经济学人:精明的牵制(1)
日期:2020-05-05 17:21

(单词翻译:单击)

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中英文本

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You know by now, if you've been paying attention, that the coronavirus pandemic is,
如果大家一直在关注的话,现在你应该知道,此次冠状病毒
if not a turning point in history, then the midwife to profound change or, at the very least, an opportunity for a bit of a rethink.
即便不是一个历史转折点,也应该是深刻变革的促成因素,或者至少是一个重新思考的机会JZl5H4T%ve572c
Everything has changed—except, perhaps, minds. Those who expected China
一切都发生了改变——除了思想AS+TsXCr#okn。那些预计中国
(or the European Union or shareholder capitalism) to blow up are now more convinced it will.
(或欧盟或股东资本主义)会崩溃的人,现在更加确信了_q+C6eGNhgyNuCT
Believers in globalisation's retreat, or inflation's comeback, have fewer doubts.
相信全球化会倒退,或通胀会卷土重来的人,就没有那么多疑问了O-&m(FPL;|vmgS
And if you were chary of emerging markets you might be more so now.
如果你以前对新兴市场很谨慎,现在可能会更加谨慎0.RM6&9S5o7RSJr5dl
In March, when there was a mad scramble for cash, the cash everyone wanted was dollars.
今年3月,当人们疯狂地争抢现金时,每个人都想要的现金是美元A0w6Vu38Qj~vtZ3=%)4
When the dollar gets bid up, it hurts emerging markets. If inflation returns, meanwhile, it will surely show up first in the developing world.
当美元被推高时,新兴市场就会受到伤害+sJK19_6md|Wns@。与此同时,如果通胀卷土重来,它肯定会首先出现在发展中国家X^7t5&ZxL!twQw)KYyaZ
Yet if these vices seem more apparent, so does the virtue of diversification.
然而,如果这些缺点看起来更加明显,那么多元化的优点也一样4%%g!GEapE*aKhf
The ideal diversifier is not just something other than what you own, but something that contrasts with it.
理想的分散投资不只是你没有的东西,而是与你所拥有的相反的东西|N.Y|vvtk=8T7*
The typical portfolio is rich in dollar assets—in Treasuries and the leading American shares. It needs a counterweight, an anti-dollar trade.
典型的投资组合是拥有丰富的美元资产——国债和美国主要股票0S2qzI%J(pw,。它需要一种牵制力,一种反美元的贸易NenJ!mnXRS7_OeMU2##

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精明的牵制(1)

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A benchmark basket of emerging-market stocks is a good one.
新兴市场的一篮子基准股票是个不错的选择^00t-Shk6g0SuxibT
It helps that such stocks are cheap. Valuations based on company earnings are often misleading at the start of recessions.
这类股票的低价是有帮助的)rf|k#b&DcPn&Ax。在经济衰退开始时,以公司盈利为基础的估值往往具有误导性%sO3MTiWsN0KZ#7ObmLv
Recent earnings figures flatter the appraisal; forward-looking estimates of profits take time to reflect grim reality.
近期收益数据让评估结果更加乐观;对利润的前瞻性评估需要时间来反映严峻的现实WhJ)*&WokR
A way around this is to use a measure that takes in company profits over the cycle:
解决这个问题的一种方法是使用一种在周期内计算公司利润的方法:
the CAPE (cyclically adjusted price-earnings ratio) popularised by Robert Shiller of Yale University.
由耶鲁大学的Robert Shiller所推广起来的CAPE(经周期性调整的市盈率)Mmbe=t]n;1*
A snapshot taken at recent market lows by James Montier of GMO, an asset-management firm, shows a healthy margin of safety.
资产管理公司GMO的James Montier在近期市场低点做的一个写照,显示了一个健康的安全边际#-r=h_qmPH^EvSgT_
Emerging-market shares look very cheap relative to both their history and to America's S&P 500 index of shares.
对比其历史和美国标准普尔500指数,新兴市场的股票看起来非常便宜@Fa-T6nKtlLh;vcoqth
Rich-world investors must also consider exchange-rate risk. Forecasting currencies is a mug's game.
发达国家的投资者也必须考虑汇率风险P&eBqKaHk4v3IF|hL。预测货币是一件费力不讨好的事@=GucDZo@7R.
Even so, a shrewd investor should at least check she is not buying a currency that is obviously riding high, and thus at greater risk of a dramatic fall.
即便如此,精明的投资者至少应该检查一下自己是否在买入一种明显走高、因而面临大幅下跌风险更大的货币n^_ZcC)TW_5ZBKWTc

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词语解释

1.profound change 深刻变革
Profound changes have taken place in both countries and in the world.
中美两国和世界发生了深刻变化D4ziE1-dd]PluB
2.retreat后退
Retreating to the relative safety within Botswana.
撤退到博茨瓦纳国内相对安全的地区r467Wm%9!tw36dd
3.mislead 误导
Inspector Wright is guilty of deliberately misleading you.
怀特督察因故意误导你们而有罪Qg)(V[#(4VEo7|
4.mug's game 吃力不讨好的事
The aim of the campaign is to make young people believe that smoking is a mug's game.
这项运动的目的是使年轻人相信吸烟是件蠢事y1[EWco^-Sh|Xv0d2q

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