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The stocks that are worthy¹ to buy

当下最值得买的股票

“Whether the market goes up or down from here, these blue chips are great investments.”

“无论股票市场是上涨还是下跌，这些蓝筹股都是极好的投资选择。”

Despite the market’s recent resuscitation², many stocks are still trading at fire-sale prices no surprise given the immense decline that preceded the advance. But which stocks should you buy?

尽管股票市场最近有复苏的趋势,很多股票仍然在以超低价格被交易，这并不会让人感到意外，因为上涨之后就会出现巨幅下跌。那么，有哪些股票值得你去买进呢？

If you‘re looking for ideas, Momingstar Stocklnvestor ($119 annually) is a great resource. According to the authoritative³ Hulbert Financial Digest, the newsletter‘s stock picks returned an annualized 2.6% from the end of 1999 through last February, a period in which the broad-based Dow-Jones Wilshire 5000 stock index lost an annualized 5.0%. What’s more, tbe Momingstar letter is less risky⁴ than the index and tends to do little trading; on average, the letter holds stocks for about three years.

如果你想得到这方面的建议,晨星股票投资(每年会员费119美 元）是个很好的资源提供者。根据权威的胡伯特财经分析，从1999 年末到今年的2月份，通讯类股票每年升值2.6%左右,与之对应的是具有广泛代表性的道琼斯威尔希尔5000指数平均每年下跌5.0%。值得注意的是，晨星的风险低于(道琼斯)指数并且(持有股票后)往往很少交易:它所持有的股票平均时限是3年左右。

Momingstar’s 100-plus stock analysts⁵ estimate “intrinsic value” for every company they cover. They compare intrinsic value to a company’s share price to arrive at a star rating. Larson then draws up two lists——a “tortoise” portfolio⁶ and a “hare” portfolio~consisting of about 25 highly rated stocks each.

晨星的100多个股票分析师们会为他们知晓的每一家公司的内 在价值作个评估。他们比较公司的内在价值和公司在达到一个新髙度时候的市值。拉森随之列出了两份单子:一队是“乌龟”组合,一队是“野兔”组合，每队都分别包含了25支髙价位的股票。

The stocks below are chosen from Stocklnvestor’s tortoise, or lower-risk, portfolio.

以下这些股票都是从股票投资者的“乌龟”或者“野兔”(较低风险)中选出来的。

Larson’s favorite is Warren Buffett’s Berkshire Hathaway (BRK.B). At $ 3,114，90 a share on May 4，the stock has shed more than one-third of its value in the past year. But Larson believes that Berkshire’s collection of more than 70 businesses, dominated by insurance, is dirt-cheap.Says Larson, “For a long time, people have been pricing Berkshire as though Buffett were no longer around. But he’s still alive and kicking and adding value. And the balance sheet is still one of the strongest around, even though the company no longer carries a triple—A debt rating.”

拉森最青睐沃伦巴菲特的伯克希尔哈撤韦(BRK.B)。在5月4日每股3114.90美元的行情出来后,这支股票在过去的一年巳经蒸发掉了市值的1/3。但是拉森相信拥有70多家子公司，以及在保险产业占据主导地位的伯克希尔公司已经非常便宜了。拉森说: “很长一段时间,人们追捧出的伯克希尔公闻(的高股价)好像预示着巴菲特坚持不下去了。但是他仍然活跃着并且在继续击败竞争对手和追加投资。即使伯克希尔公荀已经不再参加3A级信用评定,它依然拥有一张最强劲的资产负债表。”

The world’s largest and most diverse health-care company, Johnson & Johnson (J&J), is another favorite. Larson says that the company is largely insulated from economic downturns. “People need to take their medicines regardless of what the economy is doing,he says. J&J is well-managed, has little debt and generates a staggering 1 billion dollars in free cash flow per month (free cash flow is the money left after a company makes the capital expenditures⁷ needed to maintain the business). The stock closed at $ 53.76 on May 4.

