英语美文：道德与投资

 Investing in Vices²

道德与投资 

[1] A tricky³ question in investing is how much of a role ethics⁴ should play in your stock selections.

[2] Should you invest in companies that manufacture weapons? What about nuclear power? Alcohol? Gambling⁵? Tobacco? Those are the "Big Five" in terms of ethical⁶ decisions. They tend to provoke the strongest emotions, and come up most often in discussions of ethical investing.

[3] But the list could go on and on. Should you invest in companies that have been fined for polluting the environment? Companies that have been sued for racial discrimination? Companies that don't have women in key positions? Companies that do animal testing? Companies that sponsor sexually explicit⁷ TV shows or art exhibitions?

[4] The world being what it is, too fine an ethical filter could quickly screen out almost every large company and many small ones.

[5] I tend to be tolerant of most vices in life, and also in investing. I am currently seeking out defense⁸ stocks. I'm eyeing at least one nuclear-power stock, and am favorably disposed toward gambling stocks. There's no liquor stock I want to own, but if the numbers looked attractive, I'd buy one.

[1]投资时需要慎重对待的一个问题，就是道德规范在你选择股票时应该占多大份量。

我们是否应投资于生产武器的公司？或者投资于核动力、酒类、赌博、烟草类公司？这是有道德争议的“五大”领域，容易激起人们最强烈的爱憎之情，也最常引发道德性投资的讨论。

不过这个名单可以一直列下去。你是否应该投资于那些因污染环境而受罚的公司？那些被指控种族歧视的公司？那些不让妇女担任要职的公司？那些用动物进行试验的公司？那些为直接渲染色情的电视节目出资和举办类似艺术展览的公司？

现实世界就是这样，如果用太细的道德过滤器去筛选，那么几乎每一个大公司和许多小公司很快都得从投资的名单中筛出去。

我倾向于容忍生活中的大部分不道德行为，在投资方面也是如此。我现在正在挑选一些国防类的股票。我至少中意于一种核动力的股票，还看好博彩类的股票。我不想买酒类股，但如果价位有吸引力的话，我还是会买一种的。

Smoke-Free Zone

[6] In my personal portfolio⁹, the only industry I won't invest in is tobacco. Tobacco causes disease and suffering when used as intended, whereas most of the others cause problems only when they are abused.

[7] Client portfolios¹⁰ are a different matter. When you are managing other people's money, your job is to maximize performance. We don't have any tobacco stocks at Dorfman Investments, but I'm on the stock selection committee for a money management firm, Dreman Value Management, that has tobacco holdings.

[8] As for performance, the 80 "socially responsible" mutual¹¹ funds tracked by Morningstar Inc., the Chicago research company, returned 15 percent a year on average in the five years through October. That compares to an 18 percent return for all U. S. stock funds, and 26 percent for the Standard & Poor's 500 Index during the same period.

[9] At my firm, and many others, clients with their own separate accounts can specify¹² whatever ethical restrictions¹³ they want. One of my clients doesn't want to own weapons stocks. For her, I won't buy stocks such as Lockheed Martin Corp., Litton Industries Inc., Cordant Technologies Inc. or Kaman Corp. But stocks of that type will be in many other clients' portfolios.

无烟区：

在我个人的投资组合中，我唯一不碰的是烟草业。当你有意常吸烟草时，它会带来疾病和痛苦，而其它的大多只有在滥用时才会带来麻烦。

顾客的投资组合就是另一回事了。当你为别人理财时，你的任务就是要取得最好的业绩。多尔夫曼投资公司中没有烟草股，但我是德雷曼价值管理公司——一个理财公司——选股委员会的委员，该公司却持有烟草股。

据芝加哥的一家调研公司——晨星股份有限公司的跟踪调查，就业绩来讲，80家“对社会负责”的共同基金在直至10月份的过去5年的年平均收益是15％。与之相比，同阶段美国所有的证券基金的平均收益是18％，标准普尔500指数的平均收益是26％。

在我的公司和许多其他公司中，客户有他们自己各自的考虑，他们能明确指定他们的道德禁忌。我的一位客户就不愿持有武器股，所以我不会为她买进诸如洛克希德·马丁公司、利顿工业公司、考顿科技公司或卡曼公司的股票，但这类股票会出现在许多其他客户的投资组合中。

Weapons of Defense

[10] The question of whether military force can be used ethically¹⁴ is one of the oldest and most difficult in history. To me, Hitler and World War II are sufficient proof that maintaining a strong U. S. Military force is a moral act.

[11] Some of my best friends disagree. To them, the ends do not justify¹⁵ the means. I asked one friend, who is a Quaker, what the U. S. should have done about Hitler. His response: "I don't know. But I believe we should have found an alternative other than force."

