2019.1.11英語筆記1
阿新 • • 發佈：2019-01-11
2018年股票市場的喜與悲 (2)
Others will have suffered, too. The declines in stocks imply a smaller pension pot for thoseabout to retire.
其他人也將遭遇不幸。股票的衰退暗示著給即將退休者準備的養老金存罐變得更小。 Wherever investment income is needed to meet current expenses, belts must be tightened.
An investor of this kind who cheers rising stock prices is like "a commuter who rejoices afterthe price of gas increases, simply because his tank contains a day's supply".
慶祝股價上漲的這類投資者就像是“一位在油氣價格上漲後慶祝的通勤者一樣，因為他的氣箱裡裝滿了一天的供應量”。 Fears of recession are not the only reason for falling stock prices. 對衰退的恐懼不是股價下跌的唯一原因。 Part of the recent decline is down to prospects, such as Brexit or growing protectionism, thatwill do permanent damage to the global economy, 近期部分下跌是由於對前景的瞻望，比如脫歐或不斷增長的保護主義，這將對全球經濟、 and thus to company profits and stockmarket returns. Yet even in this regard there issomething to be said for a correction in asset prices. 公司利潤以及股市收益造成永久的損傷。但即便在這點上，對資產價格進行修正也是有好處的。 When excessive optimism is built into asset prices, wasteful investment often follows. 當對資產價格過於樂觀時，緊隨其後的通常是投資浪費。 Think of the homes built in out-of-the-way places in America, Spain and Ireland to satisfyspeculative demand during the global housing boom of the noughties. 想想在21世紀的頭10年中，全球房屋市場的繁榮，美國、西班牙和愛爾蘭為了滿足投機需求而在偏遠地區建造的那些房屋。 Investors, like those who use ecstasy or alcohol, face a choice. They can feel good now orlater. 投資者，比如那些服用搖頭丸或酒精的人，面臨一項選擇。他們可以現在或晚些時候high起來。 Genuinely long-term investors will always choose later. 長期投資者總會選擇後者。 They want to buy stocks as cheaply as possible and when they get a higher premium for owningrisky assets. 他們想要購買儘可能便宜的股票，並且是在他們為擁有風險資產而獲得更高度保險費之時。 Recessions are an inevitable part of the risks investors face. As with hangovers, they feelinterminable. But eventually they clear. 衰退是投資者所面臨的風險中不可避免的一部分。和宿醉一樣，感覺沒完沒了，但終將會變得清晰。