本文课文：金融英语教程 Unit 18
Background Information
Investment system is a kind of software which offers portfolio analysis and evaluates the performance of various securities. It collects real-time information and data of all kinds of investment instruments, such as bonds, stocks, futures, options, funds, etc.
投资系统是一种提供投资组合分析和评估各种证券表现的软件。它收集各种投资工具的实时信息和数据，如债券、股票、期货、期权、基金等。
These data cover prices, sales volumes, other news about the company, and the outside investment climate.
这些数据包括价格、销量、有关公司的其他新闻以及外部投资环境。
The investment assessing software would provide a system to draw an overall conclusion based upon the above mentioned indices--data and information.
投资评估软件将提供一个系统，根据上述指数（数据和信息）得出总体结论。
Then users or clients of the system could make their investment decision according to the conclusion of the system.
然后，系统的用户或客户可以根据系统的结论做出投资决策。
Key Concepts
- price-earning ratio 市盈率（本益比，也称“股价收益比率”或“市价盈利比率）
“P/E” for short, is a commonly used way to simplistically value a company (determine what a company’s stock should be worth).
简称“P/E”，是一种常用的简单评估公司价值的方法（确定公司股票的价值）。
It is simply a company’s stock price divided by a company’s earnings per share or “EPS” (每股盈余).
它只是一家公司的股价除以公司的每股收益或“每股收益”(每股盈余).
The P/E ratio gives you an indication of how many times you are paying for a company’s stock versus a company’s earnings.
市盈率可以指示你为一家公司的股票与一家公司收益支付了多少次。
The reason why some companies have a high P/E is because investors believe that the company’s earnings will be higher in the future.
一些公司之所以拥有较高的市盈率，是因为投资者相信该公司未来的收益会更高。
P/E ratios can not be applied to companies without any earnings.
市盈率不能适用于没有任何收益的公司。
To calculate its P/E ratio, you simply divide the current stock price by the annual earnings per share (EPS). If its current annual EPS is $3 and the stock is trading for $111 per share, the P/E is $111 divided by $3, or 37.
要计算其市盈率，只需将当前股价除以每股年收益。如果其当前的年度每股收益为3美元，而该股的交易价格为每股111美元，则市盈率为111美元除以3美元，即37美元。
- blue chip stock 蓝筹股
the stocks of well-established and stable companies
成熟稳定的公司的股票
Blue chip stocks are typically from financially-sound companies that have a good record of producing earnings and paying dividends. Blue chip stocks are sometimes referred to as bellwether issues.
蓝筹股通常来自财务状况良好的公司，这些公司在盈利和支付股息方面有着良好的记录。蓝筹股有时被称为风向标。
The term blue chip stock is derived from poker since the poker chip with the highest value is blue.
蓝筹股一词源自扑克，因为价值最高的扑克筹码是蓝色的。
For example, the 30 companies that make up Dow Jones Industrial Average are some of the bluest of blue chip stocks.
例如，道琼斯工业平均指数的30家公司是蓝筹股中最蓝的一部分。
- gross return 总收益
The gross rate of return is the total rate of return on an investment before the deduction of any fees, commissions, or expenses.
总回报率是扣除任何费用、佣金或支出之前的投资总回报率。
The gross rate of return is quoted over a specific period of time, such as a month, quarter, or year. This can be contrasted with the net rate of return, which deducts fees and costs to provide a more realistic measurement of return.
总回报率是在一段特定的时间内报价的，例如一个月、一个季度或一年。这可以与净回报率形成对比，净回报率扣除了费用和成本，以提供更现实的回报衡量。
- bid-ask spread 买卖价差
the difference between the prices at which securities are wanted and at which they are offered for sale.
证券的需求价格和出售价格之间的差额。
- discount 折价债券, 贴现债券
A discount bond is a bond that is issued, or trades in the market for less than its par or face value.
贴现债券是指发行的债券，或在市场上以低于票面价值或面值的价格交易的债券。
- premium 溢价债券
Premium bonds are bonds that trade higher than their face value.
溢价债券是指交易价格高于面值的债券。
The price of an option contract; also, in futures trading, the amount the futures price exceeds the price of the spot commodity.
