2023年经济学人 当幻想在华尔街遇到现实（1）

 

 

    Fantasy finally meets reality on Wall Street.

    幻想最终在华尔街遇到了现实。

    Two years ago the stockmarket was in the grip of speculative¹ mania².

    两年前，股市还处于投机狂潮之中。

    Shares in GameStop, a struggling video-game retailer⁴, hit an all-time intraday high of $483 on January 28th 2021, up from around $5 at the beginning of the month.

    2021年1月28日，苦苦挣扎的电子游戏零售商“游戏驿站”的股价从月初的约5美元涨至483美元，创下历史新高。

    Retail³ traders co-ordinated in a Reddit forum⁵ and snapped up shares using brokerage apps like Robinhood.

    散户们在Reddit的一个板块上协商一致，使用Robinhood等交易软件抢购股票。

    Empowered by technology, newcomers piled into GameStop, ostensibly because the beleaguered⁶ chain was one Wall Street had heavily sold short (ie, bet that the firm's shares would fall in price).

    在技术的推动下，大量散户参与了游戏驿站的股票交易，表面原因是这家陷入困境的连锁店是被华尔街严重做空的公司（即预测该公司的股价将会下跌）。

    Short-sellers were the villains⁸.

    做空者罪大恶极。

    When GameStop spiked⁹ they lost their shirts.

    如果游戏驿站股价飙升，他们就会损失惨重。

    What could be better?

    还有比这更好的事吗？

    The question at the time was how much of this would endure.

    当时的问题在于，这样的情况能持续多久。

    Manias¹⁰ are as old as the hills, but this one seemed different: it was enabled by new technology that wasn't going anywhere.

    人类的强烈欲望并不是什么新鲜事，但这一次似乎不同：它是在不会消失的新技术的帮助下实现的。

    For a time, the GameStop crew were unstoppable.

    一段时间内，游戏驿站的支持者势不可挡。

    They pumped up prices for companies that had attracted interest from short-sellers, such as AMC, a cinema chain, and Bed, Bath & Beyond, a home-goods retailer.

    他们抬高了做空者感兴趣的公司的股票价格，比如连锁影院美国电影院线和家居用品零售商Bed，Bath&Beyond。

    Battle-hardened short-sellers, including Andrew Left of Citron, a research firm, threw in the towel.

    包括香橼研究公司的安德鲁·莱福在内的很多久经沙场的做空者都认输了。

    Melvin Capital, a firm that had shorted GameStop, which the Reddit hordes¹¹ made the cartoon villain⁷ of the saga¹², decided¹³ to close its doors in May 2022.

    梅尔文资本曾做空游戏驿站，被Reddit用户塑造成了这一传奇故事中卡通反派，受事件影响，这家公司决定在2022年5月关闭。

    When interest rates are zero the price of a dream can be infinite.

    当利率为零时，梦想的价格可能没有上限。

    Higher rates change the dynamic.

    利率的上升改变了这种动态。

    Last year was therefore rough on the meme-portfolio, but its fans are nothing if not resilient, even when making losses.

    因此，去年对meme投资组合来说是艰难的一年，但它的粉丝具有极大的韧性，即使是在亏损的情况下也是如此。

    Matthias Hanauer of Robeco, an asset manager, tracks the most heavily shorted stocks in the MSCI Developed Index, a benchmark of global shares.

    荷宝的资产管理人马蒂亚斯·哈瑙尔追踪了全球股市基准指数，即摩根士丹利资本国际公司发达指数中被严重做空的股票。

    Since December 31st 2020, a month before GameStop shares peaked, they have underperformed the market by around 15 percentage points.

    自2020年12月31日以来，也就是游戏驿站股价达到峰值的前一个月，该公司股票的表现落后大市约15个百分点。

    If 2022 was a reckoning with professional investors¹⁵, then 2023 will be a reckoning with reality.

    如果2022年是对专业投资者的报复，那么2023年将是对现实的报复。

    A slowing economy is going to break many of the companies meme-stockers profess¹⁴ to adore.