世界上最大、产品最多样化的健康护理公司——强生公司(j&j )，是另一家获得青睐的公司。拉森说这家公司已经大到可以和经济下滑绝缘，他说:“不管经济状况如何，人们都需要关心他们自己的健康。”强生公司经营有方,债务很少，并且每个月能赚进惊人的10亿美元的自由现金流。这支股票5月4日的收盘价是53.76美元。

Defense⁸ giant General Dynamics⁹ (GD) is another company that’s built to withstand recessions. It builds ships and armored vehicles, as well as information-technology systems for the militaiy. ‘The government has a vested interest in maintaining the health of this company," Larson says. “It came through the Defense Department budget cuts relatively¹⁰ unscathed.” The company boasts a rock-solid balance sheet. The stock closed at $ 54.00.

军工巨头通用动力(GD)是另外一家可以承受住(经济)衰退的公司。这家公司在建造舰船和装甲车方面就和构造军认信息科技系统一样出色。拉森说：“政府通过保持这家公司的良好经营从而获取既得利益。这种利益来自于国防部并没有削减多少的预算。”这家公司拥有坚若磐石的资产负债表。此股的收盘价为54美元(5月4日）。

Wal-Mart Stores (WMT), the world’s largest retailer¹¹, has increased its market share during the economic slump¹². Its sales of consumer staples¹³ at discount prices have been increasing as other retailers¹⁴ have been going out of business. The company’s managers are focusing on cutting costs and satisfying customers. Wal-Mart, one of only two stocks in the Dow industrials to climb last year, closed at $50.84.

沃尔玛零售(WMT)—世界上最大的零售商,在经济不景气的环境下依然在开发市场。当对手们都在退出打折售卖主食这块领域的时候，沃尔玛反而在扩充。公司的经营者们专注于削减开支以及满足顾客的需求。沃尔玛,作为去年仅有的两家道琼斯工业平均指数统计中上涨的股票，收盘价达到了50.84美元(5月4日）。

As employee benefits grow ever more complex, Automatic Data Processing (ADP) benefits. It provides such services as payroll¹⁵ processing and benefits administration. Its large scale and respected brand, and the high cost of switching to another vendor¹⁶, give it a big competitive advantage. The share price: $ 34.86.

当员工的收益增长越来越多样化的时候，自动数据处理公司(ADP)也在得益。它提供的服务包括薪水支付以及收益管理。它的巨大规模、良好口碑、以及提供给供应商时的高昂价格,给予了它巨大的竞争优势。收盘价报是34.68美元(5月4日）。

When competitors were spending enormous sums to build up oil-and-gas reserves during last year's bubble in oil prices, ExxonMobil (XOM) stayed focused on increasing profit margins¹⁷. Because of that, Exxon can continue to buy back shares, raise its dividend¹⁸ and increase capital spending (at a price of $68.20, the stock yields 2.5%).

在去年油价出现泡沫，竞争对手们花费巨额金钱以建立石油天然气储备的时候，埃克森美孚(XOM)却在关注利润的增长率。正因为如此，埃克森美孚才能继续回购股票、提升红利以及增加资本开支（当股价在68.2美元的时候，它已经有了2.5%的收益)。

1 worthy   

adj.(of)值得的，配得上的；有价值的

参考例句：

• I did not esteem him to be worthy of trust.我认为他不值得信赖。
• There occurred nothing that was worthy to be mentioned.没有值得一提的事发生。

2 resuscitation   

n.复活

参考例句：

• Despite attempts at resuscitation,Mr Lynch died a week later in hospital.虽经全力抢救，但林奇先生一周以后还是在医院去世了。
• We gave him mouth-to-mouth resuscitation and heart massage.我们对他进行了口对口复苏救治和心脏按摩。

