英语100篇精读荟萃（中级篇）17a
时间：2007-09-17 06:27:14
（单词翻译:单击）
Passage Seventeen (A Strong Stock Market)
The increase in the margin1 rate from 50% to 70% was not an attempt to stem any rampant2 speculation3 on the part of the public-actually the market seemed technically4 quite strong, with public participation5 essentially6 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 momentarily chilling effect upon prices but if the FRB had been preoccupied9 with undue10 speculation, the increase might have been to the 80% or even 90% level. Such an increases in the margin rate is a confirmation11 of a strong stock market and since 19…,such increases have resulted in interim12 market highs over twelve months later. Obviously, there could be no guarantee that this would once again be the case, but if history is any guideline-and if business and corporate13 earnings14 were to continue on the same course-continued optimism over the outlook for the stock market would seem more prudent15 than pessimism16.
The margin increase underscored 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 pointed17 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 voiced 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 certain fixed18 price/earnings ratios. Below a certain ratio they are considered good value-above a certain ratio, overpriced. 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 psychology19 as well as the business outlook. When investors20-both the public and the institutions-are nervous and pessimistic they definitely hesitate to buy stocks: they seek low price/earnings multiples and high yields. These same investors-when they are in an optimistic frame of mind-become for less preoccupied with yields and more wiling21 to pay a premium(high p/e multiples) for accelerated growth. If the public’s attitude towards the auto22 industry is any measure, then this period seems to have been one of optimism.
1. The title that best expresses the ideas of this passage is
[A]. A Time to Sell Stock. [B]. A Strong Stock Market
[C]. Raising the Margin Rate [C]. Price/earnings Ratio in Steel
2. When investors are pessimistic what do they do?
[A]. They look to the FRB for help. [B]. They buy steel
[C]. They buy automobile23 stocks. [D]. They look for high yields.
3. Why does the writer believe that speciality stocks could outperform the general market?
[A]. Because analysis have difficulty in deciding upon a fixed price/earnings ratio.
[B]. Because the activity had been limited to blue chips.
[C]. Because the rise was conservative.
[D]. Because of the FRB action.
4. When investors are optimistic, what do they do?
[A]. They look for accelerated growth. [B]. They buy speciality stocks.
[C]. They look for high yields. [C]. They are more prudent.
Vocabulary
1. margin rate 保证金率，边际比率
2. rampant 无约束力，猖獗的，蔓延的
3. stem 遏制
4. stem from 滋长，源自
5. underpin8 加强……基础，支持
6. underpinning7 支持物，基础（建筑物下的）
7. preoccupy24 先占，使专心于，吸引住
8. undue 过分的，非法的，不适当的
9. interim 间歇；暂时的，间歇的
10. guideline 方针，指导路线
The increase in the margin1 rate from 50% to 70% was not an attempt to stem any rampant2 speculation3 on the part of the public-actually the market seemed technically4 quite strong, with public participation5 essentially6 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 momentarily chilling effect upon prices but if the FRB had been preoccupied9 with undue10 speculation, the increase might have been to the 80% or even 90% level. Such an increases in the margin rate is a confirmation11 of a strong stock market and since 19…,such increases have resulted in interim12 market highs over twelve months later. Obviously, there could be no guarantee that this would once again be the case, but if history is any guideline-and if business and corporate13 earnings14 were to continue on the same course-continued optimism over the outlook for the stock market would seem more prudent15 than pessimism16.
The margin increase underscored 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 pointed17 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 voiced 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 certain fixed18 price/earnings ratios. Below a certain ratio they are considered good value-above a certain ratio, overpriced. 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 psychology19 as well as the business outlook. When investors20-both the public and the institutions-are nervous and pessimistic they definitely hesitate to buy stocks: they seek low price/earnings multiples and high yields. These same investors-when they are in an optimistic frame of mind-become for less preoccupied with yields and more wiling21 to pay a premium(high p/e multiples) for accelerated growth. If the public’s attitude towards the auto22 industry is any measure, then this period seems to have been one of optimism.
1. The title that best expresses the ideas of this passage is
[A]. A Time to Sell Stock. [B]. A Strong Stock Market
[C]. Raising the Margin Rate [C]. Price/earnings Ratio in Steel
2. When investors are pessimistic what do they do?
[A]. They look to the FRB for help. [B]. They buy steel
[C]. They buy automobile23 stocks. [D]. They look for high yields.
3. Why does the writer believe that speciality stocks could outperform the general market?
[A]. Because analysis have difficulty in deciding upon a fixed price/earnings ratio.
[B]. Because the activity had been limited to blue chips.
[C]. Because the rise was conservative.
[D]. Because of the FRB action.
4. When investors are optimistic, what do they do?
[A]. They look for accelerated growth. [B]. They buy speciality stocks.
[C]. They look for high yields. [C]. They are more prudent.
Vocabulary
1. margin rate 保证金率，边际比率
2. rampant 无约束力，猖獗的，蔓延的
3. stem 遏制
4. stem from 滋长，源自
5. underpin8 加强……基础，支持
6. underpinning7 支持物，基础（建筑物下的）
7. preoccupy24 先占，使专心于，吸引住
8. undue 过分的，非法的，不适当的
9. interim 间歇；暂时的，间歇的
10. guideline 方针，指导路线
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1
margin
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| n.页边空白；差额；余地，余裕；边，边缘 | |
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rampant
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| adj.(植物)蔓生的；狂暴的，无约束的 | |
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speculation
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| n.思索，沉思；猜测；投机 | |
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technically
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| adv.专门地，技术上地 | |
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participation
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| n.参与，参加，分享 | |
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essentially
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| adv.本质上，实质上，基本上 | |
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underpinning
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| n.基础材料；基础结构；（学说、理论等的）基础；（人的）腿v.用砖石结构等从下面支撑（墙等）( underpin的现在分词 )；加固（墙等）的基础；为（论据、主张等）打下基础；加强 | |
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underpin
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| v.加固，支撑 | |
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preoccupied
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| adj.全神贯注的，入神的；被抢先占有的；心事重重的v.占据（某人）思想，使对…全神贯注，使专心于( preoccupy的过去式) | |
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undue
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| adj.过分的；不适当的；未到期的 | |
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confirmation
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| n.证实，确认，批准 | |
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interim
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| adj.暂时的，临时的；n.间歇，过渡期间 | |
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corporate
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| adj.共同的，全体的；公司的，企业的 | |
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14
earnings
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| n.工资收人；利润，利益，所得 | |
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15
prudent
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| adj.谨慎的，有远见的，精打细算的 | |
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pessimism
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| n.悲观者，悲观主义者，厌世者 | |
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pointed
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| adj.尖的，直截了当的 | |
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fixed
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| adj.固定的，不变的，准备好的；(计算机)固定的 | |
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psychology
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| n.心理，心理学，心理状态 | |
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investors
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| n.投资者，出资者( investor的名词复数 ) | |
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wiling
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| v.引诱( wile的现在分词 )；诱惑；消遣；消磨 | |
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auto
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| n.(=automobile)(口语)汽车 | |
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automobile
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| n.汽车，机动车 | |
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preoccupy
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| vt.使全神贯注，使入神 | |
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