    经济放缓将摧毁许多meme股股民宣称热爱的公司。

    Monetary¹⁶ tightening¹⁷ slows the economy with a lag.

    货币紧缩缓慢地减缓经济发展。

    As conditions worsen, struggling retailers¹⁸, such as Bed, Bath and Beyond, are floundering.

    随着情况的恶化，Bed，Bath&Beyond等苦苦挣扎的零售商处境更加艰难。

    On January 26th the shower-curtain purveyor¹⁹ was served a slew²⁰ of default notices by its bankers.

    1月26日，为这家浴帘供应商提供资金的银行向其发出了一系列违约通知。

    Reuters, a newswire, has reported it may soon file for bankruptcy²¹.

    新闻通讯社路透社报道称，该公司可能很快会申请破产。

    The end of more than a decade of rock-bottom interest rates is also beginning to reveal corporate²² misdeeds and sometimes outright²³ fraud.

    长达十几年的利率极低的时代终结，企业的不端行为，甚至是彻头彻尾的欺诈行为也开始暴露出来。

    "Capital was free for 12 years," says a former Wall Street tycoon²⁴.

    “资本在这12年是免费的，”一位前华尔街大亨表示。

    "We have no idea about all the places capital went that it should not have gone."“我们不知道资本都去了哪些不该去的地方。”

    Some initial pockets of misallocation have become apparent.

    原本不当配置的情况得以显露。

    The pricking²⁵ of the bubble in cryptocurrency markets has exposed businesses including Celsius²⁶ and FTX, the founders²⁷ of which have been charged with defrauding²⁸ their investors.

    加密货币市场的泡沫破裂，让包括Celsius和FTX在内的企业存在的问题暴露了出来，这两家公司的创始人都被控对投资者进行欺诈。

1 speculative   

adj.思索性的，暝想性的，推理的

参考例句：

• Much of our information is speculative.我们的许多信息是带推测性的。
• The report is highly speculative and should be ignored.那个报道推测的成分很大，不应理会。

2 mania   

n.疯狂；躁狂症，狂热，癖好

参考例句：

• Football mania is sweeping the country.足球热正风靡全国。
• Collecting small items can easily become a mania.收藏零星物品往往容易变成一种癖好。

3 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

4 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。

5 forum   

n.论坛，讨论会

参考例句：

• They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
• The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。

6 beleaguered   

adj.受到围困[围攻]的；包围的v.围攻( beleaguer的过去式和过去分词)；困扰；骚扰

参考例句：

• The beleaguered party leader was forced to resign. 那位饱受指责的政党领导人被迫辞职。
• We are beleaguered by problems. 我们被许多困难所困扰。 来自《简明英汉词典》

7 villain   

n.反派演员，反面人物；恶棍；问题的起因

参考例句：

• He was cast as the villain in the play.他在戏里扮演反面角色。
• The man who played the villain acted very well.扮演恶棍的那个男演员演得很好。

8 villains   

n.恶棍( villain的名词复数 )；罪犯；（小说、戏剧等中的）反面人物；淘气鬼

参考例句：

• The impression of villains was inescapable. 留下恶棍的印象是不可避免的。 来自《简明英汉词典》
• Some villains robbed the widow of the savings. 有几个歹徒将寡妇的积蓄劫走了。 来自《现代英汉综合大词典》

9 spiked   

adj.有穗的；成锥形的；有尖顶的

参考例句：

• The editor spiked the story. 编辑删去了这篇报道。 来自《简明英汉词典》
• They wondered whether their drinks had been spiked. 他们有些疑惑自己的饮料里是否被偷偷搀了烈性酒。 来自辞典例句

10 manias   

n.（mania的复数形式）

参考例句：

• Like all manias, it needed an object of focus and an explanation. 华尔街立刻夸耀这种称之为“新纪元”的现象。 来自互联网
• But shareholders have frequently in the manias of the moment along with everyone else. 但股东常常会和其他人一样，陷入一时的狂热。 来自互联网