3 authoritative   

adj.有权威的，可相信的；命令式的；官方的

参考例句：

• David speaks in an authoritative tone.大卫以命令的口吻说话。
• Her smile was warm but authoritative.她的笑容很和蔼，同时又透着威严。

4 risky   

adj.有风险的，冒险的

参考例句：

• It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。
• He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。

5 analysts   

分析家，化验员( analyst的名词复数 )

参考例句：

• City analysts forecast huge profits this year. 伦敦金融分析家预测今年的利润非常丰厚。
• I was impressed by the high calibre of the researchers and analysts. 研究人员和分析人员的高素质给我留下了深刻印象。

6 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。

7 expenditures   

n.花费( expenditure的名词复数 )；使用；（尤指金钱的）支出额；（精力、时间、材料等的）耗费

参考例句：

• We have overspent.We'll have to let up our expenditures next month. 我们已经超支了，下个月一定得节约开支。 来自《简明英汉词典》
• The pension includes an allowance of fifty pounds for traffic expenditures. 年金中包括50镑交通费补贴。 来自《简明英汉词典》

8 defense   

n.防御，保卫；[pl.]防务工事；辩护，答辩

参考例句：

• The accused has the right to defense.被告人有权获得辩护。
• The war has impacted the area with military and defense workers.战争使那个地区挤满了军队和防御工程人员。

9 dynamics   

n.力学，动力学，动力，原动力；动态

参考例句：

• In order to succeed,you must master complicated knowledge of dynamics.要取得胜利，你必须掌握很复杂的动力学知识。
• Dynamics is a discipline that cannot be mastered without extensive practice.动力学是一门不做大量习题就不能掌握的学科。

10 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

11 retailer   

n.零售商(人)

参考例句：

• What are the retailer requirements?零售商会有哪些要求呢？
• The retailer has assembled a team in Shanghai to examine the question.这家零售商在上海组建了一支团队研究这个问题。

12 slump   

n.暴跌，意气消沉，（土地）下沉；vi.猛然掉落，坍塌，大幅度下跌

参考例句：

• She is in a slump in her career.她处在事业的低谷。
• Economists are forecasting a slump.经济学家们预言将发生经济衰退。

13 staples   

n.（某国的）主要产品( staple的名词复数 )；钉书钉；U 形钉；主要部份v.用钉书钉钉住( staple的第三人称单数 )

参考例句：

• The anvil onto which the staples are pressed was not assemble correctly. 订书机上的铁砧安装错位。 来自辞典例句
• I'm trying to make an analysis of the staples of his talk. 我在试行分析他的谈话的要旨。 来自辞典例句

14 retailers   

零售商，零售店( retailer的名词复数 )

参考例句：

• High street retailers reported a marked increase in sales before Christmas. 商业街的零售商报告说圣诞节前销售量显著提高。
• Retailers have a statutory duty to provide goods suitable for their purpose. 零售商有为他们提供符合要求的货品的法定义务。

15 payroll   

n.工资表，在职人员名单，工薪总额

参考例句：

• His yearly payroll is $1.2 million.他的年薪是120万美元。
• I can't wait to get my payroll check.我真等不及拿到我的工资单了。

16 vendor   

n.卖主；小贩

参考例句：

• She looked at the vendor who cheated her the other day with distaste.她厌恶地望着那个前几天曾经欺骗过她的小贩。
• He must inform the vendor immediately.他必须立即通知卖方。

17 margins   

边( margin的名词复数 )； 利润； 页边空白； 差数

参考例句：

• They have always had to make do with relatively small profit margins. 他们不得不经常设法应付较少的利润额。
• To create more space between the navigation items, add left and right margins to the links. 在每个项目间留更多的空隙，加左或者右的margins来定义链接。

18 dividend   

n.红利，股息；回报，效益

参考例句：

• The company was forced to pass its dividend.该公司被迫到期不分红。
• The first quarter dividend has been increased by nearly 4 per cent.第一季度的股息增长了近 4%。