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leave ... with only a small profit
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第1题
Dear Sirs,
Re: Men's Sweaters
Thank you for your letter of May 18 and samples.
We appreciate the good quality of men's sweaters, but we find your prices appear to be on the high side and out of line with the current price in the market.It would leave us only a small profit on our sales if we accept the prices you quoted.
We appreciate the quality of your goods and would like to have the opportunity to do business with you, but we have also to point out that the men's sweaters are available in our market from several European manufactures.All the prices quoted by them are lower about 10% than yours for the same quality.Therefore we suggest you should make a reduction by 10%.
It is in view of our long-standing business relations that we make you such a counter-offer.We hope you will take our counter-offer into consideration favorably and fax us your acceptance immediately.
We are looking forward to your early reply.
Yours faithfully,
(Signature)
第2题
A.with
B.against
C.in
D.above
第3题
each in her shop where customers can look at all her range. She rents a large warehouse to
keep her stock. All her dresses are selling well. Her business is making a good profit which
she wants to invest to expand her business. Jill asked her bank manager for advice. He
suggested having a homepage on the lnternet, and selling her clothes online. Internet
shopping suits her business model, because she buys many dresses all the same color to get a low nrprice. She can reach more customers online, and sell more dresses. This will increase her business quickly without buying a larger shop.
(1) Jill has a lot of dresses in stock.
(2) Jill buys her dresses very cheaply.
(3) She asks her bank manager for a loan.
(4) The bank manager suggests selling her business.
(5) The lnternet will expand her business.
第4题
Managers might suggest anywhere from 50 to 90 percent. But 10 percent? This was heresy.
How about 0 percent?
That's the share that investors should plow into domestic stocks, according to Ben Inker, director of asset allocation for Grantham, Mayo, and Van Otterloo & Co. (GMO), a money-management firm with some $85 billion in assets.
Welcome to a contrarian view of today's equity markets. A small but vocal band of heretics is calling into question not only the profit potential of stocks but also the foundation for conventional wisdom about investing. Even for those who disagree with them, their arguments serve as a reality check for the market.
Are conventional portfolios really as safe as experts say?
"Don't be surprised that the Wall Street brokerage firms spend most of their time telling you that stocks are cheap," warns Mr. Inker. "Wall Street likes the market. It likes trading. Wall Street makes a lot more money off of trading stocks than trading bonds."
The trick is to determine your portfolio's exposure to risk, analysts say. And that depends to a surprisingly large degree-on how diversified it is and how long you're prepared to stay the course. These are key elements of "modern portfolio theory,", which came into being in the 1950s and eventually won its creator, Harry Markowitz, a Nobel Prize.
Essentially, portfolio theory holds that investors reap the greatest return with the least risk when they allocate their money among diverse classes of assets, hold them for the long term, and rebalance the portfolio when the various classes of assets stray too far from their original allocation.
To make it work, you need to own asset classes that don't move in lock step, make accurate estimates of their future returns, and use a very long time horizon. A miscalculation in even one of these steps, however, can seriously hurt the prospects for reaching your ultimate goal.
"The long-term nature is the driving force of the portfolio," says Jerry Korabik, vice president of Ibbotson Associates, a Chicago-based asset allocation adviser. "All of our clients are institutions, and we develop portfolios with 10-, 20-, even 30-year time horizons."
Riding the roller coaster
Thus, investors should never try to get in and out of the market at specific times, the theory holds. Instead, they should ride the inevitable ebb and flow of prices. If they have allocated their money correctly, some portion of their portfolio will almost always be making money. By rebalancing their portfolios periodically-selling off some of the winning asset classes and buying more of the losers- they are continually buying low and selling high, at least in a relative sense.
This buy-and-hold strategy has won over hordes of investors. The average Fidelity retirement account has nearly 60 percent of its money in stocks, a recent study found. The overall average for retirement accounts: 61 percent, according to the Employee Benefit Research Institute. Even equity allocations for college and university endowments hover around 57.1 percent, says the National Association of College and University Business Officers.
The problem is that investors sometimes have to be extraordinarily patient for the strategy to pay off. In 1981, for example, the S&P 500 Index stood at the same level it first achieved in 1965. Today, the index is about 30 percent lower than its peak in 2000. Do investors really have to put up with such long periods of losses?
Profits of impatience
No, say a small contingent of money managers. By avoiding the stock market as their primary engine for profit during the past five years, several of the
A.the fund's performance during the 1990s is very poor
B.the fund lost money during the 1990s
C.the fund did exceedingly well during the 1990s
D.the fund's profits were not good enough
第5题
A.they produce the vegetables and other things
B.they get only a small share in the profit
C.they work very hard
D.their cost of living has also risen
第6题
A.they produce the vegetables and other things
B.they get only a small share in the profit
C.they work very hard
D.their cost of living has also risen
第7题
looking further ahead, the industry faces a dramatic
change, says an expert of energy.
"The time when we could count cheap oil and S1.______
even cheaper natural gas is clear ending." That was S2.______
the gloomy forecast delivered in February by Dave
O'Reilly,the chairman of Chevron Texaco, to hundreds
of oilman gathered for a conference in Houston. S3.______
The following month, Venezuela's President Hugo
Chavez gleefully(愉快的) echoed the sentiment:
"world should forget about cheap oil." S4.______
The surge in oil prices, from $10 a barrel in 1998
to above $50 in early 2005, has prompted talk of a
new era of sustaining higher prices. But whenever a S5.______
"new era" in oil is hailed, scepticism(怀疑论) is in
order. Confusingly, though, there are also signs which S6.______
high oil prices may be caused by a speculative bubble
that could burst quite suddenly. To see which camp
is right, two questions need answer: why did the oil S7.______
price soar? And what could keep it high?
The recent volatility in prices is only one of
several challenges face the oil industry. Although at S8.______
first sight Big Oil seems to be in rude health, posting
record profits, this survey will argue that the western
oil majors will have their work cut out to cope the rise S9.______
of resource nationalism, which threatens to choke off
access to new oil reserves. This is essential to replace
their existing reserves, they are rapidly S10.______
declining. They will also have to respond to efforts
by governments to deal with oil's serious environmental
and geopolitical side-effects. Together, these challenges
could yet wipe out the oil majors.
【S1】
第8题
A.As a result B.As a result of
C.Result in D.Result from
第9题
A.as a result B.as a result of
C.result in D.result from
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