11 hordes   

n.移动着的一大群( horde的名词复数 )；部落

参考例句：

• There are always hordes of tourists here in the summer. 夏天这里总有成群结队的游客。
• Hordes of journalists jostled for position outside the conference hall. 大群记者在会堂外争抢位置。 来自《简明英汉词典》

12 saga   

n.(尤指中世纪北欧海盗的)故事，英雄传奇

参考例句：

• The saga of Flight 19 is probably the most repeated story about the Bermuda Triangle.飞行19中队的传说或许是有关百慕大三角最重复的故事。
• The novel depicts the saga of a family.小说描绘了一个家族的传奇故事。

13 decided   

adj.决定了的，坚决的；明显的，明确的

参考例句：

• This gave them a decided advantage over their opponents.这使他们比对手具有明显的优势。
• There is a decided difference between British and Chinese way of greeting.英国人和中国人打招呼的方式有很明显的区别。

14 profess   

v.声称，冒称，以...为业，正式接受入教，表明信仰

参考例句：

• I profess that I was surprised at the news.我承认这消息使我惊讶。
• What religion does he profess?他信仰哪种宗教？

15 investors   

n.投资者，出资者( investor的名词复数 )

参考例句：

• a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
• a cash bonanza for investors 投资者的赚钱机会

16 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

17 tightening   

上紧，固定，紧密

参考例句：

• Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。
• It needs tightening up a little. 它还需要再收紧些。

18 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。

19 purveyor   

n.承办商，伙食承办商

参考例句：

• Silence, purveyor of gossip, do not spread that report. 快别那样说，新闻记者阁下，别散布那个消息。 来自互联网
• Teaching purpose: To comprehensively understand the role function and consciousness composition of a news purveyor. 教学目的：全面深入的理解新闻传播者的角色功能和意识构成。 来自互联网

20 slew   

v.（使）旋转；n.大量，许多

参考例句：

• He slewed the car against the side of the building.他的车滑到了大楼的一侧，抵住了。
• They dealt with a slew of other issues.他们处理了大量的其他问题。

21 bankruptcy   

n.破产；无偿付能力

参考例句：

• You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
• His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。

22 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

23 outright   

adv.坦率地；彻底地；立即；adj.无疑的；彻底的

参考例句：

• If you have a complaint you should tell me outright.如果你有不满意的事，你应该直率地对我说。
• You should persuade her to marry you outright.你应该彻底劝服她嫁给你。

24 tycoon   

n.有钱有势的企业家，大亨

参考例句：

• The tycoon is on the verge of bankruptcy.那名大亨濒临破产的边缘。
• The tycoon has many servants to minister to his needs.那位大亨有很多人服侍他。

25 pricking   

刺，刺痕，刺痛感

参考例句：

• She felt a pricking on her scalp. 她感到头皮上被扎了一下。
• Intercostal neuralgia causes paroxysmal burning pain or pricking pain. 肋间神经痛呈阵发性的灼痛或刺痛。

26 Celsius   

adj.摄氏温度计的，摄氏的

参考例句：

• The temperature tonight will fall to seven degrees Celsius.今晚气温将下降到七摄氏度。
• The maximum temperature in July may be 36 degrees Celsius.七月份最高温度可能达到36摄氏度。

27 founders   

n.创始人( founder的名词复数 )

参考例句：

• He was one of the founders of the university's medical faculty. 他是该大学医学院的创建人之一。 来自辞典例句
• The founders of our religion made this a cornerstone of morality. 我们宗教的创始人把这看作是道德的基石。 来自辞典例句

28 defrauding   

v.诈取，骗取( defraud的现在分词 )

参考例句：

• Second is the actor regards defrauding of the wealth as object. 第二，行为人以骗取钱财为目的。 来自互联网
• Therefore, DELL has the motive and economic purpose of intentionally defrauding the Chinese consumers. 因此，戴尔公司存在故意欺诈中国消费者的动机和经济目的。 来自互联网