A Random Walk Down Wallstreet

discern

"IBM," the cry immediately went up, "remember IBM." I do remember IBM: a steady high grower for decades. For a while it was a glaring exception. But after the mid-1980s, even the mighty IBM failed to continue its dependable growth pattern until growth resumed in the late 1980s under a new management. I also remember Polaroid, Apple Computer, and dozens of other firms that chalked up consistent large growth rates until the roof fell in. I hope you remember not the current exceptions, such as Microsoft, but rather the rule: There is no reliable pattern that can be discerned from past records to aid the analyst in predicting future growth. If you can make out, pick out, or distinguish something, you can discern it. This is a word for recognizing and perceiving things. Discerning has to do with being able to see or hear something. In a loud room, it can be hard to discern one person's voice. If there's not much light, you'll have trouble discerning the words on a page well enough to read. If you have sloppy handwriting, then it's hard to discern what you wrote. When you can discern something, you can tell what it is; you can identify it. 分辨 识别

derelict

Across the Channel, another stock company was formed by an exiled Englishman named John Law. Law's great goal in life was to replace metal as money and create more liquidity through a national paper currency backed by the state and controlled through a network of local agencies. To further his purpose, Law acquired a derelict concern called the Mississippi Company and proceeded to build a conglomerate that became one of the largest capital enterprises ever to exist, even to this day. If something has been abandoned, you can call it derelict. Even if a person has abandoned his responsibilities, you can say that he is derelict in his duties. But don't call a lost child derelict — unless, of course, he has neglected his chores. As an adjective, derelict describes something that is rundown, neglected, or in deplorable condition, but the word can also mean "negligent in duty." The politician was so busy using his office for personal gain that he was derelict in his duty to the people who voted for him; he hadn't been present at a vote in months. As a noun, a derelict means a homeless person. 遗弃 无主 玩忽职守

vaunt

And the stock market crash of October 1987 raised further questions concerning the vaunted efficiency of the market. To vaunt is to brag and boast and flaunt and go on and on about how great something is. It's over-the-top showing off, and when you taunt and exaggerate your greatness, you vaunt to the point of no longer seeming so great. vaunt is a verb for taking praise too far or talking something up too much. Even if it's earned or deserved bragging, vaunting about something gets old and loses it impact. Other times, vaunt, as a noun, is a sure sign that a hard sell is going on — someone is talking big but can't deliver.

annual sales

And yet in 1983, a company with no annual sales and only a "plan" to manufacture personal robots was prepared for offering to the public at a proposed market capitalization of $100 million the latter value being obtained by multiplying the number of shares outstanding by the price per share. Throughout the past forty years of institutional domination of the market, prices often gyrated more rapidly and by much greater amounts than could plausibly be explained by apparent changes in their anticipated intrinsic values. 年销售额

outlet

At the time of the South Sea Bubble, the British were ripe for throwing away money. A long period of English prosperity had resulted in fat savings and thin investment outlets. In those days, owning stock was considered something of a privilege. Any hole or opening that allows water or gas to get out is an outlet. The place where water runs out of a lake and into a river is one example of an outlet. When you need to charge your laptop, you plug it into an electrical outlet, which gets its name from the idea that electricity comes out of it, just as water flows out of a river outlet. Outlet is also used to mean "store that sells discounted goods" and "a way to express yourself emotionally creatively." Dancing might be your outlet, for example — the way you let your feelings and creativity out.

welfare

Beware of the stock dividend. This provides no benefits whatever. The practice is employed on the pretext that the firm is preserving cash for expansion while providing dividends in the form of additional shares. Stockholders presumably like to receive new pieces of paperit gives them a warm feeling that the firm's managers are interested in their welfare. Some even think that by some alchemy the stock dividend increases the worth of their holdings. Your welfare is your happiness and well being. Parents are usually in charge of their children's welfare, making sure they're healthy, happy and well fed. Welfare is a state of content or prosperous existence. So if something bad happens, your welfare is threatened. Welfare can also refer to a government system designed to give money, food, and resources to the poor. Welfare systems have been around since ancient Roman times, but the U.S. welfare program didn't start until the 1930's, during the Great Depression. 福利 幸福康乐

frenzy

But just as the warnings on packs of cigarettes do not prevent many people from smoking, so the warning that this investment may be dangerous to your wealth cannot block a speculator from forking over his money if he is hell-bent on doing so. The SEC can warn a fool but it cannot prevent him from parting with his money. And the buyers of new issues were so convinced the stocks would rise in price (no matter what the company's assets or past record) that the underwriter's problem was not how he could sell the shares but how to allocate them among the frenzied purchasers. In a frenzy, people go into a state of hysteria. Stay away from hungry sharks or kids at a 16th birthday party when the pizza arrives if you don't want to get caught up in a feeding frenzy. Frenzy is derived from the Latin word phreneticus meaning "delirious." If you're in a frenzy, you're certainly delirious. You can be in a frenzy because something made you mad, happy, or even just hungry — whatever makes you so crazy you're not thinking clearly. Frenzy is often used when talking about a group of people (or animals) who get worked up at the same time about the same thing, like sharks near tasty fish or teenagers near pizza. 疯 狂 爆 燥

allocate

But just as the warnings on packs of cigarettes do not prevent many people from smoking, so the warning that this investment may be dangerous to your wealth cannot block a speculator from forking over his money if he is hell-bent on doing so. The SEC can warn a fool but it cannot prevent him from parting with his money. And the buyers of new issues were so convinced the stocks would rise in price (no matter what the company's assets or past record) that the underwriter's problem was not how he could sell the shares but how to allocate them among the frenzied purchasers. To allocate is to set aside a certain amount of money for an expense. You usually hear about the government allocating funds for education or the military, but you may personally allocate some of your allowance to buying comic books. Aside from money, a common thing to allocate is time: "The old woman in the shoe had so many children she could only allocate 2.7 minutes per day to talk to each one individually." Resources are also often allocated. Teachers, for example, are continuously allocating their year's supply of resources so they don't run out of glue sticks and paper before the end of the school year. 分配

Securities and Exchange Commission

But just as the warnings on packs of cigarettes do not prevent many people from smoking, so the warning that this investment may be dangerous to your wealth cannot block a speculator from forking over his money if he is hell-bent on doing so. The SEC can warn a fool but it cannot prevent him from parting with his money. And the buyers of new issues were so convinced the stocks would rise in price (no matter what the company's assets or past record) that the underwriter's problem was not how he could sell the shares but how to allocate them among the frenzied purchasers. 证券交易管理委员会

"speculating on the bull side of the market"

But people didn't have to band together to defraud the public. Many individuals, particularly corporate officers and directors, did quite well on their own. Take Albert Wiggin, the head of Chase, the nation's second-largest bank at the time. In July 1929 Mr. Wiggin became apprehensive about the dizzy heights to which stocks had climbed and no longer felt comfortable speculating on the bull side of the market. (He is rumored to have made millions in a pool boosting the price of his own bank.) Believing that the prospects for his own bank's stock were particularly dim (perhaps because of his previous speculation), he sold short more than 42,000 shares of Chase stock. Selling short is a way to make money if stock prices fall. It involves selling stock you do not presently own in the expectation of buying it back later at a lower price. It's like hoping to buy low and sell high, but in reverse order.

sell short

But people didn't have to band together to defraud the public. Many individuals, particularly corporate officers and directors, did quite well on their own. Take Albert Wiggin, the head of Chase, the nation's second-largest bank at the time. In July 1929 Mr. Wiggin became apprehensive about the dizzy heights to which stocks had climbed and no longer felt comfortable speculating on the bull side of the market. (He is rumored to have made millions in a pool boosting the price of his own bank.) Believing that the prospects for his own bank's stock were particularly dim (perhaps because of his previous speculation), he sold short more than 42,000 shares of Chase stock. Selling short is a way to make money if stock prices fall. It involves selling stock you do not presently own in the expectation of buying it back later at a lower price. It's like hoping to buy low and sell high, but in reverse order.

defraud

But people didn't have to band together to defraud the public. Many individuals, particularly corporate officers and directors, did quite well on their own. Take Albert Wiggin, the head of Chase, the nation's second-largest bank at the time. In July 1929 Mr. Wiggin became apprehensive about the dizzy heights to which stocks had climbed and no longer felt comfortable speculating on the bull side of the market. (He is rumored to have made millions in a pool boosting the price of his own bank.) Believing that the prospects for his own bank's stock were particularly dim (perhaps because of his previous speculation), he sold short more than 42,000 shares of Chase stock. Selling short is a way to make money if stock prices fall. It involves selling stock you do not presently own in the expectation of buying it back later at a lower price. It's like hoping to buy low and sell high, but in reverse order. To defraud is to con someone out of money. Defrauding is a sneaky crime. If you know that a fraud is some kind of a scam, then you're on the way to understanding what defraud means. If someone defrauds you, they are cheating you out of money. Ponzi schemes—also known as pyramid schemes—are a type of defrauding. A guy trying to sell you a bridge is a type of defrauding, as is a foreign prince asking for money via email. Be wary!

criterion criteria

If you examine past stock prices in any given period, you can almost always find some kind of system that would have worked in a given period. If enough different criteria for selecting stocks are tried, one will eventually be found that selects the best ones of that period. A criterion is a standard for judging something. If you are holding a cupcake competition, your number one criterion might be the smoothness of frosting. A criterion is a category for judging, but can also be a prerequisite for an achievement. It might be an application requirement for a teaching job that you have taught already for two years. If you haven't, then we say you haven't "met the criterion" for job experience. Likewise, if you establish the model for something, say you deliver an exciting, profound graduation speech, we might say you "set the criterion" for future speakers. criteria：criterion的复数 标准 条件

money market funds

In 1973, when the first edition of this book appeared, we did not have money market funds, NOW accounts, ATMs, index mutual funds, tax-exempt funds, emerging-market funds, floating-rate notes, inflation protection securities, equity REITs, Roth IRAs, zerocoupon bonds, S&P index futures and options, and new trading techniques such as ''portfolio insurance" and "program trading," just to mention a few of the changes that have occurred in the financial environment. 货币市场基金（Money market funds，简称MMF）

zerocoupon bonds

In 1973, when the first edition of this book appeared, we did not have money market funds, NOW accounts, ATMs, index mutual funds, tax-exempt funds, emerging-market funds, floating-rate notes, inflation protection securities, equity REITs, Roth IRAs, zerocoupon bonds, S&P index futures and options, and new trading techniques such as ''portfolio insurance" and "program trading," just to mention a few of the changes that have occurred in the financial environment. 零息债券(Zero Coupon Bond,Zero coupon bonds)

merger

In 1998, Citibank and Travelers announced a merger and, on the following day, the combined market values of the two companies increased by a staggering $14 billion, an amount equivalent to the then total market value of such giant companies as Kellogg, Cigna, or BankBoston. When two companies become one company, they've had a merger. A merger is like a marriage for things other than people. It might help you remember merger to think of something that happens on the highway: several lanes sometimes have to merge into one lane. Merging leads to more than one thing becoming one. Words that mean something similar to merger are unification and fusion. Separation and break-up are opposites of a merger.

distribute distribution

In actuality, only the printer profits from the stock dividend. To distribute a 100 percent stock dividend, a firm must print one additional share for each share outstanding. But with twice as many shares outstanding, each share represents only half the interest in the company that it formerly did. Earnings per share and all other relevant per-share statistics about the company are now halved. This unit change is the only result of a stock dividend. Stockholders should not greet with any joy the declaration of stock splits or dividends unless these are accompanied by higher cash dividends or news of higher earnings. To distribute is to disperse widely, hand out, or spread around. While you're still snoozing, the paper boy is busy distributing the newspaper all over the neighborhood. This verb was first recorded in the early 15th century and has its roots in the Latin distributus, meaning "to divide." Think of dividing up the last cookies in the cookie jar and passing them out to all your friends. Distribute can also mean to space out or arrange in a particular order — you'd want to distribute the chairs in even lines across the floor when setting up for a concert, for example. Distribution means the passing out of something. A teacher is in charge of distribution of corrected essays. A lunch lady manages the distribution of food. Distribution can also refer to the way something is distributed. In our country, many are concerned about the distribution of wealth, which is increasingly concentrated in the hands of the richest few. When you put money in a brokerage account, it's called a contribution. Taking it out is a distribution.

acquisition

In fact, the major impetus for the conglomerate wave of the 1960s was that the acquisition process itself could be made to produce growth in earnings per share. Indeed, the managers of conglomerates tended to possess financial expertise rather than the operating skills required to improve the profitability of the acquired companies. By an easy bit of legerdemain, they could put together a group of companies with no basic potential at all and produce steadily rising per-share earnings. The following example shows how this monkey business was performed. An acquisition is something you acquire—a book, a skill or if you are a mogul, a company. It describes things you have purchased, things you have learned, or things you have gotten. Acquisition has a formal sense to it. We don't talk about our new jeans as our latest acquisition, unless we are the kind of person who refers to their latest copy of Vogue as their Bible. It is very commonly used to refer to paintings purchased by museums—in fact, large museums have acquisition departments. 1. 获得物 获得 2. 收购 An acquisition is a situation whereby one company purchases most or all of another company's shares in order to take control. An acquisition occurs when a buying company obtains more than 50% ownership in a target company. As part of the exchange, the acquiring company often purchases the target company's stock and other assets, which allows the acquiring company to make decisions regarding the newly acquired assets without the approval of the target company's shareholders. Although there is no technical difference between an acquisition and a takeover and both words are often used interchangeably, they carry slightly different connotations. Typically, "takeover" suggests that the target company resists or opposes the purchase. In contrast, "acquisition" describes a more amicable transaction and is often used in conjunction with "merger", which occurs when the purchasing company and target company combine to form a new company.

impetus

In fact, the major impetus for the conglomerate wave of the 1960s was that the acquisition process itself could be made to produce growth in earnings per share. Indeed, the managers of conglomerates tended to possess financial expertise rather than the operating skills required to improve the profitability of the acquired companies. By an easy bit of legerdemain, they could put together a group of companies with no basic potential at all and produce steadily rising per-share earnings. The following example shows how this monkey business was performed. An impetus is the force behind something, whether it's a boulder rolling down a hill or a person making a decision. Very little would get done if there were no such thing as an impetus: an impetus is some kind of force that gets something or somebody moving. If you push a car that's out of gas, you're the impetus that's getting it moving. An impetus doesn't have to be physical. Advertisers hope their commercials will be an impetus to buy the product.

prudent

In the 1970s, Wall Street's pros vowed to return to "sound principles." Concepts were out and investing in blue-chip companies was in. These were companies, so the thinking went, that would never come crashing down like the speculative favorites of the 1960s. Nothing could be more prudent than to buy their shares and then relax on the golf course while the long-term rewards materialized. Describe an action as prudent if it is the wise thing to do under the existing circumstances. If you're getting in trouble, it is probably prudent to keep your mouth closed and just listen. If you show good and careful judgment when handling practical matters, you can be described as prudent. Similarly, a wise and well-thought-through decision or action can be called prudent. 挺像是"识时务"，the wise thing to do under the existing circumstances.

materialize

In the 1970s, Wall Street's pros vowed to return to "sound principles." Concepts were out and investing in blue-chip companies was in. These were companies, so the thinking went, that would never come crashing down like the speculative favorites of the 1960s. Nothing could be more prudent than to buy their shares and then relax on the golf course while the long-term rewards materialized. When you materialize, you show up suddenly after being missing, unborn, or unseen. Think of Harry Potter removing his invisibility cloak. He materializes. Living things aren't the only things that materialize. Car keys and reading glasses materialize when you've been searching for them for a while and then they are suddenly there on the table. If you're lucky an unexpected business deal will materialize. Like material, the word is related to the Latin word meaning "matter." Matter, is, of course, all the stuff of this earth, anything and everything that takes form. So to materialize is to take form.

mortgage

It gives advice on shopping for the best mortgage and planning an Individual Retirement Account. It tells you how to buy life insurance and how to avoid getting ripped off by banks and brokers. It will even tell you what to do about gold and diamonds. A mortgage is a loan in which the lender may use your property as payment if you don't pay back the loan. Offer your friend a mortgage for the $20 he wants . . . with his bike as security. Most people obtain a mortgage when they buy a house. The bank extends the loan because of the guarantee that the house will be the bank's to sell if the debt isn't repaid. When you make this deal, you have mortgaged your house — the word mortgage can be used as a noun or a verb.

rip off

It gives advice on shopping for the best mortgage and planning an Individual Retirement Account. It tells you how to buy life insurance and how to avoid getting ripped off by banks and brokers. It will even tell you what to do about gold and diamonds. 欺诈；榨取；诈骗；剥削；使上当；使吃亏；经济上占...的便宜： rip someone off 敲某人竹杠 ; 宰人 ; 宰客

optimal

It is also the case that the risk involved in most investments decreases with the length of time the investment can be held. For these reasons, optimal investment strategies must be age related. Something that's optimal is the best or most favorable for a given situation. Flowers? Check. Chocolates? Check. Dinner reservation? Check. Sounds like you have the optimal conditions for a successful anniversary date. There's an implication with optimal that certain restrictions exist in a given situation, so that what is optimal isn't necessarily the ideal scenario — it's the best one given those limitations. For example, optimal population levels for a species are not the highest levels — instead they're the best levels that a particular environment can sustain. Often the word optimum is used interchangeably with optimal.

peculiarity

Last, and certainly not least, I have been a lifelong investor and successful participant in the market. How successful I will not say, for it is a peculiarity of the academic world that a professor is not supposed to make money. A professor may inherit lots of money, marry lots of money, and spend lots of money, but he or she is never, never supposed to earn lots of money; it's unacademic. Some characteristic or habit that's odd or distinctive is a peculiarity. Your brother's peculiarities might include always wearing a red knit hat, even in summer. A peculiarity is a quirk or strange feature. You might be self conscious about the fact that your ears are uneven, something you think of as an obvious peculiarity. Another kind of peculiarity is a quality that is specific to someone or something: "One peculiarity of people from the Midwest is that they call soda pop." This "special characteristic" meaning is the original one, which makes sense given the Latin root, peculiaris, "of one's own."

advocate

Let me illustrate. Suppose we examine the record of stock prices and volume over the five-year period of 1994 through 1998 in search of technical trading rules that would have worked during that period. After the fact, it is always possible to find a technical rule that works. For example, it might be that you should have bought all stocks whose names began with the letters X or D, whose volume was at least 3,000 shares a day, and whose earnings grew at a rate of 10 percent or more during the preceding five-year period. The point is that it is obviously possible to describe, after the fact, which categories of stocks had the best performance. The real problem is, of course, whether the scheme works in a different time period. What most advocates of technical analysis usually fail to do is to test their schemes with market data derived from periods other than those during which the scheme was developed. An advocate (AD-və-kit) is someone who supports a cause, like an advocate for outdoor recess. Advocate (AD-və-kate) is also a verb meaning to speak in favor of, so you can advocate for that outdoor recess by urging your school to play outside! As a noun, an advocate is a person who represents another person's interests, like a lawyer does. In fact, the word comes from the courtroom - it's from Latin advocare, to "add" a "voice." To advocate is to add a voice of support to a cause or person. An advocate is anyone who adds that voice by representing another person in court, or by supporting or working toward a particular course of action. 1. 提倡主张拥护 a person who pleads for a person, cause, or idea 2. 律师 a lawyer who pleads cases in court

installment

On April 12, 1720, five days after the bill became law, the South Sea Company sold a new issue of stock at £300. The issue could be bought on the installment plan-£60 down and the rest in eight easy payments. Even the king could not resist; he subscribed for stock totaling £100,000. 1. a payment of part of a debt; usually paid at regular intervals 分期付款 2. the act of installing something (as equipment) 安装

"before the public could collect its senses"

Once the public came in, the free-for-all started and it was time discreetly to "pull the plug." Because the public was doing the buying, the pool did the selling. The pool manager began feeding stock into the market, first slowly and then in larger and larger blocks before the public could collect its senses. At the end of the roller-coaster ride the pool members had netted large profits and the public was left holding the suddenly deflated stock.

roller-coaster

Once the public came in, the free-for-all started and it was time discreetly to "pull the plug." Because the public was doing the buying, the pool did the selling. The pool manager began feeding stock into the market, first slowly and then in larger and larger blocks before the public could collect its senses. At the end of the roller-coaster ride the pool members had netted large profits and the public was left holding the suddenly deflated stock. 过山车

cellular and video telephones

Over the past quarter century, we have become accustomed to accepting the rapid pace of technological change in our physical environment. Innovations such as cellular and video telephones, cable television, compact discs, microwave ovens, laptop computers, the Internet, e-mail, and new medical advances from organ transplants and laser surgery to nonsurgical methods of treating kidney stones and unclogging arteries have materially affected the way we live. Financial innovation over the same period has been equally rapid. 蜂窝电话和可视电话

con

Suppose your broker has called you and recommended that you invest in a new company with no sales or earningsjust great prospects. ''What business?" you say. "I'm sorry," your broker explains, "no one must know what the business is, but I can promise you enormous riches." A con game, you say. Right you are, but 300 years ago in England this was one of the hottest new issues of the period. And, just as you guessed, investors got very badly burned. The story illustrates how fraud can make greedy people even more eager to part with their money. A con, or confidence game, is a swindle — when you take advantage of someone's trust. If you con someone out of their life savings, you might wind up a con — as in convict. The word con has many meanings, none of them good. An argument has pros and cons, and the cons are always the downside. An ex-con is someone who spent time in jail as a convict, and a con artist is someone who scams people out of their money.

monopoly

The South Sea Company, which obligingly filled the need for investment vehicles, had been formed in 1711 to restore faith in the government's ability to meet its obligations. The company took on a government IOU of almost £10 million. As a reward， it was given a monopoly over all trade to the South Seas. The public believed immense riches were to be made in such trade, and regarded the stock with distinct favor. A monopoly is the exclusive ownership or control of something. If your sister claims a monopoly over the television during the Tom Cruise movie marathon, you would be wise not to touch that remote. In economics, a monopoly specifically means the domination of a market by one owner or seller. Think of the board game Monopoly. You're trying to own all the properties so that you have a monopoly over the board and the other players have to pay you basically anywhere they land. You might recognize the prefix mono, meaning "one." Add it to the Greek word polein which means "sell," and there you have it — one seller. 1.(economics) a market in which there are many buyers but only one seller 2.exclusive control or possession of something

counsel

The book remains fundamentally a readable investment guide for individual investors. As I have counseled individuals and families about financial strategy, it has become increasingly clear to me that one's capacity for risk bearing depends importantly upon one's age and ability to earn income from non-investment sources. When you give counsel or counsel someone, you give advice. You can get professional counsel — from a minister or psychiatrist or someone else trained in counseling — or you can get counsel from anyone you trust. You can ask your stylish friend to counsel you on your hairstyle, or you could write to Dear Abby for counsel on your lovelife. Counsel is also what you call a lawyer who represents you in court. In your begonia-eating dog case, your lawyer would be counsel for the defense.

thirty-one-fold

The difference is dramatic. Through June 30, 1998, the index investor was ahead by almost $140,000, with her original $10,000 increasing thirty-one-fold to $311,000 31倍

corollary

The point is that growth rates are general rather than gospel truths. And this brings us to the firm-foundation theorists' first rule for evaluating securities: Rule 1: A rational investor should be willing to pay a higher price for a share the larger the growth rate of dividends and earnings. To this is added an important corollary: Corollary to Rule 1: A rational investor should be willing to pay a higher price for a share the longer an extraordinary growth rate is expected to last. Corollary describes a result that is the natural consequence of something else. You could say that your weight gain is a corollary of the recent arrival of a bakery across the street from your house. The noun corollary describes an action's consequence, such as having to study more, a corollary to getting a bad grade. The word is often seen with the prepositions "to" or "of," as in "a corollary to fortune is fame." Math enthusiasts may already be familiar with the word corollary, which can be used more formally to describe a new proof or proposition that follows naturally from an established one. 推论 必然的结果

institutionalized markets

This complexity suggests that there is no longer any room for the individual investor in today's institutionalized markets.

conclude

This edition explains the recent controversy and reexamines the claim that it's possible to "beat the market." I conclude that reports of the death of the efficient-market theory are vastly exaggerated. The verb conclude means two related things: coming to a decision, and bringing to a close. Conclude is related to the word close, which is related to an old Latin word for "barrier" or "bolt" — the kind you put on a door. When you conclude something, it's as though you're pulling a door shut and bolting it. If your girlfriend concludes an argument by leaving the room and slamming the door, you can conclude that she's angry at you.

dart

This edition takes a hard look at the basic thesis of earlier editions of Random Walkthat the market prices stocks so efficiently that a blindfolded chimpanzee throwing darts at the Wall Street Journal can select a portfolio that performs as well as those managed by the experts. A dart is a tiny missile with a pointy end that can be a weapon or part of a game, like those pointy things that people throw at dartboards. If a person darts, it just means she's moving quickly. A dart can be thrown or fired by blowing through a contraption, like when people who study big animals shoot a tranquilizer dart at a lion so they can put it to sleep without getting close. Darts can be weapons or part of a game often found in bars. Just as a dart moves quickly, a person can dart if they move quickly. Bees tend to dart around in the air. In football, a quick running back darts to avoid defenders

nevertheless

Through the past thirty years that thesis has held up remarkably well. More than two-thirds of professional portfolio managers have been outperformed by the unmanaged S&P 500-Stock Index. Nevertheless, a number of studies by academics and practitioners, completed during the 1980s and 1990s, have cast doubts on the validity of the theory. A funny-looking adverb that appears to be made up of three words squished together, nevertheless means "even so" or "all the same." You might say of your siblings, "Sure we bicker and get sick of each other sometimes. Nevertheless, they're family and I love them."

validity

Through the past thirty years that thesis has held up remarkably well. More than two-thirds of professional portfolio managers have been outperformed by the unmanaged S&P 500-Stock Index. Nevertheless, a number of studies by academics and practitioners, completed during the 1980s and 1990s, have cast doubts on the validity of the theory. When you test something's validity, you see if it holds true. Are these really the best chocolate chip cookies in the world? You might enjoy testing the validity of this statement. The noun validity means genuine or authentic, but it also has a legal meaning: having legal force. Your family asked the judge to determine the validity of your grandfather's will because they weren't sure he was legally allowed to leave all his worldly goods to "the little green men from Mars." Related words include the adjective "valid" and its antonym "invalid," as well as the verb "validate."

