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      考研英语水平的进步，不仅要记单词，还需要阅读外语文献等资料。接下来，小编为2024考研者们，整理出——2024考研英语同源外刊8月:美国股票市场，供考生参考。

2024考研英语同源外刊8月:美国股票市场

Try a little, and it is never too hard to argue that the stockmarket looks risky and a crash must be coming. But in the long run such arguments are usually best ignored. Since 1900 American shares have posted an average real return of 6.4% a year. Over three decades, that would transform the purchasing power of $1.000 into $6.400. Bonds, the main alternative, do not come close. With an average historical return of 1.7% a year, they would generate a measly $1.700. Cash would do worse still.

试一试，你就会发现，股市看起来风险很大，崩盘一定会到来，这一点永远不会太难。但从长远来看，这样的争论通常被忽略。自1900年以来，美国股票的年平均实际回报率为6.4%。30年来看的话，这将把1000美元的购买力转化为6400美元。债券是主要的替代选择，但与之相差甚远。以每年1.7%的平均历史回报率计算，它们只能产生区区1.700美元。现金的情况则更糟。

The lesson for today's investors, many of whom were caught out by this year's bull market, might seem obvious. Forget about a downturn that may or may not materialise. Just buy and hold stocks, and wait for returns that will erase any number of brief dips. Unfortunately, there is a catch. What matters today is not historical returns but prospective ones. And on that measure, shares now look more expensive—and thus lower-yielding—when compared with bonds than they have in decades.

对现在的投资者来说，教训似乎是显而易见的，他们中的许多人在今年的牛市中陷入了困境。忘掉可能发生也可能不会发生的衰退吧。只需买入并持有股票，然后等待回报，这将消除任何数量的短暂下跌。不幸的是，这里有一个陷阱。现在重要的不是历史回报，而是预期回报。从这个角度来看，与债券相比，股票现在看起来比几十年前更贵，因此收益率也更低。

Start with why stocks tend to outperform bonds. A share is a claim on a firm's earnings stretching into the future, which makes returns inherently uncertain. A bond, meanwhile, is a vow to pay a fixed stream of interest payments and then return the principal. The borrower might go bust; changes to interest rates or inflation might alter the value of the cash flows. But the share is the riskier prospect, meaning it needs to offer a higher return. The gap between the two is the "equity risk premium"—the 4.7 percentage points a year that stocks have historically earned over bonds.

先来说说为什么股票的表现往往好于债券。股票是对公司未来收益的一种要求，这使得回报具有内在的不确定性。与此同时，债券是一种承诺，承诺支付固定的利息，然后返还本金。借款人可能会破产。利率或通货膨胀的变化可能会改变现金流的价值。但股票的风险更大，这意味着它需要提供更多的回报。两者之间的差距就是“股票风险溢价”——从历史上看，股票每年比债券多出4.7个百分点。

 

单词：

stock/stɑːk/ n. 股票;

try a little 试一试;

risky/ˈrɪski/ adj. 有危险(或风险)的;

crash/kræʃ/ n.(金融)暴跌;倒闭;破产;失败;

in the long run 从长远来看;

argument/ˈɑːrɡjumənt/ n. 争论;

an average real return 一个平均的实际回报;

purchasing power 购买力;

bond/bɑːnd/ n. 债券;公债;

alternative/ɔːlˈtɜːrnətɪv/ n. 替代品;

come close 接近;

measly/ˈmiːzli/ adj. 很小的;很少的;不足的;

still/stɪl/ adv. 还;甚;

lesson/ˈles(ə)n/ n. 教训;

bull market 牛市;

      综上是“2024考研英语同源外刊8月:美国股票市场”，希望对备战2024考研考生们有所帮助!让我们乘风破浪，终抵彼岸，考研加油!

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