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CRI實用英語課堂 Unit 42:Stock Market I 股票市場(上)

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Part 1 Stock Market Investment 股市投資

Stock market investment gives you the unique opportunity to take a direct part in the growth and success of companies. When you buy shares in a company, it means that you actually own a portion of that company. As part owner, you benefit by receiving part of the profits or dividends and sharing in the growth of the value of the company.


The company benefits by raising funds or capital when your shares and other shares are first sold. These funds are used to operate and expand the business.


In general, share investments produce better returns than fixed interest investments, particularly when money is invested long term.


Although there are rises and falls in the stock market, history shows that over the long term, the value of the stock market rises. In the US, which has a long history of deregulated stock market, the average real return per annum after inflation is approximately 10%.


Direct investment in the stock market also gives you control over where you put your money. You decide which companies you want to invest in and when the time is right for you to see your shares. If you want to be in control, stock market investment is a good option.


Another attractive feature of stock market investment is the flexibility to change your investments when your personal circumstances change. For example, if you need money for a well-earned break, an extension on our house or your children's education, all you need to do is sell your shares.


Stock market investment allows you to follow your investment. You'll receive regular information from companies you invest in and can attend meetings. This enables you to gain a unique insight into the results and strategies of the organization and learn a lot in the process.


Market investment also allows you to follow a particular interest you have. For example, you may have lived all you life in a forestry area and are interested in supporting this industry and benefiting from its success, by investing in listed forestry stocks.


股市投資給你一個獨一無二的直接參與公司發展的機會。當你購買了某個公司的股票,也就意味著你實際上擁有了公司的一部分。作為公司的部分擁有者,你有權分享公司發展所帶來的利潤或者紅利和公司發展所帶來的增值。


公司通過發行股票募集資金或資本獲利。當你或他人購買了公司新發行的股票,公司也就募得了資金,用于公司的運營和業務拓展。


總體來說,股票投資比固定利率投資的回報率要高,尤其是在長期投資方面更是如此。


雖然股市有漲有跌,但歷史證明,從長期來看,股市呈上升趨勢。美國股市歷來不受什么管制,其年均回報率,扣除通貨膨脹率以后為10%左右。


直接投資于股市讓你可以把握投資去向。你可以自己決定投資于哪家公司,何時賣出股票。如果你想對投資有所把握,股市是一個不錯的選擇。


股市投資另一個吸引人的地方就是它的靈活性。你可以根據自身情況的變化而改變投資。比如說當你想去度假,擴建房子或者為孩子的教育而需要用錢的時候,你要做的就是賣出股票。


股市投資讓你可以跟蹤投資去向。你可以從所投資的公司定期得到信息,還可以出席公司的會議。這將使你更加深入地了解到公司的發展戰略和進程,從中你也會學到很多東西。


你還可以按照各人愛好進行投資。比如,你一輩子都住在林區,你也想支持林業的發展,就可以投資上市的林業公司,你還可以從公司的發展中獲益。

Part 2 How To Pick A Stock? 如何選擇股票?


When technical analysis is mentioned, people often think of analysts plotting price movements of stocks,drawing lines to find trends, support or resistance. Technical analysis is the art of deducing probable future trend from historical records of stock trading. It is the study of the stock market itself rather than the external factors that influence the market. The most familiar indicators used are the price and volume of a stock.


Advocates of technical analysis believe that information is not immediately reflected in the market prices of stocks. For example, when a piece of good news about a company is available, it is not immediately known to everyone but is slowly passed from one person to another.


This process takes time and an upward price trend develops for that company as more and more people hear the good news and want to buy the stock and fewer and fewer people are willing to sell the stock. The stock price which has started to move in an uptrend will continue to do so until something happens to change the supply-demand balance.


For the technical analyst, he does not need to know what the good news or any other information that is affecting the stock price is; the chart will tell him whether the stock price is going to move up or down. He does not need to know the fundamentals of the company because if the price is going up, the fundamentals must be improving.


On the other hand, fundamental analysis examines all relevant factors affecting the stock price in order to determine an intrinsic value for that stock. If the market price is below the intrinsic value, then the stock is undervalued and should be bought. The factors to consider include balance sheet items, corporate management, business prospects and earnings outlook.