House of Commons

To ease the public appetite, the South Sea directors announced another new issuethis one at £400. But the public was ravenous. Within a month the stock was £550, and it was still rising. On June 15 yet another issue was put forth, and this time the payment plan was even easier 10 percent down and not another payment for a year. The stock hit £800. Half the House of Lords and more than half the House of Commons signed on. Eventually, the price rose to more than £1,000. The speculative craze was in full bloom. （英国、加拿大的） 下议院

forecast

With regard to stocks, Keynes noted that no one knows for sure what will influence future earnings prospects and dividend payments. As a result, Keynes said, most persons are "largely concerned, not with making superior long-term forecasts of the probable yield of an investment over its whole life, but with foreseeing changes in the conventional basis of valuation a short time ahead of the general public." Keynes, in other words, applied psychological principles rather than financial evaluation to the study of the stock market. He wrote, "It is not sensible to pay 25 for an investment of which you believe the prospective yield to justify a value of 30, if you also believe that the market will value it at 20 three months hence." A forecast is a prediction of what will happen. If the weather forecast calls for sunny skies, consider leaving your umbrella at home. (But, since forecasts aren't guaranteed to be right, don't blame us if you get rained on.) While often used in the context of weather, forecast can also be used for other types of predictions such as those related to financial or political outcomes. Note that a forecast is typically a prediction made by experts. So, while a financial analyst might forecast fourth-quarter profits, your prediction about whether your friend will pay back the five dollars he owes you is more of a hunch than a forecast. 预测 预报

valuate evaluate

With regard to stocks, Keynes noted that no one knows for sure what will influence future earnings prospects and dividend payments. As a result, Keynes said, most persons are "largely concerned, not with making superior long-term forecasts of the probable yield of an investment over its whole life, but with foreseeing changes in the conventional basis of valuation a short time ahead of the general public." Keynes, in other words, applied psychological principles rather than financial evaluation to the study of the stock market. He wrote, "It is not sensible to pay 25 for an investment of which you believe the prospective yield to justify a value of 30, if you also believe that the market will value it at 20 three months hence." valuate: 对...作估价 evaluate or estimate the nature, quality, ability, extent, or significance of When you evaluate something, you're making a judgment, one that most likely results from some degree of analysis. Breaking down the nutritional pros and cons of dessert options is evaluating. Diving into a tub of Ben and Jerry's because you have a craving is not. The word evaluate was used as a mathematics term before it became part of standard usage. Thus, its wonky connotation of objectivity. 估价 求...的值

Price Multiple

A price multiple is any ratio that uses the share price of a company in conjunction with some specific per-share financial metric for a snapshot on valuation. The share price is typically divided by a chosen per-share metric to form a ratio. Price multiple = share price / per-share metric 常见的P/E P/B P/S其实都是price multiple的一种，Most financial websites display the basic price multiples such as P/E, P/B or P/S. The ratios are typically calculated on a trailing twelve month (TTM) or last calendar period basis.

quotation

A true chartist doesn't even care to know what business or industry a company is in, as long as he can study its stock chart. A chart shaped in the form of an "inverted bowl" or "pennant" means the same for Microsoft as it does for Coca-Cola. Fundamental information on earnings and dividends is considered at best to be uselessand at worst a positive distraction. It is either of inconsequential importance for the pricing of the stock or, if it is important, it has already been reflected in the market days, weeks, or even months before the news has become public. For this reason, many chartists will not even read the newspaper except to follow the daily price quotations. A quotation is the exact words of someone else. When you like what someone said, put their quotation in your writing. Quotations are a big part of writing. People use quotations when something is well-said. A quotation from someone famous or smart can help make your own point sound better. When you use a quotation, always remember to put it in quotation marks and give proper credit. Also, don't change any of the words: a quotation should be exactly what the person said or wrote. 1. 引文 引用 a passage or expression that is quoted or cited 2. 报价 a statement of the current market price of a security or commodity

endowment

According to Keynes, the firm-foundation theory involves too much work and is of doubtful value. Keynes practiced what he preached. While London's financial men toiled many weary hours in crowded offices, he played the market from his bed for half an hour each morning. This leisurely method of investing earned him several million pounds for his account and a tenfold increase in the market value of the endowment of his college, King's College, Cambridge. An endowment is a gift. It might be money given to an institution like a college. Or, an endowment might be a natural gift, say of a physical attribute or a talent. If you lack the endowment of musical talent, you could play the tambourine. To endow means "to give or bequeath," and the background of the word endowment goes back to the 15th Century, where it was used to refer to money or property that is given to an institution. An example can be found in the National Endowment for the Arts, an organization dedicated to providing grants to fund artistic endeavors. Your natural endowments — speed, agility, endurance — make you an excellent soccer player. If only you could wake up in time for practice. 捐助 捐款 天资

leisure

According to Keynes, the firm-foundation theory involves too much work and is of doubtful value. Keynes practiced what he preached. While London's financial men toiled many weary hours in crowded offices, he played the market from his bed for half an hour each morning. This leisurely method of investing earned him several million pounds for his account and a tenfold increase in the market value of the endowment of his college, King's College, Cambridge. Leisure is time off, spare time, sweet sweet freedom from the demands of work. It's like playtime for grown-ups. Leisure is time away from commitments like work or school. Leisure activities might include windsailing, golfing, crocheting a portrait of Betsy Ross, staring at one's navel, whatever. It's the freedom to do what the heck you want. It's not time for punching the clock or writing a paper on the role of matchsticks in the Industrial Revolution; it's kick-your-shoes-off time. If you read a book at your leisure, there's no rush. Leisure is more rare for some than others. "The billionaire was a woman of leisure," but leisure time is a luxury for most.

preach

According to Keynes, the firm-foundation theory involves too much work and is of doubtful value. Keynes practiced what he preached. While London's financial men toiled many weary hours in crowded offices, he played the market from his bed for half an hour each morning. This leisurely method of investing earned him several million pounds for his account and a tenfold increase in the market value of the endowment of his college, King's College, Cambridge. To preach is to deliver a sermon or an otherwise powerful message. You may go to church to hear the minister preach, and you may preach tolerance to your friends. Have you ever heard anyone say, "That's preaching to the choir"? That means you're wasting your words on somebody who already believes what you believe. If you're giving an impassioned speech about recycling to an audience dressed in reclaimed clothing and sandals made of old tires, you're likely to be preaching to the choir. The word preach comes from the Latin prae, "before," and dicare, "declare." When you preach, you're not just talking — you're declaring something with conviction. 说教 讲道 布道 鼓吹？

toil

According to Keynes, the firm-foundation theory involves too much work and is of doubtful value. Keynes practiced what he preached. While London's financial men toiled many weary hours in crowded offices, he played the market from his bed for half an hour each morning. This leisurely method of investing earned him several million pounds for his account and a tenfold increase in the market value of the endowment of his college, King's College, Cambridge. Toil is another word for work. You toil as a customer service rep all day, but you'd prefer to work as a rock goddess. Unfortunately, there weren't many ads in the employment section for goddesses — rock or otherwise. Although toil means "work" (in both its noun and verb forms), it usually has the added meaning of hard work, especially physical labor. If you'd lived during the Great Depression, you might have toiled on roadwork and conservation projects. Your toils would have created roads in the Great Smoky Mountains National Park, for example. Thanks for all your hard work! Now, relax and enjoy the scenery.

weary

According to Keynes, the firm-foundation theory involves too much work and is of doubtful value. Keynes practiced what he preached. While London's financial men toiled many weary hours in crowded offices, he played the market from his bed for half an hour each morning. This leisurely method of investing earned him several million pounds for his account and a tenfold increase in the market value of the endowment of his college, King's College, Cambridge. Weary as an adjective means "very tired or worn out," like weary students who finished a long week of studying and taking tests. Weary comes from the Old English word werig, meaning "tired." It can also describe being extremely bored and sick of something, like on a long drive, you might grow weary of your father's singing voice. As a verb, weary means "to exhaust or wear out," like when the children you are babysitting weary you with their game of running away every time you tell them to get ready to leave the park.

conglomerate

Across the Channel, another stock company was formed by an exiled Englishman named John Law. Law's great goal in life was to replace metal as money and create more liquidity through a national paper currency backed by the state and controlled through a network of local agencies. To further his purpose, Law acquired a derelict concern called the Mississippi Company and proceeded to build a conglomerate that became one of the largest capital enterprises ever to exist, even to this day. A conglomerate is a group of things, especially companies, put together to form one. If you are rich enough to buy a TV network, a record company, several newspapers, and a radio station, you too can own a media conglomerate. The root of conglomerate is glomus, a Latin word for "ball." So think of a conglomerate as a bunch of different things balled together. Before it came to describe giant corporations, a conglomerate was a rock formed from different kinds of minerals. Conglomerate can also be used as a verb — like when your media companies conglomerated successfully. 砾岩 集团公司 综合公司 联合企业 A conglomerate is a corporation that is made up of a number of different, seemingly unrelated businesses. In a conglomerate, one company owns a controlling stake in a number of smaller companies, which conduct business separately. Each of a conglomerate's subsidiary businesses runs independently of the other business divisions, but the subsidiaries' management reports to senior management at the parent company. The largest conglomerates diversify business risk by participating in a number of different markets, although some conglomerates elect to participate in a single industry - for example, mining.

proceed

Across the Channel, another stock company was formed by an exiled Englishman named John Law. Law's great goal in life was to replace metal as money and create more liquidity through a national paper currency backed by the state and controlled through a network of local agencies. To further his purpose, Law acquired a derelict concern called the Mississippi Company and proceeded to build a conglomerate that became one of the largest capital enterprises ever to exist, even to this day. To proceed means to go or continue forward. But somehow "ready, set, proceed!" doesn't quite have the same ring to it. From the Latin procedere, meaning "go forward, advance," proceed is a verb that simply means to keep going, particularly after there's been an interruption. Synonyms include progress and advance. People who constantly interrupt make it really difficult for the conversation to proceed smoothly. And proceed with caution when crossing a busy street, but if the light turns red, you better move it fast! 推进 进行 尤指被打断或中断的情况

paper currency

Across the Channel, another stock company was formed by an exiled Englishman named John Law. Law's great goal in life was to replace metal as money and create more liquidity through a national paper currency backed by the state and controlled through a network of local agencies. To further his purpose, Law acquired a derelict concern called the Mississippi Company and proceeded to build a conglomerate that became one of the largest capital enterprises ever to exist, even to this day. [金融] 纸币，[金融] 钞票

concern

Across the Channel, another stock company was formed by an exiled Englishman named John Law. Law's great goal in life was to replace metal as money and create more liquidity through a national paper currency backed by the state and controlled through a network of local agencies. To further his purpose, Law acquired a derelict concern called the Mississippi Company and proceeded to build a conglomerate that became one of the largest capital enterprises ever to exist, even to this day. 有个冷门的意思就是公司或企业 company

consolidate

Although antitrust laws at that time kept large companies from purchasing firms in the same industry, it was possible for a while to purchase firms in other industries without interference from the Justice Department. The consolidations were carried out in the name of synergism. Ostensibly, mergers would allow the conglomerate to achieve greater financial strength (and thus greater borrowing capabilities at lower rates); to enhance marketing capabilities through the distribution of complementary product lines; to give greater scope to superior managerial talents; and to consolidate, and thus make more efficient, operating services such as personnel and accounting departments. All this led to synergisma stimulation of sales and earnings for the combined operation that would have been impossible for the independent entities alone. Consolidate means to bring together. If you consolidate student loans, you put them all together into one big loan. If you consolidate your childhood toys, you grab them all up and put them in one place. Preferably a toy box. Consolidate comes from the Latin roots com- ("together") and solidare ("to make solid"). So, consolidate is to bring things together to make something solid, stronger, or easier to handle. A general might consolidate his troops, a librarian might consolidate his grammar books, and someone with credit-card debt might consolidate the debt from different cards onto one. 整合 联合 巩固 加强

antitrust

Although antitrust laws at that time kept large companies from purchasing firms in the same industry, it was possible for a while to purchase firms in other industries without interference from the Justice Department. The consolidations were carried out in the name of synergism. Ostensibly, mergers would allow the conglomerate to achieve greater financial strength (and thus greater borrowing capabilities at lower rates); to enhance marketing capabilities through the distribution of complementary product lines; to give greater scope to superior managerial talents; and to consolidate, and thus make more efficient, operating services such as personnel and accounting departments. All this led to synergisma stimulation of sales and earnings for the combined operation that would have been impossible for the independent entities alone. The adjective antitrust describes a kind of law or rule that protects fairness and competition in business. Antitrust laws are intended to stop companies from forming monopolies. An antitrust attorney specializes in business law, and the rules and regulations that keep competition between businesses fair and equal. One example of an antitrust violation is price fixing, when different companies conspire to keep prices high for their customers. The term antitrust has been around since the 1890s, when the Sherman Act was passed, prohibiting business activities that harmed competition. [经] 反垄断的；[经] 反托拉斯的

THE US Justice Department The Department of Justice

Although antitrust laws at that time kept large companies from purchasing firms in the same industry, it was possible for a while to purchase firms in other industries without interference from the Justice Department. The consolidations were carried out in the name of synergism. Ostensibly, mergers would allow the conglomerate to achieve greater financial strength (and thus greater borrowing capabilities at lower rates); to enhance marketing capabilities through the distribution of complementary product lines; to give greater scope to superior managerial talents; and to consolidate, and thus make more efficient, operating services such as personnel and accounting departments. All this led to synergisma stimulation of sales and earnings for the combined operation that would have been impossible for the independent entities alone. 司法部

compensate compensation

Although there is general agreement that the compensation for higher risk must be greater future rewards (and thus lower current prices), measuring risk is well-nigh impossible. This has not daunted the economist, however. A great deal of attention has been devoted to risk measurement by both academic economists and practitioners. Indeed, risk measurement is so important that Chapter Nine is largely devoted to this subject. Compensate is about correcting for an imbalance. If you step in an unmarked pothole, the city may compensate you by paying your doctor bills treating a broken ankle. Compensate can also mean "to adjust for." So, if you did stumble into the pothole and injure your left leg, then you might compensate by leaning heavily on your right leg. Increasingly, compensate is used in place of pay. Day laborers are paid for their time, but executives are more likely to be compensated with a suite that includes salary and other benefits--what is commonly referred to as a compensation package. Compensation means "making up for something." When a restaurant offers you a free dessert as compensation for messing up your dinner order, the hope is that you will leave happy (and refrain from writing a negative review online). Compensation can also be money, a payment meant to give someone a fair exchange for their effort and output. In fact, the word comes from the Latin word compensat-, meaning "weighed against." If you receive fair compensation for your work, the money is equal to your time and effort. In other words, the scale is balanced.

nigh

Although there is general agreement that the compensation for higher risk must be greater future rewards (and thus lower current prices), measuring risk is well-nigh impossible. This has not daunted the economist, however. A great deal of attention has been devoted to risk measurement by both academic economists and practitioners. Indeed, risk measurement is so important that Chapter Nine is largely devoted to this subject. Nigh is an old-fashioned word that can be used as an adjective or adverb to mean near or nearly. Something that is nigh impossible — like knitting a sweater in one night — will be very difficult to accomplish. As an adjective, nigh is an older form of the word "near," both of which are rooted in the Old English word neah. People like to use the word nigh when they talk about the apocalypse: "Repent! The end is nigh." It's most common to use nigh today when you're trying to sound poetic or referencing the archaic or biblical uses of the word.

daunt

Although there is general agreement that the compensation for higher risk must be greater future rewards (and thus lower current prices), measuring risk is well-nigh impossible. This has not daunted the economist, however. A great deal of attention has been devoted to risk measurement by both academic economists and practitioners. Indeed, risk measurement is so important that Chapter Nine is largely devoted to this subject. Something daunting can scare you off. If you have a lot of studying to do, it may seem like a daunting task. Good news is you can get through it by working hard. Or weasel out of it by playing sick. Often used in the phrases "daunting prospect" and "daunting task," daunting describes something that you are not looking forward to doing. Having to fill out complicated tax forms every year is a daunting task for many people. Once a daunting task is complete, you no longer describe it as daunting, but instead can call it a job well done, or at least another life experience survived. 使气馁 使畏缩

conspicuous

An investment pool required close cooperation on the one hand and complete disdain for the public on the other. Generally such operations began when a number of traders banded together to manipulate a particular stock. They appointed a pool manager (who justifiably was considered something of an artist) and promised not to doublecross each other through private operations. The pool manager accumulated a large block of stock through inconspicuous buying over a period of weeks. If possible, he obtained an option to buy a substantial block of stock at the current market price within a stated period of, say, three or six months. Next he tried to enlist the stock's specialist on the exchange floor as an ally. Keep your eye on the adjective conspicuous for something that stands out so much you notice it right away — like that zit in the center of your friend's forehead. Conspicuous comes from the adjectival form of the Latin verb, conspicere, meaning "to look at." Conspicuous can mean either very obvious to the eye (like something that is conspicuous from a distance) or attracting attention (like conspicuous consumption). If you are doing something wrong, it's wise not to be conspicuous about it!

obtain

An investment pool required close cooperation on the one hand and complete disdain for the public on the other. Generally such operations began when a number of traders banded together to manipulate a particular stock. They appointed a pool manager (who justifiably was considered something of an artist) and promised not to doublecross each other through private operations. The pool manager accumulated a large block of stock through inconspicuous buying over a period of weeks. If possible, he obtained an option to buy a substantial block of stock at the current market price within a stated period of, say, three or six months. Next he tried to enlist the stock's specialist on the exchange floor as an ally. Obtain means to get something that is not so easy to come by such as knowledge, rights, or a large amount of money. You wouldn't say you obtained a pair of pants, unless they were one of a kind. At times in its history, obtain has meant to be victorious or to succeed. Today, it mostly means to acquire, but keeping its prior meanings in mind helps you to use it in the right way. College degrees are something that you obtain as is permission from your parents to go to a party. When you obtain something, you have worked hard to get it, so you are pretty happy to have it. 听上去像是work hard to get sth and succeed

substantial

An investment pool required close cooperation on the one hand and complete disdain for the public on the other. Generally such operations began when a number of traders banded together to manipulate a particular stock. They appointed a pool manager (who justifiably was considered something of an artist) and promised not to doublecross each other through private operations. The pool manager accumulated a large block of stock through inconspicuous buying over a period of weeks. If possible, he obtained an option to buy a substantial block of stock at the current market price within a stated period of, say, three or six months. Next he tried to enlist the stock's specialist on the exchange floor as an ally. Something substantial is large in size, number, or amount: If you want to say someone spent a lot of money without being too specific, you could say they spent a substantial amount of money. The adjective substantial derives from the Latin substantia "substance," which means "stuff." A substantial meal is large enough to satisfy hunger. A substantial structure is strongly made or built. And a substantial man possesses wealth and property. Related to this last sense, "a man of substance" refers to a wealthy man with property. 感觉像是说 大、多而且结实实在？

enlist

An investment pool required close cooperation on the one hand and complete disdain for the public on the other. Generally such operations began when a number of traders banded together to manipulate a particular stock. They appointed a pool manager (who justifiably was considered something of an artist) and promised not to doublecross each other through private operations. The pool manager accumulated a large block of stock through inconspicuous buying over a period of weeks. If possible, he obtained an option to buy a substantial block of stock at the current market price within a stated period of, say, three or six months. Next he tried to enlist the stock's specialist on the exchange floor as an ally. To enlist is to voluntarily join the military. You may have seen television commercials or posters encouraging people to enlist. There are various ways people end up in the military. Sometimes there's a draft, which selects people whether they want to go or not. Sometimes people enlist, which means they sign up on their own. Enlisting also refers to recruiting or hiring people for some purpose or organization. If you are moving, you might try to enlist your friends to help — good luck with that.

respective

And perform some funds did at least over short periods of time. Fred Carr's highly publicized Enterprise Fund racked up a 117 percent total return (including both dividends and capital gains) in 1967 and followed this with a 44 percent return in 1968. The corresponding figures for the Standard & Poor's 500-Stock Index were 25 percent and 11 percent, respectively. This performance brought large amounts of new money into the fund, and into other funds that could boast glamorous performances. The public no longer bet on the horse but rather on the jockey. Respectively is used to indicate order, like if you said "Michael Phelps and Michael Jordan excelled in swimming and basketball, respectively." You can think of respectively as a word that lines things up in order so they match. You might say that pizza and meatloaf are your favorite and least favorite foods, respectively. If you and your sister were voted Most Improved and MVP in a baseball league, respectively, then you got better and your sister was the best. This word doesn't have much to do with respect, but it is respectful to write clearly, and respectively helps with that. 各自 强调顺序

correspond

And perform some funds didat least over short periods of time. Fred Carr's highly publicized Enterprise Fund racked up a 117 percent total return (including both dividends and capital gains) in 1967 and followed this with a 44 percent return in 1968. The corresponding figures for the Standard & Poor's 500-Stock Index were 25 percent and 11 percent, respectively. This performance brought large amounts of new money into the fund, and into other funds that could boast glamorous performances. The public no longer bet on the horse but rather on the jockey. When two things correspond, they match up or are equivalent to one another. You might come up with a code in which numbers correspond to letters of the alphabet. Correspond can also mean to send messages back and forth. You can use your code to correspond with your pen pal. The word correspond can mean "communicating back and forth," like using email to correspond with a far-away cousin. It can also mean "be alike," as in having friends whose interests and personalities correspond to your own. Finally, it can be "be equal to," as in getting a score on a standardized test that corresponds with those of students taking the same subjects as you but who live in other states or countries. 1. take the place of or be parallel or equivalent to 2. exchange messages

apparent

And yet in 1983, a company with no annual sales and only a "plan" to manufacture personal robots was prepared for offering to the public at a proposed market capitalization of $100 million the latter value being obtained by multiplying the number of shares outstanding by the price per share. Throughout the past forty years of institutional domination of the market, prices often gyrated more rapidly and by much greater amounts than could plausibly be explained by apparent changes in their anticipated intrinsic values. Apparent means obvious, but — and this is confusing — it can also mean something that seems to be true but isn't definite. "The train's arrival is apparent — it's in the station — but apparently my friend missed it because she is not getting off." It makes sense that apparent has the same ancient root as appear because it's about what is plain to see. Its subtle power of suggestion, however, is wonderfully useful. The "heir apparent" technically means next in line, but the ink isn't dry. The power of apparent is that it leaves the door open for a little ambiguity. Maybe the heir apparent will be the next king, or maybe he'll be overthrown in a bloodless coup by his apparently more ambitious cousin. 明显 显然 表面看起来真实但不确定

plausible

And yet in 1983, a company with no annual sales and only a "plan" to manufacture personal robots was prepared for offering to the public at a proposed market capitalization of $100 million the latter value being obtained by multiplying the number of shares outstanding by the price per share. Throughout the past forty years of institutional domination of the market, prices often gyrated more rapidly and by much greater amounts than could plausibly be explained by apparent changes in their anticipated intrinsic values. If something is plausible, it's reasonable or believable. Things that are plausible could easily happen. A woman becoming President is very plausible. A giraffe becoming President is not. Plausible things are not far-fetched at all. Things in fantasy stories — such as wizards, dragons, and unicorns — are not plausible. On the other hand, some things in science fiction stories might be plausible: who knows where spaceships will eventually go? If something really seems like it could happen, then it's plausible. One of the many tricky parts of life is figuring out what's plausible and what's not. adj. apparently reasonable and valid, and truthful 似乎强调表面上看起来，表面上讲得通的，从表面上看是可信的

gyrate

And yet in 1983, a company with no annual sales and only a "plan" to manufacture personal robots was prepared for offering to the public at a proposed market capitalization of $100 million the latter value being obtained by multiplying the number of shares outstanding by the price per share. Throughout the past forty years of institutional domination of the market, prices often gyrated more rapidly and by much greater amounts than could plausibly be explained by apparent changes in their anticipated intrinsic values. When things turn or spin on an axis, like the seats on a whirling amusement park ride, they gyrate. When you spin a top, you watch it gyrate. An axis is a fixed, imaginary point or line that something rotates around — the Earth, famously, turns on an axis. If an object spins rapidly around this point, it gyrates. Many kinds of engines gyrate, and so do pinwheels, windmills, and gyroscopes. Even Elvis's hips were said to gyrate! The root of the verb gyrate is the Latin word for "circle," gyrus, which in turn comes from the Greek gyros, "circle or ring."

outstanding shares treasury shares issued shares

And yet in 1983, a company with no annual sales and only a "plan" to manufacture personal robots was prepared for offering to the public at a proposed market capitalization of $100 million the latter value being obtained by multiplying the number of shares outstanding by the price per share. Throughout the past forty years of institutional domination of the market, prices often gyrated more rapidly and by much greater amounts than could plausibly be explained by apparent changes in their anticipated intrinsic values. issued shares 已发行股票 treasury shares 公司回购了一部分的股份，这部分回购的股份就叫"库存股"（treasury shares），只要没注销，还是属于已发行股份的一部分 outstanding shares 应当是发行在外的股票 在外流通的股票 issued shares（已发行股份）=outstanding shares（发行在外的股份）+treasury shares（库存股）

disclose

Another fragile assumption is that news travels instantaneously. I doubt that there will ever be a time when all useful inside information is immediately disclosed to everybody. Indeed, even if it can be argued that all relevant news for the major stocks followed by institutional investors is quickly reflected in their prices, it may well be that this is not the case for all the thousands of small companies that are not closely followed by the pros. Moreover, the efficient-market theory implies that no one possesses monopolistic power over the market and that stock recommendations based on unfounded beliefs do not lead to large buying. But brokerage firms specializing in research services to institutions wield considerable power in the market and can direct tremendous money flows in and out of stocks. In this environment, it is quite possible that erroneous beliefs about a stock by some professionals can for a considerable time be self-fulfilling. Disclose means to reveal or expose information that has previously been kept a secret — like a politician might be forced to disclose his finances or former scandals while running for office. When a politician, corporate executive, or celebrity announces that he or she has something to disclose, the public listens. They know that the information they're about to hear was kept secret for a reason. Something incriminating or juicy is about to be revealed, like a secret affair or plummeting company profits. 揭露公开

frantic

As Babson implied in his statement, he had been predicting the crash for several years and he had yet to be proven right. Nevertheless, at two o'clock in the afternoon, when Babson's words were quoted on the "broad" tape (the Dow Jones financial-news tape, which was an essential part of the furniture in every brokerage house across the country), the market went into a nosedive. In the last frantic hour of trading, two million shares changed hands American Telephone and Telegraph went down 6 points, Westinghouse 7, and U.S. Steel 9 points. When a mother loses her child, she's frantic. She's a crazed sort of agitated and goes on a frantic search for her child. A scene is frantic if there's lots of action with little order. Frantic is related to frenzy and both were originally ways to describe mental illness. Hundreds of years ago, if you were frantic, you were stark raving mad. Today, frantic implies fast wild movements or a desperate attempt to do something. On Christmas Eve, the scene at the mall was frantic with shoppers desperately searching for their last few gifts. And a wild party would only be called frantic if the police were called and everyone rushed to get away.

nosedive

As Babson implied in his statement, he had been predicting the crash for several years and he had yet to be proven right. Nevertheless, at two o'clock in the afternoon, when Babson's words were quoted on the "broad" tape (the Dow Jones financial-news tape, which was an essential part of the furniture in every brokerage house across the country), the market went into a nosedive. In the last frantic hour of trading, two million shares changed hands American Telephone and Telegraph went down 6 points, Westinghouse 7, and U.S. Steel 9 points. 俯冲 跳水 暴跌 骤降 这个词倒是很形象

erect

As graduate schools continued to grind out bright young economists and statisticians, the attacking academics became so numerous that it seemed obviouseven to themthat a new strategy was needed; ergo, the academic community busily went about erecting its own theories of stock-market valuation. That's what this part of the book is all about: the rarified world of the "new investment technology" created within the towers of academy. One insightmodern portfolio theory (MPT)is so basic that it is now widely followed on the Street. The others remain controversial enough to continue to generate thesis material for students and hefty lecture fees for their advisors. Erect means "build" or "upright." If you erect a house, you build it. If you stand erect, you hold your body as tall as possible. Erect comes from the Latin word erectus, meaning "upright, elevated, lofty" or "eager, alert, aroused." Erect is a verb, as in, it will take you years to erect your replica of the Eiffel Tower using only gum and toothpicks. Erect is also an adjective, as in something that is tall, firm, straight or rigid, like a half-dead plant that becomes more erect when you water it.

