外报阅读67.docx

外报阅读67.docx

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外报阅读67

外报阅读材料（6-7）

共11篇

Passage1:

HowtoTakeAdvantageofaWeakDollar

Whenthedollargoesdown,whereshouldyourdollarsgo?

ByMegHandley

Posted:

December14,2010

Althoughthedollarhasexperiencedwhatsomeexpertscalla"confounding"rallylately,ifyou'restillworriedaboutthegreenbacktakingadownwarddive,you'renotalone.Attheveryleast,financialanalystsexpecttheU.S.economytogrowslowlyfortheforeseeablefuture.Mixinthelong-termimpactoflarge-scalestimulusspendingandmountingdeficits,andyourdollar-centricinvestmentsmightbelesssecurethanyouthink.

"Weareinanenvironmentwherethereisnosuchthinganymoreasa'safeasset,'"saysAxelMerk,founderofMerkInvestmentsandauthorofSustainableWealth."Investorsneedtothinkbeyondthetraditionalassetallocationmodelwhereyouhaveasafehaven,anddiversifytheirassetsinaworldthat'severlessstable."

Thegoodnewsisthatthereareplentyofwaystohedgeagainstalacklusterdomesticeconomyandadecliningdollar,whetherit'ssimplyincreasingyourexposuretoU.S.companieswithlargeglobalfootprintsorinvestinginthelocalcurrenciesofgrowingeconomies.U.S.Newstalkedwithsomeexpertsabouthowtodulltheeffectsofaweakdollaronyourportfolio.

Beefupyourexposuretobluechips.IfyouhavebignameslikeMcDonald's,Pepsi,andGeneralMotorsinyourportfolio,youalreadyhavesomeindirectexposuretonon-dollardenominatedassets.MostcompaniesintheS&P500havesignificantforeignoperations,whichmeanstheyhavestakesinforeigncurrencies."Sincethedollarhasweakenedandmanyexpectittocontinuetoweaken,companieswithincomeoverseaswillseeabenefitwhentheytranslatethatincomebackintoU.S.dollars,"MorningstaranalystMikeRawsonsaidinanE-mail.

Ifyoudon'talreadyownsomelarge-capU.S.stocks,RawsonrecommendsiSharesS&P500Index（symbolIVV）,anexchange-tradedfundthatoffersbroad-basedexposuretobigfirmswithglobalreach.AsidefrombeingoneofthecheapestETFsavailablewitha0.09percentexpenseratio,about45percentoftheunderlyingcompanies'asset-weightedrevenuescomefromoutsidetheUnitedStates,givinginvestorssubstantialsecondaryexposuretointernationalcurrencies.

Don'tignoreemergingmarkets.Forthoselookingtogrowtheirinvestmentswithafive-yearorlongertimehorizon,"itwouldbedangeroustoignoreemergingmarkets,"saysOliverPursche,presidentofNewYork-basedGaryGoldbergFinancialServices."That'swherethegrowthishappening—AsiaandLatinAmerica.It'snotEuropeortheUnitedStates."

PurscheandRawsonrecommendWisdomTreeEmergingMarketsSmallCapDividend（DGS）,anETFthatgivesinvestorsconcentratedaccesstoagroupofrapidlygrowingeconomiesincludingChinaandBrazil."Weliketolookatsmall-capemergingmarketcompaniesbecausewethinkthey'reclosertothoseemergingmarketconsumers,sothey'reprobablygoingtoexperiencegrowthmoresimilartothegrowthofthoseunderlyingeconomies,"Rawsonsays.Andbecausetherevenueandcostsofthoseeconomiesstaylocal,investorscanexpectcompaniesintheportfoliotohavefarlessexposuretofluctuationsintheU.S.dollar.

BecauseinternationalmarketscanbemorecomplicatedandlesstransparentthanU.S.markets,Rawsonrecommendsstickingtoactivelymanagedfundsorfundamentally-weightedETFslikeWisdomTreeEmergingMarketsSmallCapDividend.Thefundweightscompaniesbasedonthedividendtheypaytoinvestorsratherthanthetraditionalmethodofweightingbasedonmarketcap."Whatyou'redoingistryingtoshifttowardqualitycompaniesthathavethewherewithaltobeabletopayadividend.It'salittlebitofatilttohigher-qualityfirmsanditgetsyoualittlebitclosertosomelevelofsafetyandcomfort."

Cashinonforeigncurrencies.Holdingaforeigncurrencyinanoverseassavingsaccountisn'tyourbestoptionforbettingoncurrencies,Rawsonsays,becausethosetypesofinvestmentswon'tearnyouacompetitivereturncomparedwithinflation.Instead,herecommendsWisdomTreeEmergingMarketsLocalDebt（ELD）,anETFthatholdslocalcurrencybondsincountriessuchasIndonesia,Brazil,andMexico."Whatwelikeaboutthisfundisthatitisdiversified,[and]accessesemergingmarketscurrencies,"Rawsonsays."Andsinceitinvestsinmedium-termbonds,[it]earnsmoreinterestthanadepositaccount."Thebottomline:

IfgrowthinemergingmarketscontinuesoutpacingthatoftheUnitedStates,emergingmarketscurrenciesshouldriseagainstthedollar,whichwillbepositiveforthefund.

