Having a strategy to preserve your gains is prudent in these challenging times.

Along with diversification of assets-stocks, bonds, cash-maintain diversification in the stock market, as well. Buy broad, low-fee index funds, rather than individual stocks, to lower your exposure to risk.

And maintain a rainy-day fund in safer places, such as TIPS, certificates of deposit or highly rated municipal or corporate bonds. A good rule of thumb is to have a reserve of six months'earnings in case of a job loss.

So, what should you definitely not do?

Don't Bury Your Money in the Backyard

With things the way they are, it's tempting to simply opt out altogether. Fear of financial-system failure, the uncertain nature of the stock market and just a sense of foreboding have people thinking that it's smarter to keep their money in the backyard, a mattress or an empty can.But it really isn't.The bank-insurance system works for holdings under$250000.I know because my bank once failed, and the transfer of assets was seamless.So, at least keep your cash in certificates of deposit earning some sort of return.An overabundance of fear and caution can cost you money；don't let that happen to you.

Don't Chase Returns

This is a great temptation in any market, but especially so today. Bonds had a great run last year, but some analysts believe they may just be the next bubble waiting to burst.

In short, don't double down on an asset that has had such a tremendous run. You are likely coming to the game too late, since most of the gains have already been made.That can skew your portfolio too sharply in a single direction, making you vulnerable to a decline in previously hot asset groups.

Look at it this way. In the past few years, the temptation to chase returns led people to buy too many houses, invest too heavily in a soaring stock market and aggressively bid up oil.All of it ended badly.

Don't Abandon Diversification

There's a great desire now to stay safe by holding only cash or only Treasury papers. This kind of behavior is really just the same as chasing performance.

Don't Stop Saving for Retirement

In times of turmoil, we tend to focus on what's right in front of us:the current bills, the savings account and what the day will bring. But we are all still going to want to retire at some point, so that means remaining disciplined about saving for retirement.

Don't lgnore Common Sense

Much heartbreak in the recent past has stemmed from an ignorance of common sense. Fraudsters promising overabundant returns snookered many investors.Some people viewed housing and the stock markets as never-can-lose gambits.Others spent far more than they had.

Personal finance, at its heart, boils down to common sense. You have to eliminate your high-cost debt and get on a budget.You must save for retirement.And you need to make sure that you own a home you can afford and enjoy, as opposed to seeing it as a get-rich-quick scheme.

In short：Be prudent, save money, invest wisely. Getting back to these very basics will help all of us rebuild our portfolios and set sail for a better day.

尽管近期股市出现了上涨，但过去18个月里市场的表现仍让投资组合损失惨痛。就业率仍在快速下降，经济衰退的阴影挥之不去。

当我们经历这些困难时，你应当如何考虑自己的财务状况呢？最基本的一点是要记住吉卜林所写的：在别人糊涂时依然保持清醒。在眼下这个时刻，很容易产生情况永远也不会好转的想法。但如果说历史对我们有所启迪，那就是事情最终会有所改善。事实上，按以往经济动荡的标准判断，这次衰退的时间已经很久了。第二次世界大战以后的衰退平均持续时间为11个月，最长是1981年至1982年之间的16个月。本轮危机已经持续15个月了。

此外，触底的迹象也开始显现。石油价格已开始上升，这表明需求已经有所增加。中国恢复了对铝的进口。此外，刺激计划将在今年晚些时候开始产生作用，创造就业机会，或许还有助于缓解市场上的严重的恐慌情绪。

因此，未来的前景肯定是光明的。在此之前，这里有一些策略帮助你保持清醒的头脑：在考虑应如何保护和增加你的资产时应该坚决做到“五要”和“五不要”。

让我们先从“五要”开始：

减少负债

我们很多人在过去的十年里用信用卡或其他负债方式进行了过多的透支。现在这些债务就像达摩克利斯之剑一样悬在人们头上。目前的当务之急就是减少这种高成本负债，并将其排在为退休储蓄或投资股市之前。

精打细算

节俭正当时。这意味着精打细算，认真思忖你的开支，寻找省钱良方。也许你外出就餐的次数超出了你的设想，或是在咖啡上花的钱太多。预算对很多人都缺乏约束力，现在应该重新认识这点了。

有不少免费网站，如Mint.com、Quicken.com和Wesave.com，这些网站可以帮助你理清开支。

你只要上传你的信用卡和其他账户的密码信息，这类网站就会对数据进行汇总和分类，这样你就可以看到自己在食品、外出就餐和电影等方面的支出情况了。然后，你可以跟踪一段自己的消费习惯，并做出一些调整以省钱。

谨防通胀

目前，通货膨胀基本还不算一个问题。

然而，正在发生的许多事情可能让通货膨胀的幽灵迅速出现。

出于这个原因，在你的固定收益投资中持有部分财政部通货膨胀保值债券（TIPS）当是明智之举。同普通美国国债一样，这些债券不但得到了美国政府的支持，本身还具有保护功能，可在通货膨胀时提高回报率。