controversial

As graduate schools continued to grind out bright young economists and statisticians, the attacking academics became so numerous that it seemed obviouseven to themthat a new strategy was needed; ergo, the academic community busily went about erecting its own theories of stock-market valuation. That's what this part of the book is all about: the rarified world of the "new investment technology" created within the towers of academy. One insightmodern portfolio theory (MPT)is so basic that it is now widely followed on the Street. The others remain controversial enough to continue to generate thesis material for students and hefty lecture fees for their advisors. If a politician ran for office on the platform that children should be put to work from age six, his platform is likely to be controversial, meaning it will cause controversy, or a long discussion among people with opposing opinions. Controversies are usually public disagreements about important matters. The adjective controversial is from the Latin from controversus "disputed," formed from the prefix contra- "against" plus versus, from vertere "to turn." The Latin suffix -ialis, corresponding to the English suffixes -ial and -al, means "relating to or characterized by." 有争议的 引起争议的

indicate

As shown in the figure opposite, you can easily construct a chart. You simply draw a vertical line whose bottom is the stock's low for the day and whose top is the high. This line is crossed to indicate the closing price for the day. In the figure, the stock had a range of quotations that day between 20 and 21 and closed at 201/2. The process can be repeated for each trading day. It can be used for individual stocks or for one of the stock averages that you see in the financial pages of most newspapers. Often the chartist will indicate the volume of shares of stock traded during the day by another vertical line at the bottom of the chart. Gradually, the highs and lows on the chart of the stock in question jiggle up and down sufficiently to produce patterns. To the chartist, these patterns have the same significance as X-ray plates to a surgeon. To indicate means to point something out or to present evidence. If you feel sick during a car trip, you can indicate this to the driver by groaning loudly or announcing "I'm going to be sick!" Scientists rely on data from experiments to indicate whether their theories are correct. Indicate can also describe a symptom or signal of something else. For example, a stock market recovery could indicate growing public confidence — or foolishness, depending on which expert you ask. The verb indicate comes from the noun indication, which in turn comes from the Latin word indicare, meaning "something that points out or shows."

prosperity

At the time of the South Sea Bubble, the British were ripe for throwing away money. A long period of English prosperity had resulted in fat savings and thin investment outlets. In those days, owning stock was considered something of a privilege. Use prosperity to refer to the state of being successful. In the US, the decades following World War II were characterized by rising prosperity, with large numbers moving into the middle class. Prosperity usually means the type of success that comes from having a lot of money. Our modern English word derives from Middle English prosperite, borrowed through Old French from Latin prosperus "favorable." The Latin word also means "fortunate," and the word prosperity does have an element of good luck. 繁荣 兴旺

adequate

Being somewhat incautious, I will climb out on a limb and argue that no technical scheme whatever could work for any length of time. I suggest first that methods which people are convinced "really work" have not been adequately tested; and second, that even if they did work, the schemes would be bound to destroy themselves. When you want to say that something is enough or good enough for a particular need, use the adjective adequate. You might have an adequate amount of flour for a batch of pancakes, but not a lot extra. Adequate can also describe something that is acceptable or satisfactory, but not any better than that. You might say that a student's grades are adequate but need improvement. This word is from Latin adaequāre"to make equal," from the prefix ad- plus aequare "to equal."

alchemy

Beware of the stock dividend. This provides no benefits whatever. The practice is employed on the pretext that the firm is preserving cash for expansion while providing dividends in the form of additional shares. Stockholders presumably like to receive new pieces of paperit gives them a warm feeling that the firm's managers are interested in their welfare. Some even think that by some alchemy the stock dividend increases the worth of their holdings. If your favorite but perpetually losing team picks up a couple of new players and the result is suddenly an unbeatable combo, that's alchemy — any seemingly magical act involving the combining of elements into something new. In medieval times alchemy meant the mysterious science of trying to convert one form of matter into another using fire, potions, spells, and all kind of other tricks. Alchemists often got a bad rap for their obsession with trying to turn base metals into gold, but in fact true alchemy was concerned with a far loftier ideal — that of finding a "universal elixir" that could overcome death. 1. 炼丹 炼金 点石成金 2. (改变事物、物质的)魔力(或方法)

presumably

Beware of the stock dividend. This provides no benefits whatever. The practice is employed on the pretext that the firm is preserving cash for expansion while providing dividends in the form of additional shares. Stockholders presumably like to receive new pieces of paperit gives them a warm feeling that the firm's managers are interested in their welfare. Some even think that by some alchemy the stock dividend increases the worth of their holdings. Presumably you are reading these word blurbs because you're interested in learning some useful words. You can add presumably to any statement that you think is true — it indicates a logical conclusion for which you don't have definite proof. When you add presumably to whatever you're saying, you're giving notice that you think what you're saying is true but telling your listener not to ask for the evidence. You might watch beer commercials and say to yourself, "Presumably advertisers think people will find this commercial amusing and want to run out and buy tubs of this beer." The adverb presumably is related to the nouns presumption and assumption, which are also notions you accept without proof. 大概 假定 很有可能 总之是推测 但可以不用给理由 有点像"反正我就是这么觉得"

pretext

Beware of the stock dividend. This provides no benefits whatever. The practice is employed on the pretext that the firm is preserving cash for expansion while providing dividends in the form of additional shares. Stockholders presumably like to receive new pieces of paperit gives them a warm feeling that the firm's managers are interested in their welfare. Some even think that by some alchemy the stock dividend increases the worth of their holdings. Pretext is a false reason given for doing something. If you catch your mother going through your drawers, and she says she was just tidying up, cleaning was her pretext for snooping. Sometimes a government will try to take away its citizens' rights under the pretext of national security. Though pretext sounds like text that comes before other text, the text you see in it is actually more closely related to the word textile, meaning fabric. Its Latin root meant pretty much "to pull the wool over someone's eyes." 借口 托辞 挡箭牌

employ

Beware of the stock dividend. This provides no benefits whatever. The practice is employed on the pretext that the firm is preserving cash for expansion while providing dividends in the form of additional shares. Stockholders presumably like to receive new pieces of paperit gives them a warm feeling that the firm's managers are interested in their welfare. Some even think that by some alchemy the stock dividend increases the worth of their holdings. To employ means to use something or hire someone to work. You can employ a saw to cut a board or employ a tutor to teach you math. You can even employ your talents in study and activities. The Latin source of employ is the word implicāre, which literally means to enfold or be connected with. This ties in with the verb employ, which is transitive and needs a direct object. (You can't just say "I will employ — you have to employ something.) The word also suggests using something for a specific purpose: you can employ someone for a job or find something in which to employ your own interests. 不光是雇佣 还有利用使用use sth的意思

preserve

Beware of the stock dividend. This provides no benefits whatever. The practice is employed on the pretext that the firm is preserving cash for expansion while providing dividends in the form of additional shares. Stockholders presumably like to receive new pieces of paperit gives them a warm feeling that the firm's managers are interested in their welfare. Some even think that by some alchemy the stock dividend increases the worth of their holdings. When you preserve something, you maintain its condition, like trying to preserve your good health by exercising regularly and eating right. The verb preserve describes keeping something as it is now, without a decline in quality. It can also refer to keeping something safe from harm, as in "The group worked hard to preserve the regional ecosystem." When you preserve food, such as fruit, you keep it from rotting. Jellies and jams are preserves, the noun form. A preserve can also be lands set aside, or preserved, as animal habitats. 保持保存保护 就是个保

dramatic

By the late 1990s, institutions accounted for more than 90 percent of the trading volume on the New York Stock Exchange. This volume represented a dramatic increase from 1960, when these professional investors accounted for barely half of the trading activity. Surely, in a market where professional investors dominate trading, the game must have changed. The hard-headed, sharp-penciled reasoning of the pros ought to be a guarantee that the extravagant excesses of the past will be avoided. Dramatic means having to do with a play, as in "a dramatic production." It also means striking or exaggerated. Half an hour of exercise a day can have a dramatic effect on your physical well being. If you burst into tears when you get a B on a paper and wail, "Now I'm never going to get into college," you can be accused of being dramatic, which means you're acting out your reaction, or overly dramatic, which means your reaction is over the top.

trading volume

By the late 1990s, institutions accounted for more than 90 percent of the trading volume on the New York Stock Exchange. This volume represented a dramatic increase from 1960, when these professional investors accounted for barely half of the trading activity. Surely, in a market where professional investors dominate trading, the game must have changed. The hard-headed, sharp-penciled reasoning of the pros ought to be a guarantee that the extravagant excesses of the past will be avoided. 交易量 成交量

hard-headed

By the late 1990s, institutions accounted for more than 90 percent of the trading volume on the New York Stock Exchange. This volume represented a dramatic increase from 1960, when these professional investors accounted for barely half of the trading activity. Surely, in a market where professional investors dominate trading, the game must have changed. The hard-headed, sharp-penciled reasoning of the pros ought to be a guarantee that the extravagant excesses of the past will be avoided. （人） 讲究实际的，头脑清晰的，不感情用事的 1. guided by practical experience and observation rather than theory 2. unreasonably rigid in the face of argument or entreaty or attack

caveat

Caveat 1: Expectations about the future cannot be proven in the present. Remember, not even Jeane Dixon can accurately predict all of the future. Yet some people have absolute faith in security analysts' estimates of the long-term growth prospects of a company and the duration of that growth. A caveat is a warning. When someone adds a caveat to something they're telling you to beware — maybe what they're telling you comes with certain conditions or maybe there's something dangerous lurking. When your new friend gives you directions to her house, and then says, "The caveat is that when it snows the driveway turns into an ice rink," she's warning you that your travels could be dangerous. Caveat is also a legal term for when a lawyer asks for a break in proceedings. If a lawyer issues a caveat, she's filing a formal notice to suspend a trial until her client gets a hearing.

duration

Caveat 1: Expectations about the future cannot be proven in the present. Remember, not even Jeane Dixon can accurately predict all of the future. Yet some people have absolute faith in security analysts' estimates of the long-term growth prospects of a company and the duration of that growth. Duration is how long something lasts, from beginning to end. A duration might be long, such as the duration of a lecture series, or short, as the duration of a party. The noun duration has come to mean the length of time one thing takes to be completed. The duration of something might be known or not — in past times, the unknown length of time the current war would last was called "the duration. "Musical notes, such as whole notes, half notes, and quarter notes, have different set durations, or lengths of time for which they are held. These varying durations, when put together, create the rhythm of the music.

institute

During the great bull market of the late 1990s, however, dividends appeared far less important than capital gains to investors. Indeed, many corporations preferred to institute stock buy-back programs rather than increase their dividends. When a corporation buys back its stock, fewer shares are outstanding and thus earnings per share and price per share are likely to be higher. Hence, buy-backs tend to increase capital gains and the growth rate of the company's earnings and stock price. Corporate managers who receive a major share of their compensation through stock options naturally favor the buyback approach because it makes their options more valuable. We shall see in the discussion that follows how this practice can be accommodated in arriving at intrinsic-value estimates. The starting point, however, focuses on the stream of cash dividends the company pays. The worth of a share is taken to be the present or discounted value of all the future dividends the firm is expected to pay. An institute is an organization or association designed to study or promote something. If you're interested in politics, you might want to do an internship at one of Washington D.C.'s many political research institutes. While you may have heard of an institute, whether it's the National Institute for Art Advancement or the National Cancer Institute, you may not know institute in its verb form. To institute something means to establish or advance it. You might institute the hiring of Spanish-speakers at your company, or, if workers complain about being overworked, you might institute a new policy on taking breaks. n.(促进科学、教育、艺术等的)组织；学会，学社；协会。(艺术、音乐、技术类的)学院；专科学院；研究院(或所) v.

capital gains

During the great bull market of the late 1990s, however, dividends appeared far less important than capital gains to investors. Indeed, many corporations preferred to institute stock buy-back programs rather than increase their dividends. When a corporation buys back its stock, fewer shares are outstanding and thus earnings per share and price per share are likely to be higher. Hence, buy-backs tend to increase capital gains and the growth rate of the company's earnings and stock price. Corporate managers who receive a major share of their compensation through stock options naturally favor the buyback approach because it makes their options more valuable. We shall see in the discussion that follows how this practice can be accommodated in arriving at intrinsic-value estimates. The starting point, however, focuses on the stream of cash dividends the company pays. The worth of a share is taken to be the present or discounted value of all the future dividends the firm is expected to pay. Capital gain is a rise in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A capital gain may be short-term (one year or less) or long-term (more than one year) and must be claimed on income taxes. 资本利得

accommodate

During the great bull market of the late 1990s, however, dividends appeared far less important than capital gains to investors. Indeed, many corporations preferred to institute stock buy-back programs rather than increase their dividends. When a corporation buys back its stock, fewer shares are outstanding and thus earnings per share and price per share are likely to be higher. Hence, buy-backs tend to increase capital gains and the growth rate of the company's earnings and stock price. Corporate managers who receive a major share of their compensation through stock options naturally favor the buyback approach because it makes their options more valuable. We shall see in the discussion that follows how this practice can be accommodated in arriving at intrinsic-value estimates. The starting point, however, focuses on the stream of cash dividends the company pays. The worth of a share is taken to be the present or discounted value of all the future dividends the firm is expected to pay. If you accommodate, you are making an adjustment to suit a particular purpose. If you accommodate your brother's demand for the attic room, then you give in and let him take over that space. Accommodate entered English in the mid-16th century from the Latin word accommodat-, meaning "made fitting." Whether it refers to changing something to suit someone's wishes or providing someone with something he needs, accommodate typically involves making something fit. You might change your lunch plans, for example, to accommodate your best friend's schedule. Accommodate can also refer to providing housing or having enough space for something. You might need to open up the extra bedroom to accommodate your out-of-town guests.

stock buy-back program

During the great bull market of the late 1990s, however, dividends appeared far less important than capital gains to investors. Indeed, many corporations preferred to institute stock buy-back programs rather than increase their dividends. When a corporation buys back its stock, fewer shares are outstanding and thus earnings per share and price per share are likely to be higher. Hence, buy-backs tend to increase capital gains and the growth rate of the company's earnings and stock price. Corporate managers who receive a major share of their compensation through stock options naturally favor the buyback approach because it makes their options more valuable. We shall see in the discussion that follows how this practice can be accommodated in arriving at intrinsic-value estimates. The starting point, however, focuses on the stream of cash dividends the company pays. The worth of a share is taken to be the present or discounted value of all the future dividends the firm is expected to pay. 股票回购计划

federal funds rate

Federal funds rate 美国联邦基金利率 是指美国同业拆借市场的利率，其最主要的隔夜拆借利率。这种利率的变动能够敏感地反映银行之间资金的余缺，美联储瞄准并调节同业拆借利率就能直接影响商业银行的资金成本，并且将同业拆借市场的资金余缺传递给工商企业，进而影响消费、投资和国民经济。 The interest rate that moves markets is the federal funds rate. Also known as the overnight rate, this is the rate depository institutions are charged for borrowing money from Federal Reserve banks. The federal funds rate is used by the Federal Reserve (the Fed) to attempt to control inflation. Basically, by increasing the federal funds rate, the Fed attempts to shrink the supply of money available for purchasing or doing things, by making money more expensive to obtain. Conversely, when it decreases the federal funds rate, the Fed is increasing the money supply and, by making it cheaper to borrow, encouraging spending. Other countries' central banks do the same thing for the same reason. Why is this number, what one bank pays another, so significant? Because the prime interest rate—the interest rate commercial banks charge their most credit-worthy customers—is largely based on the federal funds rate. It also forms the basis for mortgage loan rates, credit card annual percentage rates (APRs) and a host of other consumer and business loan rates.

It takes one, after all, to know one.

First is my employment at the start of my career as a market professional with one of Wall Street's leading investment firms. It takes one, after all, to know one. In a sense, I remain a market professional in that I currently chair the investment committee of an insurance company that invests more than $250 billion in assets and sit on the boards of several of the largest investment companies in the nation, which control a total of $400 billion in assets. This perspective has been indispensable to me. Some things in life can never fully be appreciated or understood by a virgin. The same might be said of the stock market.

peculate

Fraudulence and market manipulation are different matters. Here the SEC can take and has taken strong action. Indeed, many of the little known brokerage houses on the fringes of respectability, which were responsible for most of the new issues and for manipulation of their prices, were suspended for a variety of peculations. If you embezzle, especially if you steal public funds for your own private use, then you peculate that money. To peculate is, of course, illegal — if you're caught, you can serve jail time. Peculate comes from the Latin word peculium, meaning private property, which itself has the root pecu, or cattle, so the literal meaning of peculium is "property in cattle." Cattle were considered very valuable property in ancient times, and stealing them was a grave act. Other words that have pecu at their roots include "peculiar" and "pecuniary." Despite the extremely similar spelling, the word "speculate" has totally different roots that have nothing to do with either cattle or embezzlement. 挪用 盗用

fringe

Fraudulence and market manipulation are different matters. Here the SEC can take and has taken strong action. Indeed, many of the little known brokerage houses on the fringes of respectability, which were responsible for most of the new issues and for manipulation of their prices, were suspended for a variety of peculations. If you make cutoffs from jeans, the little white strings around the edges of the legs make a fringe. A fringe is a decorative edge made of hanging strings of fabric. You know how fringe hangs on the edge of fabric and clothing? Think of this picture when you see fringe used metaphorically to mean something that is on the outer boundaries of something else. Many cities hold events called fringe festivals that celebrate art created on the fringe of the established art world. A group of people whose beliefs place them on the outskirts of a social group is called a fringe group. And beware of the lunatic fringe — they are the extremists and fanatics of a social or political movement.

suspend

Fraudulence and market manipulation are different matters. Here the SEC can take and has taken strong action. Indeed, many of the little known brokerage houses on the fringes of respectability, which were responsible for most of the new issues and for manipulation of their prices, were suspended for a variety of peculations. You can use the verb suspend any time you need to stop something. Whether it's your judgment, a rule, or bus service, when you suspend it, you temporarily bring it to a halt. Suspend often describes stopping an activity for a while. A winter storm, for example, may suspend air travel until weather conditions improve. Suspend also works in a more figurative sense, such as when you suspend your doubt in order to give someone or something a fair chance. A student who is suspended is temporarily forbidden from attending class. Don't confuse this with expel, which means he or she may never return.

assume

From the very beginning, the South Sea Company reaped profits at the expense of others. Holders of the government securities to be assumed by the company simply exchanged their securities for those of the South Sea Company. Those with prior knowledge of the plan quietly bought up government securities selling as low as £55 and then turned them in at par for £100 worth of South Sea stock when the company was incorporated. Assume isn't only used to mean "accept as truth without checking"; it also means "take on the form of." It might be safer if you don't assume that the vampire standing in front of you isn't merely a person assuming that form. Assume always has the sense of taking on something. It may be the belief in the appearance of truth: Your mother probably assumes you do your homework right after school. It may be another form or identity: Superman assumes the identity of a city reporter. Or, it might be a physical space: If you get nervous while driving, your dad might assume control of the car. 1. take to be the case or to be true; accept without verification or proof 2. take on a certain form, attribute, or aspect 呈现，呈(某种形式、面貌等)；具有(...的作用、特征、性质等) 3. occupy or take on 僭取；篡夺；夺取；擅用；侵占

reap

From the very beginning, the South Sea Company reaped profits at the expense of others. Holders of the government securities to be assumed by the company simply exchanged their securities for those of the South Sea Company. Those with prior knowledge of the plan quietly bought up government securities selling as low as £55 and then turned them in at par for £100 worth of South Sea stock when the company was incorporated. When you reap something, you enjoy the rewards of your efforts. When your great audition gets you cast in your dream role, you reap the benefits of all that rehearsing you did. Reap can also describe the act of harvesting crops. The farmer will then sell the crop, reaping a profit. Here, reap means the same as gain. You may have heard the expression "what you reap is what you sow," which comes from the New Testament and can apply to farming and everything else — if, for example, you are patient with other people, they in turn will be patient with you.

par at par

From the very beginning, the South Sea Company reaped profits at the expense of others. Holders of the government securities to be assumed by the company simply exchanged their securities for those of the South Sea Company. Those with prior knowledge of the plan quietly bought up government securities selling as low as £55 and then turned them in at par for £100 worth of South Sea stock when the company was incorporated. par In golf, par is the average number of times an excellent player needs to hit the ball, either for one particular hole or for the entire course. You might describe the fourth hole, for example, as being par five. If a golf course is par sixteen, it takes a really good golfer about sixteen strokes to get her ball into the final hole. From the sports meaning of par, it's come to also mean "average" or "equivalent," especially in phrases like "under par," or "worse than expected," and "par for the course," or "what is normal given the circumstances." This definition actually came first, in the form of the Latin par, "equal." at par "At par" is a financial term that describes the price level of a bond. A bond that is sold at par is sold for its face value. Bond pricing gives information about investors' expectations of market interest rates. Which bonds sell at par, at a premium and at a discount reveal the market's predictions of interest rates.按票面价格;与票面价值相等;

reaped profits at the expense of others

From the very beginning, the South Sea Company reaped profits at the expense of others. Holders of the government securities to be assumed by the company simply exchanged their securities for those of the South Sea Company. Those with prior knowledge of the plan quietly bought up government securities selling as low as £55 and then turned them in at par for £100 worth of South Sea stock when the company was incorporated. 损人利己？

buy up

From the very beginning, the South Sea Company reaped profits at the expense of others. Holders of the government securities to be assumed by the company simply exchanged their securities for those of the South Sea Company. Those with prior knowledge of the plan quietly bought up government securities selling as low as £55 and then turned them in at par for £100 worth of South Sea stock when the company was incorporated. 以35的价格买入政府证券，然后按票面价值转换为南海公司每股100磅的股票 买进 全部买下 尽量收购

afoot "something big was afoot"

Generally, at this point the pool manager had members of the pool trade among themselves. For example, Haskell sells 200 shares to Sidney at 40, and Sidney sells them back at 40 1/ 8 . The process is repeated with 400 shares at prices of 40 1/ 4 and 40 1/ 2 . Next comes the sale of a 1,000-share block at 40 5/ 8 , followed by another at 40 3/ 4 . These sales were recorded on ticker tapes across the country and the illusion of activity was conveyed to the thousands of tape watchers who crowded into the brokerage offices of the country. Such activity, generated by so-called wash sales, created the impression that something big was afoot. Something that's afoot is already happening, underway, or being prepared. You might reassure your fellow French club members that plans are afoot for a fund raiser to support your upcoming trip to Québec. People frequently say that plans are afoot when they've started preparing for a party, an election campaign, a job hunt, or anything else that requires some planning. Plans might be afoot for your dad's surprise party, for example, or your sister's wedding. Another, less common way to use afoot is to mean "on foot," or "walking." You could tell your teacher that you're late to school because you missed the bus and had to travel afoot.

convey

Generally, at this point the pool manager had members of the pool trade among themselves. For example, Haskell sells 200 shares to Sidney at 40, and Sidney sells them back at 40 1/ 8 . The process is repeated with 400 shares at prices of 40 1/ 4 and 40 1/ 2 . Next comes the sale of a 1,000-share block at 40 5/ 8 , followed by another at 40 3/ 4 . These sales were recorded on ticker tapes across the country and the illusion of activity was conveyed to the thousands of tape watchers who crowded into the brokerage offices of the country. Such activity, generated by so-called wash sales, created the impression that something big was afoot. When you convey something, you carry or deliver it. Little Red Riding Hood conveyed a basket of muffins to her grandmother. Your sad smile might convey more about your feelings than words ever could. You can also convey a message or information, which means that you communicate it to someone directly or indirectly through your words or actions. In law, the word convey means to transfer or pass property to someone

wash sales

Generally, at this point the pool manager had members of the pool trade among themselves. For example, Haskell sells 200 shares to Sidney at 40, and Sidney sells them back at 40 1/ 8 . The process is repeated with 400 shares at prices of 40 1/ 4 and 40 1/ 2 . Next comes the sale of a 1,000-share block at 40 5/ 8 , followed by another at 40 3/ 4 . These sales were recorded on ticker tapes across the country and the illusion of activity was conveyed to the thousands of tape watchers who crowded into the brokerage offices of the country. Such activity, generated by so-called wash sales, created the impression that something big was afoot. 洗售（Wash Sale） 洗售又称为虚买虚卖、冲洗买卖或虚售，它是最古老的 证券市场 的操 纵形式，即以影响证券市场行情为目的，人为地创造 证券交易 虚假繁 荣，从事所有权非真实转移的交易行为。

transaction

In 1970 he co-authored another book, Predictability of Stock Market Prices, in which he and his colleague, Clive Granger, argued that the search for intrinsic value in stocks is a search for the will-o'-the-wisp. In an exchange economy the value of any asset depends on an actual or prospective transaction. A transaction is any kind of action involved in conducting business, or an interaction between people. When you go to the bank, fill out a form, and deposit your paycheck, you make a transaction. An important business deal can be called a transaction, particularly the buying or selling of goods, but you can call any exchange with another person a transaction. There are transactions involving money, ideas, and even e-mail. The Latin root transactionem describes an agreement or accomplishment. This led to a mid-15th century version of transaction that described the adjustment of a dispute. 听上去像是任何达成一致的事务都可以成为transaction，而这样的行为一般实质都是交换，所以。

will-o'-the-wisp

In 1970 he co-authored another book, Predictability of Stock Market Prices, in which he and his colleague, Clive Granger, argued that the search for intrinsic value in stocks is a search for the will-o'-the-wisp. In an exchange economy the value of any asset depends on an actual or prospective transaction. Definition 1 : a light that appears at night over marshy ground 2 : a misleading or elusive goal or hope Examples "Why don't you try to communicate with your boyfriend and see if you can find the root of the dissatisfaction? Perhaps you can repair it before you go and dismantle your life. If the relationship has run its course, you know what you have to do. But do it for yourself, not for a 23-year-old will-o'-the-wisp." — Molly Ringwald, The Guardian, 12 December 2014 "While a company's purpose generally doesn't change, strategies and organizational structures do,?which?can make chasing 'alignment' between strategy and the organization feel like chasing an elusive will-o'-the-wisp." — Jonathan Trevor and Barry Varcoe, Harvard Business Review (hbr.org), 16 May 2016

A thing is worth only what someone else will pay for it.

