There is no shortage of tipsters around offering 'get-rich-quick' opportunities. But if you are a serious private investor， leave the Las Vegas mentality2 to those with money to fritter. The serious investor needs a proper 'portfolio3' a well-planned selection of investments， with a definite structure and a clear aim. But exactly how does a newcomer to the stock market go about achieving that？
Well， if you go to five reputable stock brokers5 and ask them what you should do with your money， you're likely to get five different answers， even if you give all the relevant information about your age age， family， finances and what you want from your investments. Moral？ There is no one 'right' way to structure a portfolio. However， there are undoubtedly6 some wrong ways， and you can be sure that none of our five advisers7 would have suggested sinking all （or perhaps any） of your money into Periwigs*.
So what should you do？ We'll assume that you have sorted out the basics like mortgages， pensions， insurance and access to sufficient cash reserves. You should then establish your own inpidual aims. These are partly a matter of personal circumstances， partly a matter of psychology8.
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. So preserving your capital and generating extra income are your main priorities. In this case， you'd probably construct a portfolio with some shares （but not high risk ones）， along with gilts10， cash deposits， and perhaps convertibles12 or the income shares of split capital investment trusts.
If you are younger， and in a solid financial position， you may decide to take an aggressive approach but only if you're blessed with a sanguine13 disposition14 and won't suffer sleepless15 nights over share prices. If portfolio， alongside your more pedestrian in vestments. once you have decided16 on your investment aims， you can then decide where to put your money. The golden rule here is spread your risk if you put all of your money into Periwigs International， you're setting yourself up as a hostage to fortune.
*'Periwigs' is the name of a fictitious17 company.
INVESTOR'S CHRONICLE， March 23 1990
New words and expressions 生词和短语
portfolio
n. 投资组合
tipster
n. （以提供证券投机等内部消息为主的）情报贩子
Las Vegas
n. 拉斯韦加斯
fritter
v. 挥霍，浪费
reputable
n. 享有声望的
broker4
n. 经纪人
finance
n. 资金，财源
mortgage
n. 抵押贷款
pension
n. 养老金
priority
n. 优先权
gilt9
n. 金边证券（高度靠谱的证券）
convertible11
n. 可换证券
sanguine
adj. 乐观的
heady
adj. 让人陶醉的
alongside
prep. 在旁边，和一块
pedestrian
adj. 平淡无奇的，乏味的
参考译文
大家周围不乏情报贩子，向大家提供飞速发财致富的机会。但，假如你是一个认真的私人投资者，就把拉斯韦加斯的心态留给那些有钱可供挥霍的人。认真的投资者需要一份合法的投资组合表 一种计划非常周密的投资选择，包含你的投资结构和明确的目的。但， 一个股票市场的小白又怎么样能做到这一点呢？
假如你去向5位有威望的股票经纪人咨询，询问你应该怎么用你的资金，你可能得到5种不一样的回话，即使你提供了有关于你的年龄、家庭、财源和你想从投资中获得好处的信息。这是个道德问题吗？没一种完全正确的办法来排列这种投资组合，然而，却毫无疑问地有几种错误的办法。可以相信5位经纪人中不会有人建议你把全部（或一部份）资金投入佩里威格斯公司。
那样你该如何做呢？大家假定你已把基本状况弄了解了，如抵押贷款、养老金、保险金和动用现金储备的机会。然后，你必须要打造起我们的目的。这里一方面是个所处的环境，其次是个心理学的问题。
譬如说，假如你年龄较大，你从重大投资损失中恢复过来的时间就较少，你就非常期望可以提升你的养老金收入。因此，你的最重要任务就是保护你的资金和引发额外的收入。在这样的情况下，你大概想拟定一份包含某些股份（但不是风险非常大的股份）的投资组合，同时还有高度靠谱的证券、现金储蓄，可能还有可换证券，或分割资本投资信托企业的所得股。
假如你年轻一些，并且经济情况靠谱，你或许会采取一种积极进取的方法 你需要性格开朗，不会因股票价格的浮动而夜不可以眠。假如你感觉你的状况是如此的话，你可在投资组合中包含几项有让人陶醉的增值前景的增长股，和其他比较平淡的投资项目放在一块。一旦你的投资组合中包含几项有让人陶醉的增值前景的增长股，和其他比较平淡的投资项目放在一块。一旦你的投资目的确立将来，你就能决定你的钱投向什么地方。这里的指导原则是：分散你的投资风险。假如你把所有资金投入佩里威格斯国际公司，你就把自己当成了命的人质