Commoditiesarekey.JustbecausetheU.S.economyisinadazedoesn'tmeanothercountrieshavestoppedtogape."Eventhoughwe'vehadthistremendousrecessionintheU.S.andaslowrecovery,foreigneconomies—particularlydevelopingmarkets—aregoingtogrowfaster,"Rawsonsays."ItaffectsU.S.investorsbecauseasthoseeconomiesgrow,theirdemandforinternationallytradedcommoditiessuchaswheat,oil,andpreciousmetals,isgoingtogrowalso."

Withitsexposuretoglobally-pricedcommoditiesandothernon-U.S.-dollarassets,VanguardEmergingMarketsStock（VWO）canhelpinvestorscapitalizeonthecommoditiesmarketsandcommodity-producingforeigncountries.Thefundhaslargestakesinnaturalresourcescompaniesintheoil,naturalgas,andsteelindustries—allofwhichareexpectedtoseemajorgrowthincomingyears."WhenyoulookatthecurrenciesofAustralia,Canada,andBrazil,theyhaveonethingincommon—they'reallcommodityproducingplaces,"saysMikeSavage,founderofSavageFinancialGroup."Ifcommoditypricesgoup,thosecommoditycurrenciesgoup."

Passage2:

HowtoUsetheHolidaystoBoostYourCareer

ByKarenBurns

Posted:

December15,2010

Itmaysoundcalculatingtoleveragetheholidayseasontoyourprofessionaladvantage,butit’ssmart,too.

Theholidaysareprimonetworkingtime.Mostpeopleareinamorejovial,givingmood.Manyworkplacesslowdownalittlethistimeofyear,soyoumayhavemorementalspacetothinkaboutwaystopolishyourresumeandevensetupinformationalinterviews.Andtheendoftheyearisanaturaltimetoreevaluate,refocus,andthinkstrategicallyaboutyourfuture.

Ifyoudecidetotakeadvantageofthisgoldenopportunity,whethertoadvanceinthejobyoualreadyhaveorfindanewone,hereareafewguidelines:

Gotoyourannualworkplaceparty.Whereelsedoworkerbeesandupper-upsminglesofreely?

Thepowers-that-bewillbeattheirmostkindlyandtheirmostaccessible,sodon’tmissthisopportunitytogetyournameandfaceoutthere.Introduceyourself;makesmalltalk.Anddon’tforgettosaythankyou.Yourcompanydroppedawadofcashonthisevent,soconveyyourgratitude.

Haveamasterplan.Thinkstrategicallyaboutwhoyou’dliketomeetorgettoknowbetterthisseason.Areyouinterestedintransferringtothesalesdepartment?

Gotothatworkplacepartyreadytointroduceyourselftothesalesstaffand,ideally,thesalesmanager.Doyoudreamofswitchingcareersentirely?

Mentionitatyourneighborhoodget-together,yourchurchsocial,oryourkid’sschoolplay.Youneverknowwhoyou’llmeet.

Rememberthatcompetitionforjobsisatitslowestduringtheholidays.InDecember,manyjobhunterscallitquits,atleastuntilJanuary2nd.Thisisyourcuetorampupyourownsearch.It’snottruethatcompaniesdon’thireduringtheholidays.Theydo.YoumighteventryreachingoutbetweenChristmasandNewYear’s,whenhiringmanagersaremorelikelytobeansweringtheirownphones.

Sendcards.Thisisthetimeofyearwhenit'snaturaltoremindtheworldofyourexistence.WhetheryouoptforChristmascards,NewYear’scards,printedholidayletters,orane-newsletter,nowistheperfecttimetoreconnectwithfriends,colleagues,formerbosses,formerprofessors—everyoneyouknoworusedtoknow.Keepittastefulandsincere,andaddapersonalnotetoeachmessage.

Volunteer.Volunteering—toserveatthefoodbank,hangdecorationsdowntown,orparticipateinanyactivitywherepeoplegatherandworktogether—isanotherstellarwaytoexpandyournetwork.Giveitatry.Youreallycandowellforyourselfbydoinggoodforothers.Youmightalsolearnanewskill,ordiscoveranewfield,orsimplymeetnewfriends.

Alwaysremainprofessional.Keepinmindthattoomuchholidaycheercanworkagainstyou,too.Whatevereventsyouattend,bepleasantandbusinesslike.Youaretryingtoimpress!

Ifeggnogandrumballsturnyouwoozy,avoidthem.Rememberthataworkplaceholidaypartyisnotreallya“party.”It’sabusinessevent.Comportyourselfaccordingly.

Rechargeyourbatteries.Sure,usethoseextradaysoffforfamilyeventsandpartieswithfriends,butdon’tforgettocarveoutsomeyou-time.Getthesleepyouneed.Lookforhealthywaystodealwithholidaystress.Exercise.Takelongwalks,talkwithyourmentors,orreadinspirationalbooks.Thatwayyou’llberelaxed,refreshed,andreadytohitthegroundrunningcomeJanuary.

Puttingalittleenergyintoyourcareer—whileeveryoneelseisfiguringouthowtoleaveworkearlytogettothemall—mayjustbethebestpresentyoucangiveyourself.

Passage3:

WhyaDouble-DipRecessionHasn'tHappened

ByRickNewman

Posted:

December15,2010

Stepbacktolastsummerforamoment.Homesaleshadplunged—again—afterabigfederalsubsidyforbuyersexpired.Stockswereinaswoon,asinvestorsworriedthatEurope'sdebtcrisiswouldcontaminatetheworld'sfinancialsystem.Growthwasslowingasstimulusspendingfrom2009hititspeakandbegantowinddown.Ruinousdeflationseemedpossible,promptingcomparisonstoJapan's"lostdecade."Andforallthejawbon