[12] That is an intellectually honest position, but to me not persuasive¹⁶. On the whole, I feel the world is a better place if the U.S. has rocket fuel (Cordant), defense electronics (Litton), and Seasprite naval¹⁷ helicopters (Kaman), than if we don't.

防御武器：

军事力量能否被合乎道义地使用是历史上最古老的也是最困难的道德问题之一。对我来说，希特勒和二战足以证明美国保持强大的军事力量是道德的行为。

我的一些最好的朋友不同意这个观点。他们认为，目的正当并不能证明手段正当。我问一位教友派信徒的朋友，对希特勒这样的人美国应该怎么办。他说：“我不知道。但我相信我们应该找到另一种办法，而不是暴力。”

这是一个理智的诚实态度，但对我没有说服力。总的来说，我觉得如果美国有考顿公司生产的火箭燃料、利顿公司的电子防御系统和卡曼公司的海军用海怪直升机，这个世界会比我们没有这些武器更好一些。

Power Sources

[13] Nuclear power is another issue that people feel strongly about. In the wake of Chernobyl and Three Mile Island, I can't argue that it's wrong to be concerned about the safety of nuclear plants. And yet, I believe people forget the hundreds of injuries and the massive pollution caused by oil-and coal-fueled electrical generating plants. Nuclear power, at least potentially, is a less polluting energy source than most of its competitors.

[14] The green so of cutting hack¹⁸ on energy use strikes me as misguided. Economic opportunity and social justice are much easier to achieve in an expanding economy. And an expanding economy virtually requires abundant energy.

[15] Alcohol, to some people, is the worst villain¹⁹. And yet, when the nation tried to ban alcohol during prohibition²⁰, the experiment proved a failure. I can't resist adding that moderate drinkers have much lower death rates from heart attack than teetotalers.

[16] There are no liquor stocks I want to own presently. But at the right price, I would own one.

动力源：

核动力是另外一个引起人们强烈关注的问题。由于切尔诺贝利和三哩岛事件，我不能说考虑核电厂的安全是错误的。但是我想人们忘记了由用石油和煤作燃料的发电厂引起的成百上千种伤害和大量的污染。与其大多数竞争者相比，核动力至少从潜在能力上考虑是一种污染较小的能源。

我看这种减少能源使用的“绿色”解决方法是误入歧途。经济发展的良机和社会的公正在一个正在增长的经济中实现起来要容易得多。而一个正在发展增长的经济实际上是需要丰富的能源的。

对某些人来说，酒是个最坏的东西。但当国家试图禁酒时，结果总是归于失败。我忍不住要附带补充一句：适度的饮酒者比完全禁酒者心脏病死亡率要低得多。

我现在还不想买什么酒类股。但一旦价位合适，我是会买一种的。

The Gambling Vice¹

[17] Anita Green, the director of social research at Pax World Fund, the third-largest social responsibility mutual fund, recently referred to gambling as "a vice that inflicts²¹ crushing social costs on American society". Noting that seven of the largest 20 mutual funds in the U . S. hold one or more gambling stocks, she suggests that investors²² pick a fund that has sworn to avoid them--namely, her own.

[18] Gambling, which Green opposes so strongly, is to me a pleasurable activity. I go to the racetrack, watch the pageantry of the horses, jockeys and silks, and enjoy the spectacle more because I have a $ 2 or $ bet on the outcome. I enjoy spending a day or two in Las Vegas or Atlantic City. But I go only once every year or two, and set myself a limit of $ 50 or $ 100 a day. When that's gone, I walk around and see the sights.

[19] For better or worse, it appears that America is still moving in the direction of more gambling. So I think that casino and lottery²³ stocks--issues like Scientific Games Holdings Corp., Mirage²⁴ Resorts Inc. and Mandalay Resort Group--are good bets.

[20] The impulse to invest ethically is praiseworthy, but I'm skeptical²⁵ of "one size fits all" approaches to it. And I think anyone attempting to invest ethically should have respect for the complexity²⁶ and difficulty of the task

Gap's problem

[21] For example, Pax World Fund, based in Portsmouth, New Hampshire, says it invests only in companies "that treat their employees, their environment, and their communities with respect". I'm sure it makes every effort to do so, but in an imperfect world, these decisions get mighty²⁷ tricky.

[22] Pax World's largest stockholding is Gap Inc. Friday, Gap (along with some other retailers) lost in its attempt to dismiss a lawsuit²⁸ accusing it of selling clothes made under sweatshop conditions in the U.S. territory of Saipan. In August, four other defendants²⁹ in that suit, including Nordstrom Inc. and J. Crew Group Inc., agreed to settle the claims against them by establishing a $ 1.25 million fund to monitor working conditions of their Saipan workplaces.