In 1970 he co-authored another book, Predictability of Stock Market Prices, in which he and his colleague, Clive Granger, argued that the search for intrinsic value in stocks is a search for the will-o'-the-wisp. In an exchange economy the value of any asset depends on an actual or prospective transaction. Morgenstern believed that every investor should post the following Latin maxim above his desk: Res tantum valet quantum vendi potest. (A thing is worth only what someone else will pay for it.)

equivalent

In 1998, Citibank and Travelers announced a merger and, on the following day, the combined market values of the two companies increased by a staggering $14 billion, an amount equivalent to the then total market value of such giant companies as Kellogg, Cigna, or BankBoston. If two things are basically the same, you can say that they're the equivalent of each other. Like, studying advanced physics is the equivalent of banging your head against the wall. Equivalent's Latin roots are "equal" and "value," which suggests that the word originally was used to describe things that had the same value. Now it can be used to describe things that have the same effect, or importance, or role — for example, "England's Parliament is the equivalent of America's Congress." It can also be used as an adjective: "Eating a bowl of Sugar Pops for breakfast is equivalent to starting your day with two scoops of ice-cream."

approximate

In 1998, Citibank and Travelers announced a merger and, on the following day, the combined market values of the two companies increased by a staggering $14 billion, an amount equivalent to the then total market value of such giant companies as Kellogg, Cigna, or BankBoston. To approximate is to calculate the value of something based on informed knowledge. A computer program can approximate the value of a house based on square footage, number of rooms, year built, and other relevant factors. As a verb, approximate means "to estimate." Unlike the word guess, approximate implies the use of a logical or mathematical method. You might guess how tall a friend is based on the first number that comes to mind, but you could approximate his height by using your own height as a comparison. As an adjective, approximate can mean "near" or "close together." If your friend calls to say he's at a location approximate to your house, she's in your neighborhood.

vow

In the 1970s, Wall Street's pros vowed to return to "sound principles." Concepts were out and investing in blue-chip companies was in. These were companies, so the thinking went, that would never come crashing down like the speculative favorites of the 1960s. Nothing could be more prudent than to buy their shares and then relax on the golf course while the long-term rewards materialized. To vow is to make an earnest promise or pledge. People getting married often vow to stick together "till death do us part," while a presidential candidate might vow to lower taxes. You can use vow as both a noun and a verb: A vow is a solemn declaration; to vow is the act of making that promise. Vows are meant to be serious, sacred things, even vows made with the best intentions can be broken. Wrote American short-story writer and poet Dorothy Parker, "By the time you swear you are his, shivering and sighing, And he vows his passion is infinite and undying—Lady, make a note of this: One of you is lying."

practical

In this book I will take you on a random walk down Wall Street, providing a guided tour of the complex world of finance and practical advice on investment opportunities and strategies. The word practice, in the sense of "doing," is embedded in the word practical, which is all about "doing." "Is it practical?" means, is it good to do this? Does it have a use? Will it work? Silk shoes in a rainstorm? They're just not practical. A London Fog raincoat? Definitely practical.

not least

In those days, owning stock was considered something of a privilege. As late as 1693, for example, only 499 souls benefited from ownership of East India stock. They reaped rewards in several ways, not least of which was that their dividends were untaxed. Also, their number included women, for stock represented one of the few forms of property that British women could possess in their own right. 尤其；相当重要地

recession

Interest rates, which had already been going up during 1989, rose sharply in 1990. The stock market was not eased down: Instead, it collapsed. The fall was almost as extreme as the U.S. stock-market crash from the end of 1929 to mid-1932. The Japanese (Nikkei) stock-market index reached a high of almost 40,000 on the last trading day of the decade of the 1980s. By mid-August 1992, the index had declined to 14,309, a drop of about 63 percent. In contrast, the Dow Jones industrial average fell 66 percent from December 1929 to its low in the summer of 1932 (although the decline was 77 percent from the September 1929 level). The Japanese stock market remained at low levels throughout the 1990s despite a fall in interest rates, and its powerful economy suffered a sharp recession during the late 1990s. Jobs being cut? Houses not selling? Everyone talking about the poor sales of everything from cars to bouquets of flowers? That's a recession, a time of economic decline. Recession comes from the Latin word recessus, meaning "a going back, retreat." Think of all the things that get made and sold in a country. When fewer people buy things, orders for them slow down. The sales "go back" to a lower amount. This is an economic recession. This noun can also describe other kinds of "going back," like the recession of floodwaters that enable people to begin cleaning up their homes that had been filled with water.

decline

Interest rates, which had already been going up during 1989, rose sharply in 1990. The stock market was not eased down: Instead, it collapsed. The fall was almost as extreme as the U.S. stock-market crash from the end of 1929 to mid-1932. The Japanese (Nikkei) stock-market index reached a high of almost 40,000 on the last trading day of the decade of the 1980s. By mid-August 1992, the index had declined to 14,309, a drop of about 63 percent. In contrast, the Dow Jones industrial average fell 66 percent from December 1929 to its low in the summer of 1932 (although the decline was 77 percent from the September 1929 level). The Japanese stock market remained at low levels throughout the 1990s despite a fall in interest rates, and its powerful economy suffered a sharp recession during the late 1990s. When something declines, it goes downhill. If you stop working out, your health may decline. If you want it to improve, you should start climbing inclines instead of coasting down declines. The verb decline means refuse to accept, but the noun decline means a downward slope (the opposite of an incline), or a decrease in quality. At the gym, the treadmill has an incline button to control how steep your climb is. Sadly, there's no button for decline, which would be much easier. Both words contain cline, or "to bend." The prefix tells you which way the bend goes. Decline implies a going, or turning, down. 1. 下降 2. 谢绝 婉拒 refuse to accept

omen

It follows from the technique that the chartist is a trader, not a long-term investor. The chartist buys when the auguries look favorable and sells on bad omens. He flirts with stocks just as some flirt with the opposite sex, and his scores are successful in-and-out trades, not rewarding long-term commitments. Indeed, the psychiatrist Don D. Jackson, author with Albert Haas, Jr., of Bulls, Bears and Dr. Freud, suggested that such an individual may be playing a game with overt sexual overtones. An omen is an event or happening that you take as sign of something to come. It's believed to be a bad omen if a black cat crosses your path or if it rains on your wedding day. Omens generally get a bad rap — that's probably because a lot of them predict bad stuff, at least according to superstition. But the interpretation of omens really depends on the country and culture. What's considered an ominous sign in one place might mean a lifetime of good luck somewhere else. Oscar Wilde once wrote that, "There is no such thing as an omen. Destiny does not send us heralds. She is too wise or too cruel for that." 预兆征兆前兆兆头

flirt

It follows from the technique that the chartist is a trader, not a long-term investor. The chartist buys when the auguries look favorable and sells on bad omens. He flirts with stocks just as some flirt with the opposite sex, and his scores are successful in-and-out trades, not rewarding long-term commitments. Indeed, the psychiatrist Don D. Jackson, author with Albert Haas, Jr., of Bulls, Bears and Dr. Freud, suggested that such an individual may be playing a game with overt sexual overtones. If you're interested in someone romantically, you might flirt with them, which means to chat them up or tease them in a playful way. Flirting is an indirect and fun way to let your crush know you're interested, like a seductive line or a few coy words. Or if there's a girl you've had your eye on, you might make a point of walking by her desk and saying hello every morning. But even if you don't have a love interest, you can still flirt. Driving carelessly is flirting with disaster: it's almost like you're toying with the idea of getting into an accident.

Standard & Poor Standard & Poor's 500 Index (S&P 500)

It shows how an investor with $10,000 at the start of 1969 would have fared investing in a Standard & Poor's 500-Stock Index Fund 标准普尔500指数

prospectus

John Carswell, the author of an excellent history, The South Sea Bubble, wrote of John Blunt, a director and one of the prime promoters of the securities of the South Sea Company, that "he continued to live his life with a prayer-book in his right hand and a prospectus in his left, never letting his right hand know what his left hand was doing." A prospectus is a written catalog or brochure that offers a plan, as of school courses to take or stocks to buy. The idea of a prospectus is to offer a variety of options and a plan of action. One goal of a prospectus is to present the positive features of something in order to attract a desired participant. When a new company wants to attract investors or a stock brokerage wants to attract new clients, each offers a prospectus specific to its goals. 1. a formal written offer to sell securities (filed with the SEC) that sets forth a plan for a (proposed) business enterprise 例如招股说明书 计划书等 a prospectus should contain the facts that an investor needs to make an informed decision" 2. a catalog listing the courses offered by a college or university 选课大表？

enunciate

John Maynard Keynes, a famous economist and successful investor, enunciated the theory most lucidly in 1936. It was his opinion that professional investors prefer to devote their energies not to estimating intrinsic values, but rather to analyzing how the crowd of investors is likely to behave in the future and how during periods of optimism they tend to build their hopes into castles in the air. The successful investor tries to beat the gun by estimating what investment situations are most susceptible to public castle-building and then buying before the crowd. Can't get your point across? Maybe you just need to speak more clearly or articulate your thoughts better — in short, enunciate. Good enunciation is similar to pronunciation, but describes more specifically how clearly someone expresses themselves. The word enunciate is related to the Latin words for both "announce" and "messenger." So most likely those ancient Romans who created the word wanted a messenger who could announce things without mumbling, grumbling, and rambling. 清晰地发音 阐明

"overnight riches"

Let me make it quite clear that this is not a book for speculators: I am not going to promise you overnight riches. I am not promising you stock-market miracles as one best-selling book of the 1990s claimed. Indeed, a subtitle for this book might well have been The Get Rich Slowly but Surely Book. Remember, just to stay even, your investments have to produce a rate of return equal to inflation.

cessation

Look at the industry record. Railroads, the most dynamic growth industry a century ago, finally matured and enjoyed a long period of prosperity before entering their recent period of decline. The paper and aluminum industries provide more recent examples of the cessation of rapid growth and the start of a more stable, mature period in the life cycle. These industries were the most rapidly growing in the United States during the 1940s and early 1950s. By the 1960s, they were no longer able to grow any faster than the economy as a whole. Similarly, the most rapidly growing industry of the late 1950s and 1960s, electric equipment, had slowed to a crawl by the 1970s and 1980s. The manufacturers of personal computers and their components, which grew rapidly during the late 1980s and 1990s, saw their growth rates begin to decline during the late 1990s. Cessation is an end to something, such as the stopping of a bad habit, like the cessation of smoking. Cessation and cease sound alike and have similar meanings because they both come from the Latin word cessare, which means "to delay, to stop." The cessation can be permanent, such as when the protests resulted in the cessation of the use of baby bunnies to test lipsticks (forever ending the bunny torture); or temporary, such as the cessation of the rain during the storm that let us run to the car without getting wet (but rain, like sunshine, always comes back).

component

Look at the industry record. Railroads, the most dynamic growth industry a century ago, finally matured and enjoyed a long period of prosperity before entering their recent period of decline. The paper and aluminum industries provide more recent examples of the cessation of rapid growth and the start of a more stable, mature period in the life cycle. These industries were the most rapidly growing in the United States during the 1940s and early 1950s. By the 1960s, they were no longer able to grow any faster than the economy as a whole. Similarly, the most rapidly growing industry of the late 1950s and 1960s, electric equipment, had slowed to a crawl by the 1970s and 1980s. The manufacturers of personal computers and their components, which grew rapidly during the late 1980s and 1990s, saw their growth rates begin to decline during the late 1990s. It's the Ikea curse: You spend four hours figuring out how to piece together your new furniture, only to be left with one random component, or part, that doesn't seem to fit anywhere. It's not surprising that component is related to a Latin word that means "to put together." You simply can't put something together without all of the correct components. Technically speaking, a component is an element of a system or a part of a machine. But a component can also be a factor or ingredient, such as the components of a decision or the components of a really good chocolate cake.

mature

Look at the industry record. Railroads, the most dynamic growth industry a century ago, finally matured and enjoyed a long period of prosperity before entering their recent period of decline. The paper and aluminum industries provide more recent examples of the cessation of rapid growth and the start of a more stable, mature period in the life cycle. These industries were the most rapidly growing in the United States during the 1940s and early 1950s. By the 1960s, they were no longer able to grow any faster than the economy as a whole. Similarly, the most rapidly growing industry of the late 1950s and 1960s, electric equipment, had slowed to a crawl by the 1970s and 1980s. The manufacturers of personal computers and their components, which grew rapidly during the late 1980s and 1990s, saw their growth rates begin to decline during the late 1990s. Someone who is mature acts grown up, like an adult. However, when one sister says to another, "That's so mature," she's usually using the word sarcastically, because her sister has done something very immature, like sticking out her tongue. The adjective mature doesn't only describe advancing age, although the residents of a senior citizens' home could definitely be considered mature. Anything that is fully developed, like an aged cheese or bottle of wine, can also be called mature. The word can also refer to something that is only appropriate for people who are considered legal adults, like the movie that is for "mature audiences only."

manufacture

Look at the industry record. Railroads, the most dynamic growth industry a century ago, finally matured and enjoyed a long period of prosperity before entering their recent period of decline. The paper and aluminum industries provide more recent examples of the cessation of rapid growth and the start of a more stable, mature period in the life cycle. These industries were the most rapidly growing in the United States during the 1940s and early 1950s. By the 1960s, they were no longer able to grow any faster than the economy as a whole. Similarly, the most rapidly growing industry of the late 1950s and 1960s, electric equipment, had slowed to a crawl by the 1970s and 1980s. The manufacturers of personal computers and their components, which grew rapidly during the late 1980s and 1990s, saw their growth rates begin to decline during the late 1990s. To manufacture something, is to make or construct it, usually for industry and sale. Unless you make all your own clothes, a company probably had to manufacture them. Manufacture is generally associated with industry and factories. Henry Ford, for instance, revolutionized industry by using assembly lines to manufacture Model Ts. But manufacture can also be used for the natural word, like bees that manufacture honey. Occasionally it use used more generally to mean to construct by putting parts together. And in a pinch, you can manufacture — or make — the truth, which is a creative way to say "lie."

abundant

Meanwhile, back on the English side of the Channel, a bit of jingoism now began to appear in some of the great English houses. Why should all the money be going to the French Mississippi Company? What did England have to counter this? The answer was the South Sea Company, whose prospects were beginning to look a bit better, especially with the December 1719 news that there would be peace with Spain and hence the way to the South American trade would at last be clear. Mexicans supposedly were waiting for the opportunity to empty their gold mines in return for England's abundant supply of cotton and woolen goods. This was free enterprise at its finest. On Halloween, you can find candy in abundant supply. Use abundant to describe something that exists in large amounts that are more than what's needed. The adjective abundant is commonly followed by the prepositions with or in, to mean "filled with or rich in something": a region abundant in natural resources. 充足 充裕

tenet

Moreover, I worry about accepting all the tenets of the efficient-market theory, in part because the theory rests on several fragile assumptions. The first is that perfect pricing exists. As the quote from Paul Samuelson indicates, the theory holds that, at any time, stocks sell at the best estimates of their intrinsic values. Thus, uninformed investors buying at the existing prices are really getting full value for their money, whatever securities they purchase. A tenet is a principle or belief honored by a person or, more often, a group of people. "Seek pleasure and avoid pain" is a basic tenet of Hedonism. "God exists" is a tenet of most major religions. Tenet is pronounced "ten'it." The word evolved from the Latin tenere "to hold." The noun tenet is an opinion or doctrine one holds. It usually refers to a philosophy or a religion, but it doesn't have to — for instance, Eastern medicine has different tenets from Western medicine. One of the central tenets of succeeding in the workplace is that a good offense is the best defense. 教义原则信条

compound

Most people don't realize the implications of compound growth on financial decisions. Albert Einstein once described compound interest as the "greatest mathematical discovery of all time." It is often said that the Indian who sold Manhattan Island in 1626 for $24 was rooked by the white man. In fact, he may have been an extremely sharp salesman. Had he put his $24 away at 6 percent interest, compounded semiannually, it would now be worth more than $50 billion, and with it his descendants could buy back much of the now-improved land. Such is the magic of compound growth! If you compound a problem you add something to it to make it worse, like say, putting water on a grease fire. Compound means to combine; a compound is a combination or mixture of two or more things. Compound has several specialized uses. A compound is either a mixture or two or more things, or a heavily guarded residence, such as a drug lord might have. In botany, a compound leaf consists of more than one part. In linguistics, a compound is a word that consists of two or more independent words. In chemistry, a compound is a substance created when atoms from chemical elements join together.

venture

Not a single director of the company had the slightest experience in South American trade. This did not stop them from quickly outfitting African slave ships (the sale of slaves being one of the most lucrative features of South American trade). But even this venture did not prove profitable, because the mortality rate on the ships was so high. A venture is a risky undertaking. If your latest venture is a dog food store, you hope there are some hungry dogs around. Also, to venture is to go somewhere possibly dangerous, like if you venture out into a snowstorm. Venture is a shortened form of adventure. This happened sometime between 1100 AD and 1400 AD during the time that Middle English was spoken. While the two words are similar in meaning, when you subtract the "ad," you lose a teaspoon or two of fun, and add a heaping tablespoon of risk. venture: any venturesome undertaking especially one with an uncertain outcome

lucrative

Not a single director of the company had the slightest experience in South American trade. This did not stop them from quickly outfitting African slave ships (the sale of slaves being one of the most lucrative features of South American trade). But even this venture did not prove profitable, because the mortality rate on the ships was so high. Use lucrative to refer to a business or investment that makes money. The drug trade has proved very lucrative, if dangerous, for people willing to risk their lives to take part in it. In Latin, lucrum also meant "greed," a negative sense preserved in the English phrase filthy lucre "shameful profit or gain." But there is no shame in the sense of lucrative--if your lawn mowing job proves lucrative over the summer, you might be able to buy yourself an old car. producing a sizeable profit

outfit

Not a single director of the company had the slightest experience in South American trade. This did not stop them from quickly outfitting African slave ships (the sale of slaves being one of the most lucrative features of South American trade). But even this venture did not prove profitable, because the mortality rate on the ships was so high. You can use the noun outfit to mean clothes that go together, like a shirt and pants that you always wear to job interviews. You might have spent hours choosing your first-day-of-school outfit. An outfit is often selected for a special occasion, like a graduation outfit, an outfit for your cousin's party, or your rodeo outfit. An outfit is also a kit or set of tools that serve a specific purpose, and as a verb it means "provide with" or "equip." A girl scout leader, for example, will outfit her troops with water and sunblock for a long hike on a sunny summer day. 相比服装来说 更强调一套 另外还有装备配备的意思 例如钢铁侠装备

feasibility

Not all investors in the bubble companies believed in the feasibility of the schemes to which they subscribed. People were "too sensible" for that. They did believe, however, in the "greater fool" theorythat prices would rise, that buyers would be found, and that they would make money. Thus, most investors considered their actions the height of rationality as, at least for a while, they could sell their shares at a premium in the "after market," that is, the trading market in the shares after their initial issue. Feasibility describes how easy or difficult it is to do something. When you set a goal at work, think about the long-term feasibility of accomplishing what you want. When people talk about the feasibility of a project, they're discussing whether or not it can be achieved — how doable is it? If you want to question your dad's unreasonable plan for painting the entire house in a weekend, tell him you should discuss the feasibility of the task. The formal sound of feasibility allows you to question whether or not it can be done — without sounding like you're shirking your responsibilities.

get in on the ground floor

Not even the South Sea Company was capable of handling the demands of all the fools who wanted to be parted from their money. Investors looked for other new ventures where they could get in on the ground floor. Just as speculators today search for the next Intel and the next Microsoft, so in England in the early 1700s they looked for the next South Sea Company. Promoters obliged by organizing and bringing to the market a flood of new issues to meet the insatiable craving for investment. 1. [美国英语](投资人)以享受与企业创办人同样优先权的资格入股；得到优先(或有利)的机会；对(与己有利的事)一开始就参加[亦作 be let in on the ground floor] 2. (对与自己有利的事)一开始就参加 3. [美国口语](因一开始就参加或入股而)获得有利地位

insatiable

Not even the South Sea Company was capable of handling the demands of all the fools who wanted to be parted from their money. Investors looked for other new ventures where they could get in on the ground floor. Just as speculators today search for the next Intel and the next Microsoft, so in England in the early 1700s they looked for the next South Sea Company. Promoters obliged by organizing and bringing to the market a flood of new issues to meet the insatiable craving for investment. If someone can't be satisfied, she is insatiable. After being lost in the woods eating only berries for a few days, you'll find your hunger is insatiable once you finally get to the table. Insatiable comes from the combination of the negative prefix, in- and the Latin verb satiare, for fill. Someone who is insatiable can never be full. It can be used for spiritual as well as physical desires. Swift's traveling Gulliver talks about his "insatiable desire of seeing foreign countries." Perhaps you have an insatiable desire to learn all the words in the English language. Synonyms are unappeasable and gluttonous. impossible to satisfy

promoter

Not even the South Sea Company was capable of handling the demands of all the fools who wanted to be parted from their money. Investors looked for other new ventures where they could get in on the ground floor. Just as speculators today search for the next Intel and the next Microsoft, so in England in the early 1700s they looked for the next South Sea Company. Promoters obliged by organizing and bringing to the market a flood of new issues to meet the insatiable craving for investment. If you've been trying to get anyone and everyone to go see your friend's band perform, then you could call yourself a promoter of that band. A promoter is a supporter, advocate, or booster for a person, group, or event. A promoter is an active supporter of something. A promoter of democracy, for example, is someone who tries to spread democracy throughout the world. Being a promoter is also a profession; one might be hired to make arrangements and generate publicity for some form of public entertainment, like a boxing match or a concert. Perhaps if you tell enough people about your friend's band, the band will hire you as its official promoter.

crave

Not even the South Sea Company was capable of handling the demands of all the fools who wanted to be parted from their money. Investors looked for other new ventures where they could get in on the ground floor. Just as speculators today search for the next Intel and the next Microsoft, so in England in the early 1700s they looked for the next South Sea Company. Promoters obliged by organizing and bringing to the market a flood of new issues to meet the insatiable craving for investment. To crave something is to have a great desire for it, as one might crave love, fame, or French fries. Crave is typically used in the context of emotional or physical desires rather than practical needs. For example, most people crave a hug or a cup of hot cocoa every now and then, but it's unusual to crave a new filing cabinet or tie rack — although if that's how you feel, don't let us interfere. Interestingly, crave comes from an Old English word meaning "demand." Perhaps our ancestors were more assertive about getting what they wanted. 1. have a craving, appetite, or great desire for 渴望 2. plead or ask for earnestly 恳求

proportion

Now that I've got that off my chest, let's sum up by printing the second rule: Rule 2: A rational investor should be willing to pay a higher price for a share, other things being equal, the larger the proportion of a company's earnings that is paid out in cash dividends. Proportion is about balance and how things fit together harmoniously. For example "That hound dog's tiny legs look out of proportion to that big fat body." The prefix comes from the Latin pro meaning "on behalf of, for." If you're Proportion likes portions, and for them to be the right size. The cake's sweetness is in direct proportion to how much sugar you put in. It's a compliment to tell someone he or she has just the right proportions, but you might get slapped. It can also be a part of something, as in a significant proportion of our student body has dyed their hair purple. 比例 比重 占比

immerse

Now, financial analysts in pin-striped suits do not like being compared with bare-assed apes. They retort that academics are so immersed in equations and Greek symbols (to say nothing of stuffy prose) that they couldn't tell a bull from a bear, even in a china shop. If you immerse yourself in your work, you completely involve yourself in it, spending long hours in the office and thinking about work all the time. Immerse can also mean to submerge in a liquid. A science experiment might tell you to immerse a piece of paper completely in water. If you are a swimmer immersed in a rigorous training regimen, you might be immersing yourself in the pool several times a day.

commentator

Now, tipsheet writers and market commentators under the control of the pool manager would tell of exciting developments in the offing. The pool manager also tried to ensure that the flow of news from the company's management was increasingly favorableassuming the company management was involved in the operation. If all went well, and in the speculative atmosphere of the 1928-29 period it could hardly miss, the combination of tape activity and managed news would bring the public in. A person who analyzes and discusses topics in politics and sports is called a commentator. If you want to hear opinions on the news rather than the news itself, listen to commentators. A reporter delivers the news and a commentator analyzes it, sometimes within the same news program. If you're a top sports commentator, you may become an even bigger household name than the players you are discussing, and you may pull in just as much money too. Political commentators, who often offer more opinion rather than analysis, are also sometimes called pundits or talking heads. 评论员 解说员

in the offing

Now, tipsheet writers and market commentators under the control of the pool manager would tell of exciting developments in the offing. The pool manager also tried to ensure that the flow of news from the company's management was increasingly favorableassuming the company management was involved in the operation. If all went well, and in the speculative atmosphere of the 1928-29 period it could hardly miss, the combination of tape activity and managed news would bring the public in. What does 'In the offing' mean? If something is in the offing, it is very likely to happen soon. 即将发生的，在酝酿中(的) 岸上能看到(的)，在视界范围内(的)

tip sheet

Now, tipsheet writers and market commentators under the control of the pool manager would tell of exciting developments in the offing. The pool manager also tried to ensure that the flow of news from the company's management was increasingly favorableassuming the company management was involved in the operation. If all went well, and in the speculative atmosphere of the 1928-29 period it could hardly miss, the combination of tape activity and managed news would bring the public in. a publication containing the latest information or tips or predictions for a particular business or stock market information or horse racing results, etc. 内情报告

ample

Of course earnings and dividends influence market prices, and so does the temper of the crowd. We saw ample evidence of this in earlier chapters of the book. But, even if markets were dominated during certain periods by irrational crowd behavior, the stock market might still well be approximated by a random walk. The original illustrative analogy of a random walk concerned a drunken man staggering around an empty field. He is not rational, but he's not predictable either. Ample describes an abundance of something. An ample supply of apple muffins at the bake sale is a good thing, as is ample legroom in your new van, but you probably don't want your ample waistline spilling over the top of your jeans. Like amplify (crank up the volume), ample is from the Latin word amplus, meaning "large or spacious" and has the word plus in it, like plus-sized models. Ample can be enough or even too much of something. It's great when there's ample parking or water for the hike, but there are things that some people don't want more of, like extra pounds. It's a cheeky insult to tell someone he or she has ample thighs, but we'd all be happy if we had ample time and money.

after the bill became law

On April 12, 1720, five days after the bill became law, the South Sea Company sold a new issue of stock at £300. The issue could be bought on the installment plan-£60 down and the rest in eight easy payments. Even the king could not resist; he subscribed for stock totaling £100,000.

subscribe

On April 12, 1720, five days after the bill became law, the South Sea Company sold a new issue of stock at £300. The issue could be bought on the installment plan-£60 down and the rest in eight easy payments. Even the king could not resist; he subscribed for stock totaling £100,000. If you subscribe to something, you sign up to receive it regularly. If you subscribe to the New York Times, it's delivered to your door every morning or you get online access. When you subscribe to a belief, you adopt it as your own. You might subscribe to the notion that children should be seen and not heard, or you might wholeheartedly subscribe to your town's proposal to save the wetlands. A less common use of subscribe is to sign your name on something, reflecting the origin of the word, which comes from the Latin subscribere, "to write below," that is, to sign at the bottom of a document. 1. offer to buy, as of stocks and shares 认购 申购？ 2. adopt as a belief 3. pay (an amount of money) as a contribution to a charity or service, especially at regular intervals

"sold a new issue of stock at £300"

On April 12, 1720, five days after the bill became law, the South Sea Company sold a new issue of stock at £300. The issue could be bought on the installment plan-£60 down and the rest in eight easy payments. Even the king could not resist; he subscribed for stock totaling £100,000. 以每股300英镑的价格发行新股

eager buyers

On April 12, 1720, five days after the bill became law, the South Sea Company sold a new issue of stock at £300. The issue could be bought on the installment plan-£60 down and the rest in eight easy payments. Even the king could not resist; he subscribed for stock totaling £100,000. Fights broke out among other investors surging to buy. The price had to go up and the eager buyers were right. It advanced to £340 within a few days. To ease the public appetite, the South Sea directors announced another new issuethis one at £400. But the public was ravenous. Within a month the stock was £550, and it was still rising. On June 15 yet another issue was put forth, and this time the payment plan was even easier10 percent down and not another payment for a year. The stock hit £800. Half the House of Lords and more than half the House of Commons signed on. Eventually, the price rose to more than £1,000. The speculative craze was in full bloom.

