首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
考研
Internet allowed people to pay lower prices for books but also encouraged them to pay high prices for shares in lossmaking dotco
Internet allowed people to pay lower prices for books but also encouraged them to pay high prices for shares in lossmaking dotco
admin
2014-12-11
27
问题
Internet allowed people to pay lower prices for books but also encouraged them to pay high prices for shares in lossmaking dotcom companies. During the subprime boom Americans believed the illusion that they could get rich by buying each other’s houses. Those dreams may have been shattered. But there is still one great hope left for investors: emerging markets. Fund managers have been making the case for e-merging markets on a regular basis over the past 20 years. Developing countries offer higher economic-growth rates, have younger, more dynamic populations and are under-represented in the global stockmar-ket. Buying a stake in emerging markets is like buying a stake in the future.
But experience should teach investors to be suspicious of no-brainer decisions. They also need to be
vigilant
about the growth case. Using a variety of tests, Elroy Dimson and other experts found virtually no correlation between an individual country’s GDP growth rate per head and the returns to investors.
What is the explanation for this rather counter-intuitive result? One answer is that a stock market cannot reflect an economy perfectly. Many companies are unquoted. Those businesses that have floated on the market may be mature, or slower-growing, or simply overweight in one sector. In 1900 Wall Street was dominated by railroad stocks, for example. A second answer is that growth countries may behave like growth stocks. A period of strong performance leads to overvaluation, from which subsequent returns are inevitably disappointing.
Has that stage arrived? The old rule of thumb was that emerging markets were pricey when they traded at a higher multiple of profits than their developed counterparts, as they did in 1999 and 2007 just before sharp falls in prices. At the moment they trade at a modest discount.
But emerging markets are prone to boom-and-bust cycles. They have suffered three 25%-plus losses in the past 20 calendar years, and five years in which annual returns have exceeded 50% . International investors have probably been behind much of the liability, pushing the markets this way and that as they switch between enthusiasm and risk aversion.
It is quite possible that another boom is on its way. Bubbles, as described by Charles Kindleberger, a financial historian, usually involve an initial displacement, followed by rapid credit creation and then a phase of ecstasy.
Investors probably have no option but to ride the wave, if only because the outlook for developed markets looks so flat. There is, at least, more solidity to emerging markets than there was to dotcom stocks.
From the first paragraph, we can learn that ______.
选项
A、investors believe that Internet and housing market can help them get rich
B、emerging market is still the last hope for investors to get rich
C、young people in developing countries are under-represented in the global stock market
D、to purchase stock in emerging markets is secure and reliable
答案
D
解析
本题相对比较简单,因为题干明确锁定了答案所在的段落,考生只需在第一段对每个选项进行验证,看是否与原文表达的意思一致,逐一进行排除,最终得出正确答案。
转载请注明原文地址:https://kaotiyun.com/show/9YK4777K
0
考研英语一
相关试题推荐
AlthoughtherearemanyskillfulBraillereaders,thousandsofotherblindpeoplefinditdifficulttolearnthatsystem.Theya
AlthoughtherearemanyskillfulBraillereaders,thousandsofotherblindpeoplefinditdifficulttolearnthatsystem.Theya
AlthoughtherearemanyskillfulBraillereaders,thousandsofotherblindpeoplefinditdifficulttolearnthatsystem.Theya
Researchonanimalintelligencealwaysmakesmewonderjusthowsmarthumansare.【C1】______thefruit-flyexperimentsdescribedi
Researchonanimalintelligencealwaysmakesmewonderjusthowsmarthumansare.【C1】______thefruit-flyexperimentsdescribedi
Researchonanimalintelligencealwaysmakesmewonderjusthowsmarthumansare.【C1】______thefruit-flyexperimentsdescribedi
TheSouthPoleTravelsofStabilityItisnotquiteBenidormyet,butAntarcticahasbecomeanincreasinglypopulardestinat
TheSouthPoleTravelsofStabilityItisnotquiteBenidormyet,butAntarcticahasbecomeanincreasinglypopulardestinat
AutoIndustryInMichiganInthe20thCentury,theroadtotheAmericanDreambeganinMichigan.Ourstatenotonlyputthe
EmergingEconomicPowerfulCountryAfterEconomicCrisisItisbecomingincreasinglyclear-thatthestoryoftheglobalecon
随机试题
下列选项中不属于生物群落的组成成分的是()
细菌内毒素的特征是
足少阳胆经悬钟穴位于
A.呼吸道感染B.心力衰竭C.心律不齐D.亚急性感染性心内膜炎E.栓塞风心病二尖瓣狭窄伴房颤最易出现
给水管道安装完成确认无误后,必须进行系统的水压试验,室内给水管道试验压力为工作压力的( )。
甲公司采用资产负债表债务法核算所得税,适用的所得税税率为25%。2016年6月30日,甲公司将一栋写字楼出租给乙公司,并采用公允价值模式进行后续计量。该写字楼原价为20000万元,预计使用寿命为20年,采用年限平均法计提折旧,预计净残值为0。假设税法对该投
小学二年级的品德与生活课上,王老师告诉同学们要遵守国家法律制度,保护野生动物。王老师拿出了各种图片,向大家介绍了大熊猫、金丝猴、穿山甲等国家保护动物。同学们都非常高兴地辨识这些图片,了解到了保护动物的常识。两周后的一个周末,小明和家人去郊外游玩,在一个农庄
Charliecamefromapoorvillage.Hisparentshad【C1】______moneytosendhimtoschoolwhenhewasyoung.Theboywasverysad.
阅读材料,回答问题:材料1在五千年的历史长河中,作为民族精神的核心,爱国主义始终是中华民族团结统一的精神纽带,始终是凝聚力和向心力的基本源泉,始终是推动中国社会发展进步的巨大力量。这种精神,寄托着对民族命运的拳拳之心,倾注了对中华大地的
AntsHaveBigImpactonEnvironmentas"EcosystemEngineers"ResearchbytheUniversityofExeterhasrevealedthatantshav
最新回复
(
0
)