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
If American investors have learned any lesson in the last 25 years, it is to buy shares on the dips. The slide in 2000—2002 may
If American investors have learned any lesson in the last 25 years, it is to buy shares on the dips. The slide in 2000—2002 may
admin
2009-04-26
131
问题
If American investors have learned any lesson in the last 25 years, it is to buy shares on the dips. The slide in 2000—2002 may have been longer and deeper than they were used to but normal service was eventually resumed, driving the Dow Jones Industrial Average to a record high on October 1st.
Among American financial commentators, it is almost universally accepted that shares always rise over the long run. And one ought to expect shares (which are risky) to deliver a higher return than risk free assets such as government bonds.
Nevertheless, investors ought also to remember the world’s second largest economy, Japan. Its most popular stock-market average, the Nikkei 225, peaked at 38,915 on the last trading day of the 1980s; this week, nearly 18 years later, it is still only around 17,000, less than half its peak. Buying on the dips did not work either.
Professionals of the London Business School examined the record of 16 stock markets which were in continuous operation over the course of the 20th century. In itself, this selection showed survivorship bias by excluding the likes of Russia and China. The academies found that only three other countries could match the American record of having no 20-year periods with negative real returns.
Other investors were far less lucky. Japanese, French, German and Spanish investors all suffered instances where they had to wait 50—60 years to earn a positive real return. It was no good following the famous advice to "put the shares in a drawer and forget about them"; the furniture would not have lasted that long.
Besides survivorship bias, there is another problem with the belief that stock markets must always go up. Investors will keep buying until prices reach stratospheric(稳定的) levels. That clearly happened in Japan in the late 1980s, and after seven years, it is still not much more than half its peak level.
A significant proportion of the return from equities in the second half of the 20th century came from a re-rating of shares; investors were willing to pay a higher multiple for profits. But re-rating cannot continue forever.
If investors want a simple parallel with share prices, they need only mm to the American housing market. Back in 2005 an economic adviser to the president said", we’ve never had a decline in housing prices on a nationwide basis. What I think is more likely is that house prices will slow, maybe stabilize".
Lots of people took the same view and were willing to borrow (and lend) on a vast scale on the grounds that higher house prices would always bail them out. They are now counting their losses. Investors in equities should beware of over-committing themselves on the basis of a similar belief Just ask the Japanese.
选项
A、a place where the surface of something reaches its climax.
B、a place where the surface of something goes up suddenly and rapidly.
C、a place where the surface of something goes down suddenly then goes up again.
D、a place where the surface of something reaches its lowest point then goes up.
答案
C
解析
为语义理解题。从文章第1段中可以隐约判断出"dips"是下降的意思。可以排除A和B。文章第2段最后一句话将"dips"的意思表述的很明确:"在dip时买进也不奏效"。而第2段说的是日本股票二十年来不停的下跌。这样可以推断出"dips"指的不是最低点,而是陡然下跌,然后上涨。这样排除 D,本题选C。
转载请注明原文地址:https://kaotiyun.com/show/Aba4777K
0
考研英语一
相关试题推荐
ReadthefollowingtextandanswerquestionsbymarkingTifthestateistrueorFifthestateisnottrue.Tippingisas
Sportisheadingforanindissolublemarriagewithtelevisionandthepassivespectatorwillenjoyaprivateparadise.Allofth
Workingatnonstandardtimes—evenings,nights,orweekends—istakingitstollonAmericanfamilies.One-fifthofallemployedAm
Thecellphone,adevicewehavelivedwithformorethanadecade,offersagoodexampleofapopulartechnology’sunforeseensi
Thecellphone,adevicewehavelivedwithformorethanadecade,offersagoodexampleofapopulartechnology’sunforeseensi
MillionsofAmericansandforeignersseeG.I.Joeasamindlesswartoy,thesymbolofAmericanmilitaryadventurism,butthat’
MillionsofAmericansandforeignersseeG.I.Joeasamindlesswartoy,thesymbolofAmericanmilitaryadventurism,butthat’
MillionsofAmericansandforeignersseeG.I.Joeasamindlesswartoy,thesymbolofAmericanmilitaryadventurism,butthat’
Newscientificstudiesrevealthehiddencostsofmultitaskingastechnologyincreasinglytemptspeopletodomorethanonethin
Newscientificstudiesrevealthehiddencostsofmultitaskingastechnologyincreasinglytemptspeopletodomorethanonethin
随机试题
A.厚苔化薄B.腻苔化松C.厚苔骤剥D.燥苔转润E.黄苔转白热邪已退的舌象是
【背景资料】某道路工程,施工方根据业主要求的工期编制了施工组织计划,并以此为前提配备施工队伍、机械设备、劳动力、材料等,确保工期目标的实现。施工方根据本工程的特点,在合理安排工期,搞好工序衔接的前提下,将热拌热铺沥青混凝土面层施工作为重点进行质量控制。本工
湿式系统、预作用系统的一个报警阀组控制的洒水喷头数不宜超过()只,干式系统不宜超过500只。
法定检验的进口商品到货后,()必须向卸货口岸或者到达站的检验检疫机构办理报检。
在师德理论上提出教师应做到“庄严自持,内外合一”的教育家是()。
请选出正确答案。例如:她很活泼,说话很有趣,总能给我们带来快乐,我们都很喜欢和她在一起。★她是个什么样的人?A幽默√B马虎C骄傲D害羞明天我就去杭州,跟你一起放松放松,去游览西湖,看看传说中的“雷峰塔”,这
Completethetablebelow.WriteNOMORETHANTWOWORDSAND/ORANUMBERforeachanswer.Talkingaboutthehistoryofbikes
TherearefewstrangeralliancesinAmerica’sculturewarsthantheonebetweennativistsandmulticulturalistsonthesubjecto
Generallyspeaking,______immigrantscannottotallycutthetiewiththeirmotherlandandbeassimilatedbytheforeignculture
Graffiti—adangerouswayoflifeScrawlinggraffitiisseenasacrimeintheUK,yetintheUSithasbecomearecognizedartf
最新回复
(
0
)