MBA联考英语精彩文章推荐之中级篇(十七)

考研教育网论坛   2009-07-15 15:24 【 】【我要纠错

A Strong Stock Market

  The increase in the margin rate from 50% to 70% was not an attempt to stem any rampant speculation on the part of the public—actually the market seemed technically quite strong,with public participation essentially dignified—but rather an attempt by the Federal Reserve Board to preserve the sound underpinnings that existed in the market. Naturally,such a move had a momentarily chilling effect upon prices but if the FRB had been preoccupied with undue speculation, the increase might have been to the 80% or even 90% level. Such an increases in the margin rate is a confirmation of a strong stock market and since 19…,such increases have resulted in interim market highs over twelve months later.

  Obviously, there could be no guarantee that this would once again be the case, but if history is any guideline—and if business and corporate earnings were to continue on the same course—continued optimism over the outlook for the stock market would seem more prudent than pessimism.

  The margin increase underscored the good rise that stocks had enjoyed for the previous year—and the fact that a 50% rate was maintained as long as it was pointed up the fact that the rise was mainly conservative in that it was concentrated in the blue chips for the most part. In past Investment Letters we have voiced the thought that speciality stocks could outperform the general market from this point. We continue to believe that this could be the case. For example, steel stocks tend to sell at certain fixed price/earnings ratios.

  Below a certain ratio they are considered good value—above a certain ratio, overpriced. If a company produces a unique product it is far more difficult for market analysis to place a numerical ratio upon the company's earnings. We have also contended in the past Letters that the stock market reflects mass psychology as well as the business outlook. When investors—both the public and the institutions—are nervous and pessimistic they definitely hesitate to buy stocks: they seek low price/earnings multiples and high yields.

  These same investors—when they are in an optimistic frame of mind—become for less preoccupied with yields and more wiling to pay a premium (high p/e multiples) for accelerated growth. If the public's attitude towards the auto industry is any measure,then this period seems to have been one of optimism.

  1.The title that best expresses the ideas of this passage is

  A.A Time to Sell Stock                 B.A Strong Stock Market

  C.Raising the Margin Rate              C.Price/earnings Ratio in Steel

  2.When investors are pessimistic what do they do?

  A.They look to the FRB for help         B.They buy steel

  C.They buy automobile stocks            D.They look for high yields

  3.Why does the writer believe that speciality stocks could outperform the general market?

  A.Because analysis have difficulty in deciding upon a fixed price/earnings ratio

  B.Because the activity had been limited to blue chips

  C.Because the rise was conservative

  D.Because of the FRB action

  4.When investors are optimistic, what do they do?

  A.They look for accelerated growth     B.They buy speciality stocks

  C.They look for high yields            C.They are more prudent

  难句译注

  1.The increase in the margin rate from 50% to 70% was not an attempt to stem any rampant speculation on the part of the public—actually the market seemed technically quite strong,with public participation essentially dignified—but rather an attempt by the Federal Reserve Board to preserve the sound underpinnings that existed in the market.

  结构:是not…but句型,两个破折号中间是插入成分;中插入一个带with+N+participle短语

  译文:保证金率从50%增长到70%,并不是想要遏制群众方面猖獗的投机,而是联邦储备委员会想要保持现存于股市强劲基础——事实上股市由于群众非常庄严的参与——在技术上看起来相当强劲。

  2.Obviously, there could be no guarantee that this would once again be the case, but if history is any guideline—and if business and corporate earnings were to continue on the same course—continued optimism over the outlook for the stock market would seem more prudent than pessimism.

  结构:复合句。中间有插入语if clause, 进一步说明条件。

  译文:显然,不可能保证这种情况再次出现(情况再是这样)。可是,如果历史具有指导方针的话——如果商业和公司的利润仍然保持在同样轨道上——那么对股市前景乐观似乎要比悲观更精确些。

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