A、It is a place full of risks. B、It is a good place to invest in. C、It has up times as well as down times. D、It has more up time

W: Good morning and welcome to today’s program. Have you always wanted to invest, but didn’t know where to get started? Today’s show will help you with this problem. Very happily, we have Mr. Brown as our guest. Welcome to our program, Mr. Brown.
M: It’s a pleasure to be here.
W: Now, Mr. Brown. Can you give us some suggestions on how to invest wisely?
M: Well, I think there are three basic guidelines to smart investment.
W: What are they?
M: Number one is to have clear goals. Decide how many years you will invest for, and your needs will be in the future.
W: I see. First, we should have a clear goal. That’s definitely important. Then what is the second guideline?
M:Number two is to understand the range of possibilities. You’ll want diversified investments: one with a mix of stocks, mutual funds, bonds, and cash. It’s a jungle out there. Each of these products has different risks associated with them and also different potential rewards. Understand them before you buy, so there won’t be any big surprises later.
W: That sounds quite reasonable. Well, what about the third guideline?
M: Finally, number three is to have realistic expectations. Keep this in mind: he who wishes to be rich in a day will be hanged in a year. You should invest for the long term since the stock market has both up and down years.
W: That’s quite true. For example, over the past several years, New York stocks have averaged 30% annual returns, but this may not continue for long. Well, that’s our today’s show. Thank you, Mr. Brown, for joining us.
M: My pleasure.
Questions 19 to 22 are based on the conversation you have just heard.
19. What are the two speakers mainly talking about?
20. What is the first guideline to investment?
21. What should investors understand before they invest?
22. What do we learn about the stock market from the conversation?