[23] None of this necessarily means that Gap is a bad company, or culpable³⁰ in the Saipan case. But it does illustrate³¹ the difficulty in making ethical investing decisions.

赌博恶习：

阿妮塔·格林是第三大社会保障共同基金——派克斯世界基金——的社会研究经理，最近她指责博彩业是“一种让美国社会付出毁灭性代价的恶疾”。她注意到美国最大的20个共同基金中的7个拥有1个或多个此类股票，于是呼吁投资者选择那些发誓不买博彩股的基金----也就是她自己所任职的基金。

格林如此激烈反对的博彩对我来说是一种令人快乐的活动。我到赛场去，观看马匹、骑手以及骑手们穿戴的彩色绸制赛马服组成的盛大华丽的场面，并享受着这样的壮观景象，更多的是因为我对结果投了2块或5块钱的注。我喜欢在拉斯维加斯或大西洋城花上一两天的时间。但我一两年才去一次，并把自己一天的花费限制在50或100美元。钱一花完，我就四处溜达，看看风景。

不管好坏吧，似乎博彩业在美国仍有发展之势。所以我想博彩类股票----如科学博奕持股公司、梦幻旅游胜地公司和曼达雷旅游胜地公司所发行的----是值得一赌的。

促进合乎道义的投资是值得赞赏的，但我怀疑这种“一刀切”的做法能否行得通。我认为任何打算进行合乎道义的投资的人应该考虑到它的复杂性和困难程度。

盖普公司的问题：

举个例子，派克斯世界基金，总部设在新罕布什尔州的朴次茅斯，说它只投资于那些“尊重员工，尊重环保，尊重社区”的公司。相信它是尽力这样做的，但在一个不完美的社会里，这些决策是非常困难的。 派克斯世界基金所持有的最多的股票是盖普公司的股票。周五，盖普（及其他一些零售商）输了一场官司，他们本想驳回被指控销售美国西潘地区血汗工厂生产的衣物伽诉讼案。8月，包括诺德斯道姆公司、J．克鲁集团公司在内的其他四个被告同意出资125万美元设立基金来监督西潘工厂的工作条件，以此解决向他们提出的索赔要求。

这都不意味着盖普是个差劲的公司，或者在西潘事件中是有罪的。但它确实说明了在作出道德性投资决策方面存在的困难。

1 vice   

n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的

参考例句：

• He guarded himself against vice.他避免染上坏习惯。
• They are sunk in the depth of vice.他们堕入了罪恶的深渊。

2 vices   

缺陷( vice的名词复数 )； 恶习； 不道德行为； 台钳

参考例句：

• In spite of his vices, he was loved by all. 尽管他有缺点，还是受到大家的爱戴。
• He vituperated from the pulpit the vices of the court. 他在教堂的讲坛上责骂宫廷的罪恶。

3 tricky   

adj.狡猾的，奸诈的；(工作等)棘手的，微妙的

参考例句：

• I'm in a rather tricky position.Can you help me out?我的处境很棘手，你能帮我吗？
• He avoided this tricky question and talked in generalities.他回避了这个非常微妙的问题，只做了个笼统的表述。

4 ethics   

n.伦理学；伦理观，道德标准

参考例句：

• The ethics of his profession don't permit him to do that.他的职业道德不允许他那样做。
• Personal ethics and professional ethics sometimes conflict.个人道德和职业道德有时会相互抵触。

5 gambling   

n.赌博；投机

参考例句：

• They have won a lot of money through gambling.他们赌博赢了很多钱。
• The men have been gambling away all night.那些人赌了整整一夜。

6 ethical   

adj.伦理的，道德的，合乎道德的

参考例句：

• It is necessary to get the youth to have a high ethical concept.必须使青年具有高度的道德观念。
• It was a debate which aroused fervent ethical arguments.那是一场引发强烈的伦理道德争论的辩论。

7 explicit   

adj.详述的，明确的；坦率的；显然的

参考例句：

• She was quite explicit about why she left.她对自己离去的原因直言不讳。
• He avoids the explicit answer to us.他避免给我们明确的回答。

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 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。

10 portfolios   

n.投资组合( portfolio的名词复数 )；（保险）业务量；（公司或机构提供的）系列产品；纸夹

参考例句：

• Price risk arises in non-trading portfolios, as well as in trading portfolios. 价格风险中出现的非贸易投资，以及在贸易投资组合。 来自互联网
• How do we fatten our portfolios and stay financially healthy? 我们怎样育肥我们的投资结构和维持财政健康呢？ 来自互联网

11 mutual   

adj.相互的，彼此的；共同的，共有的

参考例句：

• We must pull together for mutual interest.我们必须为相互的利益而通力合作。
• Mutual interests tied us together.相互的利害关系把我们联系在一起。

