VOA慢速英语20060623a

ECONOMICS REPORT - Getting Started as an InvestorBy Mario Ritter

Broadcast: Thu, 22 Jun 2006 16:00:00 UTC

I'm Steve Ember with the VOA Special English Economics Report.


Stock and bond listings

Stocks, bonds, land -- people invest in different things and for different reasons. But all investors¹ share the same goal. They want to get more money out of their investment than they put into it.

The money they invest today provides capital for future growth in the economy. But people can watch their own financial future take a wild ride as markets rise and fall. So investors have to decide how much risk they are willing to take and for how long.

One choice for people who want a low-risk investment is the money market. Usually individuals do this through money market mutual² funds. Mutual funds are investment pools. They gather the money of many investors.

Money market mutual funds earn interest from short-term loans to government and businesses. But the return to investors is low because little risk is involved.

Notes and bonds are loans, too. They have terms from two to thirty years. The longer the term of a loan, the greater the risk that the investment will not be repaid. So notes and bonds usually pay higher interest rates than short-term bills or commercial paper.

Millions of people invest in bonds and other debt-based products. This is true especially as people get older and want to reduce the level of risk in their investments.

But over time, debt-based investments have traditionally provided lower returns than stocks. Stock is a share of ownership in a business.

Common stock gives investors a vote on company issues and leadership. It might also pay a small percentage of its value, a dividend³, one or more times a year. Not all stocks pay dividends⁴. Some are valued more for their growth. Technology stocks, for example, rarely pay dividends.

Preferred stock is different from common stock. Holders⁵ of preferred stock have no vote on company issues, but they also have less risk. They get paid a stated dividend before the company even considers paying dividends on common stock.

Investing in stocks of individual companies can be very risky⁶. Bad news can quickly cut their value. Instead, many people invest in stock mutual funds so their money goes into many different stocks. Balanced funds mix stocks and bonds to spread risk -- and capital -- even more.

This VOA Special English Economics Report was written by Mario Ritter. You can read a transcript⁷ of this report and download the audio at www.unsv.com. I'm Steve Ember.

1 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

2 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

3 dividend   

n.红利，股息；回报，效益

参考例句：

• The company was forced to pass its dividend.该公司被迫到期不分红。
• The first quarter dividend has been increased by nearly 4 per cent.第一季度的股息增长了近 4%。

4 dividends   

红利( dividend的名词复数 )； 股息； 被除数； （足球彩票的）彩金

参考例句：

• Nothing pays richer dividends than magnanimity. 没有什么比宽宏大量更能得到厚报。
• Their decision five years ago to computerise the company is now paying dividends. 五年前他们作出的使公司电脑化的决定现在正产生出效益。

5 holders   

支持物( holder的名词复数 )； 持有者； （支票等）持有人； 支托（或握持）…之物

参考例句：

• Slaves were mercilessly ground down by slave holders. 奴隶受奴隶主的残酷压迫。
• It is recognition of compassion's part that leads the up-holders of capital punishment to accuse the abolitionists of sentimentality in being more sorry for the murderer than for his victim. 正是对怜悯的作用有了认识，才使得死刑的提倡者指控主张废除死刑的人感情用事，同情谋杀犯胜过同情受害者。

6 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

7 transcript   

n.抄本，誊本，副本，肄业证书

参考例句：

• A transcript of the tapes was presented as evidence in court.一份录音带的文字本作为证据被呈交法庭。
• They wouldn't let me have a transcript of the interview.他们拒绝给我一份采访的文字整理稿。