deviation variance or standard deviation

Once academics accepted the idea that risk for investors is related to the chance of disappointment in achieving expected security returns, a natural measure suggested itselfthe probable variability or dispersion of future returns. Thus, financial risk has generally been defined as the variance or standard deviation of returns. Being long-winded, we use the accompanying exhibit to illustrate what we mean. A security whose returns are not likely to depart much, if at all, from its average (or expected) return is said to carry little or no risk. A security whose returns from year to year are likely to be quite volatile (and for which sharp losses are typical in some years) is said to be risky. Anything that varies from the accepted norm or standard is called a deviation. It is common in math and science, but it can refer to anything that differs from the expected. Deviation in nature is an important part of evolution. When something causes a creature's DNA to change, it creates a deviation, or a changed characteristic. If the deviation makes the organism better able to survive, it passes the change on to its descendants. People are naturally given to change, so there are deviations in critical thought as well as in math and science. Those deviations often account for the creativity that gives rise to new ideas, or theories, or even musical styles. 偏差误差背离 variance or standard deviation 方差和标准差

dispersion

Once academics accepted the idea that risk for investors is related to the chance of disappointment in achieving expected security returns, a natural measure suggested itselfthe probable variability or dispersion of future returns. Thus, financial risk has generally been defined as the variance or standard deviation of returns. Being long-winded, we use the accompanying exhibit to illustrate what we mean. A security whose returns are not likely to depart much, if at all, from its average (or expected) return is said to carry little or no risk. A security whose returns from year to year are likely to be quite volatile (and for which sharp losses are typical in some years) is said to be risky. The noun dispersion means the process of distributing something over an area. A combination of your yearly planting of new bulbs and their natural tendency to spread has led to the dispersion of daffodils over your entire back yard. Dispersion refers to the act of spreading something, like your dispersion of sprinkles evenly over three dozen cupcakes. It can also be used to talk about the scattering of something across a very large range, such as the dispersion of people with Scottish heritage across the United States. The Latin root word is dispersione, which means a scattering. 分散扩散散开

volatile

Once academics accepted the idea that risk for investors is related to the chance of disappointment in achieving expected security returns, a natural measure suggested itselfthe probable variability or dispersion of future returns. Thus, financial risk has generally been defined as the variance or standard deviation of returns. Being long-winded, we use the accompanying exhibit to illustrate what we mean. A security whose returns are not likely to depart much, if at all, from its average (or expected) return is said to carry little or no risk. A security whose returns from year to year are likely to be quite volatile (and for which sharp losses are typical in some years) is said to be risky. Watch out when a situation becomes volatile — it is likely to change for the worse suddenly. If you and your best friend have a volatile relationship, you frequently fight and make up. Volatile from Latin volatilis "fleeting, transitory" always gives the sense of sudden, radical change. Think of it as the opposite of stable. A person who is volatile loses his or her temper suddenly and violently. A volatile political situation could erupt into civil war. When the stock market is volatile, it fluctuates greatly. And in scientific language, a volatile oil evaporates quickly. 挥发性的 不稳定的

net

Once the public came in, the free-for-all started and it was time discreetly to "pull the plug." Because the public was doing the buying, the pool did the selling. The pool manager began feeding stock into the market, first slowly and then in larger and larger blocks before the public could collect its senses. At the end of the roller-coaster ride the pool members had netted large profits and the public was left holding the suddenly deflated stock. A net is a device, made of fabric or rope stitched together, used to catch things such as fish or butterflies. Net can also refer to profits. There are many nets, but two kinds have to do with catching things and making profit. The first net is like a fisherman's net: it's a type of meshing (meaning it has holes) made from rope or wire. This net is used to catch fish, and the holes allow the water to pour out. Also, someone's net worth is how much money they have. A net profit is a company's earnings. A larger net means more money.

discreet

Once the public came in, the free-for-all started and it was time discreetly to "pull the plug." Because the public was doing the buying, the pool did the selling. The pool manager began feeding stock into the market, first slowly and then in larger and larger blocks before the public could collect its senses. At the end of the roller-coaster ride the pool members had netted large profits and the public was left holding the suddenly deflated stock. Discreet describes someone or something that is appropriately quiet, prudent, and restrained. If you are wearing a discreet gray suit, it is unlikely that anyone at that business meeting will notice you. Often people use discreet not only to indicate modesty or carefulness, but also to show a sort of secretiveness along the lines of "You're going to keep this a secret, right?" If no one in your family knows that you like to dress up as a bear, but then your cousin finds out, you may ask him to please be discreet. 强调on the down low, under the radar, careful, 带有谨慎小心慎重的意味 注意与discrete区分，discrete表示离散不连续

deflate

Once the public came in, the free-for-all started and it was time discreetly to "pull the plug." Because the public was doing the buying, the pool did the selling. The pool manager began feeding stock into the market, first slowly and then in larger and larger blocks before the public could collect its senses. At the end of the roller-coaster ride the pool members had netted large profits and the public was left holding the suddenly deflated stock. To deflate is to let the air out of something. If you deflate the tires on your brother's bike, he won't be able to ride it until he gets them pumped up again. You can deflate anything that's full of air or another gas: an air mattress, an inflatable sled, a helium balloon, or the tires on your car. When something, like a hot air balloon, empties of air, you can also say it deflates. Figuratively, a person can also deflate when they are suddenly drained of self-assurance or cheer: "Hearing him criticize me in front of the class made me deflate."

augury

One of the first things the chartist looks for is a trend. The figure below shows one in the making. It is the record of price changes for a stock over a number of daysand the prices are obviously on the way up. The chartist draws two lines connecting the tops and bottoms, creating a "channel" to delineate the uptrend. Because the presumption is that momentum in the market will tend to perpetuate itself, the chartist interprets such a pattern as a bullish augurythe stock can be expected to continue to rise. As Magee wrote in the bible of charting, Technical Analysis of Stock Trends, "Prices move in trends, and trends tend to continue until something happens to change the supply-demand balance." Is your team losing 15-0? Has your girlfriend just slapped your face? Dude, these are auguries — signs of how things are going to work out in the future. And these two examples don't look good. In fact, not every augury is an ill omen, as the common phrase "augurs well for the future" suggests, but more often than not, it seems, an augury is a sign that the future will be none too rosy. Auguries are signs of what's to come, and it's wise not to ignore them. 占卜 预言 预兆

momentum

One of the first things the chartist looks for is a trend. The figure below shows one in the making. It is the record of price changes for a stock over a number of daysand the prices are obviously on the way up. The chartist draws two lines connecting the tops and bottoms, creating a "channel" to delineate the uptrend. Because the presumption is that momentum in the market will tend to perpetuate itself, the chartist interprets such a pattern as a bullish augurythe stock can be expected to continue to rise. As Magee wrote in the bible of charting, Technical Analysis of Stock Trends, "Prices move in trends, and trends tend to continue until something happens to change the supply-demand balance." Momentum is generally used to mean increasing forward motion. A boulder rolling down a hill gains momentum. So does a great idea, a team on a winning streak, or the economy. To find an object's physical momentum you multiply its mass by its velocity. Determining the momentum of the economy or the latest fad is much more difficult. Used figuratively, momentum implies that, like a boulder rolling down a hill, something with momentum will continue moving forward on its own. If you're running for class president, you might want to build momentum by holding a few rallies, passing out flyers and starting a website. Once you have momentum, your opponents won't be able to stop you. 动量 势头

perpetuate

One of the first things the chartist looks for is a trend. The figure below shows one in the making. It is the record of price changes for a stock over a number of daysand the prices are obviously on the way up. The chartist draws two lines connecting the tops and bottoms, creating a "channel" to delineate the uptrend. Because the presumption is that momentum in the market will tend to perpetuate itself, the chartist interprets such a pattern as a bullish augurythe stock can be expected to continue to rise. As Magee wrote in the bible of charting, Technical Analysis of Stock Trends, "Prices move in trends, and trends tend to continue until something happens to change the supply-demand balance." Some things should last forever and others should not be perpetuated at all. Things that should NOT be perpetuated? Ugly rumors, arms races, and your Aunt Martha's annual fruit cake. Be careful not to confuse perpetuate with perpetrate. Although they differ in spelling by only one letter, they differ greatly in meaning. If you perpetuate something, you help it last. Perpetrate, on the other hand, means to commit a criminal act. Needless to say, you wouldn't want to perpetuate the acts of perpetrators! 使不朽 使永久 使长存

delineate

One of the first things the chartist looks for is a trend. The figure below shows one in the making. It is the record of price changes for a stock over a number of daysand the prices are obviously on the way up. The chartist draws two lines connecting the tops and bottoms, creating a "channel" to delineate the uptrend. Because the presumption is that momentum in the market will tend to perpetuate itself, the chartist interprets such a pattern as a bullish augurythe stock can be expected to continue to rise. As Magee wrote in the bible of charting, Technical Analysis of Stock Trends, "Prices move in trends, and trends tend to continue until something happens to change the supply-demand balance." Though you pronounce it duh-LIN-ee-ate, there is a "line" in the middle of delineate. This might help you remember that to delineate is to outline and define something in detail or with an actual marking of lines and boundaries. When you create an outline for a paper it usually summarizes what you will detail later. You delineate the sections, or mark the heading lines, and when you write the details, you delineate the subject of each heading. So, to delineate is both to mark lines and to fill in the lines. Using a fence to divide properties or a carpet to claim your side of the bedroom also is a way to delineate, or mark, physical boundaries.

interpret

One of the first things the chartist looks for is a trend. The figure below shows one in the making. It is the record of price changes for a stock over a number of daysand the prices are obviously on the way up. The chartist draws two lines connecting the tops and bottoms, creating a "channel" to delineate the uptrend. Because the presumption is that momentum in the market will tend to perpetuate itself, the chartist interprets such a pattern as a bullish augurythe stock can be expected to continue to rise. As Magee wrote in the bible of charting, Technical Analysis of Stock Trends, "Prices move in trends, and trends tend to continue until something happens to change the supply-demand balance." When you interpret something, you make sense of it. You could interpret a graph, a foreign language, or even Mona Lisa's odd smile. If you're ordering food in a foreign land, you may need someone to interpret the menu for you. When you get tripped up or struggle to understand a subject even in your own language — like calculus, for example — sometimes you can find meaning, or interpret it for yourself. Or sometimes you'll need a teacher to work on the problem with you, showing how to interpret the mathematical language. 解释说明翻译口译

appraise

Perhaps the most spectacular boom and bust of the late twentieth century involved the Japanese real estate and stock markets. From 1955 to 1990, the value of Japanese real estate increased more than 75 times. By 1990, the total value of all.Japanese property was estimated at nearly $20 rillionequal to more than 20 percent of the entire world's wealth and about double the total value of the world's stock markets. America is twenty-five times bigger than Japan in terms of physical acreage, and yet Japan's property in 1990 was appraised to be worth five times as much as all American property. Theoretically, the Japanese could have bought all the property in America by selling off metropolitan Tokyo. Just selling the Imperial Palace and its grounds at their appraised value would have raised the cash to buy all of California. The tulips were even in full bloom around Japan's golf courses. By 1990, the total value of all golf courses in Japan reached $500 billion, an amount double the value of all equities traded on the Australian stock exchange. When you buy a house someone will need to appraise its value before you can get a mortgage. To appraise something is to figure out its worth in the marketplace, on the field, or in the world of ideas. To appraise the value of a friendship is difficult, but to appraise the value of your grandfather's pocket watch — just go to the pawn shop. The verb appraise comes from the Late Latin word appretiare, which means "value" or "estimate." You can appraise your chances of marrying royalty, which are probably slim. You can also appraise the value of a quarterback on your fantasy football team by looking at the statistics for his completed passes.

hazard hazardous

Predicting future earnings and dividends is a most hazardous occupation. It requires not only the knowledge and skill of an economist, but also the acumen of a psychologist. On top of that, it is extremely difficult to be objective; wild optimism and extreme pessimism constantly battle for top place. During the early 1960s, when the economy and the world situation were relatively stable, investors had no trouble convincing themselves that the coming decade would be soaring and prosperous. As a result, very high growth rates were projected for a large number of corporations. Years later, in 1980, the economy was suffering from severe "stagflation" and an unstable international situation. The best that investors could do that year was to project modest growth rates for most corporations. During the late 1990s, investors in the United States convinced themselves that a new era of high growth and unlimited prosperity was a foregone conclusion. If something is a hazard, it is a potential source of danger. Balloons are fun, but they're a hazard for little kids who might put them in their mouths. If you play miniature golf, you have to watch for hazards on the course — obstacles like the sand trap beside the dinosaur or the water hazard just past the windmill. As a verb, hazard means to take a risk, especially for the chance of a good return. You might hazard your chances at the roulette table or hazard a guess — that is, risk making a guess when you aren't certain. The noun "hazard" means something dangerous, and the adjective hazardous refers to anything that involves danger. A golf course with lots of sand traps is especially hazardous for golfers. That's why those traps are called hazards. If your car blows a tire in the middle of the night, make sure to turn on your hazard lights. Being invisible to other drivers is hazardous to everyone, especially yourself. Life is, by definition, hazardous. It's full of dangers, both obvious and otherwise. Acknowledge that fact and keep going anyway. If you spend all your time focusing on what's hazardous, you end up missing all the wonderful things in life.

acumen

Predicting future earnings and dividends is a most hazardous occupation. It requires not only the knowledge and skill of an economist, but also the acumen of a psychologist. On top of that, it is extremely difficult to be objective; wild optimism and extreme pessimism constantly battle for top place. During the early 1960s, when the economy and the world situation were relatively stable, investors had no trouble convincing themselves that the coming decade would be soaring and prosperous. As a result, very high growth rates were projected for a large number of corporations. Years later, in 1980, the economy was suffering from severe "stagflation" and an unstable international situation. The best that investors could do that year was to project modest growth rates for most corporations. During the late 1990s, investors in the United States convinced themselves that a new era of high growth and unlimited prosperity was a foregone conclusion. If you have acumen, you are very sharp at what you do. You hope your accountant and your surgeon are both known for their acumen. The noun acumen comes from the Latin word acumen, meaning "a point," or "sting." If you are able to make pointed decisions, if you have a sharp intellect, if you make good strategic moves, if you are successful in your field, or if your business instincts are spot-on, you have acumen. Even if you inherit an entire wholesale furniture dynasty from your grandfather, you could end up with nothing if you don't have his business acumen.

soar

Predicting future earnings and dividends is a most hazardous occupation. It requires not only the knowledge and skill of an economist, but also the acumen of a psychologist. On top of that, it is extremely difficult to be objective; wild optimism and extreme pessimism constantly battle for top place. During the early 1960s, when the economy and the world situation were relatively stable, investors had no trouble convincing themselves that the coming decade would be soaring and prosperous. As a result, very high growth rates were projected for a large number of corporations. Years later, in 1980, the economy was suffering from severe "stagflation" and an unstable international situation. The best that investors could do that year was to project modest growth rates for most corporations. During the late 1990s, investors in the United States convinced themselves that a new era of high growth and unlimited prosperity was a foregone conclusion. To soar means more than just to fly; it means to rise swiftly, to feel the wind slipping below you as you ride it higher, higher, higher. Flying is just moving through the air. Soaring, though, suggests exhilaration, even joy. Think about the anticipation you feel when you buy a lottery ticket — your hopes soar as you contemplate the possibilities. It's the same wonderful feeling you get when someone you have a crush on notices you, when you land that perfect job, when you hold your child. The word soar comes from the Latin, ex-, which means "out," and aura, meaning "breeze, air," together meaning "out of the air," which is precisely how it feels to soar. rise rapidly fly upwards or high in the sky

slippery

Risk is a most slippery and elusive concept. It's hard for investorslet alone economiststo agree on a precise definition. The American Heritage Dictionary defines risk as the possibility of suffering harm or loss. If I buy one-year Treasury bills to yield 5 percent and hold them until they mature, I am virtually certain of earning a 5 percent monetary return, before income taxes. The possibility of loss is so small as to be considered nonexistent. If I hold common stock in my local power and light company for one year on the basis of an anticipated 6 percent dividend return, the possibility of loss is greater. The dividend of the company may be cut and, more important, the market price at the end of the year may be much lower, causing me to suffer a serious net loss. Investment risk, then, is the chance that expected security returns will not materialize and, in particular, that the securities you hold will fall in price. Slippery things are slimy or wet, or for some other reason cause you to slide on them. A slippery fish is hard to hold in your hand, and a slippery path is easy to slip on. You should drive slowly and cautiously when the road is slippery after it starts to sleet. And your hands may get slippery with sweat when you're nervous about a job interview. You can also use this adjective in a figurative way, to mean "tricky" or "unreliable," so you might complain about your slippery brother, who always manages to disappear right before it's time to take the trash out or load the dishwasher.

elusive

Risk is a most slippery and elusive concept. It's hard for investorslet alone economiststo agree on a precise definition. The American Heritage Dictionary defines risk as the possibility of suffering harm or loss. If I buy one-year Treasury bills to yield 5 percent and hold them until they mature, I am virtually certain of earning a 5 percent monetary return, before income taxes. The possibility of loss is so small as to be considered nonexistent. If I hold common stock in my local power and light company for one year on the basis of an anticipated 6 percent dividend return, the possibility of loss is greater. The dividend of the company may be cut and, more important, the market price at the end of the year may be much lower, causing me to suffer a serious net loss. Investment risk, then, is the chance that expected security returns will not materialize and, in particular, that the securities you hold will fall in price. Things that are elusive are hard to find, pin down, or remember. They slip right out of your grasp. Ever try to catch a mouse? It's not easy, because mice are quick and elusive — they're tough to catch. Rabbits are speedy, so they're elusive too. Also, things that are tough to understand or describe are elusive — like the concepts of love and beauty. If you had an idea and then forgot it, the idea is elusive: it slipped away. Anything you can't get hold of, with your hands or with your brain, is elusive. 难以捉摸难以形容

frame

Second is my current position as an economist. Specializing in securities markets and investment behavior, I have acquired detailed knowledge of academic research and findings on investment opportunities. I have relied on many new research findings in framing recommendations for you. A frame is a basic shape or structure, especially one that outlines or surrounds a door or window. If you slam your bedroom door hard enough, the whole frame might shake. When frame is a noun, it is usually some kind of enclosure or outline that is also a physical support — like the frame around a window, a bed frame, or a picture frame. One frozen image, or still, from a movie is another kind of frame. As a verb, to frame means both to enclose something in a frame, the way you frame a painting, and to make it look like an innocent person is guilty of something. 框架结构 陷害

dilutive

Still, the stock of the company held its own and even rose modestly over the next few years despite the dilutive effect of "bonus" stock dividends and a war with Spain which led to a temporary collapse in trading opportunities. It is hard to believe that investors did not count the dilution potential of the new common stock that would be issued if the bondholders or preferred stockholders were to convert their securities into common stock. Indeed, as a result of such manipulations, corporations are now required to report their earnings on a "fully diluted" basis, to account for the new common shares that must be set aside for potential conversions. But most investors in the mid-1960s ignored such niceties and were satisfied only to see steadily and rapidly rising earnings. adj. 【经济学】(公司股票)每股股值下降的，每股收益削减的，冲减每股收益的 可以近似理解成稀释每股收益，实际上应该是冲抵 区别delusive

flunk

Such thinking flunks in the academic world. Calculations of past earnings growth are no help in predicting future growth. If you had known the growth rates of all companies during, say, the 1980-90 period, this would not have helped you at all in predicting what growth they would achieve in the 1990-2000 period. And knowing the fast growers of the 1990s will not help analysts find the fast growers of the early twentyfirst century. This startling result was first reported by British researchers for companies in the United Kingdom in an article charmingly titled "Higgledy Piggledy Growth." Learned academicians at Princeton and Harvard applied the British study to U.S. companiesand, surprise, the same was true here! To flunk is to do poorly on a test or in a class. One way to avoid flunking is to start studying several nights before a test. People have been flunking things ever since there were schools. However, we've only been calling it flunking since the 1800s. Originally, flunk could mean "to fail" or "to give up." That's a good reminder that sometimes, to avoid flunking, you just need to keep trying.

startle

Such thinking flunks in the academic world. Calculations of past earnings growth are no help in predicting future growth. If you had known the growth rates of all companies during, say, the 1980-90 period, this would not have helped you at all in predicting what growth they would achieve in the 1990-2000 period. And knowing the fast growers of the 1990s will not help analysts find the fast growers of the early twentyfirst century. This startling result was first reported by British researchers for companies in the United Kingdom in an article charmingly titled "Higgledy Piggledy Growth." Learned academicians at Princeton and Harvard applied the British study to U.S. companiesand, surprise, the same was true here! To startle is to jump, like when you're surprised. If you're sneaking through a dark room and step on a sleeping dog's tail — you might startle the dog. If she barks, that dog startles you right back! A startle is a quick, sharp movement, like a little jump that happens when you're surprised or suddenly scared. If you sneak up on your mom and say "Boo!" you'll startle her and she might jump up in her seat (before she yells at you to quit it). Alarm clocks and barking dogs often startle people. The original meaning of startle, around 1300, was "to run back and forth," from the Old English word styrtan, "to leap up."

fraud

Suppose your broker has called you and recommended that you invest in a new company with no sales or earningsjust great prospects. ''What business?" you say. "I'm sorry," your broker explains, "no one must know what the business is, but I can promise you enormous riches." A con game, you say. Right you are, but 300 years ago in England this was one of the hottest new issues of the period. And, just as you guessed, investors got very badly burned. The story illustrates how fraud can make greedy people even more eager to part with their money. A fraud is a something that deceives or tricks another person, usually to get their money. Frauds are dishonest. A fraud is something that sounds too good to be true — because it isn't. If you're promised millions of dollars by anyone on the Internet, that's got to be a fraud. Anyone trying to sell you a bridge is committing fraud. Identity theft is a type of fraud. Democrats and Republicans frequently accuse the other party of fraud when it comes to counting votes. You can also tell a person who is fake or an impostor is a fraud.

part with

Suppose your broker has called you and recommended that you invest in a new company with no sales or earningsjust great prospects. ''What business?" you say. "I'm sorry," your broker explains, "no one must know what the business is, but I can promise you enormous riches." A con game, you say. Right you are, but 300 years ago in England this was one of the hottest new issues of the period. And, just as you guessed, investors got very badly burned. The story illustrates how fraud can make greedy people even more eager to part with their money. 放弃，交出 give up what is not strictly needed

inflate

The Mississippi Company attracted speculators and their money from throughout the Continent. The word millionaire was invented at this time, and no wonder: The price of Mississippi stock rose from 100 to 2,000 in just two years, even though there was no logical reason for such an increase. At one time the inflated total market value of the stock of the Mississippi Company in France was more than eighty times that of all the gold and silver in the country. Using your own breath or an air pump, you can inflate a balloon — or anything else you need to pump air into. When you inflate something you fill it with air (or any other gas) to make it expand. "to blow into," the word inflate appeared in English in the early 16th century. Although we usually think of the word inflate as referring to blowing air or gas into a balloon or a tire, anything that grows larger, from food prices to an egoist's self-image, can be inflated. When an item becomes scarce, its price is likely to be inflated.

oblige obligation

The South Sea Company, which obligingly filled the need for investment vehicles, had been formed in 1711 to restore faith in the government's ability to meet its obligations. The company took on a government IOU of almost £10 million. As a reward， it was given a monopoly over all trade to the South Seas. The public believed immense riches were to be made in such trade, and regarded the stock with distinct favor. To oblige is to do something you have to, because you're bound by either good manners or the law. You are obliged to pay back your student loans, or for your portion of the dinner bill. You may also feel obliged to bring a gift if you're invited to a wedding. You can also tip your cowboy hat and be "much obliged" if someone does you a favor. The French phrase, noblesse oblige means basically that "privilege entails responsibility," or that the wealthy are obliged to do something productive in the world and not just sit around polishing their silver spoons. 这个词的含义似乎包括了 既有权利或特权或能力 也有义务 去做 obligation An obligation is a duty. It's your obligation or responsibility to call your mom on Mother's Day. Sending flowers would be even better. When you are morally or legally bound to a particular commitment, it's your obligation to follow through on it. If you see a crime taking place, for example, it's your obligation to notify the police. If an elderly person comes onto a full bus, it's your obligation to give up your seat for him. Sometimes when you enter a formal agreement with someone involving money, you might have to sign an obligation that states you are committed to paying back what you've borrowed. 义务；职责；债务

IOU

The South Sea Company, which obligingly filled the need for investment vehicles, had been formed in 1711 to restore faith in the government's ability to meet its obligations. The company took on a government IOU of almost £10 million. As a reward， it was given a monopoly over all trade to the South Seas. The public believed immense riches were to be made in such trade, and regarded the stock with distinct favor. 欠条 借条 借据 an informal debt instrument; representing `I owe you'

distinct

The South Sea Company, which obligingly filled the need for investment vehicles, had been formed in 1711 to restore faith in the government's ability to meet its obligations. The company took on a government IOU of almost £10 million. As a reward， it was given a monopoly over all trade to the South Seas. The public believed immense riches were to be made in such trade, and regarded the stock with distinct favor. When something is distinct, it is easily identifiable or set apart from others of its kind. An eighth-grader who is six feet tall has a distinct advantage over the other kids on the basketball court. A thing can be distinct if it is easy to see, either because it is different in some way from the things around it or if it is more clear and visible, as in: "The license number of the getaway car was more distinct once I cleaned my glasses." The word distinct comes from "to distinguish," which is when a person or thing is set apart from the pack: "The research that she did was distinct in its attention to detail."

dynamic

The amount of dividends you receive at each payoutas contrasted to their growth rateis readily understandable as being an important factor in determining a stock's price. The higher the dividend payout, other things being equal, the greater the value of the stock. The catch here is the phrase other things being equal. Stocks that pay out a high percentage of earnings in dividends may be poor investments if their growth prospects are unfavorable. Conversely, many companies in their most dynamic growth phase often pay out little or none of their earnings in dividends. And as noted above, many companies tend to buy back their shares rather than increasing their dividends. For two companies whose expected growth rates are the same, you are better off with the one whose dividend payout is higher. If a person, place, or thing is energetic and active, then it's dynamic. When things are dynamic, there's a lot going on. Even the most exciting rural town won't be as dynamic as a big city: there are just more things happening in a city. Someone with a dynamic personality is probably funny, loud, and excitable; a quiet, mousy person isn't dynamic. You can also talk about the dynamic aspect of music, which has to do with how the music uses dynamics, which means "changes in volume." When things are dynamic, changes and energy are in the air. 强调energy 活力 动力

contrast

The amount of dividends you receive at each payoutas contrasted to their growth rateis readily understandable as being an important factor in determining a stock's price. The higher the dividend payout, other things being equal, the greater the value of the stock. The catch here is the phrase other things being equal. Stocks that pay out a high percentage of earnings in dividends may be poor investments if their growth prospects are unfavorable. Conversely, many companies in their most dynamic growth phase often pay out little or none of their earnings in dividends. And as noted above, many companies tend to buy back their shares rather than increasing their dividends. For two companies whose expected growth rates are the same, you are better off with the one whose dividend payout is higher. The verb contrast means to show a difference, like photos that reveal how much weight someone lost by contrasting the "before" and "after" shots. You probably know contrast in its relation to compare. To contrast something is to look for differences among two or more elements, but compare is to do the opposite, to look for similarities. It's easy to tell the difference if you remember that contrast comes from the Latin root contra, and means "against." Contrast is also a noun meaning basically the same thing — you might notice the contrast of a dark tree against a snow-covered hill. contrast与compare接近，同样是对比比较对照，一个是找不同点，一个是找相同点

lucid

The castle-in-the-air theory of investing concentrates on psychic values. John Maynard Keynes, a famous economist and successful investor, enunciated the theory most lucidly in 1936. It was his opinion that professional investors prefer to devote their energies not to estimating intrinsic values, but rather to analyzing how the crowd of investors is likely to behave in the future and how during periods of optimism they tend to build their hopes into castles in the air. Something that's lucid is clear and understandable. Lucid writing is important in journalism, so that readers easily get the point of the article they're reading. When what you write or say is lucid, it's straightforward and its meaning is crystal clear. You can also use the adjective lucid to describe your mind or thoughts when you're thinking in a rational, sensible way: "I was worried about my grandmother's confusion yesterday, but she seems really lucid today." Another meaning is "translucent," or letting light shine through — which makes sense since lucid comes from the Latin lucidus, "light or clear," with its root of lux, "light." 明晰的，易懂的，头脑清晰的

trend

The first principle of technical analysis is that all information about earnings, dividends, and the future performance of a company is automatically reflected in the company's past market prices. A chart showing these prices and the volume of trading already comprises all the fundamental information, good or bad, that the security analyst can hope to know. The second principle is that prices tend to move in trends: A stock that is rising tends to keep on rising, whereas a stock at rest tends to remain at rest. A trend is what's hip or popular at a certain point in time. While a trend usually refers to a certain style in fashion or entertainment, there could be a trend toward warmer temperatures (if people are following trends associated with global warming). A trend simply reflects what seems to be going around at any given time. A trend can be in any area and doesn't only reflect fashion, pop culture and entertainment. There can also be a trend in the stock market to be bullish or bearish, depending on economic indicators, or a political trend reflecting a nation's current mood. Some trends are fun, some fabulous, some appalling, but however long they last, you can be sure there will always be a new trend coming along to replace the old.

comprise

The first principle of technical analysis is that all information about earnings, dividends, and the future performance of a company is automatically reflected in the company's past market prices. A chart showing these prices and the volume of trading already comprises all the fundamental information, good or bad, that the security analyst can hope to know. The second principle is that prices tend to move in trends: A stock that is rising tends to keep on rising, whereas a stock at rest tends to remain at rest. When something comprises other things, it is made up of them or formed from them. The periodic table comprises 118 elements, because the whole comprises the parts. In its traditional use, the word comprise is the opposite of compose: if A comprises X, Y, and Z, then X, Y, and Z compose A. But because compose and comprise sound so much alike, people have long confused the two. So now you often hear things like "The band is comprised of a guitarist, a bassist, and a hairy drummer," whereas sticklers would prefer "is composed of" in that sentence. The word is undergoing a usage shift, making it just as hairy as that drummer! 与compose区分，Compose is to make up a whole, and comprise is to contain parts. Poodles compose the dog class because the class comprises poodles. The parts compose the whole, and the whole comprises the parts. Confused? Everybody else is!

