| 読解問題分析と対策 |
今回の読解問題は、穴埋め問題が投資に関するパッセージで、内容一致問題が秘密結社フリーメイソンと企業の海外移転と自由貿易に関するもので、政治経済分野のリーディング問題であった。穴埋め問題は比較的簡単であったが、フリーメイソンに関するものは問題の難易度が高く正答率が低かったようだ。また、英文を読むのが遅い人は、最後の問題が800語を超える長いものなので、時間が足りなくなりいい加減な読みをしたために得点が悪くなった人もいるかもしれない。全体的にはいつもよりやや問題レベルが高いが、政治経済の背景知識がある人に非常に有利な問題ともいえる。それでは今度は、個別に問題を見ていくことにしよう。
The
Downside of Hedge Funds
|
Hedge funds are high-risk, short-term investment vehicles not bound by some of the restrictions placed on mutual funds. They are generally for the very wealthy−investors who ( 29 ). Investors flocked to hedge funds and other alternative investments during the market slump from 2000 to 2003 in hopes of beating the rather dreary odds. This flood of new investors, though, had several negative influences on the funds. For instance, hedge funds typically exploit inefficiencies or hidden opportunities in financial markets, areas where financial risks are underpriced. However, as more financial managers searched for these hidden opportunities, the opportunities ( 30 ). If many people believed a particular currency was undervalued, for example, investors would purchase that currency and its value would jump until it was no longer a bargain. The end result is that money managers then have a great deal of money on their hands, and they are fervently looking for new ways to invest in a sluggish market. “Right now, we’re in a period of great innovation. An enormous number of new strategies are springing up today,” says Professor Andrew Lo. “That’s both good and bad. You’ll see some of them actually do quite well over the course of the next year. However, I think there will also be new risks for individual investors looking for funds.” ( 31 ) hedge funds. While typical stock-fund managers charge an average fee of 0.5 % of a fund’s value per year, hedge-fund managers often charge as much as 1 %, plus 20 % of profits at the end of the year. Since hedge-fund managers do not share in the losses if their fund goes down, they may not have the same incentive to avoid risks as the investors they are working for. Of course, they may lose investors in the short run, but since hedge-fund investors often change funds frequently anyway, the consequences of a loss may be fairly minimal to the manager over time. Hedge funds have their place in the portfolios of savvy investors, but it is important for inexperienced buyers to be aware of their drawbacks, if not simply avoid them altogether. |
| （29) | 1. know how to avoid risk 2. can afford to take chances 3. stick to traditional methods 4. have no other alternatives |
| （30) | 1. became cheaper 2. quickly multiplied 3. began to disappear 4. became better investments |
| （31) | 1. The problem goes beyond 2. There are other problems with 3. But Investors should consider 4. Fund managers shy away from |
 |
 |