2. 外语
  3. The increase in the margin rate (保证金率) from 50% to 70% was not an attempt to stem any rampant (猛烈地) speculation on the part of t

The increase in the margin rate (保证金率) from 50% to 70% was not an attempt to stem any rampant (猛烈地) speculation on the part of t

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问题     The increase in the margin rate (保证金率) from 50% to 70% was not an attempt to stem any rampant (猛烈地) speculation on the part of the public—actually the market seemed technically quite strong, with public participation essentially dignified—but rather an attempt by the Federal Reserve Board to preserve the sound underpinnings that existed in the market. Naturally, such a move had a【C1】________chilling effect upon prices but if the FRB had been preoccupied with undue speculation, the increase might have been to the 80% or even 90% level. Such increases in the margin rate is a【C2】________of a strong stock market and since 1989, such increases have resulted in interim market highs over twelve months later. Obviously, there could be no【C3】________that this would once again be the case, but if history is any guideline—and if business and corporate earnings were to continue on the same course—continued optimism over the outlook for the stock market would seem more【C4】________than pessimism.
    The margin increase【C5】________the good rise that stocks had enjoyed for the previous year—and the fact that a 50% rate was maintained as long as it was pointed up the fact that the rise was mainly conservative in that it was concentrated in the blue chips for the most part. In past Investment Letters we have【C6】________the thought that speciality stocks could outperform the general market from this point. We continue to believe that this could be the case. For example, steel stocks tend to sell at a certain fixed price/earnings ratio. Below a certain ratio they are considered good value—above a certain ratio, 【C7】________. If a company produces a unique product, it is far more difficult for market analysis to place a numerical ratio upon the company’s earnings. We have also contended in the past Letters that the stock market reflects mass psychology as well as the business outlook. When investors—both the public and the institutions—are nervous and【C8】________they definitely hesitate to buy stocks; they seek low price/earnings multiples and high【C9】________. These same investors—when they are in an optimistic frame of mind—become far less【C10】________with yields and more willing to pay a premium (high p/e multiples) for accelerated growth. If the public’s attitude towards the auto industry is any measure, then this period seems to have been one of optimism.
    A) confirmation       F) overpriced       K) speculate
    B) guarantee          G) pessimistic      L) underscored
    C) intelligible       H) preoccupied      M) vicinity
    D) invariably         I) prudent          N) voiced
    E) momentarily        J) representation   O) yields
【C4】
选项
答案I
解析 形容词辨析题。根据空格前的seem more可知，该空缺少形容词。由but后的两个从句if history is any guideline—and if business and corporate earnings were to continue on the same course“如果参照历史——如果商业和公司的利润仍然保持现有增长水平”可推知，对股市的前景继续持乐观态度似乎更审慎。备选形容词中的prudent“审慎的”符合句意，故I)为答案。
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