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
外语
In the spring of 1720, when all of London was clamoring for shares in the South Sea company, Sir Isaac Newton was asked what he
In the spring of 1720, when all of London was clamoring for shares in the South Sea company, Sir Isaac Newton was asked what he
admin
2013-01-28
28
问题
In the spring of 1720, when all of London was clamoring for shares in the South Sea company, Sir Isaac Newton was asked what he thought about the market. "I can calculate the motions of the heavenly bodies, but not the madness of the market," the scientist and master of the mint is reputed to have replied.
【B1】
Newton should have considered seriously his own wise words. Having sold his £7,000 of stock in the company, he later bought back in at the top of the boom and went down for £20,000.
Like all the other mug punters in every bout of speculative fever, Newton was cleaned out when the crash came.
Little has changed in the intervening 280 years.
【B2】
Common to every bubble is the deeply-rooted belief that this time it will be different, that the rise in the price of an asset is rooted in the sound common sense rather than in recklessness, stupidity and greed.
Take the crash of 1929, for example. In his excellent book charting the sad history of bubbles, John Moody, the founder of the credit agency intoned in 1927 that "no one can examine the panorama (全貌) of business and finance in America during the past half-dozen years without realizing that we are living in a new era."
The Yale economist Irving Fisher declared a few weeks before the October crash that stock prices had reached a "permanently high plateau". Why was this? Simple. The creation of the Federal Reserve in 1913 had abolished the business cycle, while technological breakthroughs had created a "new economy" that was much more profitable than the old.
【B3】
As share prices continued their heady rise, traditional methods of stock market valuations were abandoned. It did not matter that many of the start-up companies of the late 1920s were not making any money: what counted was that some day they surely would.
So share prices were justified by discounted future earnings.
【B2】
选项
答案
在每次骗局中,颇为常见的现象是,股民们有一种根深蒂固的信念:这次情况会有所不同,一项财产价格的上涨是基于正确的常识性判断而不是基于粗心、愚昧和贪婪。
解析
转载请注明原文地址:https://kaotiyun.com/show/o31O777K
0
考博英语
相关试题推荐
Thisspaciousroomis____furnishedwithjustafewarticlesinit.
Sherefusedtodisclosewhathadbeentoldher,onthe______thatitwouldbeabreachoffaith.
Stressfulenvironmentsleadtounhealthybehaviorssuchaspooreatinghabits,which______increasetheriskofheartdisease.
Thenewcolleague____tohaveworkedinseveralbigcorporationsbeforehejoinedourcompany.
Despitethefactthattheywere______whentheymarried,alter30yearstheylivetogetherharmoniously.
Wearewritingtothemanager______therepairsrecentlycarriedoutattheaboveaddress.
Throughouthistorymanhashadtoacceptthefactthatalllivingthingsmustdie,butpeoplenowlivelongerthanthey【51】Yet,
Itwasexcitingtoseesuchamovieforfirsttime,butwesoonbecame______whenourTVwasfloodedwithprogramsoflike-kind
Theworld’spopulationcontinuestogrow.Therenowareabout4billionofusonearth.Thatcouldreach6billionbytheendof
A、edgeB、rimC、lipD、brinkD本题考核的知识点是of结构+名词辨析。四个选项不是动词的名词化,因此考查的是修饰关系。本题测试点为固定搭配。onthebrinkof意为“在……的边缘”,所以应选D。一些经济学家担心德国处于经济
随机试题
“政党分赃制”导致的后果不包括()
影响病案耐久性的因素不包括
买卖存量房的不动产转移登记代办,需要注意的事项有()。
属于专项收入的有()。
运用不同原理可培育出符合人类不同需求的生物品种。下列叙述正确的是()。
下列有关教材说法正确的是().
冠心病:传染病()。
填入下面横线处的句子,与上下文衔接最恰当的一项是()。没有天敌的动物往往最先灭绝,有天敌的动物则会逐步繁衍壮大。______。汤武因为有残暴的桀纣为敌而获得了拥护者,______,最后得到了天下。换个角度讲,真正使罗马帝国灭亡的正是因为没有了强大的
根据以下资料。回答下列题。“十一五”期间,我国货物进出口总额累计116806亿美元。其中,出口总额63997亿美元,比“十五”期间增长1.7倍;进口总额52809亿美元,比“十五”期间增长1.4倍。“十一五”前两年,我国货物进出口总额保
十进制数32转换成无符号二进制整数是______。
最新回复
(
0
)