12 specify   

vt.指定，详细说明

参考例句：

• We should specify a time and a place for the meeting.我们应指定会议的时间和地点。
• Please specify what you will do.请你详述一下你将做什么。

13 restrictions   

约束( restriction的名词复数 )； 管制； 制约因素； 带限制性的条件（或规则）

参考例句：

• I found the restrictions irksome. 我对那些限制感到很烦。
• a snaggle of restrictions 杂乱无章的种种限制

14 ethically   

adv.在伦理上，道德上

参考例句：

• Ethically , we have nothing to be ashamed about . 从伦理上说，我们没有什么好羞愧的。
• Describe the appropriate action to take in an ethically ambiguous situation. 描述适当行为采取在一个道德地模棱两可的情况。

15 justify   

vt.证明…正当(或有理)，为…辩护

参考例句：

• He tried to justify his absence with lame excuses.他想用站不住脚的借口为自己的缺席辩解。
• Can you justify your rude behavior to me?你能向我证明你的粗野行为是有道理的吗？

16 persuasive   

adj.有说服力的，能说得使人相信的

参考例句：

• His arguments in favour of a new school are very persuasive.他赞成办一座新学校的理由很有说服力。
• The evidence was not really persuasive enough.证据并不是太有说服力。

17 naval   

adj.海军的，军舰的，船的

参考例句：

• He took part in a great naval battle.他参加了一次大海战。
• The harbour is an important naval base.该港是一个重要的海军基地。

18 hack   

n.劈，砍，出租马车；v.劈，砍，干咳

参考例句：

• He made a hack at the log.他朝圆木上砍了一下。
• Early settlers had to hack out a clearing in the forest where they could grow crops.早期移民不得不在森林里劈出空地种庄稼。

19 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。

20 prohibition   

n.禁止；禁令，禁律

参考例句：

• The prohibition against drunken driving will save many lives.禁止酒后开车将会减少许多死亡事故。
• They voted in favour of the prohibition of smoking in public areas.他们投票赞成禁止在公共场所吸烟。

21 inflicts   

把…强加给，使承受，遭受( inflict的第三人称单数 )

参考例句：

• Bullfrog 50 Inflicts poison when your enemy damages you at short range. 牛娃50对近距离攻击你的敌人造成毒伤。
• The U.S. always inflicts its concept of human nature on other nations. 美国总是把自己的人权观念强加于别国。

22 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

23 lottery   

n.抽彩；碰运气的事，难于算计的事

参考例句：

• He won no less than ￡5000 in the lottery.他居然中了5000英镑的奖券。
• They thought themselves lucky in the lottery of life.他们认为自己是变幻莫测的人生中的幸运者。

24 mirage   

n.海市蜃楼，幻景

参考例句：

• Perhaps we are all just chasing a mirage.也许我们都只是在追逐一个幻想。
• Western liberalism was always a mirage.西方自由主义永远是一座海市蜃楼。

25 skeptical   

adj.怀疑的，多疑的

参考例句：

• Others here are more skeptical about the chances for justice being done.这里的其他人更为怀疑正义能否得到伸张。
• Her look was skeptical and resigned.她的表情是将信将疑而又无可奈何。

26 complexity   

n.复杂(性)，复杂的事物

参考例句：

• Only now did he understand the full complexity of the problem.直到现在他才明白这一问题的全部复杂性。
• The complexity of the road map puzzled me.错综复杂的公路图把我搞糊涂了。

27 mighty   

adj.强有力的；巨大的

参考例句：

• A mighty force was about to break loose.一股巨大的力量即将迸发而出。
• The mighty iceberg came into view.巨大的冰山出现在眼前。

28 lawsuit   

n.诉讼，控诉

参考例句：

• They threatened him with a lawsuit.他们以诉讼威逼他。
• He was perpetually involving himself in this long lawsuit.他使自己无休止地卷入这场长时间的诉讼。

29 defendants   

被告( defendant的名词复数 )

参考例句：

• The courts heard that the six defendants had been coerced into making a confession. 法官审判时发现6位被告人曾被迫承认罪行。
• As in courts, the defendants are represented by legal counsel. 与法院相同，被告有辩护律师作为代表。 来自英汉非文学 - 政府文件

30 culpable   

adj.有罪的，该受谴责的

参考例句：

• The judge found the man culpable.法官认为那个人有罪。
• Their decision to do nothing makes them culpable.他们不采取任何行动的决定使他们难辞其咎。

31 illustrate   

v.举例说明，阐明；图解，加插图

参考例句：

• The company's bank statements illustrate its success.这家公司的银行报表说明了它的成功。
• This diagram will illustrate what I mean.这个图表可说明我的意思。