期权合同的价格；此外，在期货交易中，期货价格超过现货商品价格的金额。
- stamp duty 印花税
a tax on specific transactions collected by stamping the legal documents giving rise to the transactions. The most common in the UK is the stamp duty on the transfer of land.
通过在产生交易的法律文件上盖章而征收的特定交易税。在英国最常见的是土地转让的印花税。
- earnings yield 收益率
The earnings yield refers to the earnings per share for the most recent 12-month period divided by the current market price per share. The earnings yield (which is the inverse of the P/E ratio) shows the percentage of a company’s earnings per share.
收益率是指最近12个月的每股收益除以当前每股市场价格。收益率（与市盈率相反）显示了公司每股收益的百分比。
This metric is used by many investment managers to determine optimal asset allocations and is used by investors to determine which assets seem underpriced or overpriced
这一指标被许多投资经理用来确定最佳资产配置，投资者用来确定哪些资产定价过低或过高
- portfolio 投资组合
A term used to describe all of the investments and assets a person or company owns.
用于描述个人或公司拥有的所有投资和资产的术语。
It can include such things as stocks, bonds, real estate, fine art, etc...
它可以包括股票、债券、房地产、艺术品等。。。
When you hear an investor talk about their portfolio, they are referring to all of the stocks, bonds, mutual funds, and other investments they own.
当你听到投资者谈论他们的投资组合时，他们指的是他们拥有的所有股票、债券、共同基金和其他投资。
If you owned 20 shares of McDonalds and 10 shares of Wal-Mart, your entire portfolio would consist of those thirty shares of stock.
如果你拥有麦当劳的20股和沃尔玛的10股，你的整个投资组合将包括这30股股票。
- gearing 杠杆比率（负债经营率，是企业长期负债和所有者权益之比，反映企业经营资本中长期负债所占的比重。）
concerned with the relationship between the long terms liabilities that a business has and its capital employed.
涉及企业的长期负债与其所用资本之间的关系。
refers to the relationship, or ratio, of a company’s debt-to-equity (D/E). Gearing shows the extent to which a firm’s operations are funded by lenders versus shareholders—in other words, it measures a company’s financial leverage. When the proportion of debt-to-equity is great, then a business may be thought of as being highly geared, or highly leveraged.
是指一家公司的债务与股权（D/E）的关系或比率。杠杆率显示了一家公司的运营在多大程度上由*款贷**人提供资金，而不是由股东提供资金。换句话说，它衡量的是公司的财务杠杆。当债务与股权的比例很大时，一家企业可能会被认为是高负债或高杠杆的。
Key Sentences
1. Who needs reminding that they have bought one of the worst performing shares in the market? But when you look at the list you find that the worst performing share has lost “only” 92% of its value, or some such number. (Last Para. P169)
翻译：谁需要提醒他们购买了市场上表现最差的股票之一？但当你查看这份名单时，你会发现表现最差的股票“只”损失了92%的价值，或者说是这样的数字。
In general, it is changes that are of interest in forecasting returns and many graphs of levels should be converted to graphs of changes to see the value of the relationship for timing or selection purposes. (Para.1, P171)
convert 改变: change the nature, purpose, or function of something 改变某物的性质、目的或功能
e.g. convert hotels into jails 将旅馆改建为监狱
She converted to Buddhism 她皈依了佛教
time 计时: v. measure the time 测量时间
句子翻译：一般来说，预测回报感兴趣的是变化，许多水平图应该转换为变化图，以查看关系的价值，从而进行时间安排或选择。
This means there only a one in hundred or a one in twenty chance of the findings being the result of chance rather than being true findings. (2nd Para. from the bottom)
one in a hundred 百分之一: exceptionally uncommon, unique, or excellent.异常罕见、独特或优秀。
e.g. This is a one-in-a-hundred opportunity for us—we’d be fools not to seize it while we have the chance! 这对我们来说是千载难逢的机会——如果我们有机会不抓住它，那就太傻了！
My grandmother really was one in a hundred, and we’re all very blessed to have had her in our lives.我的祖母真的是万里挑一，我们都很幸运有她在我们的生活中。
句子翻译：
这意味着这些发现只有百分之一或二十分之一的可能性是偶然的结果，而不是真正的发现。（底部第2段）