The fundamental analyst calculates financial ratios based on data available from the balance sheet and income statement of a company. From these ratios, he deduces the financial strength and earnings trend of the company. Then he will meet the company's management to affirm his deductions, to understand the business and to learn of any new development of the company and the industry.


A widely used tool in fundamental analysis is the price-earnings ratio or PE ratio. It is calculated using the stock price divided by the earnings per share (EPS) of a company. As a general rule, a stock with a low PE ratio is considered cheap although there are difficulties in applying this principle. PE ratios of two companies can only be compared if the companies are similar.


It is believed that companies in different industries deserve different PE ratios. For example, Singapore Telecom is believed to deserve a higher PE ratio than many other stocks because of its position in the telecommunication business.


However, analysts have not yet agreed on what PE ratio each industry or company deserves and there is no one way to determine the right PE ratio. Both approaches attempt to predict the future price movement of a stock. Fundamentalists study the cause of market movement while technicians believe that the effect is all that they need to know.


Despite their differences, both approaches try to increase your probability of picking up the right stock at a right price. However, these methods only increase your chances but do not guarantee complete success. Some believe that fundamental analysis is good for picking the right stock while technical analysis is appropriate to decide the right price or time to buy.


For the professional investor, he has to take another step of deciding the sequence of analysis. This will have an impact on how the investor divides his money among different countries and stocks. Basically, the investor decides whether the market as a whole or the company itself is more important in determining stock prices. Both factors definitely influence stock prices but the degree of influence is the issue.


The top-down approach or sometimes known as the Economy-Industry-Company (EIC) model emphasises the market over the company. It starts with the analysis of different economies to determine which country could offer the investor better returns.


In the selected economy, it searches for industries that provide better prospects and it picks the best companies within these industries. The top-down approach offers a systematic and structured way to analyse stocks. It advocates that the economy and industry effects are significant factors in determining the total return for stocks.


The bottom-up or stock picking approach believes in finding stocks that are undervalued which can provide superior returns irrespective of the market and industry factors. The company effect is the dominant factor in determining stock return.


There is no overwhelming evidence to suggest which approach offers superior returns to the investors. The most important thing is that an investor is comfortable with a particular method, understands its strengths and limitations, experiments with it, finds that it works for him and abides by the method.

一提起技術分析,人們就會想到股票分析員畫股價走勢圖,找支持線和阻力線。基本上,這個方式是根據過去的記錄預測未來表現。換句話說,技術分析研究股市本身,不是影響它的外在因素;而股價和成交量是它最常用的數據。


技術分析的支持者認為,影響股價的消息沒有立即反映在股價上。舉例說,一家公司的好消息并不是每個人都同時知道的,而是從一人傳到另一個,整個過程需要一段時間。越來越多人知道這好消息后會買進,
而越來越少的人愿意賣掉,這么一來使股價逐步升高。股價會因此繼續上升直到供應與需求的平衡出現變化。


但對技術分析員來說,他并不需要知道那好消息是什么,走勢圖將告訴他股價會起還是落。他也不需知道公司的基礎因素,對他來說,基礎會隨著股價上升而改善。他們相信歷史會重演,可從過去的股價走勢推測它將來的表現。


另一方面,基礎分析則研究所有可能影響股價的因素,以確定股票的實際價值。如果市價低過實值,就值得買進。基礎分析員研究資產與負債表的項目、企業管理層、業務展望和盈利潛能,再根據資產與負債表和損益表提供的數據計算而得的比例,判斷這家公司的財力和盈利趨勢。分析員也會與公司的管理層會面,了解它的業務以及有關公司和行業的最新發展。


本益比是基礎分析中最常用的比例,計算方式是股價除每股盈利。一般上,低本益比表示股票便宜。 不過,這個準則有時不太好用。兩家公司從事相同的業務,才能夠比較它們的本益比;不同行業的公司,本益比通常是不一樣的。舉例說,以新加坡電信在電信業的地位,它的本益比會較其他公司高。


對于每個行業的本益比應是多少,分析員們到目前為止還沒有定論,而且也沒有計算正確本益比的方式。 技術分析和基礎分析都嘗試預測股價今后的走勢。它們的做法雖然不一樣,但都盡可能幫助投資者以合適的價格買入有增值潛能的股票。不過,它們都只能提高可能性,而不能保證成功。有些人認為,基礎分析較適合用于選擇股票,而技術分析則適用于決定買入的時機和價格。


