每日一篇:《经济学人》读译参考 Day52

英语是一门需要慢慢积累的学科，想要学好它，速成是不可取的。跟着聚英考研信息网小编每天学一点英语，一起为考研筑起坚实的地基。

经济学人:资产价格:全面牛市(1)

Leaders

领导者

Asset Prices: The bull market in everything

资产价格：全面牛市

Prices are high across a range of assets. Is it time to worry?

纵观各类资产，价格已经高高在上。到了担心的时候了吗？

In his classic, “The Intelligent Investor”, first published in 1949, Benjamin Graham, a Wall Street sage, distilled what he called his secret of sound investment into three words: “margin of safety”.

译文

在他初版于1949年的经典著作《聪明的投资者》中，华尔街圣人本杰明·格林汉姆把他称之为是他的坚实投资之秘密的东西浓缩成了四个字：安全边际（margin of safety 在英语中是三个字，转换为汉语是四个字）。

The price paid for a stock or a bond should allow for human error, bad luck or, indeed, many things going wrong at once.In a troubled world of trade tiffs and nuclear braggadocio, such advice should be especially worth heeding.

译文

付给股票或者债券的价格应当考虑到人为的错误、糟糕的运气，说白了就是祸不单行。在一个贸易争端与核武口水战的乱世中，这类建议应当尤其值得听从。

Yet rarely have so many asset classes—from stocks to bonds to property to bitcoins—exhibited such a sense of invulnerability.Dear assets are hardly the product of euphoria.No one would mistake the bloodless run-up in global stockmarkets, credit and property over the past eight years for a reprise of the “roaring 20s”, or even an echo of the dotcom mania of the late 1990s.

译文

然而，还从没有这么多的资产类别——从股票，到债券，到房地产，再到比特币——展示出一种如此不为所动的感觉。昂贵的资产几乎不是亢奋的产物。无人会把全球股市、信贷和房地产在过去8年中的这种不流血的上涨误认为是“咆哮的20年代”的再现，甚或是上世纪90年代末互联网狂热的回响。

Yet only at the peak of those two bubbles has America's S&P 500 been higher as a multiple of earnings measured over a ten-year cycle.Rarely have creditors demanded so little insurance against default, even on the riskiest “junk” bonds.

译文

然而，只有在那两次泡沫的高点上，作为一个以10年期来衡量的盈利倍数，美国的标普500才是更高的。几乎没有债权人对违约，甚至是在风险最大的“垃圾”债券上，要求了这么少的保障。

And rarely have property prices around the world towered so high.American house prices have bounced back since the financial crisis and are above their long-term average relative to rents.Those in Britain are well above it.And in Canada and Australia, they are in the stratosphere.Add to this the craze for exotica, such as cryptocurrencies, and the world is in the throes of a bull market in everything.

译文

同时，世界各地的房地产价格也几乎没有这么高过。自金融危机以来，美国的房地产价格一直在反弹，相对于租金，已经高于其长期平均水平。英国的房地产价格也远在此之上。而且，在加拿大和澳大利亚，它们正在同温层之中。再加上对于各种加密货币等新鲜事物的狂热，世界正处于全面牛市的最终阵痛之中。

注释

1.bull market 牛市

例句:If one is invested, then it is a bull market.

如果你对它有所投资，那它就是个牛市。

2.house prices 房地产价格

例句:They expected house prices to rise.

他们盼望着房价上升。

3.financial crisis 金融危机

例句:This financial crisis had a much greater impact on Main Street.

这次金融危机对老百姓的影响更为深远。

4.bad luck 不走运

例句:I always lose at cards, with my bad luck.

我运气不好，打牌总是输。

聚英暑期魔鬼集训营装备全面升级，实行半军事化管理、高三式学习、小班教学；硬件设施完善、学校住宿、空调水果热水器一应俱全；导师考研阅卷经验丰富、考研信息资料齐全、为你答疑解惑，强化辅导公共课+专业课学习基础。风里雨里，聚英考研信息网在这里等你~

推荐阅读：

1、每日一篇:《经济学人》读译参考 Day51

2、2019考研英语：赛事进行中，世界杯英语你了解多少？