首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
考研
By any standard, money manager Malcolm Gissen has had a complicated relationship with risk over the past couple of years. After
By any standard, money manager Malcolm Gissen has had a complicated relationship with risk over the past couple of years. After
admin
2011-03-11
34
问题
By any standard, money manager Malcolm Gissen has had a complicated relationship with risk over the past couple of years. After losing 62 percent in 2008, the Encompass Fund, which Gissen co-manages, gained a staggering 137 percent last year, cementing its reputation as one of the more volatile funds in the industry. "Most mutual fund managers tend to invest for mediocre results. Their goal is to perform in line with their benchmark," says Gissen, whose returns--for better or worsen-have been anything but mediocre.
Encompass is one of a small group of funds that have a "go-anywhere" mandate (meaning they can invest in essentially any type of security), and Gissen wields that power freely. Late last year, for instance, his fund had about 20 percent of its assets in gold-related investments. Despite all that, Gissen’s attitude toward risk is surprisingly straightforward: "We don’t like risk," he volunteers.
This, of course, begs the question: What exactly constitutes a risky portfolio? "When people think about risk.., they think, ’What’s going to be the next AIG or the next Enron?’" says Chris Konstantinos, a portfolio risk manager at Riverfront Investment Group, a Virginia-based advisory firm. "That’s a really important risk, but it’s not the entire side of the risk equation. It’s just one piece. "
Lately, the market has shone a light on an entirely different type of risk, one that’s far more paradoxical and difficult to grasp. "Sometimes the biggest risk you can have in your portfolio is not having enough risk," says Konstantinos. "And certainly since March of 2009, that’s clearly been the case. "
Advocates of this philosophy point to two main scenarios. In one, a traditionally safe asset class falls off, pulling the rug out from underneath investors who were overexposed to it. That’s what many analysts expect will happen to bond investors once interest rates start creeping up. In the other, a risky type of investment takes off, leaving those who don’t own it behind in a cloud of dust. That’s what occurred when consumer discretionary stocks surged during last year’s rebound.
In both scenarios, the advantage goes to investors with portfolios that are traditionally seen as risky. The challenge, of course, is achieving the right balance. Many investors can’t stomach the swings associated with funds like Gissen’s, but there’s middle ground to be found. "The right way to look at risk is to look at it from a portfolio construction perspective, which means that in a highly diversified portfolio, there’s room for what’s perceived as risky kinds of investments," says Konstantinos.
Gissen’s attitude towards risk is ______.
选项
A、disgusted
B、frank
C、scared
D、ambiguous
答案
A
解析
文章第二段最后一句提到基森对于风险的态度很坦率,他主动说:“我们不喜欢风险”。故[A]正确。[B]是他本人的态度,但并不是对待风险的态度,故不正确。不喜欢并不意味着害怕,且文中未提到他对风险的恐惧,故[C]不正确。基森明确地说明不喜欢风险,故[D]不正确。
转载请注明原文地址:https://jikaoti.com/ti/Jg0RFFFM
0
考研英语一
相关试题推荐
WhichofthefollowingisnotmentionedinrelationtoIQ?______Tojudgeachild’sstandard,hismarksinatestmustbecompa
The1990shavebeendesignatedtheDecadeAgainstDrugAbusebytheUnitedNations.But,(1)_____lessthanthreeyearstogobe
The1990shavebeendesignatedtheDecadeAgainstDrugAbusebytheUnitedNations.But,(1)_____lessthanthreeyearstogobe
The1990shavebeendesignatedtheDecadeAgainstDrugAbusebytheUnitedNations.But,(1)_____lessthanthreeyearstogobe
Britain’sgardenershaverevealedoneoftheirgreatestpethates—otherpeople’scats.Okay,they’resadisticmurderers—butisi
AnEnglishschoolboywouldonlyaskhisfriend:"Wassatime,then?"Tohisteacherhewouldbemuchmorelikelytospeakinamo
Someoldpeopledon’tlikepopsongsbecausetheycan’t______somuchnoise.
Economistsbelievethatjobearningsinfluencechoiceofoccupation.Theyacknowledgethatpeopleplacevaryingemphasis【C1】____
YourfriendStevenandJennyhavejusthadanewbabyboy.Pleasewritealettertocongratulatethem.Youshouldwriteabout10
随机试题
国家富强、民族振兴、人民幸福二三者之间紧密相连。人民幸福是国家富强、民族振兴的()
A.您对健康是怎么理解的B.您上次复诊是什么时间C.您同意我们大家都支持的第—个方案吗D.您为什么不想再坚持康复训练呢E.这个检查是在哪里做的?您现在感觉怎么样属于开放式提问的是
A.病理性闭经B.原发性闭经C.继发性闭经D.生理性闭经E.以上都不是月经周期已建立后又中断6个月以上者,属于()
(2009年)两根梁长度、截面形状和约束条件完全相同,一根材料为钢,另一根为铝。在相同的外力作用下发生弯曲形变,二者不同之处为()。
关于银行存款余额调节表编制方法的说法,正确的有()。
根据市场的不同状况,饭店市场可以分为()等种类。
“应付账款”账户是用来反映和监督企业因______而与供应单位发生的结算债务的增减变动情况的账户。
3岁幼儿常常表现出各种反抗行为或执拗现象,这说明幼儿心理发展处于()。
从所给的四个选项中,选择最合适的一个填入问号处,使之呈现一定的规律性。
A、Microsoft.B、Movie-producers.C、Contentproviders.D、PCusers.C
最新回复
(
0
)