The investment community and the financial media tend to obsess over interest rates

The investment community and the financial media tend to obsess over interest rates—the cost someone pays for the use of someone else's money— and with good reason. When the Federal Open Market Committee (FOMC) sets the target for the federal funds rate at which banks borrow from and lend to each other, it has a ripple effect across the entire U.S. economy, not to mention the U.S. stock market. And, while it usually takes at least 12 months for any increase or decrease in interest rates to be felt in a widespread economic way, the market's response to a change (or news of a potential change) is often more immediate. obsess over sth 着迷于 FOMC 联邦公开市场委员会

surge

The issue could be bought on the installment plan-£60 down and the rest in eight easy payments. Even the king could not resist; he subscribed for stock totaling £100,000. Fights broke out among other investors surging to buy. The price had to go up and the eager buyers were right. It advanced to £340 within a few days. To ease the public appetite, the South Sea directors announced another new issuethis one at £400. But the public was ravenous. Within a month the stock was £550, and it was still rising. A surge is a sudden strong swelling, like a tsunami wave that engulfs the land. Although a surge offers a fluid image, anything can experience a sudden surge, including emotions, political support, or an angry mob. The original Latin word surgere, meaning "to spring up or rise," serves as the basis for the word surge, which refers to a great sudden growth or swelling. If you are watching a sad movie and you experience a sudden surge of emotion, do you quietly reach for a tissue, pretend something's in your eye, or simply weep and sob with reckless abandon? Yeah, me too. Christmas shopping can be dangerous when there is a surge of interest in one toy and desperate shoppers surge into stores trying to grab it up. 汹涌澎湃 飙升 激增

derive

The more respectable a stock is that is, the less risk it has the higher its quality. Stocks of the so-called blue-chip companies, for example, are said to deserve a quality premium. (Why high-quality stocks are given an appellation derived from the poker tables is a fact known only to Wall Street.) Most investors prefer less risky stocks and, therefore, these stocks can command higher price-earnings multiples than their risky, low-quality counterparts. If you want to talk about something that comes from something else, but you want to sound sophisticated and maybe financial or scientific, use derive, like so: That scent? It's derived from a solution of roses boiled with toothpicks. The word derive derives from (see how we did that?) the Latin rivus or stream, as in water. That image of the stream may help you remember the meaning of derive; you may picture tracing tiny streams back to their main source. Derive is a verb, as you can see, but it's often in the news in the noun form derivative: something that is derived from something else, as in "juice is a derivative of an orange." 起源 源于

appellation

The more respectable a stock isthat is, the less risk it has the higher its quality. Stocks of the so-called blue-chip companies, for example, are said to deserve a quality premium. (Why high-quality stocks are given an appellation derived from the poker tables is a fact known only to Wall Street.) Most investors prefer less risky stocks and, therefore, these stocks can command higher price-earnings multiples than their risky, low-quality counterparts. Appellation means the name or title by which someone is known. Mark Twain is the famous appellation by which everyone remembers author and humorist Samuel Clemens. An appellation is what people call a person or thing — essentially, its name or title. George Herman Ruth's parents may have known him as George, but the rest of the world knew this famous slugger by his appellation, Babe. If you use the word appellation in a discussion of wine, you'd mean the name of the region or vineyard where the wine originated. Champagne is an appellation for the bubbly white wine that comes from the Champagne region of France. 称呼 名称

ultimate

The newspaper-contest analogy represents the ultimate form of the castle-in-the-air theory of price determination. An investment is worth a certain price to a buyer because she expects to sell it to someone else at a higher price. The investment, in other words, holds itself up by its own bootstraps. The new buyer in turn anticipates that future buyers will assign a still-higher value. The last in a series can be described as the ultimate. A cheeky kid, when asked what she wants to be when she grows up, might say, "I want to be an actress, a singer, and a veterinarian, but my ultimate goal is to be President of the United States." A definition for the adjective ultimate is the furthest in space or time or the highest in degree or order. Traveling for business, you are flying first to London, then to Portugal, but your ultimate destination is South Africa. The kids ask you if they can invite friends over to play video games. It's a good idea to reply, "Mom isn't home from work yet and she's ultimate authority on the schedule." 最终 终极

anticipate

The newspaper-contest analogy represents the ultimate form of the castle-in-the-air theory of price determination. An investment is worth a certain price to a buyer because she expects to sell it to someone else at a higher price. The investment, in other words, holds itself up by its own bootstraps. The new buyer in turn anticipates that future buyers will assign a still-higher value. To anticipate something is to be expecting it. Your dog might be waiting by the door, anticipating his next walk or squirrel chase. "Anticipating something" also often implies that you are preparing to take some action because of your expectations — like when you anticipate your chess opponent's next move and plan a counterattack. The word anticipate can also mean "to come beforehand" — as in a certain musical trend anticipating another. anticipate sth 更像是说 由于预测到了一些东西 因此有准备 已经准备好了

"holds itself up by its own bootstraps"

The newspaper-contest analogy represents the ultimate form of the castle-in-the-air theory of price determination. An investment is worth a certain price to a buyer because she expects to sell it to someone else at a higher price. The investment, in other words, holds itself up by its own bootstraps. The new buyer in turn anticipates that future buyers will assign a still-higher value. What does 'Pull yourself up by your bootstraps' mean? Meaning 1:If you pull yourself up by your bootstraps, you make the effort to improve things for yourself. Meaning 2:If you pull yourself up by your bootstraps, you improve your problem or situation by your own efforts, without anyone else's help.

analogy

The newspaper-contest analogy represents the ultimate form of the castle-in-the-air theory of price determination. An investment is worth a certain price to a buyer because she expects to sell it to someone else at a higher price. The investment, in other words, holds itself up by its own bootstraps. The new buyer in turn anticipates that future buyers will assign a still-higher value. When you draw an analogy between two things, you compare them for the purpose of explanation. The movie character Forrest Gump made a silly analogy famous: "Life is like a box of chocolates." Some standardized tests still have "analogy questions," which are given in this format: A : B :: C : ___ (read "A is to B as C is to what?"). This is a more formalized version of something we do every day: compare one thing to another. It's a useful way of speaking — if a scientist explains that the earth's forests function as its lungs, we understand the analogy to mean that both trees and lungs take in important elements from the air. But when Forrest Gump says life is like a box of chocolates because you never know what you're going to get, that's a pretty brainless analogy.

exclude

The only conceivable advantage of a stock split (or large stock dividend) is that lowering the price level of the shares might induce more public investors to purchase them. People like to buy in 100-share lots, and if a stock's price is very high many investors feel excluded. But 2 and 3 percent stock dividends, which are so commonly declared, do no good at all. Exclude means to leave out — like when the cool kids won't let you in on their game of four-square or the pizza guy leaves your neighborhood out from his delivery zone. Exclude comes to us from the Latin word excludere, which means "to shut." So essentially, when you exclude someone you slam the door in their face one way or another: You won't let them into the party, you leave them off the invite list, or refuse to include them in the conversation once they arrive. Needless to say, excluding others is not very nice. 排斥 拒绝接纳

conceivable

The only conceivable advantage of a stock split (or large stock dividend) is that lowering the price level of the shares might induce more public investors to purchase them. People like to buy in 100-share lots, and if a stock's price is very high many investors feel excluded. But 2 and 3 percent stock dividends, which are so commonly declared, do no good at all. If you see yellowish skies on a humid, spring evening in Kansas, it is entirely conceivable that a tornado is in the making. That is to say, it's imaginable or even possible, so make sure you take every conceivable precaution. If you conceive of something, you imagine or think of it. So, it makes sense that the adjective conceivable describes things that can be imagined or thought of. People often use the word conceivable in extreme contexts. If you look everywhere for your homework but still can't find it, you might declare, "I searched in every conceivable location! My homework must have disappeared." In response, your teacher might remark that disappearing homework is inconceivable, or "impossible to imagine." 可以想象到的是

induce

The only conceivable advantage of a stock split (or large stock dividend) is that lowering the price level of the shares might induce more public investors to purchase them. People like to buy in 100-share lots, and if a stock's price is very high many investors feel excluded. But 2 and 3 percent stock dividends, which are so commonly declared, do no good at all. To induce is to move or lead someone to action. A promise of a lollipop can induce a toddler to do just about anything, even sit down and be polite to Aunt Edna. Older kids need something more substantial. Some people believe that if you offer someone a large enough sum of money, you could induce them to do almost anything. But a movie heroine might say to the villain, "Nothing could induce me to marry you. Not all the money in the world. Not if you were the last man on Earth!" Induce also means to stimulate the occurrence of something, such as medications used to induce vomiting, or to induce a pregnant woman to go into labor. 引诱诱使促使 "有钱能使磨推鬼"

commission

The past history of stock prices cannot be used to predict the future in any meaningful way. Technical strategies are usually amusing, often comforting, but of no real value. This is the weak form of the random-walk theory, and it is the consistent conclusion of research done at universities such as Chicago, Yale, Princeton, and Stanford. It has been published mainly in investment journals, but also in more esoteric ones such as Kyklos and Econometrica. Technical theories enrich only the people preparing and marketing the technical service or the brokerage firms who hire technicians in the hope that their analyses may help encourage investors to do more in-and-out trading and thus generate commission business for the brokerage firm. The word commission has several very different meanings, but in its most basic meaning, commission is the act of passing a responsibility to someone else. If you receive a government commission, that means you have been assigned a task by the government. Another common meaning of commission is the amount of money an employee earns when they sell something: In addition to his salary, he gets a 1% commission on each sale. A commission is also an order for someone to do something and get paid: The artist received a commission for a new painting to hang in the building lobby. And a commission is a high-ranking position in the armed forces, or a special committee that controls or investigates something. 1. 委任委托授权 2. 佣金 3. 委员会

walks of life

The prize, however, must surely go to the unknown soul who started "A Company for carrying on an undertaking of great advantage, but nobody to know what it is." The prospectus promised unheard-of rewards. At nine o'clock in the morning, when the subscription books opened, crowds of people from all walks of life practically beat down the door in an effort to subscribe. Within five hours a thousand investors handed over their money for shares in the company. Not being greedy himself, the promoter promptly closed up shop and set off for the Continent. He was never heard from again. 各界，各行各业

consummate

The story of Synergon describes the standard conglomerate earnings "growth" gambit. A lot of other monkeyshines also were practiced. Convertible bonds (or convertible preferred stocks) often were used as a substitute for shares in paying for acquisitions. A convertible bond is an IOU of the company, paying a fixed interest rate, that is convertible at the option of the holder into shares of the firm's common stock. As long as the earnings of the newly acquired subsidiary were greater than the relatively low interest rate that was placed on the convertible bond, it was possible to show even more sharply rising earnings per share than those in the previous illustration. This is because no new common stocks at all had to be issued to consummate the merger, and thus the combined earnings could be divided by a smaller number of shares. Consummate means complete, finished, or masterful. If you refer to someone as a consummate chef, then you are saying he is the ultimate chef. If you say someone is a consummate jerk, then you are saying he is the ultimate jerk. Consummate can be used to describe something good or bad: consummate joy, a consummate liar. To consummate means to bring something to completion, but it often refers specifically to making a marriage complete by having sexual relations.

subsidiary

The story of Synergon describes the standard conglomerate earnings "growth" gambit. A lot of other monkeyshines also were practiced. Convertible bonds (or convertible preferred stocks) often were used as a substitute for shares in paying for acquisitions. A convertible bond is an IOU of the company, paying a fixed interest rate, that is convertible at the option of the holder into shares of the firm's common stock. As long as the earnings of the newly acquired subsidiary were greater than the relatively low interest rate that was placed on the convertible bond, it was possible to show even more sharply rising earnings per share than those in the previous illustration. This is because no new common stocks at all had to be issued to consummate the merger, and thus the combined earnings could be divided by a smaller number of shares. If a company belongs to another company, then the owned company is a subsidiary. When a large company bought your small business, you became a subsidiary. It still hurts to call them the parent company, since you publish novels and they make toilet paper. The adjective form of subsidiary describes something that is of secondary importance or that functions in a supporting capacity. In addition to running the band program, you're a member of several subsidiary committees like the fund raising committee and the hospitality committee. Traffic on the road was light when you drove outside the city, but as more subsidiary roads joined with the main one, traffic quickly became congested. 1. 附属的 辅助的 2. 子公司

substitute

The story of Synergon describes the standard conglomerate earnings "growth" gambit. A lot of other monkeyshines also were practiced. Convertible bonds (or convertible preferred stocks) often were used as a substitute for shares in paying for acquisitions. A convertible bond is an IOU of the company, paying a fixed interest rate, that is convertible at the option of the holder into shares of the firm's common stock. As long as the earnings of the newly acquired subsidiary were greater than the relatively low interest rate that was placed on the convertible bond, it was possible to show even more sharply rising earnings per share than those in the previous illustration. This is because no new common stocks at all had to be issued to consummate the merger, and thus the combined earnings could be divided by a smaller number of shares. Something or someone that takes the place of another is said to be a substitute. You may be sent into a game as a substitute for an injured player, or you might substitute chocolate chips for blueberries in a pancake recipe. Substitute can be used as an adjective to describe something or someone that takes the place of another. Teenagers are notoriously hard on substitute teachers, sometimes giving them fake names or wrong information about classroom work. Substitute can also be used as a verb. So if you are asked to substitute for a teacher, you probably shouldn't believe everything the students tell you!

swap

The trick that makes the game work is the ability of the electronics company to swap its high-multiple stock for the stock of another company with a lower multiple. The candy company can only "sell" its earnings at a multiple of 10. But when these earnings are packaged with the electronics company, the total earnings (including those from selling chocolate bars) could be sold at a multiple of 20. And the more acquisitions Synergon could make, the faster earnings per share would grow and thus the more attractive the stock would look to justify its high multiple. The word swap means you give something in exchange for something else. In the medieval ages, a farmer would swap — or exchange — his cow for his neighbor's horse. First used in the 1590s to mean "exchange, barter, trade," as a noun swap can mean an equal exchange. You might do a clothes swap with one of your friends in the hopes of perking up your wardrobe. As a verb swap describes the act of exchanging something for something else. You might swap oil for applesauce when baking brownies to make this treat healthier. In computer science swap means you move a piece of a computer program into memory. 1. 交换 2. 互换 金融工具 A swap is a derivative contract through which two parties exchange financial instruments. These instruments can be almost anything, but most swaps involve cash flows based on a notional principal amount that both parties agree to. Usually, the principal does not change hands. Each cash flow comprises of one leg of the swap. One cash flow is generally fixed, while the other is variable, that is, based on a a benchmark interest rate, floating currency exchange rate, or index price.

dubious

There are, I believe, four factors that help explain why security analysts have such difficulty in predicting the future. These are (1) the influence of random events, (2) the creation of dubious reported earnings through "creative" accounting procedures, (3) the basic incompetence of many of the analysts themselves, and (4) the loss of the best analysts to the sales desk or to portfolio management. Each factor deserves some discussion. Choose the adjective dubious for something you have doubts about or you suspect is not true. That bridge you just "bought" might be of dubious value. Dubious stems from Latin dubiosus "doubtful" or "uncertain" and contains the Latin root duo in this case meaning "of two minds." This is apparent in that dubious generally describes something that appears one way but is truly another. A dubious claim is probably not true, whereas a dubious website or character is of questionable quality. Dubious can also be synonymous with doubtful when referring to a person as in "she was dubious about the idea." 可疑的 怀疑的 半信半疑的

incompetent

There are, I believe, four factors that help explain why security analysts have such difficulty in predicting the future. These are (1) the influence of random events, (2) the creation of dubious reported earnings through "creative" accounting procedures, (3) the basic incompetence of many of the analysts themselves, and (4) the loss of the best analysts to the sales desk or to portfolio management. Each factor deserves some discussion. If you are incompetent, you are not able to complete a task, like if you only ever made peanut butter and jelly sandwiches — you would be incompetent in the kitchen of a fancy French restaurant. Someone who is not very good at getting a job done is incompetent. An incompetent salesperson can't sell anything. A learned professor may be quite incompetent when it comes to controlling a room full of rowdy pre-schoolers. Legally speaking, you can be declared incompetent if you do not have necessary qualifications, like being certified or licensed to do a certain job, like cut hair or fix cars. 不胜任的 不称职的

bewilder set the record straight

There have been so many bewildering claims about the stock market that it's important to have a book that sets the record straight. bewildered: If a conversation about quantum mechanics leaves you feeling bewildered, or lost and befuddled, don't feel bad: physics is a baffling and confusing subject. Be- + wildered = "thoroughly gone astray, into the wild," which is pretty much what our minds do when we don't understand something, when we don't even come close to understanding it. If you're bewildered, you are confused on a whole new level. You may even find your confusion confusing. Great synonyms for this word include at sea, bemused, confounded, and mixed-up.

arbitrageur

They point to techniques the pros use such as "program trading," "portfolio insurance," and investment strategies using complex derivative instruments, and they read news reports of mammoth takeovers and the highly profitable (and sometimes illegal) activities of well-financed arbitrageurs. 套汇者 同时买入及卖出证券，意图从差价中获利，在一般于不同的交易所或市场进行买卖 someone who engages in arbitrage (who purchases securities in one market for immediate resale in another in the hope of profiting from the price differential)

irrelevant

To be sure, the Internet boom was real. The numbers of Internet users was doubling each year during the late 1990s. But the industry was fiercely competitive and investors did not focus on the great risks faced by small companies in young, dynamic, and volatile industries. Not all companies could succeed and yet all previous valuation standards were considered irrelevant.No one calculated price-earnings multiples anymore (after all, there were usually no earnings). Even price-to-sales ratios were discarded. But the growth possibilities were staggering, and the castles in the air that could be built by investors were grandiose indeed. The mania for stocks even remotely Internet-related was extraordinary as people began blindly investing in anything suggesting an association with the new industry. If you're talking about hockey and someone keeps trying to mention football, you might describe their comments as irrelevant. Irrelevant means not related to the subject at hand. If a rock star becomes irrelevant, it means people are not relating--or even listening--to his music anymore. It isn't part of what people are thinking or talking about. The opposite is relevant, meaning related. An analysis of brush strokes in Manet's painting would be relevant to a discussion of texture in painting in general. Relevant was borrowed from Medieval Latin relevare "to bear upon," from Latin, "to lift up." The prefix ir-, meaning "not," is a variant of in- before words that begin with the letter r.

discard

To be sure, the Internet boom was real. The numbers of Internet users was doubling each year during the late 1990s. But the industry was fiercely competitive and investors did not focus on the great risks faced by small companies in young, dynamic, and volatile industries. Not all companies could succeed and yet all previous valuation standards were considered irrelevant.No one calculated price-earnings multiples anymore (after all, there were usually no earnings). Even price-to-sales ratios were discarded. But the growth possibilities were staggering, and the castles in the air that could be built by investors were grandiose indeed. The mania for stocks even remotely Internet-related was extraordinary as people began blindly investing in anything suggesting an association with the new industry. When you discard something, you get rid of it. If your closet is overflowing with clothes you haven't worn since 1992, why not discard some of them? When the verb discard first entered the English language in the sixteenth century, it referred to card playing and meant "to throw a card away." Discard is still used to describe getting rid of unlucky cards, but today, you'll also hear it used in a broader sense — we discard, or throw away, things that are undesirable or no longer useful. You might discard a worn out shoe, for example.

grandiose

To be sure, the Internet boom was real. The numbers of Internet users was doubling each year during the late 1990s. But the industry was fiercely competitive and investors did not focus on the great risks faced by small companies in young, dynamic, and volatile industries. Not all companies could succeed and yet all previous valuation standards were considered irrelevant.No one calculated price-earnings multiples anymore (after all, there were usually no earnings). Even price-to-sales ratios were discarded. But the growth possibilities were staggering, and the castles in the air that could be built by investors were grandiose indeed. The mania for stocks even remotely Internet-related was extraordinary as people began blindly investing in anything suggesting an association with the new industry. You've got big plans. Huge plans. Whatever it is, it's going to blow minds and absolutely rock worlds! Well, to some people those plans might sound a bit grandiose, or unnecessarily overblown and even highfalutin. Coming from the Italian word grandioso (meaning "grand" or "noble"), the adjective grandiose is kind of like Italian hand gestures: big, exaggerated, and over the top. And it's that excessiveness that pushes something grand (large, with an air of distinction) into grandiose (large, but trying too hard) territory. 宏伟 壮观 宏大 但略微带浮夸 好大喜功的意思

dedicate

To dedicate is to assign, to commit or to give over. If you dedicate a song you've written to a friend, it means the song belongs to them. If you dedicate yourself to a project, it means you give yourself to it. Things you may be dedicated to include your family, improving your local park, or attempting to break the world record for making the world's biggest rubber band ball. A dedicated resource is one committed to a specific mission, such as the computer room at your school being dedicated, or given over, to newspaper production every Tuesday afternoon. 献给；奉献；献身

ravenous

To ease the public appetite, the South Sea directors announced another new issuethis one at £400. But the public was ravenous. Within a month the stock was £550, and it was still rising. On June 15 yet another issue was put forth, and this time the payment plan was even easier 10 percent down and not another payment for a year. The stock hit £800. Half the House of Lords and more than half the House of Commons signed on. Eventually, the price rose to more than £1,000. The speculative craze was in full bloom. A ravenous person feels like they haven't eaten in days and could probably finish off 10 pizzas without help. So ravenous is not a good state to be in when you go grocery shopping. Back in the early 15th century, you would have been called ravenous if you were greedy and obsessed with stealing, much like a pirate. Nowadays, it's often used to describe extreme hunger or desire. Having a ravenous appetite means you're literally hungry like the wolf, snarling and growling (stomach) included. So do everyone in the lunchroom a favor and remember to eat breakfast.

House of Lords

To ease the public appetite, the South Sea directors announced another new issuethis one at £400. But the public was ravenous. Within a month the stock was £550, and it was still rising. On June 15 yet another issue was put forth, and this time the payment plan was even easier 10 percent down and not another payment for a year. The stock hit £800. Half the House of Lords and more than half the House of Commons signed on. Eventually, the price rose to more than £1,000. The speculative craze was in full bloom. （英国国会的） 上议院

adroit

To predict future directions, analysts generally start by looking at past wanderings. "A proven score of past performance in earnings growth is," one analyst told me, "a most reliable indicator of future earnings growth." If management is really skillful, there is no reason to think it will lose its Midas touch in the future. If the same adroit management team remains at the helm, the course of future earnings growth should continue as it has in the past, or so the argument goes. Someone who is adroit is clever and skillful. An adroit leader will be able to persuade people to go with his ideas. An adroit sculptor can turn a lump of clay into an object of great beauty. If you've ever studied French you know that droit means "right," both as in "right of free speech" and as in "left and right," and à droit means both "turn right" and "properly." Once English people borrowed à droit, they changed the meaning slightly, from doing something "properly" to "doing something well." You may have heard the expression "surprisingly adroit," as in, "For a guy whose wife does all the cooking, he is surprisingly adroit in the kitchen." 既聪明又有技巧

helm

To predict future directions, analysts generally start by looking at past wanderings. "A proven score of past performance in earnings growth is," one analyst told me, "a most reliable indicator of future earnings growth." If management is really skillful, there is no reason to think it will lose its Midas touch in the future. If the same adroit management team remains at the helm, the course of future earnings growth should continue as it has in the past, or so the argument goes. The person at the helm is the person in charge, and if you happen to be at sea, that person is the one steering the boat with a device called a helm, the mechanism that keeps the boat on course. When someone takes over from someone else — as when a newly elected official takes office, or when a company appoints a new head — you would say that new person has taken the helm. But if you're going to take the helm or be at the helm, you can't have an empty boat. There's got to be a group in there with you that you're taking the helm for, guiding them all. 支配 掌舵

undertaking

Unfortunately, there were hundreds of smiling operators only too glad to help the public construct castles in the air. Manipulation on the stock exchange set new records for unscrupulousness. No better example can be found than the operation of investment pools. One such undertaking raised the price of RCA stock 61 points in four days. Let me explain how the pools could manipulate the price of a stock. Painting a house is a serious undertaking--it looks simple but involves a lot of preparation and hard work. An undertaking is a job or a task you commit to. The word also can mean the profession of funeral management. When you take something under consideration, it means you're not necessarily going to do it, you're just going to think about it. When you take something on, you've undertaken to actually do it. The word undertaking suggests something that involves quite a bit of work. Organizing an Oxfam hunger-day at your school is a significant undertaking, but it's worth all the effort. 强调"looks simple but involves a lot of preparation and hard work"

manipulate

Unfortunately, there were hundreds of smiling operators only too glad to help the public construct castles in the air. Manipulation on the stock exchange set new records for unscrupulousness. No better example can be found than the operation of investment pools. One such undertaking raised the price of RCA stock 61 points in four days. Let me explain how the pools could manipulate the price of a stock. To manipulate something means to handle it skillfully, like the way a sculptor manipulates clay or a really good politician works a crowd. The verb manipulate evolved from manipulation, which back in the 1700s referred to a method of digging ore. So manipulating something originally only meant moving or arranging it by hand or mechanically. It wasn't until 1864 that people started using the word manipulate to describe someone exerting mental or emotional influence on others.