另一个对冲通货膨胀的策略是投资大宗商品。当经济恢复增长时，对石油、铜和其他大宗商品的需求将会增加，从而将推动它们的价格上涨。不过，应该注意：鉴于商品的波动性，理财规划师建议，投资者对这部分的投资最好占其投资组合的5%至10%。

要有股市投资战略

尽管最近股价有所上扬，但投资者对股市仍应持警惕态度。股市自2007年年末不断创出新高后一路下跌，这种情况造成的损失不是靠一轮为时四周的上涨就能消除的。当有这么多的怀疑笼罩着股市时，通常也就到了考虑投资股市的时候了。尽管过去18个月里我们大部分人都在股市上遭受了切肤之痛，但股市和经济一样，不会永远保持低迷状态。

即便是在最近股市上扬的情况下，你目前所持有的债券占你总资产的比例或许仍高于通常水平，因为债券去年表现不错，今年也依然强劲。如果是这种情况，那么多持有一些股票是有意义的，特别是在股价如此之低的时候。

保护已有的收益

过去几年的教训之一是，股市和你的房子不是自动取款机，而是价值可涨可跌的资产。在当前这个充满挑战的时期，拥有一个保护已有收益的战略是谨慎的做法。

除资产投资分散化（股票、债券和现金）外，股市投资也要保持分散化。买进大范围的低成本指数基金，而不要买某只个股，以减小风险敞口。

把以防万一的资金放在比较安全的投资上，比如通货膨胀保值债券、定期存单，或评级较高的市政债券或公司债券。留出一笔相当于六个月收入的备用金，万一失业就可以派上用场，这是个不错的经验总结。

你绝对不该做的又是什么呢？

不要把钱埋在后院里

考虑到现在的形势，人们可能很容易会想干脆什么也不投了。对金融体系失灵的担心、股市不确定的本性，甚至只是一种不祥之感，都会让人们认为把钱放在后院、床垫或空罐子里要更明智一些。不过这就大错特错了。银行保险体系对低于25万美元的资产是能起作用的。我知道这点，因为我工作的银行倒闭了，而资产却实现了“无缝”转移。因此，至少把现金放到定存单中还能获得一些收益。过于小心谨慎或担心害怕会让你的金钱受到损失，不要让这点发生在你的身上。

不要追逐回报

回报在任何市场上都有很大的诱惑力，但在眼下就更为明显。债券去年大幅上扬，但一些分析师认为这可能是下一个等待破灭的泡沫。

简而言之，不要在已经出现这种巨大涨幅的资产上“双倍下注”。你参与这场游戏的时间可能太迟了，因为大多数的涨幅都已经过了。这可能使你的投资组合向一个方向大幅变化，让你容易受到此前热门资产类别下跌的冲击。

这么说吧，过去几年里，追逐回报的诱惑令人们买了太多的房子，在大幅飙升的股市上投入重金，大肆推高油价。这样做的结果都很糟。

不要放弃分散投资

现在人们只持有现金或美国国债以保安全的想法非常强烈。这类行为其实与追逐业绩的做法毫无二致。

不要停止为退休攒钱

在动荡时期，我们往往会只看眼前：当期的账单、储蓄账户、今天会发生什么事。不过，我们仍都会希望在某个时候退休，所以这就意味着要坚持为退休攒钱的做法。

不要忽视常识

最近令人心碎的事大部分源于对常识的忽视。骗子承诺的过于丰厚的回报诓骗了很多投资者。有些人认为房市和股市是只赚不赔的买卖，有些人则入不敷出。

个人理财归根到底是常识的问题。你必须消除高成本负债，进行预算。你必须为退休攒钱。你还要确保自己拥有一座负担得起，又可以享受的房子，而不是把房子看成是一个一夜暴富的工具。

简而言之：要谨慎、攒钱、明智地投资。回归这些基本点将帮助我们所有的人重建投资组合，迎接更美好的生活。

实战提升

核心单词

recession[ri'seʃən]n.衰退；衰退期

soothe[su：ð]v.缓和；减轻

strategy['strætidʒi]n.策略，计谋；对策

exposure[ik'spəuʒə]n.揭露，揭发

eliminate[i'limineit]v.排除；消除

财经知识一点通

保值债券（indexed bonds）

又称保值国债，是在20世纪80年代后期中国面临较严重的通货膨胀时应运而生的。当时，为了吸引资金、稳定通货、增加财政资金，中国财政部于1989年发行了这种带有保值补贴的国债。

触底（bottom）

是碰触最低点。所谓“物极必反”，碰触最低点后会向好的方向发展。

翻译练习

Despite recent gains in the stock market, portfolios remain badly damaged by the market performance of the past 18 months.

For that reason, it's smart to have a portion of your fixed-income investments in Treasury inflation-protected securities, or TlPS.

Along with diversification of assets-stocks, bonds, cash-maintain diversification in the stock market, as well.