【肥柴慢闪004】双语读经济学人：2018股票市场喜悲2
这是一篇准备好的文章
昨日在高铁上打完的
评论区即将到达考研词汇精讲
错误：will（/would）
Others will have suffered too.
别人也将遭到不幸。
The declines in stocks imply a smaller pension pot for those about toretire.
股市的衰退预示着给即将退休者准备的养老金储钱罐更小。
Wherever investment income isneeded to meet current expenses,beltsmust be tightened.
若需要用投资收益满足日常消费，则必须勒紧裤腰带。
Yet those who are stillbuilding up there wealthwill benefitfrom lower asset prices.
但那些仍在积累财富的人将会从更低的资产价格中获益。
Take housing, for instance.
以住房为例。
A falling housing prices hurts those who are long property, those whoowe morehousing than they’llpersonally need over their lifetime.
下降的房屋价格伤害了那些拥有多套房子的“长”住房人的利益。
Call such people landlords.
这些人被称为“房东”。
But it also helps those people-call them tenants-who hope either to buya property or to trade up for a bigger one in future.
但房价下降也帮助了那些想要在未来买房或者换一个更大的房子的人——称他们为房客。
——改成——>：但房价下降也帮助了那些——称他们为房客——想要在未来买房或者换一个更大的房子的人。
Falling house prices make it easier for them to reach their goal.
房价下跌让他们的目标更容易实现。
A similar logic applies to stockmarkets.
同样的逻辑也适用于股市。
Just as a home is a stream of future housing services, the stock is astream of future dividends.
就像房子是一连串的未来的住房服务，股票也是一连串未来的股息。
Lower stock prices maybe bad for stockmarket landlord, but they aregood for stockmarket tenants.
更低的股价也许对股市的“地主”来说不是好事，但是对股市“房客”而言是好的。
Warren Buffett is written that those who plan tonet buyers in the future, should rejoice when stocks fall.
沃伦·巴菲特曾写道，在股价下跌的时候，那些计划成为未来股票净购买者的人应该庆祝。
An investor of this kind who cheers rising stock prices is like acommuter who rejoices of the price of gas increases, simply because his tank contains a day’ssupply.
庆祝股价上涨的这类投资者就像是“一位在油价上涨后庆祝的通勤人一样，因为他的油箱里加满了油”。
Fears of recession are not the only reason for falling stock prices.
对衰退的恐惧不是股价下跌的唯一原因。
Part of the recent decline is down to prospects, such as Brexit orgrowing protectionism, that will do hurts to permanent damage to the globaleconomy, and thus to company profits and stockmarket returns.
近期的部分下跌是由于预期，例如脱欧或者不断增长的保护主义，这将对全球经济、公司利润以及股市收益造成永久性损伤。
Yet even in this regard, there is something to be said for a correctionin asset prices.
但即便在这一点上，对资产价格进行修正也是有好处的。
When excessive optimism is built into asset prices, wasteful investmentoften follows.
当对资产价格过于乐观时，紧随其后的通常是投资浪费。
Think of the homes built inout-of-the
way placesin America, Spain and Ireland to satisfyspeculative
demandduring the global housing boom of thenoughties.
想想在21世纪头10年中，全球房屋市场的繁荣，美国、西班牙、爱尔兰为了满足投机需求而在偏远地区建造的那些房屋。
Investors, like those who use ecstasy or alcohol, face a choice.
投资者，比如那些服用摇头丸或酒精的人，面临一项选择。
They can feel good now or later.
他们可以选择现在或晚些时候high起来。
Genuinely long-term investors will always choose later.
长期投资者总会选择后者。
They want to buy stocks as cheaply as possible and when they get ahigher premium for owning risky assets.
他们想要购买尽可能便宜的股票，并且是当他们为拥有风险资产而获得更高度保险费之时。
Recessions are an inevitable part of the risks investors face.
衰退是投资者所面临的风险中不可避免的一部分。
As with hangovers, they feelinterminable.But eventually they clear.
和宿醉一样，感觉没完没了，但终究将会变得清晰。
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