rally

Using technical analysis for market timing is especially dangerous. Because there is a long-term uptrend in the stock market, it can be very risky to be in cash. An investor who frequently carries a large cash position to avoid periods of market decline is very likely to be out of the market during some periods where it rallies smartly. During the decade of the 1980s, the Standard & Poor's 500 Index provided a very handsome total return (including dividends and capital changes) of 17.6 percent. But an investor who happened to be out of the market and missed just the ten best days of the decade out of a total of 2,528 trading days was up only 12.6 percent. Similar statistics are descriptive of the entire period from the early 1960s through the 1990s. The point is that market timers risk missing the infrequent large sprints that are the big contributors to performance. Use the verb rally to describe that last push to finish a difficult something. When you hit that last mile in the race and are so tired you want to quit, that's when you rally, finding the strength to pick up the pace. The verb rally is often used to describe a physical effort that has been renewed, but it can describe anything that involves bouncing back from a setback. For example, if something makes you feel disappointed, you rally to get your positive attitude back. Rally can also describe bringing people together, often to support a cause. The event itself is also called a rally, like pep rally in which students boost the confidence of their team as it heads into the championship game. 重整回复回升回拉重振复元

sprint

Using technical analysis for market timing is especially dangerous. Because there is a long-term uptrend in the stock market, it can be very risky to be in cash. An investor who frequently carries a large cash position to avoid periods of market decline is very likely to be out of the market during some periods where it rallies smartly. During the decade of the 1980s, the Standard & Poor's 500 Index provided a very handsome total return (including dividends and capital changes) of 17.6 percent. But an investor who happened to be out of the market and missed just the ten best days of the decade out of a total of 2,528 trading days was up only 12.6 percent. Similar statistics are descriptive of the entire period from the early 1960s through the 1990s. The point is that market timers risk missing the infrequent large sprints that are the big contributors to performance. When you run really fast, you sprint. You and your sister might sprint to the bus stop, racing to see who can get there first. In the sport of track and field, a sprint is a short race that's run at top speed the whole way. Two professional cyclists also sprint when they race on bikes that start out side-by-side. If you notice a swarm of angry wasps heading your direction, you can sprint indoors, hoping you move faster than they do. Sprint has a Scandinavian root, possibly the Old Norse word spretta, "to jump up." 冲刺全速奔跑短跑

prospect

With regard to stocks, Keynes noted that no one knows for sure what will influence future earnings prospects and dividend payments. As a result, Keynes said, most persons are "largely concerned, not with making superior long-term forecasts of the probable yield of an investment over its whole life, but with foreseeing changes in the conventional basis of valuation a short time ahead of the general public." Keynes, in other words, applied psychological principles rather than financial evaluation to the study of the stock market. He wrote, "It is not sensible to pay 25 for an investment of which you believe the prospective yield to justify a value of 30, if you also believe that the market will value it at 20 three months hence." A prospect is the possibility that something fabulous will happen. After you graduate top of your class at Harvard, for example, your job prospects look great. Prospect is from the Latin word prospectus which means a "view or outlook." A prospect is still a way of looking ahead and expecting good things. It's like potential in that it's something that might be but isn't yet. There is also the potential for something bad to happen, but prospects usually look good. In the 1800s, when men in floppy brown hats started saying "There's gold in them there hills!" the noun became a verb — to prospect is to search for gold. Either way, when you have prospects, you have a golden future. 前景 预期 （通常是好的一面）

conventional

With regard to stocks, Keynes noted that no one knows for sure what will influence future earnings prospects and dividend payments. As a result, Keynes said, most persons are "largely concerned, not with making superior long-term forecasts of the probable yield of an investment over its whole life, but with foreseeing changes in the conventional basis of valuation a short time ahead of the general public." Keynes, in other words, applied psychological principles rather than financial evaluation to the study of the stock market. He wrote, "It is not sensible to pay 25 for an investment of which you believe the prospective yield to justify a value of 30, if you also believe that the market will value it at 20 three months hence." Conventional is an adjective for things that are normal, ordinary, and following the accepted way. Ho-hum. This word describes what is typical and ordinary and that which follows accepted standards of behavior or taste. This is a word that's current definition is still very similar to its Latin root, conventionalis, which is "pertaining to an agreement." One way this word is used is with respect to conventional weapons, as in those "not using, making, or involving nuclear weapons or energy; nonnuclear." 传统的 常见的 惯例的 常规的 typical ordinary

hence

With regard to stocks, Keynes noted that no one knows for sure what will influence future earnings prospects and dividend payments. As a result, Keynes said, most persons are "largely concerned, not with making superior long-term forecasts of the probable yield of an investment over its whole life, but with foreseeing changes in the conventional basis of valuation a short time ahead of the general public." Keynes, in other words, applied psychological principles rather than financial evaluation to the study of the stock market. He wrote, "It is not sensible to pay 25 for an investment of which you believe the prospective yield to justify a value of 30, if you also believe that the market will value it at 20 three months hence." Hence means "for this reason," or "therefore." One Hollywood starlet is a huge fan of tiny dogs, hence the Pomeranian puppy peeking out of her purse. Hence not only means "therefore." It can also mean forward from this time. Nine months hence, a baby that has just been conceived will enter the world kicking and screaming. These days, you're more likely to hear the word hence in a movie set a hundred years ago than in casual conversation because it has a very old-fashioned ring to it. 所以 由于这个原因 (used to introduce a logical conclusion) from that fact or reason or as a result 自此 从此 from this time from this place

probable

With regard to stocks, Keynes noted that no one knows for sure what will influence future earnings prospects and dividend payments. As a result, Keynes said, most persons are "largely concerned, not with making superior long-term forecasts of the probable yield of an investment over its whole life, but with foreseeing changes in the conventional basis of valuation a short time ahead of the general public." Keynes, in other words, applied psychological principles rather than financial evaluation to the study of the stock market. He wrote, "It is not sensible to pay 25 for an investment of which you believe the prospective yield to justify a value of 30, if you also believe that the market will value it at 20 three months hence." If it's probable, then odds are it's going to come true. If rain is probable this weekend, you shouldn't plan a picnic. Things that are probable are probably going to happen; they're likely. Meteorologists are always trying to figure out what weather is probable, though they're often wrong. Sportscasters and gamblers try to guess the probable outcome of big games. You can also call a candidate for a job or political office who's likely to get the position a probable — they've probably got the job in the bag. 很可能 有很大希望

sensible

With regard to stocks, Keynes noted that no one knows for sure what will influence future earnings prospects and dividend payments. As a result, Keynes said, most persons are "largely concerned, not with making superior long-term forecasts of the probable yield of an investment over its whole life, but with foreseeing changes in the conventional basis of valuation a short time ahead of the general public." Keynes, in other words, applied psychological principles rather than financial evaluation to the study of the stock market. He wrote, "It is not sensible to pay 25 for an investment of which you believe the prospective yield to justify a value of 30, if you also believe that the market will value it at 20 three months hence." Sensible means practical and reasonable. If you're wearing sensible shoes, they're sturdy, comfortable, good for walking, and your feet don't hurt. If you're a sensible person, you're level-headed and calm, and you make wise decisions. Sensible may not sound exciting — who wants to be like a pair of galoshes, when you can be stilettos? But sensible is the voice of reason, and when you're tooling along in your convertible, you'll be grateful for the sensible 15-mile-per-hour speed limit posted at that sharp turn where the road drops off into the canyon. Sensible comes from the Latin sensibilis, meaning "perceptible by the senses," a meaning that eventually evolved into "having good sense, reasonable." 既讲究实际又符合道理 明智的 合乎情理的

superior

With regard to stocks, Keynes noted that no one knows for sure what will influence future earnings prospects and dividend payments. As a result, Keynes said, most persons are "largely concerned, not with making superior long-term forecasts of the probable yield of an investment over its whole life, but with foreseeing changes in the conventional basis of valuation a short time ahead of the general public." Keynes, in other words, applied psychological principles rather than financial evaluation to the study of the stock market. He wrote, "It is not sensible to pay 25 for an investment of which you believe the prospective yield to justify a value of 30, if you also believe that the market will value it at 20 three months hence." The salesman boasted to his customer that the $1 million car was well worth the price because it was far superior, meaning of higher quality, to any car that had come before it. This car, the salesman bragged, could fly. Superior comes from the Latin word meaning above and it literally means something that is above others in quality or status. Sometimes being superior can be perceived as a negative, as in the woman who acts superior to all of her friends, having a high opinion of herself just because she has millions of dollars in the bank after winning the lottery. 强调"above others in quality or status" 出众的 某些语境下也与优越感有联系

foresee

With regard to stocks, Keynes noted that no one knows for sure what will influence future earnings prospects and dividend payments. As a result, Keynes said, most persons are "largely concerned, not with making superior long-term forecasts of the probable yield of an investment over its whole life, but with foreseeing changes in the conventional basis of valuation a short time ahead of the general public." Keynes, in other words, applied psychological principles rather than financial evaluation to the study of the stock market. He wrote, "It is not sensible to pay 25 for an investment of which you believe the prospective yield to justify a value of 30, if you also believe that the market will value it at 20 three months hence." When you foresee something, you predict or realistically envision it happening. Did you foresee your team winning the playoffs, or were you surprised? Think of foresee as "to see before." Prophets in literature are able to foresee events that come to pass; in Greek mythology Tiresias is known for his ability to foresee the future. But foresee is not always linked to a supernatural sense. Regular people can foresee events by imagining them taking place — and sometimes we use this as a way of prevention. If you foresee yourself failing geometry if you don't study more, you will probably hit the books. 我理解的是 foresee 有点强调see，picture sth

with regard to

With regard to stocks, Keynes noted that no one knows for sure what will influence future earnings prospects and dividend payments. As a result, Keynes said, most persons are "largely concerned, not with making superior long-term forecasts of the probable yield of an investment over its whole life, but with foreseeing changes in the conventional basis of valuation a short time ahead of the general public." Keynes, in other words, applied psychological principles rather than financial evaluation to the study of the stock market. He wrote, "It is not sensible to pay 25 for an investment of which you believe the prospective yield to justify a value of 30, if you also believe that the market will value it at 20 three months hence." 关于; 就; 说起;

bear on

With this introduction out of the way, come join me for a random walk through the investment woods, with an ultimate stroll down Wall Street. My first task will be to acquaint you with the historical patterns of pricing and how they bear on the two theories of pricing investments. 对...施加压力；press, drive, or impel (someone) to action or completion of an action 与...有关；be relevant to 对...有影响；have an effect upon

better off

in a better situation having more money Investors would be far better off buying and holding an index fund than....

interest rates

the cost someone pays for the use of someone else's money— and with good reason.这个翻译很贴切 When the Federal Open Market Committee (FOMC) sets the target for the federal funds rate at which banks borrow from and lend to each other, it has a ripple effect across the entire U.S. economy, not to mention the U.S. stock market.

ticker tape

ticker tape：[美国英语]自动收报机用纸带；股票行情自动收录器用纸带 Ticker tape was the earliest digital electronic communications medium, transmitting stock price information over telegraph lines, in use between around 1870 through 1970. It consisted of a paper strip that ran through a machine called a stock ticker, which printed abbreviated company names as alphabetic symbols followed by numeric stock transaction price and volume information. The term "ticker" came from the sound made by the machine as it printed. ticker：老式的股票价格收报机，美式俚语中也有钟、表、心脏的意思 A device that transmits and displays stock prices is called a ticker. The narrow strip of paper on which this information was printed prior to the 1960s was called ticker tape. The financial districts of cities once had masses of used ticker tape—in old movies and newsreels, you can see ticker tape being tossed from windows as confetti during parades. Today stock tickers transmit information electronically. The name ticker comes from the sound the original machines made, similar to a ticking clock (something that, along with your beating heart, can be called a ticker colloquially).

Price-Earnings Ratio - P/E Ratio

市盈率，反映了当前股价是每股盈余的多少倍，换句话说，单位都被消掉了，就是一个数。 市盈率倍数实际就是市盈率，只是因为市盈率就是反映股价是每股盈余的多少倍，所以才被叫做市盈率倍数 The price-earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its per-share earnings. The price-earnings ratio is also sometimes known as the price multiple or the earnings multiple. The P/E ratio can be calculated as: Market Value per Share / Earnings per Share

Earnings Per Share - EPS

每股净利润 Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock. Earnings per share serves as an indicator of a company's profitability. EPS is calculated as: EPS = (Net Income - Dividends on Preferred Stock) / Average Outstanding Shares Earnings per share (EPS) is generally considered to be the single most important variable in determining a share's price. It is also a major component used to calculate the price-to-earnings (P/E) valuation ratio, where the 'E' in P/E refers to EPS. By dividing a company's share price by its earnings per share, an investor can understand the fair market value of a stock in terms of what the market is willing to pay based on a company's current earnings.

justify

A professor may inherit lots of money, marry lots of money, and spend lots of money, but he or she is never, never supposed to earn lots of money; it's unacademic. Anyway, teachers are supposed to be "dedicated," or so politicians and administrators often sayespecially when trying to justify the low academic pay scales. Academics are supposed to be seekers of knowledge, not of financial reward. It is in the former sense, therefore, that I shall tell you of my victories on Wall Street. To justify is to make excuses for one's actions, like the dieter who has to justify the few tiny pieces of chocolate she's sneaked in between salads. Anyone who has ever made excuses for his or her actions knows the meaning of justify, like the bank robber who justifies his latest heist by claiming he needs the bank's money to support his charitable foundation. He might think he's got a good reason for holding up the bank, but he's going to have a hard time convincing the bank's owner of his reason, or justification. To justify a line of text is to space it so that it lines up with the margin. 证明合法 辩护

earnings predictions

A random walk is one in which future steps or directions cannot be predicted on the basis of past actions. When the term is applied to the stock market, it means that short-run changes in stock prices cannot be predicted. Investment advisory services, earnings predictions, and complicated chart patterns are useless.

Investment advisory services

A random walk is one in which future steps or directions cannot be predicted on the basis of past actions. When the term is applied to the stock market, it means that short-run changes in stock prices cannot be predicted. Investment advisory services, earnings predictions, and complicated chart patterns are useless. Investment advisory services began to develop fatly. The purpose is to provide high quality securities investment service. 投资顾问服务开始快速发展，目的就是为客户提供高质量的证券投资服务。

chart patterns

A random walk is one in which future steps or directions cannot be predicted on the basis of past actions. When the term is applied to the stock market, it means that short-run changes in stock prices cannot be predicted. Investment advisory services, earnings predictions, and complicated chart patterns are useless. 图表形态

controversy

And the stock market crash of October 1987 raised further questions concerning the vaunted efficiency of the market. This edition explains the recent controversy and reexamines the claim that it's possible to "beat the market." A controversy is a dispute or argument in which people express strong opposing views. When a popular TV show kills off a well-loved character, there's bound to be a lot of controversy. Controversy means a quarrel (often public) involving strong disagreement, but the topic can be as unimportant as a new movie. There might be a controversy in the pages of fashion magazines over whether shorter hems are really in style, or about wearing white after Labor Day.

dividend

At this point, it's probably a good idea to explain what I mean by "investing" and how I distinguish this activity from "speculating." I view investing as a method of purchasing assets to gain profit in the form of reasonably predictable income (dividends, interest, or rentals) and/or appreciation over the long term. It is the definition of the time period for the investment return and the predictability of the returns that often distinguish an investment from a speculation. A dividend is a bonus. If you buy a cup of coffee and the shop owner throws in a free muffin, that's a dividend. Your charm and loyal patronage are paying dividends! If you own stock and your company has had a good year, you'll probably get a dividend — a share of the profit the company pays to shareholders. You've probably also heard the word dividend in math class: if you've got 300 divided by 50, 300 is the dividend (and 50 is the divisor). 红利 股息

appreciate

At this point, it's probably a good idea to explain what I mean by "investing" and how I distinguish this activity from "speculating." I view investing as a method of purchasing assets to gain profit in the form of reasonably predictable income (dividends, interest, or rentals) and/or appreciation over the long term. It is the definition of the time period for the investment return and the predictability of the returns that often distinguish an investment from a speculation. If you appreciate something, you recognize its value. We can all appreciate how refreshing cold lemonade is on a sweltering summer day. The oldest meaning of appreciate is "to know the worth of something": "The parolee appreciated his newfound freedom." A related sense is "to be grateful for something," but this usage can sound wordy. Instead of "I would appreciate your sending me more information," consider: "Please send me more information." The word can also be used (without a direct object) to mean "to rise in worth": "The vintage Corvette would appreciate in value over the years." 翻译成感谢感谢不是太妥当 "认识到价值" 增值

speculate

At this point, it's probably a good idea to explain what I mean by "investing" and how I distinguish this activity from "speculating." I view investing as a method of purchasing assets to gain profit in the form of reasonably predictable income (dividends, interest, or rentals) and/or appreciation over the long term. It is the definition of the time period for the investment return and the predictability of the returns that often distinguish an investment from a speculation. When you speculate, you use what you know to make a prediction about an outcome, like when you speculate that the injury of two key players will prevent your favorite team from going far in the playoffs this year. The verb speculate has a specialized meaning in the world of finance — it means to take a financial risk, in the hopes of monetary gain. For example, a business owner may speculate that a brand-new kind of frozen yogurt will be really popular, so she buys a huge order of it for her ice cream store. Someone who speculates goes looking for next big thing, as seen in the word's Latin origin, speculatus, meaning "to spy out, examine." 推测（含有预测的意思） 投机

perspective

But before we begin, perhaps I should introduce myself and state my qualifications as guide. I have drawn on three aspects of my background in writing this book; each provides a different perspective on the stock market. Your perspective is the way you see something. If you think that toys corrupt children's minds, then from your perspective a toy shop is an evil place. Perspective has a Latin root meaning "look through" or "perceive," and all the meanings of perspective have something to do with looking. If you observe the world from a dog's perspective, you see through the dog's eyes. In drawing, perspective gives your drawing the appearance of depth or distance. If we say someone "has perspective," we mean she has a sensible outlook on life. 观点角度 透视 眼光

stake stakes

By the 1990s, even some academics joined the professionals in arguing that the stock market was at least somewhat predictable after all. Still, as you can see, there's a tremendous battle going on, and it's fought with deadly intent because the stakes are tenure for the academics and bonuses for the professionals. That's why I think you'll enjoy this random walk down Wall Street. It has all the ingredients of high dramaincluding fortunes made and lost and classic arguments about their cause. A stake is a wooden stick, sharpened on one end and used to mark property lines (or slay a vampire). In the Middle Ages, people would gamble by placing their bets on wooden posts, or stakes. Eventually the bets themselves became known as stakes. Today, you can use the word as a verb to describe any risky endeavor — for example, "Geoffrey staked his sandwich-making reputation on a six-foot hero with salami and pickles." A stake can also be an investment. If you say that "Bill has a stake in the business," it means he's a part-owner. stakes: the money risked on a gamble 赌注

tenure

By the 1990s, even some academics joined the professionals in arguing that the stock market was at least somewhat predictable after all. Still, as you can see, there's a tremendous battle going on, and it's fought with deadly intent because the stakes are tenure for the academics and bonuses for the professionals. That's why I think you'll enjoy this random walk down Wall Street. It has all the ingredients of high dramaincluding fortunes made and lost and classic arguments about their cause. Take the noun tenure for the period of time a person holds a position or office. Your tenure as a student ends when you graduate high school — unless, of course, you go on to college. Tenure from the Latin tenere means "to hold" and refers to the period of time a person works at a particular job or in an office. A president might have to deal with a recession during his tenure in the White House. In university jargon, if you have tenure, you have a permanent teaching position or professorship. In this sense, tenure can also be used as a verb. You've got it made if you're tenured at age 29. 任期，终身

indispensable

First is my employment at the start of my career as a market professional with one of Wall Street's leading investment firms. It takes one, after all, to know one. In a sense, I remain a market professional in that I currently chair the investment committee of an insurance company that invests more than $250 billion in assets and sit on the boards of several of the largest investment companies in the nation, which control a total of $400 billion in assets. This perspective has been indispensable to me. Some things in life can never fully be appreciated or understood by a virgin. The same might be said of the stock market. Indispensable is a strong adjective for something that you couldn't do without. If you have asthma and you're packing for summer vacation, your inhaler is indispensable, unless you enjoy gasping on the beach. Something that is dispensable is something you could get rid of, like that box of yogurt covered dried zucchini snacks that's been in the pantry for a year. So if something is indispensable you couldn't possibly go without it, like salt, or for some people, coffee. Chocolate is indispensable for chocolate chip cookies, as is furniture for the adult hide-and-go-seek league.

In a sense

First is my employment at the start of my career as a market professional with one of Wall Street's leading investment firms. It takes one, after all, to know one. In a sense, I remain a market professional in that I currently chair the investment committee of an insurance company that invests more than $250 billion in assets and sit on the boards of several of the largest investment companies in the nation, which control a total of $400 billion in assets. This perspective has been indispensable to me. Some things in life can never fully be appreciated or understood by a virgin. The same might be said of the stock market. 在某种意义上 在一定程度上

tilt

I conclude that reports of the death of the efficient-market theory are vastly exaggerated. I will, however, review the evidence on a number of techniques of stock selection that are believed to tilt the odds of success in favor of the individual investor. Tilt is both a noun and a verb. It has many shades of meaning, but most involve a slope or slant. When you're dizzy from eating too much, you might tilt when you walk away from the table. The verb tilt can also indicate a slight preference for one thing over another. When Mavis and Marvin argue, you tend to tilt toward Marvin's point of view, meaning you think he's probably right — you lean in that direction. As a noun tilt can mean a steep slant. When you climb Everest, you'll find that the face of the mountain is at a dangerous tilt — it's very steep.

in favor of

I conclude that reports of the death of the efficient-market theory are vastly exaggerated. I will, however, review the evidence on a number of techniques of stock selection that are believed to tilt the odds of success in favor of the individual investor. 有利于；支持；赞同

financial instruments

If the basic message hasn't changed, what has? The answer is that there have been enormous changes in the financial instruments available to the public. 金融工具

emerging-market funds

In 1973, when the first edition of this book appeared, we did not have money market funds, NOW accounts, ATMs, index mutual funds, tax-exempt funds, emerging-market funds, floating-rate notes, inflation protection securities, equity REITs, Roth IRAs, zerocoupon bonds, S&P index futures and options, and new trading techniques such as ''portfolio insurance" and "program trading," just to mention a few of the changes that have occurred in the financial environment. emerging-market funds 新兴市场基金

floating-rate notes

In 1973, when the first edition of this book appeared, we did not have money market funds, NOW accounts, ATMs, index mutual funds, tax-exempt funds, emerging-market funds, floating-rate notes, inflation protection securities, equity REITs, Roth IRAs, zerocoupon bonds, S&P index futures and options, and new trading techniques such as ''portfolio insurance" and "program trading," just to mention a few of the changes that have occurred in the financial environment. floating rate note (FRN) 浮动利率债券

portfolio

In 1973, when the first edition of this book appeared, we did not have money market funds, NOW accounts, ATMs, index mutual funds, tax-exempt funds, emerging-market funds, floating-rate notes, inflation protection securities, equity REITs, Roth IRAs, zerocoupon bonds, S&P index futures and options, and new trading techniques such as ''portfolio insurance" and "program trading," just to mention a few of the changes that have occurred in the financial environment. 证券投资组合 A portfolio is a large, flat briefcase used to hold papers and other loose materials, like maps or artwork. A portfolio is usually used to transport important documents, like examples of your graphic design work if you're an artist. Also, portfolio can refer to the duties of a government official or the collection of investments held by a financial company. A list of the financial assets held by an individual or a bank or other financial institution

enterprise

Investing requires a lot of work, make no mistake about it. Romantic novels are replete with tales of great family fortunes lost through neglect or lack of knowledge on how to care for money. Who can forget the sounds of the cherry orchard being cut down in Chekhov's great play? Free enterprise, not the Marxist system, caused the downfall of Chekhov's family: They had not worked to keep their money. Enterprise describes a readiness to act boldly to get something started, like the enterprise it takes to start a charity with only a dream and a few dollars. Another meaning of enterprise is "a business venture," like a frozen yogurt enterprise. It requires a lot of determination, hard work and the steady belief that people will love your yogurt. People will say you show extraordinary enterprise for your willingness to take on such a challenging project, meaning you have initiative and drive. 企业 事业心 进取心

replete

Investing requires a lot of work, make no mistake about it. Romantic novels are replete with tales of great family fortunes lost through neglect or lack of knowledge on how to care for money. Who can forget the sounds of the cherry orchard being cut down in Chekhov's great play? Free enterprise, not the Marxist system, caused the downfall of Chekhov's family: They had not worked to keep their money. Replete means full, often in a satisfying way. "The library was replete with bound first editions, and Lucy, a bookworm, was happier there than any place else." Replete shares a root with the word plenty. When you have plenty of cookies and cake, you can say your table is replete with goodies. Another cousin of replete is replenish. When your cabinets are bare, you go to the store to replenish them. When you unpack your groceries, your pantry is replete with essentials.

estimate

John Maynard Keynes, a famous economist and successful investor, enunciated the theory most lucidly in 1936. It was his opinion that professional investors prefer to devote their energies not to estimating intrinsic values, but rather to analyzing how the crowd of investors is likely to behave in the future and how during periods of optimism they tend to build their hopes into castles in the air. The successful investor tries to beat the gun by estimating what investment situations are most susceptible to public castle-building and then buying before the crowd. A rough calculation or appraisal is an estimate. When you hit another baseball through the kitchen window, your parents will get an estimate of the repair costs. And you should estimate being grounded for approximately 3 weeks. An estimate is kind of like a very educated guess. Making an estimate takes good evaluation skills, and usually estimates are pretty close to the actual outcome. If the garage bill is way higher than the estimate they gave you, for example, you have a right to be angry. But if you forgot to factor in rush hour traffic when you estimated the drive from Boston to New York, that's your own fault. （较为专业）估计 估量 估价

susceptible

John Maynard Keynes, a famous economist and successful investor, enunciated the theory most lucidly in 1936. It was his opinion that professional investors prefer to devote their energies not to estimating intrinsic values, but rather to analyzing how the crowd of investors is likely to behave in the future and how during periods of optimism they tend to build their hopes into castles in the air. The successful investor tries to beat the gun by estimating what investment situations are most susceptible to public castle-building and then buying before the crowd. If you are susceptible to something such as infections or earaches, it means you are likely to become sick with these things. Have you ever received something you don't want? Well, with susceptible meaning "likely to be influenced or affected by" that is probably going to be the case. If you're susceptible to flattery, and someone wants something from you, all they have to do is give you a compliment or two and you'll do what they want. Material that's susceptible to cracking won't be in good condition for long.

optimism

John Maynard Keynes, a famous economist and successful investor, enunciated the theory most lucidly in 1936. It was his opinion that professional investors prefer to devote their energies not to estimating intrinsic values, but rather to analyzing how the crowd of investors is likely to behave in the future and how during periods of optimism they tend to build their hopes into castles in the air. The successful investor tries to beat the gun by estimating what investment situations are most susceptible to public castle-building and then buying before the crowd. Optimism is all about seeing the bright side of things. If you think it's going to be a great day, even though the bills are due, you lost your wallet, and you forgot your lunch, then you're full of optimism. Optimism is expecting that the best will happen. It comes from the Latin word optimus, which means "best." Even if you don't think the very best thing will always happen, if you're generally given to optimism, you think things will get better instead of worse. The opposite of optimism is pessimism, which is the expectation that everything will go wrong, or is wrong.

subtitle

Let me make it quite clear that this is not a book for speculators: I am not going to promise you overnight riches. I am not promising you stock-market miracles as one best-selling book of the 1990s claimed. Indeed, a subtitle for this book might well have been The Get Rich Slowly but Surely Book. Remember, just to stay even, your investments have to produce a rate of return equal to inflation. A subtitle can either be the second, explanatory, part of a longer title, or the words that appear at the bottom of a movie screen to translate dialogue that's spoken in a foreign language. If you've got hearing loss, you might watch TV with the subtitles on, so that you can read the dialogue as it's spoken. And when a foreign film is shown in the U.S., it usually has English subtitles. The subtitle of a book, on the other hand, comes after (or under) its main title. You might call your memoirs "My Story," with the subtitle "An Incredible Life." The prefix sub-, fittingly, means "under." 副标题 字幕

scarce scarcely

Many people say that the individual investor has scarcely a chance today against Wall Street's professionals. If something is scarce, there isn't much of it around. Crops are scarce after a long drought, or you might find babysitters scarce if your kids are a nightmare to watch. Use the word scarce when you want to say that something is hard to find or practically missing. When you know you're about to be asked to do something unpleasant, like wash the dishes or take out the trash, go ahead and "make yourself scarce," which means to be elusive or get out of there fast. Scarcely means just before, hardly, or "almost not." If you had scarcely made it to bed when the sun started to rise, you are probably pretty tired by now.

