经济学人:两只股票的故事(2)
日期:2019-06-03 18:42

(单词翻译:单击)

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中英文本

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It is hard for banks to make money when yields on the safest of government bonds,
当最安全的政府债券收益率达到一定水平时,银行很难盈利,
the benchmark for lending rates, are negative, as they are in Europe.
和在欧洲一样,贷款利率的基准为负Y^-QS,9;c~fYY8EV
Banks face an additional threat from financial technology firms,
银行还面临着来自金融科技公司的威胁,
which do not share their burden of costly branches or surplus staff.
这些公司不分担他们费钱的分支机构或过剩员工的负担k%50)7hComvSw2
Carmakers need pots of capital to equip them to make electric and self-driving cars. The returns are far from certain.
汽车制造商需要大量资金来装备自己,生产电动汽车和自动驾驶汽车h=3[-b*8]4&Qar。回报远不能确定ILdNV3T_E,e[R
It is easy to imagine a future in which status is less entwined with car ownership.
不难想象,在未来,社会地位与汽车拥有权之间的联系将会减少]4#*7T@hH[0KW~V4
People may not care whether the robotaxi they fleetingly occupy is a luxury car or a bog-standard saloon.
人们可能并不在乎他们乘坐的机器人出租车是豪车还是普通轿车jPl*qnGi@Fx
Before then, the prospect of punitive American tariffs on European-made cars is looming.
在此之前,美国对欧洲制造的汽车征收惩罚性关税的前景迫在眉睫c,Kf!xmBfE,6OJ@uk
The value-growth axis is different in Europe, because there are no homegrown tech giants.
在欧洲,价值增长的轴线是不同的,因为欧洲没有本土科技巨头CDBYq!3*1%sxDFw4VdA
The big stockmarket winners have been quality stocks.
股市的大赢家一直是优质股PQCNW7cEAwq_[!RhJT6J
This is a category that combines stable profits and high return on capital with sensible debts and low staff turnover.
这个类别是利润稳定、资本回报率高和债务合理以及员工流动率低的结合y;;+t1OHBMc95Z%

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两只股票的故事(2).jpg

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Many are consumer firms with strong brands, such as Nestlé, Diageo (a British drinks giant) and LVMH (a French luxury-goods firm).
许多都是拥有强大品牌的消费品公司,如雀巢、迪阿吉奥(英国饮料巨头)以及路易威登(法国奢侈品公司)_oLpPEgxbx|
Value investors, however chastened, believe there is an opportunity here.
价值型投资者虽然受到了抑制,但他们相信仍有机会DGo]Dm^*mAuY3G*8mR
For them, the Daimler-type stock is the one to buy. True, carmakers (and banks) have their troubles. But value stocks usually do.
对他们而言,戴姆勒型的股票是值得购买的f|@ELnU.y9=i。没错,汽车制造商(以及银行)也有自己的困难CHD|#o#7Zd^!US(;。但价值型股票通常如此7cm)R(cr*KA##
The trick is to buy them when everyone shuns them, because that is when they are cheap.
诀窍在于,当所有人都在回避它们时,你就去买它们,因为这个时候它们很便宜lrFha%2hJf
The Nestlé-type stock is the sort of fad that the giddier sort of investor piles into, only to rue overpaying as it falls back to earth.
雀巢型的股票是一种时尚,让眼花缭乱的投资者蜂拥而至,但当它跌落神坛,人们只后悔买价太高r)Vf*2m.ob
Well, perhaps. But why be a hero? An investor in a low-cost index fund can own both types of stock without worrying too much about relative value.
或许如此,但为什么要做英雄呢?低成本指数基金的投资者可以同时持有这两种股票,而不必过多担心相对价值cn,1(z%RB7,;o0!pq
A lot of stockpicking Americans stay away altogether. The cheap stocks look hopeless; the dear stocks look expensive.
很多选股的美国人两种都不买EtSu6(h7ahul(。便宜的股票看起来没啥希望,高价股票由太贵了J*Ixms6Xy5UXeC3
So they don't buy at all, says Robert Buckland of Citigroup.
所以他们干脆不买股票,花旗银行的罗伯特·伯克兰说到#H(C_+qa1BrvXg_
The Nestlé-Daimler breach mirrors the divide within property markets in cities such as London.
雀巢和戴姆勒的缺口反映了伦敦等城市中地产市场的分歧4AUp#~3i%X=,f
You could try to make a killing on a fixer-upper in a down-at-heel suburb. That bet requires patience and luck.
你可以试着在破旧郊区的一处需要修葺的住宅区大赚一笔D.FsBym@Ink[S;7Kk02-。这个赌注需要耐心和运气^UB4Fe.Eu;,uDq
Or you could buy a nice house in a ritzy neighbourhood. It will not be cheap. But it may never get much cheaper.
或者你也可以在奢华的街区买一幢漂亮的房子]NOA[(qI&w07Ga1-|Vw。价格不菲,但也可能永远不会大降价hL,V=|UqA2crO~@FP94B

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词语解释

1.yield 生产;收益
Higher-rate deposit accounts yield good returns.
高利率的存款会产生丰厚的收益(fP)r;E9Z.Y(
2.far from certain 不确定
But since these depress the economy, they are far from certain to work.
但是,由于这些措施会抑制经济,因此根本不能确保它们会奏效gugYvFnrZI
3.bog-standard 普通的;基本的
The Bodyguard is a fairly bog-standard thriller.
《保镖》是一部毫无新意的惊险电影.1OifDy4T4+12x0!x
4.make a killing赚大钱
I often hear someone make a killing in Las Vegas.
我经常听人说有人在拉斯维加斯发了一笔横财PA4.R@vc6X_Nx]O2a%F

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重点单词
  • statusn. 地位,身份,情形,状况
  • surplusadj. 多余的,过剩的 n. 过剩,剩余物,盈余
  • stockn. 存货,储备; 树干; 血统; 股份; 家畜 adj
  • opportunityn. 机会,时机
  • bodyguardn. 警卫员,保卫人员,保镖
  • ruen. 懊悔,芸香,后悔 v. 后悔,悲伤,懊悔
  • propertyn. 财产,所有物,性质,地产,道具
  • patiencen. 耐心,忍耐,毅力 n. 单人玩的牌戏
  • threatn. 威胁,凶兆 vt. 威胁, 恐吓
  • investorn. 投资者