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There are particular conditions in Britain that make this opportunity worth looking at.
英國的特殊條件也使得這個機會值得觀望。
The FTSE All-Share has fared worse than most other rich-world stock indices
自2016年英國投票脫歐以來，
since Britain voted to leave the European Union in 2016.
富時全股指數的表現比大多數發達國家的股票指數都要差。
The sharp fall in the pound since then has boosted the sterling value of foreign profits made overseas.
自那時起，英鎊的大幅貶值提升了海外利潤的英鎊價值。
More than 70% of the earnings of companies listed in Britain come from overseas; around a quarter comes from North America alone.
在英國上市的公司，它們超過70%的利潤都是來自海外；約有四分之一來自北美。
There is thus an opening for American investors or companies to buy dollar earnings on the cheap.
因此，美國投資者或公司有機會低價買入美元收益。
Mr Buckland's research uncovers a range of British firms that earn most of their profits in America
巴克蘭德的研究揭露了這樣一系列英國公司，這些公司的大部分利潤來自美國，
but have a lower valuation than their American peers. A lot of them are industrial firms.
但他們的估值卻低于美國同行。其中很多都是工業公司。
Scour the bourses of the world and you will not struggle to find lots of cheap industrial stocks.
在世界各地的交易所里搜尋，不難找到大量廉價的工業股票。
The problem with investing in such out-of-favour shares is that
投資這種失寵股票的問題是
somebody else must come along to buy them off you at a higher price for the strategy to work.
一定要有其他人來以更高的價格從你手中買下它們，這樣你的策略才能奏效。
There is no law that says cheap stock cannot stay cheap for a long time, or become even cheaper.
沒有法律規定低價股票不能長時間保持低價或者變得更加低廉。
The activist approach is to buy cheap-looking stocks and then work to get their latent value realised.
積極投資者的方法是買入看上去很便宜的股票，然后努力實現它們的潛在價值。
This is more likely to succeed in Britain than in Germany, Japan, South Korea or other places with cheap-looking cyclical stocks.
相比德國、日本、韓國或其他擁有廉價周期性股票的國家，這種方法在英國更容易成功。
It could involve a push to get a firm to buy back its own shares.
這可能會促使公司回購自己的股票。
It could mean hawking the company, or a division of it, to another company or to a private-equity firm.
這可能意味著向另一家公司或私募股權公司兜售公司或公司的一個部門。
If buyers won't come to you, go to them by relisting somewhere that puts a higher value on your shares, such as America.
如果買家不來找你，那就通過在美國等股票價值更高的地方重新上市來找他們。
As yet there has been no nativist backlash. Britain's stockmarket seems likely to shrink further.
到目前為止還沒有本土主義者強烈反對。英國股市似乎會進一步下跌。
Whatever the means—under-the-radar buy-outs, mergers, spin-offs,
不管是什么手段—悄悄的并購投資、合并、拆分、
or simply a drying-up of new issues—the underlying cause will be the same.
或僅僅是新發行證券的枯竭——根本原因是一樣的。
Companies are turning their backs on the stockmarket because equity capital is relatively dear.
由于股票資本相對昂貴，許多公司正在放棄股票市場。
The irony is that Britain's a-list shareholder culture makes its de-equitisation all the likelier.
諷刺的是英國頂級股東文化使其去股權化的可能性更大。
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