對專業投資者來說,他們還必須決定分析的步驟。這將影響投資者把資金分配于不同市場和股票的決定。基本上,他們決定市場的整體走勢還是公司本身對股價的影響比較大。這兩個因素都會影響股價,但程度可能不同。


從上至下的方法側重于整體市場。它首先決定哪個市場能帶來較高的回報,然后再選擇具投資展望的行業和屬于這一行業的公司。這是個系統化的股票分析方式,認為經濟和行業是決定股票回報的重要因素。


而從下至上的選擇股票方式,無視市場和行業因素,重點是選擇市值低于股值的股票,認為公司本身是決定回報的最重要因素。


哪個方式能帶來較高的回報,并沒任何研究證明。最重要的是投資者懂得所選擇方式的優缺點,并嘗試使用。

Part 3 Something about Stock 關于股票


Dialogue Script 1 對話原文 1


Julia: Would you tell me something about stock?
Mike: Sure, what do you want me to start with?
Julia: Uhh, you can start with the explanation of some terms like "a bull " and "a bear ".
Mike: OK. A bull is a situation in which share prices are rising.
Julia: What about a bear, then?
Mike: A bear is a situation in which share prices keep falling.
Julia: Oh, I see. But why the prices get rising or falling?
Mike: If there are more buyers, the price will rise. Otherwise, the price will be lower and lower.
Julia: How can we make money in the stock market?
Mike: If you believe the market will go up, you can buy in or hang on. If it turns out to be true, you can make your profit.
Julia: I heard that some people can earn money out of a bear market. How do they win in such a situation?
Mike: If you believe the market will fall down, you can sell out your shares and then buy back at a lower price. The price difference is your profit.
Julia: It sounds easy to make money from stock investment.
Mike: Not at all. When you really invest in stock market, you'll get involved into the whole world.
Julia: What do you mean by that?
Mike: To decide which share you'll buy in is quite hard sometimes. You have to consider the market tendency; the growth of the company and you'd better know something about technical analysis.
Julia: So boring it is. I'd better invest in some fixed interest fields.
Mike: Certainly you can. You won't suffer from the risks. But your wallet will suffer.
Julia: What should I do?
Mike: If you really want to invest in stock, perhaps you should find a broker.


講解:


1. 對話中,Mike給Julia講了一些關于股票和股票市場的知識,我們來從頭看一看。首先是“牛市”和“熊市”這兩個概念,“牛市”就是“a bull market”,bull是“公牛”的意思。“牛市”就是指“股價上漲的股市”。 “熊市”,a bear market,就是指“股價不斷下跌的股市”。


2. start with sth 這個詞組表示“以某件事物作為開始”,比如說,You can start with your self-introduction,你可以從自我介紹開始。同時,to start with還可以表示“第一,首先”,比如說,To start with we haven't got enough money, and secondly we're too busy. 一來是我們的錢不夠,二來我們沒有時間。


3. 另外,to start with還有“起初,開始”的意思,比如說,The company had only 10,000 dollars to start with. 這家公司最初的投資只有1萬美元。關于start 還有一個在口語中很常用的表達方式,就是start something,表示“惹事,熱麻煩,闖禍”,比如說,You shouldn't have spoken to him like that - you've really started something now. 你真不應該和他那樣說話,這下你可闖禍了。


4. 那么股價為什么會有漲有跌呢?股票價格上漲,share prices are rising. 那么股票價格下跌呢,share prices keep falling。Mike解釋說,如果買的人多了,這支股票的價格就會上漲,否則,股價就會越來越低。Julia又問,怎么樣能在股市上賺錢呢?這是所有在股市投資的人都關心的問題了。


5. Mike說If you believe the market will go up, you can buy in or hang on. If it turns out to be true, you can make your profit. 如果你相信股價會上漲,你可以買進或者持股不動,如果股價真的上漲了,這時候再把手里的股票賣掉,就可以賺錢了。hang on這個詞組可以表示“緊握著”, 比如說,We should hang on to the shares until their prices are higher. 在股票價格升高之前,我們應當盡力保住這些股票。再舉一個例子,Hang on to the strap. The bus is starting. 抓住皮帶,汽車要開動了。同時hang on也是一種電話用語,意思是“別掛斷”, 比如說,Hang on a minute; I'm coming. 請稍等一下,我馬上就來。make a profit on sth表示“在…獲利”,跟make a fortune on sth這個詞組差不多。


