从股市反弹中获利的五个方法

　　今年以来股市一帆风顺，不过很多投资者错失了良机，他们牢牢握着低迷最深重时建起的抗跌性头寸不放。
　　Stocks have been sailing swiftly this year, but many investors missed the boat by clinging to defensive positions set in the depths of the downturn.

　　别一直惋惜错失了机遇，而是要确保自己的投资组合为2010年做好了准备。这很可能意味着把资金投到已经获得了高额回报的领域。很多专家提醒说，全球经济往好里说是乏力，表现最佳的市场已经涨得太高、太快。或许这些迅速上涨的市场该喘口气了，不过你不能忽视了它们。
　　Rather than regret the lost opportunity, make sure your portfolio is prepared for 2010. That will likely mean putting money in places that already have enjoyed tremendous returns. Many experts caution that the global economy is anemic at best, and top-performing markets have come too far, too fast. Maybe these sprinters are due for a breather, but you can't ignore them.

　　标准普尔(Standard & Poor's)股市策略师杨(Alec Young)说，不要害怕复苏乏力，它不会对任何人造成严重冲击。不要害怕疲弱的消费者。人人都谈论的事情并不会影响市场。
　　'Don't be afraid of a weak recovery; that's not going to be a shock to anyone,' says Alec Young, equity-market strategist at Standard & Poor's. 'Don't be afraid of a weak consumer. The things that everyone's talking about don't move markets.'

　　不妨考虑投资以下这5个领域，有望来年获得丰收：
　　Here are five places to consider putting your money to make next year a good one:

　　1 大型美国股票
　　1 Large U.S. Stocks

　　说说投资者的担心。随着今年股市走高，散户退出。在截至10月16日的5周中，投资者从美国和国际股票共同基金中撤出了150亿美元，把近600亿美元投入了风险较低的债券基金。
　　Talk about a wall of worry. As stocks headed up this year, individual investors got out. In the five weeks through Oct. 16, investors pulled $15 billion from U.S.- and international-stock mutual funds -- and pumped almost $60 billion into less-risky bond funds.

　　Oppenheimer Asset Management首席投资策略师贝尔斯基(Brian Belski)在10月初的一份研究报告中说，投资者是只见树木，不见森林。
　　Investors are 'missing the forest for the trees,' Brian Belski, chief investment strategist at Oppenheimer Asset Management, wrote in an early-October research report.

　　来年，考虑投资拥有全球业务和市场领先地位的大型美国企业的股票，最好是那些派息高于标准普尔500指数2%收益率的股票。（美元的走软提振了拥有国际业务的企业的收益，原因是在美元走软时，海外收益转换为美元时会更多。）
　　In the coming year, look to shares of large-cap U.S. companies with global reach and market leadership -- preferably those that offer a dividend greater than the 2% yield on the Standard & Poor's 500-stock index. (A weak U.S. dollar boosts gains of companies with a foreign presence when overseas earnings are translated into U.S. currency.)

　　2 国际股票
　　2 International Stocks

　　发达国家市场和新兴国际市场都比美国股市反弹要快。举例来讲，普通的拉美基金今年以来已经涨了100%以上。
　　Both developed and emerging international markets have rebounded faster than the U.S. The average Latin America fund, for example, is up more than 100% so far this year.

　　标准普尔500指数成份股中的跨国公司提供了大量国际敞口，不过外国市场交易所买卖基金和共同基金提供了重要的全球多样化投资。
　　Multinational companies in the S&P 500 offer plenty of international exposure, but foreign-market ETFs and mutual funds provide important global diversification.

　　伊利诺伊州Hinsdale Associates投资主管诺尔特(Paul Nolte)把客户投资组合的一半以上投在美国以外的市场。他说，海外市场的机会仍更好。
　　Paul Nolte, director of investments at Hinsdale Associates in Hinsdale, Ill., keeps more than half of his clients' portfolios invested outside of the U.S. 'Opportunities are still better internationally,' he says.

　　3 能源类股
　　3 Energy Stocks

　　Hodges Fund联席经理霍吉斯(Craig Hodges)说，长远来看，能源类股前景看好。我们仍没有解决两年前的问题，当时石油价格飙升至每桶150美元。接下来可能是100美元。
　　'Long term, energy looks fantastic,' says Craig Hodges, co-manager of the Hodges Fund. 'We still haven't solved our problems from two summers ago when oil spiked to the $150 [a barrel] level. The next stop from here is probably $100.'

　　他看好埃克森美孚(Exxon Mobil)和巴西的Petrobras等石油公司，以及钻井相关企业Transocean和Helmerich & Payne。他还看好天然气，并持有生产商Chesapeake Energy和Comstock Resources的股份。
　　He likes oil firms including Exxon Mobil and Brazil's Petrobras, as well as drilling-related firms Transocean and Helmerich & Payne. He's also bullish about natural gas and has stakes in producers Chesapeake Energy and Comstock Resources.

　　4 黄金
　　4 Gold

　　美元的走软是黄金价格大幅走高的主要原因。投资黄金也是对通货膨胀不错的套期保值措施。
　　The dollar's weakness is driving much of the surge in gold prices. Gold also is a hedge against inflation.

　　5 保本基金
　　5 Capital-Preservation Funds

　　股市和债市的动荡目前较低，市场基础更为强大。不过一旦形势发生了变化，如果你在那些基金经理力求保本的同时提供回报的共同基金上有投资，你将获得不错的收益。
　　Volatility in stocks and bonds is low right now and market foundations are stronger. If that changes, however, you'd do well to have some money in mutual funds whose managers aim to provide returns while preserving their shareholders' principal.