每日一篇:《经济学人》读译参考 Day3

    英语是一门需要耐心积累沉淀的学科，想要学好它，速成是不可取的。跟着聚英考研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:科技股:重获信息泡沫时代高点(3)
    [Finance and Economics] Buttonwood: Hope rebooted
    [财经] 梧桐树专栏：重燃希望

    But the latest survey reflected fears that the enthusiasm may have gone too far: 38% of managers thought that betting on tech stocks was the “most crowded trade” ; a net 9% had cut their exposure in the previous month.
    译文
    但是最近的一个调查反映已经有人开始担忧是否对科技股的热情过头，38%的管理者认为在科技股上下注是最拥挤的贸易，前一个月有9%的帐户已经减持科技股了。

    The risks facing the tech industry now are rather different from those that surfaced in 2000.Then, it became clear that many companies would burn through their cash long before they made a profit.This time, the industry is more mature; Apple's fastest growth is surely behind it, for example.Whereas the sector was generally held in high regard in 2000, it is now the object of more suspicion, whether it is public concern about individuals' privacy, Donald Trump's anti-Amazon tweets or EU fines against American tech giants.Regulation may yet prove a barrier to tech's long-term growth.
    译文
    现在科技行业目前面临的风险和2000年的有很大不同。当时，很明显的一点是许多企业在开始盈利之前很久一直在烧钱。现在，科技行业更加成熟，例如苹果公司的最快发展速度明显跟不上行业发展速度。2000年科技股被普遍高度重视，现在却成了怀疑对象，是否公众会担心个人隐私问题，Donald Trump的反亚马逊tweets 或者欧盟反对美国科技巨头开出的罚单。监管还没有被证明是科技长远发展的绊脚石。

    So, history isn't repeating itself exactly.There is nothing like the same stockmarket euphoria as there was at the turn of the century.Few people are trying to day-trade their way to riches or setting up a dotcom franchise to sell dog food.And tech stocks are not as much of an outlier as they were (along with media and telecoms firms) in 2000, when many investors abandoned “old economy” companies in retailing and heavy industry.
    译文
    所以，确切地说历史并没有重演。尽管现在有着当时的成交量，但一点也没有当时股票市场的疯狂。没有人会想着通过一天交易就变富裕或者建立网络公司的特许经营权来出售狗粮。而且，科技股（包括媒体还有电信公司）已经不再像在2000年一样是“局外人”，当时许多投资者避免投资零售业和重工业这样的“老经济”公司。

    But there is still plenty that can go wrong.The overall market is on a cyclically adjusted price-earnings ratio of 30—a level surpassed only in 1929 and the late 1990s.If the Federal Reserve tightens policy too aggressively, or the American economy slips into recession (or both), tech investors will get that sinking feeling again.
    译文
    但是仍然有很多误入歧途。所有的市场都在围绕30%左右的市盈率进行一个调整性周期，这个水平只在1929年和二十世纪90年代..被超越过。如果美联储采取过于紧缩货币的政策或者美国经济变得萧条（或者两种情况都发生），那么科技股投资者就会再次感到沮丧。

    注释
    1.set up 建立
    例句:He set up a stand on the pedlars 'market.
    他在集贸市场上设了个摊位。
    2.go wrong 出错
    例句:I know only too well that plans can easily go wrong.
    计划很容易出岔子，我太清楚这点了。
    3.along with 伴随
    例句:He came along with some friends.
    他和几个朋友一道来的。
    4.tech investors 科技投资者
    例句:And, for now, tech investors have gone mad again.
    眼下，科技股投资者再一次失去了理智。

    推荐阅读：
    1.考研英语：学会精翻，长难句不是难题
    2.考研英语：词汇背诵技巧、规划和解析