6. Julia還聽說有些人在熊市也能獲利,他們是怎么做的呢?Mike解釋說,如果你認為股市會下跌,你賣出股票,然后再以較低的價格買回,其中的差價就是你的利潤。price difference就是指“差價”。這應該很好理解吧。所以Julia覺得在股市賺錢好像很容易。make money from sth這個詞組就表示“從…賺錢”,比如說,He made some money from selling newspaper.他賣報紙賺了一些錢。


7. Mike說在股市上賺錢絕沒有聽起來那么容易。因為如果你在股市投了資,你也就卷入了整個世界。為什么會這么說呢?What do you mean by that? 也就是What do you mean by saying that? 因為要決定買哪一只股票有時相當困難,你要考慮市場的走勢,公司的發展,而且最好還要懂一些技術分析。不是光憑運氣就可以的。


8. Julia聽了這些就覺得很無聊了,因為她對這些一竅不通,所以她打算搞一些固定利率方面的投資吧,風險會小一點。不過這樣的話,Julia錢包就要受苦了,因為這些固定利率方面的投資回報都很少,不像在股市上那樣利潤豐厚。所以,在賺更多的錢的同時,也要承受更大的風險。Mike建議Julia如果真的想在股市投資的話,就去找一個經紀人,幫助她都資。股票經紀人就是broker。

Dialogue Script 2 對話原文 2


Julia: Hello, can I speak to Mr. Smith?
Smith: Yes, speaking.
Julia: This is Julia speaking. I'd like to buy a stock.
Smith: What stock do you want to buy and how many?
Julia: I want to buy 1000 shares of Dubon. Smith: Let me get the asking price of the stock. Just a moment. Oh, now the asking price is $80 each share. By the way, what is the offering price?
Julia: Let me see. The offering price is near or at $78.
Smith: Then the difference between the asking price and the offering price is $2. It's hard to take place today.
Julia: Do you mean that I have to buy at current price?
Smith: You can decide by yourself.
Julia: I heard that this stock would go up. Hmm, I will take it at current price.
Smith: So, now I will buy in. Are you sure?
Julia: Yes, please.

講解:


1. 對話中Julia經人介紹,找到了股票經紀人史密斯先生。Julia說她想買股票,Smith問她,要買哪一支呢?要買多少呢?What stock do you want to buy and how many?


2. Julia說想買1000股的杜邦股票。share這里的意思是“股,股份”,比如說,$2 of shares are not worth $2.75. 2美元的股份現在值2.75美元,看來是升值了。


3. Smith要先查一下現在的賣出價是多少,就是the asking price of the stock. 相對的the offering price 就是買進價。現在Julia要買進的股票的賣出價是80美元每股,那Julia能承受的買進價是多少呢?


4. 大概在78美元左右。賣出價和買入價的價差是兩美元,看來今天是無法成交了。那么只能現價買入了嗎?buy at certain price,意思是“以某種價格購買某物”。take place 這個詞組表示“發生,舉行”。


5. 買還是不買,就看Julia自己決定了。她覺得這支股票的價格會上漲,應該會賺一筆,所以還是決定以現價買入了。這樣Smith就幫她買入了,就是buy in。

重點單詞   查看全部解釋    
explanation [.eksplə'neiʃən]

想一想再看

n. 解釋,說明

 
available [ə'veiləbl]

想一想再看

adj. 可用的,可得到的,有用的,有效的

聯想記憶
prospects

想一想再看

n. 預期;前景;潛在顧客;遠景展望

 
opportunity [.ɔpə'tju:niti]

想一想再看

n. 機會,時機

 
current ['kʌrənt]

想一想再看

n. (水、氣、電)流,趨勢
adj. 流通的

聯想記憶
issue ['iʃju:]

想一想再看

n. 發行物,期刊號,爭論點
vi. & vt

 
option ['ɔpʃən]

想一想再看

n. 選擇權,可選物,優先購買權
v. 給予選

聯想記憶
calculated ['kælkjuleitid]

想一想再看

adj. 計算出的;適合的;有計劃的 v. 計算;估計;

 
evidence ['evidəns]

想一想再看

n. 根據,證據
v. 證實,證明

聯想記憶
corporate ['kɔ:pərit]

想一想再看

adj. 社團的,法人的,共同的,全體的

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