beta

Market professionals arm themselves against the academic onslaught with one of two techniques, called fundamental analysis and technical analysis, which we will examine in Part Two. Academics parry these tactics by obfuscating the random-walk theory with three versions (the "weak," the "semi-strong," and the "strong") and by creating their own theory, called the new investment technology. This last includes a concept called beta, and I intend to trample on that a bit. Beta is the second letter of the Greek alaphabet. It also refers to a preliminary model of software or hardware that's not a finished project. There are two related meanings of beta: the first is the second letter of the Greek alphabet. The second refers to things that are secondary in a different way: the beta version of software or hardware is a version that isn't quite ready for prime time. The beta model is a testing version. Often a company will let some people use the beta version to see if there are problems which can be fixed before the final version comes out.

parry

Market professionals arm themselves against the academic onslaught with one of two techniques, called fundamental analysis and technical analysis, which we will examine in Part Two. Academics parry these tactics by obfuscating the random-walk theory with three versions (the "weak," the "semi-strong," and the "strong") and by creating their own theory, called the new investment technology. This last includes a concept called beta, and I intend to trample on that a bit. Here comes someone who only ever talks to you when he needs a favor. Quick, parry! When you parry, you avoid doing things. As the needy friend approaches, say, "I wish I had time to catch up!" and hurry off. Or, hide under a table. The word parry is often used to describe blocking or evading a movement, like parrying a punch, but it can also refer to an evasion that is verbal rather than physical. For example, if you are put on the spot and asked about something you'd rather avoid, you can parry to get out of it — change the subject or ask a question in return. When used in this way parry retains its sense of defending yourself through evasion. 回避 格挡 阻挡

obfuscate

Market professionals arm themselves against the academic onslaught with one of two techniques, called fundamental analysis and technical analysis, which we will examine in Part Two. Academics parry these tactics by obfuscating the random-walk theory with three versions (the "weak," the "semi-strong," and the "strong") and by creating their own theory, called the new investment technology. This last includes a concept called beta, and I intend to trample on that a bit. Some people are experts at obfuscating the truth by being evasive, unclear, or obscure in the telling of the facts. The people who are good at obfuscating would include defense lawyers and teenagers asked about their plans for Saturday night. Although the verb obfuscate can be used in any case where something is darkened, less clear, or more obscure, it is most frequently used in reference to things like ideas, facts, issues, or the truth. The usual implied meaning is that this obfuscation is done deliberately. Politicians often obfuscate the truth about the issues to win support for their positions so they can win elections. 使模糊 使迷乱 弄暗

tactic tactics

Market professionals arm themselves against the academic onslaught with one of two techniques, called fundamental analysis and technical analysis, which we will examine in Part Two. Academics parry these tactics by obfuscating the random-walk theory with three versions (the "weak," the "semi-strong," and the "strong") and by creating their own theory, called the new investment technology. This last includes a concept called beta, and I intend to trample on that a bit. Tactics are your carefully planned actions for attaining a certain goal. You'll have to come up with some clever tactics if you're going to figure out how to build the fastest race car and win the Girl Scout troop competition. Tactics also refers to a branch of military science that deals with planning maneuvers. Military tactics involve organizing troops in certain ways, in various locations, and deploying them according to plan. Your military strategy is your plan of action to achieve your overall goal — sinking the Spanish armada, for instance — while your tactics are the nuts and bolts of how you achieve it — deploying small, agile gunboats. Tactics comes from the Greek root taktos, meaning "ordered, arranged."

trample

Market professionals arm themselves against the academic onslaught with one of two techniques, called fundamental analysis and technical analysis, which we will examine in Part Two. Academics parry these tactics by obfuscating the random-walk theory with three versions (the "weak," the "semi-strong," and the "strong") and by creating their own theory, called the new investment technology. This last includes a concept called beta, and I intend to trample on that a bit. To trample is to forcefully walk right over something or someone. If you fall down during a footrace, another runner might trample you. When you trample, you're stomping or stamping: it's the opposite of walking on tippy toes. A dog might trample a flower garden while chasing a ball, and an angry child might deliberately trample her sister's sandcastle, flattening it with her feet. The verb trample comes from tramp, "walk heavily or stamp," which is rooted in the Middle Low German word trampen, "to tramp, stamp, or press upon."

stimulate

Most important of all, however, is the fact that investing is fun. It's fun to pit your intellect against that of the vast investment community and to find yourself rewarded with an increase in assets. It's exciting to review your investment returns and to see how they are accumulating at a faster rate than your salary. And it's also stimulating to learn about new ideas for products and services, and innovations in the forms of financial investments. A successful investor is generally a well-rounded individual who puts a natural curiosity and an intellectual interest to work to earn more money. If the economy is starting to stall, the president can't just sit there. He has to stimulate—turn it on, bring it to life, perk it up. You can stimulate practically anything: a person, a conversation, a mind, or even the growth of a plant. Stimulate is often used to describe a physical or sexual sensation, but don't get bogged down in that kind of thinking. Often, a government will try to stimulate economic activity by creating a stimulus package. Or, say, for example, that I'm trying to sell my new song CD. In order to stimulate interest, I need to send out a sample song to all my friends. Unless, of course, my songs are no good. 刺激 激励 鼓舞

intellect

Most important of all, however, is the fact that investing is fun. It's fun to pit your intellect against that of the vast investment community and to find yourself rewarded with an increase in assets. It's exciting to review your investment returns and to see how they are accumulating at a faster rate than your salary. And it's also stimulating to learn about new ideas for products and services, and innovations in the forms of financial investments. A successful investor is generally a well-rounded individual who puts a natural curiosity and an intellectual interest to work to earn more money. Intellect is how much intelligence you have. Einstein was known for having a great intellect. Mickey Mouse's friend Goofy has almost no intellect to speak of. Intellect is the mental equivalent of athletic ability or fashion sense, so someone is an intellect if they have great intellectual ability just as an athlete is someone who has great athletic ability. Intellect is something everyone has in some degree. If someone talks down to you, it's an insult to your intellect. Your teacher might say you have a sharp intellect if you have the intellect to figure out difficult problems. An intellectual is a person who has a lot of knowledge and prefers to think about things on an abstract or theoretical level rather than a practical one. 智力 理解力

accumulate

Most important of all, however, is the fact that investing is fun. It's fun to pit your intellect against that of the vast investment community and to find yourself rewarded with an increase in assets. It's exciting to review your investment returns and to see how they are accumulating at a faster rate than your salary. And it's also stimulating to learn about new ideas for products and services, and innovations in the forms of financial investments. A successful investor is generally a well-rounded individual who puts a natural curiosity and an intellectual interest to work to earn more money. To accumulate means to gather, usually in large quantities. Let's hope your boyfriend is not the type to accumulate girlfriends. The root of accumulate is cumulus which means "mound" or "heap." You might have heard of cumulus clouds, those big fluffy clouds that look like giant piles of whipped cream. Think of these heaping helpings of clouds when you think of accumulate. The money in your savings account accumulates interest, though these days you won't accumulate much wealth that way! Police accumulate evidence until they have enough to charge someone with a crime. 积累 累积

pit against

Most important of all, however, is the fact that investing is fun. It's fun to pit your intellect against that of the vast investment community and to find yourself rewarded with an increase in assets. It's exciting to review your investment returns and to see how they are accumulating at a faster rate than your salary. And it's also stimulating to learn about new ideas for products and services, and innovations in the forms of financial investments. A successful investor is generally a well-rounded individual who puts a natural curiosity and an intellectual interest to work to earn more money. 使竞争

stuffy

Now, financial analysts in pin-striped suits do not like being compared with bare-assed apes. They retort that academics are so immersed in equations and Greek symbols (to say nothing of stuffy prose) that they couldn't tell a bull from a bear, even in a china shop. A room that's stuffy isn't well-ventilated or full of fresh air. If your classroom is stuffy, you may find it hard to concentrate. Better ask your teacher to open a window. If your car is stuffy, it's hot and there isn't enough fresh air circulating. If your nose is stuffy, it's congested (also without enough air moving through it). When a person is stuffy, he or she is a little prim and proper, without a lot of imagination or a willingness to try new things. The very earliest meaning of this adjective, dating from about 1550, was "full of substance."

soothsayer

On Wall Street, the term "random walk" is an obscenity. It is an epithet coined by the academic world and hurled insultingly at the professional soothsayers. Taken to its logical extreme, it means that a blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected by the experts. A soothsayer is someone who can foretell the future. If the convincing soothsayer at the state fair tells you you'll soon meet someone tall, dark, and handsome, you'll probably keep your eye out for someone who fits that description. A fortune teller is also known as a soothsayer, or someone who claims to be able to predict the future. Long ago, a soothsayer might have been considered a useful consultant, even for a government, but today soothsayers are more likely to be scoffed at. Still, there are many soothsayers who have successful businesses telling people's fortunes and giving advice. Soothsayer comes from the Old English word for "truth," combined with "say," together meaning "an act of speaking the truth."

coin

On Wall Street, the term "random walk" is an obscenity. It is an epithet coined by the academic world and hurled insultingly at the professional soothsayers. Taken to its logical extreme, it means that a blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected by the experts. If you coin a phrase, that means you come up with a new way to say something, like the person who coined "webizens" to describe people who constantly use the Internet. The verb coin literally refers to making coins, the change you probably have in your pocket. The word can be used in a broader sense — creating something new, usually something related to language. For example, you could coin a phrase or a new word for "joke." The language authorities would be proud — unlike federal authorities if you tried to coin money. That kind of coining is a criminal offense. 杜撰？铸造？

insult

On Wall Street, the term "random walk" is an obscenity. It is an epithet coined by the academic world and hurled insultingly at the professional soothsayers. Taken to its logical extreme, it means that a blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected by the experts. If you insult someone, you have offended that person — either intentionally or unintentionally — through your actions or words. You might insult your host if you refuse to try the dessert he made from pasta, nuts, and chocolate sauce. As a noun, an insult means rude words or actions. If you tell the umpire he needs glasses, then you've made a verbal insult. If, after the umpire calls your team out, you make an obscene gesture in his general direction, you've made another kind of insult. Either insult can potentially get you thrown out of the game.

obscene obscenity

On Wall Street, the term "random walk" is an obscenity. It is an epithet coined by the academic world and hurled insultingly at the professional soothsayers. Taken to its logical extreme, it means that a blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected by the experts. Obscene describes something that is morally offensive in a sexual way. It's never a good idea to use obscene language at school. Certain films, books, magazines, and other forms of entertainment are considered obscene because they portray sex in a very frank way that some people find vulgar and lewd. Obscene material, language, and jokes are considered taboo in polite society. Obscene can also be used to describe something repulsive — like when your friend ate an obscene number of snails at the Bastille Day bash.

academic

On Wall Street, the term "random walk" is an obscenity. It is an epithet coined by the academic world and hurled insultingly at the professional soothsayers. Taken to its logical extreme, it means that a blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected by the experts. Something that is academic is related to school. Your parents might want to spend less time playing video games and more time focusing on academic pursuits. The noun academic refers to a professor or scholar. As a noun or an adjective, academic relates to book learning and not always in a good way. An academic discussion back in Plato's Academy was probably something better than what it has more recently come to mean: a discussion that's academic has no place in the real world; it's not practical. An academic might have a PhD in Robotics but not know how to work the TV. It doesn't have to mean stuffy, though, just related to college — like when you need an academic gown for graduation.

epithet

On Wall Street, the term "random walk" is an obscenity. It is an epithet coined by the academic world and hurled insultingly at the professional soothsayers. Taken to its logical extreme, it means that a blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected by the experts. The noun epithet is a descriptive nickname, such as "Richard the Lionhearted," or "Tommy the Terrible." When it takes a turn for the worse, it can also be a word or phrase that offends. 浑名 Don't let epithet's bad reputation fool you — that's only half the story. An epithet can be harmless, a nickname that catches on, like all hockey fans knowing that "Sid the Kid" is Sidney Crosby. On the flip side, an epithet can be an abusive word or phrase that should never be used, like a racial epithet that offends and angers everyone.

hurl

On Wall Street, the term "random walk" is an obscenity. It is an epithet coined by the academic world and hurled insultingly at the professional soothsayers. Taken to its logical extreme, it means that a blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected by the experts. When you hurl something, you throw it hard. You might hurl your shoe at a horrible bug if it suddenly scuttled across the floor. If you hurl a rock at a glass window, it will probably break, and if you hurl your trash in the direction of a garbage can, it may or may not land inside. The verb hurl implies some force behind your throw.

microwave ovens

Over the past quarter century, we have become accustomed to accepting the rapid pace of technological change in our physical environment. Innovations such as cellular and video telephones, cable television, compact discs, microwave ovens, laptop computers, the Internet, e-mail, and new medical advances from organ transplants and laser surgery to nonsurgical methods of treating kidney stones and unclogging arteries have materially affected the way we live. Financial innovation over the same period has been equally rapid. 微波炉

psychic

The castle-in-the-air theory of investing concentrates on psychic values. John Maynard Keynes, a famous economist and successful investor, enunciated the theory most lucidly in 1936. It was his opinion that professional investors prefer to devote their energies not to estimating intrinsic values, but rather to analyzing how the crowd of investors is likely to behave in the future and how during periods of optimism they tend to build their hopes into castles in the air. A psychic reads minds and predicts the future. If you were a psychic, you wouldn't have bothered reading this because you would have known what I was going to say. Psychic can also describe something that has to do with your mind more than your body. You weren't physically harmed when your favorite team lost the championship game, but the psychic pain was considerable. Psychic comes from a Greek word meaning "breath" and "soul": psychic matters are often felt but not seen. 精神 心灵 通灵blablabla

devote

The castle-in-the-air theory of investing concentrates on psychic values. John Maynard Keynes, a famous economist and successful investor, enunciated the theory most lucidly in 1936. It was his opinion that professional investors prefer to devote their energies not to estimating intrinsic values, but rather to analyzing how the crowd of investors is likely to behave in the future and how during periods of optimism they tend to build their hopes into castles in the air. Being devoted to something means being focused on that particular thing almost exclusively. When you are devoted to a cause, you work to achieve its goals. When you are devoted to a person, you place their needs above your own. Being devoted doesn't have to refer only to personal relationships. It can focus on any area, activity, or passion. Cookbooks are devoted to presenting recipes, dog breeders are usually devoted to one specific type of dog, and tabloids are devoted to gossiping about celebrities. There's nothing wrong with being devoted to an activity or a person, as long as you don't lose track of everything else in your life. That's when being devoted crosses over into being obsessed. 致力于？

fluctuate

The firm-foundation theory argues that each investment instrument, be it a common stock or a piece of real estate, has a firm anchor of something called intrinsic value, which can be determined by careful analysis of present conditions and future prospects. When market prices fall below (rise above) this firm foundation of intrinsic value, a buying (selling) opportunity arises, because this fluctuation will eventually be correctedor so the theory goes. Investing then becomes a dull but straightforward matter of comparing something's actual price with its firm foundation of value. Something that fluctuates varies or changes — it's the opposite of steady. Like the ups and downs of the stock market or the relationship status of a Hollywood starlet. Fluctuate is a verb that describes movement, sometimes irregular, but often rising and falling in a wave-like pattern. The tides fluctuate according to the weather and season, for example. Your emotions fluctuate depending on what happens throughout the day, and so does your weight. In fact, you usually weigh less in the morning, before you've eaten. You're also taller, since your spine compresses as you walk around. So your height fluctuates, too.

intrinsic value

The firm-foundation theory argues that each investment instrument, be it a common stock or a piece of real estate, has a firm anchor of something called intrinsic value, which can be determined by careful analysis of present conditions and future prospects. When market prices fall below (rise above) this firm foundation of intrinsic value, a buying (selling) opportunity arises, because this fluctuation will eventually be correctedor so the theory goes. Investing then becomes a dull but straightforward matter of comparing something's actual price with its firm foundation of value. The intrinsic qualities of something have to do with its nature. An intrinsic quality of dogs is that they're loyal. Anything intrinsic comes from within. Doing a job for only money is not intrinsic. Doing a job because you love it is intrinsic; the motivation comes from within. It's good to treat people as having intrinsic value. If you like someone for intrinsic reasons, then you have no other motivation. The opposite of intrinsic is extrinsic, for things that come from the outside instead of from the inside.

mammoth

They point to techniques the pros use such as "program trading," "portfolio insurance," and investment strategies using complex derivative instruments, and they read news reports of mammoth takeovers and the highly profitable (and sometimes illegal) activities of well-financed arbitrageurs. The adjective mammoth is a great way to describe something really, really big, like those huge woolly elephants they're still finding in the melting glaciers. The word, a rare Russian contribution to English, was not used as an adjective until around 1800—notably when President Thomas Jefferson used it to describe a very large cheese.

takeover

They point to techniques the pros use such as "program trading," "portfolio insurance," and investment strategies using complex derivative instruments, and they read news reports of mammoth takeovers and the highly profitable (and sometimes illegal) activities of well-financed arbitrageurs. 接管 收购 a change by sale or merger in the controlling interest of a corporation a sudden and decisive change of government illegally or by force

onslaught

They retort that academics are so immersed in equations and Greek symbols (to say nothing of stuffy prose) that they couldn't tell a bull from a bear, even in a china shop. Market professionals arm themselves against the academic onslaught with one of two techniques, called fundamental analysis and technical analysis, which we will examine in Part Two. Onslaught is a military term that refers to an attack against an enemy. It's safe to say that no one wants to be caught on the receiving end of an onslaught, because there will be lots of danger, destruction and probably death. One way to help you remember the brutal meaning of onslaught is through the word's English origin, slaught, meaning "slaughter." But onslaught can be used in non-military ways, too. It can mean a barrage of written or spoken communication, like an onslaught of emailed birthday wishes. Taken individually, the birthday wishes are nice but an onslaught is too many, too fast, all at once. Onslaught can also mean a sudden and severe start of trouble. For example, if your office is unprepared for the onslaught of flu season, the entire sales force will be home sick at the same time. 猛攻 突击 强袭

layperson

This book has a lot of facts and figures. Don't let that worry you. It is specifically intended for the financial layperson and offers practical, tested investment advice. You need no prior knowledge to follow it. All you need is the interest and the desire to have your investments work for you. someone who is not a clergyman or a professional person 外行 门外汉

succinct

This book is a succinct guide for the individual investor. It covers everything from insurance to income taxes. Something that is succinct is short and clear. If you're going to be interviewed on television about your new book and only have a five minute slot, you'll need to come up with a succinct version of your story. Succinct, meaning "short and to the point," is from the Latin succingere, "to tuck up." Often after you write a long essay, you realize you probably could have said the same thing in one or two succinct pages. If something is too succinct, we might call it terse. Another synonym is concise, which implies that unnecessary material has been removed. It's the opposite of wordy.

exaggerate

This edition explains the recent controversy and reexamines the claim that it's possible to "beat the market." I conclude that reports of the death of the efficient-market theory are vastly exaggerated. When you exaggerate you stretch the truth. Fishermen tend to exaggerate the size of their fish. And children tend to exaggerate the seriousness of their cuts in order to get cute Band-Aids. We all have a tendency to exaggerate. It makes our stories funnier, or more dramatic. After all, when you exaggerate, you're not really lying — you're just overstating things. The word exaggerate can also suggest that a particular characteristic is overdone or almost larger than life. If you describe someone as having an exaggerated limp, he or she might be walking like a gorilla.

blindfold

This edition takes a hard look at the basic thesis of earlier editions of Random Walkthat the market prices stocks so efficiently that a blindfolded chimpanzee throwing darts at the Wall Street Journal can select a portfolio that performs as well as those managed by the experts. A blindfold is a strip of fabric that's tied across your eyes so you can't see. At a birthday party, you might wear a blindfold and attempt to pin a paper tail on a picture of a donkey. A bank robber might blindfold a hostage, and a kindergarten teacher might also tie a blindfold on the birthday boy during a party game. In both cases, the blindfold makes the person unable to see what's going on.

take a hard look

This edition takes a hard look at the basic thesis of earlier editions of Random Walkthat the market prices stocks so efficiently that a blindfolded chimpanzee throwing darts at the Wall Street Journal can select a portfolio that performs as well as those managed by the experts. 冷眼看待;密切注意;认真审视

thesis

This edition takes a hard look at the basic thesis of earlier editions of Random Walkthat the market prices stocks so efficiently that a blindfolded chimpanzee throwing darts at the Wall Street Journal can select a portfolio that performs as well as those managed by the experts. 论点 A thesis is the most important or foundational idea of an argument. The noun thesis has more than one important sense to it. One definition of thesis is that it is the most important or foundational idea of an argument, presentation, or piece of writing. But it can also mean a large work of art, criticism, or scientific research that represents original research and is generally the final requirement for an academic degree.

cynic

What is a cynic? A man who knows the price of everything, and the value of nothing. Oscar Wilde, Lady Windermere's Fan A cynic is someone who believes that humans are selfish and that they only do something if it will benefit themselves. Cynics criticize acts of kindness and will probably tease you if you help an old lady cross the street. Maybe you know a cynic or two. They like to criticize people and situations, especially if they think there's a deeper motivation behind the more obvious one. Let's say a friend borrows your car, and then he shows up later covered in grease and offers you a lollipop. If you're a cynic, you'd suspect that your friend crashed your car and is trying to distract you with the delicious and sweet lollipop. And you might be right.

nothing could be further from the truth

翻译成：事实远非如此，绝不是那回事 字面意为：没有离真理更远的啦。所以可理解为：这是离真理最远的，最离谱的。 正如：I cann't agree with you more. 我对你的支持已无法再增加， 实际上也就是我最同意你的观点。

a random walk

A random walk is one in which future steps or directions cannot be predicted on the basis of past actions. When the term is applied to the stock market, it means that short-run changes in stock prices cannot be predicted. Investment advisory services, earnings predictions, and complicated chart patterns are useless.

interest

At this point, it's probably a good idea to explain what I mean by "investing" and how I distinguish this activity from "speculating." I view investing as a method of purchasing assets to gain profit in the form of reasonably predictable income (dividends, interest, or rentals) and/or appreciation over the long term. It is the definition of the time period for the investment return and the predictability of the returns that often distinguish an investment from a speculation. Interest is used most often to describe something you like, enjoy or think useful. You might have an interest in African literature, or you might follow the news with interest. Although interest is used mainly to describe anything that is, well, interesting, it also is used in specific legal contexts. If you have an interest in a company, it means you own part of it. Interest is also the word used to describe money charged or given as part of a debt. If a bank loans you $10,000, you have to pay back the $10,000 plus the interest. If the interest rate is 5 percent annually, you would owe $500. 兴趣 利息

rental

At this point, it's probably a good idea to explain what I mean by "investing" and how I distinguish this activity from "speculating." I view investing as a method of purchasing assets to gain profit in the form of reasonably predictable income (dividends, interest, or rentals) and/or appreciation over the long term. It is the definition of the time period for the investment return and the predictability of the returns that often distinguish an investment from a speculation. the act of paying for the use of something (as an apartment or house or car)

beat the gun

John Maynard Keynes, a famous economist and successful investor, enunciated the theory most lucidly in 1936. It was his opinion that professional investors prefer to devote their energies not to estimating intrinsic values, but rather to analyzing how the crowd of investors is likely to behave in the future and how during periods of optimism they tend to build their hopes into castles in the air. The successful investor tries to beat the gun by estimating what investment situations are most susceptible to public castle-building and then buying before the crowd. 抢跑，提前行动

well rounded

Most important of all, however, is the fact that investing is fun. It's fun to pit your intellect against that of the vast investment community and to find yourself rewarded with an increase in assets. It's exciting to review your investment returns and to see how they are accumulating at a faster rate than your salary. And it's also stimulating to learn about new ideas for products and services, and innovations in the forms of financial investments. A successful investor is generally a well-rounded individual who puts a natural curiosity and an intellectual interest to work to earn more money. many-sided 丰满的，全面的；甚圆的；经过周密考虑的

cable television

Over the past quarter century, we have become accustomed to accepting the rapid pace of technological change in our physical environment. Innovations such as cellular and video telephones, cable television, compact discs, microwave ovens, laptop computers, the Internet, e-mail, and new medical advances from organ transplants and laser surgery to nonsurgical methods of treating kidney stones and unclogging arteries have materially affected the way we live. Financial innovation over the same period has been equally rapid. 有线电视

equation

Now, financial analysts in pin-striped suits do not like being compared with bare-assed apes. They retort that academics are so immersed in equations and Greek symbols (to say nothing of stuffy prose) that they couldn't tell a bull from a bear, even in a china shop. In an equation, the quantities on both sides of the equal sign are equal. That's the mathematical meaning of equation, but equation can also be used in any number of situations, challenges, or efforts to solve a problem. The "equa" at the beginning of equation will be familiar from other words such as "equal," "equality," and "equate." All of these words have to do with making things balance out. An equation is a statement of the equality of two quantities. If that equation is not a mathematical one but rather, say, an interpersonal one, it's still a situation in which you might try to make the two sides equal. For example, taking marriage out of the equation might make it easier for two people to decide to stay together for a while.

compact discs

Over the past quarter century, we have become accustomed to accepting the rapid pace of technological change in our physical environment. Innovations such as cellular and video telephones, cable television, compact discs, microwave ovens, laptop computers, the Internet, e-mail, and new medical advances from organ transplants and laser surgery to nonsurgical methods of treating kidney stones and unclogging arteries have materially affected the way we live. Financial innovation over the same period has been equally rapid. 激光唱片，压缩磁盘，光盘

prose

Now, financial analysts in pin-striped suits do not like being compared with bare-assed apes. They retort that academics are so immersed in equations and Greek symbols (to say nothing of stuffy prose) that they couldn't tell a bull from a bear, even in a china shop. Prose is so-called "ordinary writing" — made up of sentences and paragraphs, without any metrical (or rhyming) structure. If you write, "I walked about all alone over the hillsides," that's prose. If you say, "I wondered lonely as a cloud/that floats on high o'er vales and hills" that's poetry. See the difference? (Let's not get into prose poetry!) From prose we get the term prosaic, meaning "ordinary" or "commonplace," or lacking the specially delicacy and beauty of its supposed opposite — poetry. 散文 单调平凡乏味

pinstriped

Now, financial analysts in pin-striped suits do not like being compared with bare-assed apes. They retort that academics are so immersed in equations and Greek symbols (to say nothing of stuffy prose) that they couldn't tell a bull from a bear, even in a china shop. 细直条纹的 having very thin stripes

retort

Now, financial analysts in pin-striped suits do not like being compared with bare-assed apes. They retort that academics are so immersed in equations and Greek symbols (to say nothing of stuffy prose) that they couldn't tell a bull from a bear, even in a china shop. A retort is a short, clever response to someone's comment or question. If you want to keep the peace during dinner, you should probably bite your tongue instead of making sarcastic retorts to everything your little sister says. Today retort is used as both a noun and a verb, and both come from 16th- and 17th-century sources meaning "to twist or turn back." To retort is to make a comeback, or a quick, witty answer or remark. It can be a form of payback when someone tries to insult or tease another person, and often, the perfect retort doesn't occur to you till later, when you think "Oh! I wish I had said that earlier!"

taken to its logical extreme,

On Wall Street, the term "random walk" is an obscenity. It is an epithet coined by the academic world and hurled insultingly at the professional soothsayers. Taken to its logical extreme, it means that a blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected by the experts.

keep one's head

You can do as well as the expertsperhaps even better. As I'll point out later, it was the steady investors who kept their heads when the stock market tanked in October 1987, and then saw the value of their holdings eventually recover and continue to produce attractive returns. And many of the pros lost their shirts during the 1990s using derivative strategies they failed to understand. 保持冷静；保持镇定

actively managed mutual funds

主动管理型基金

But primarily it is a book about common stocksan investment medium that not only has provided generous long-run returns in the past but also appears to represent good possibilities for the years ahead.

句型？

an index fund

显然是，一个指数基金