国际经贸高级英语精读第3单元课文翻译及答案.ppt

1、Unit ThreeHow Bill Gates Invests His Money,TEXT Tending the Investment Pools As Gates converts billions of dollars of Microsoft stock into philanthropic tender, Michael Larson will be shepherding the funds every step of the way. He will manage the foundation portfolios until the dollars are expended

2、 on syringes, scholarships, and software. 当盖茨把价值成百亿美元的微软股票用作慈善事业时，迈克尔拉森将像牧羊人一样照看资金运行的每一步。他将对基金进行管理，直到这些钱最后花在医疗、奖学金以及软件上。,“People have no idea the kind of pressure that Michael Larson operates under, says Roger McNamee. “For one thing, hes running money for two of the largest foundations in the world

3、. The better he does, the more good works can be done. “人们并不知道迈克尔拉森的工作压力有多大，”罗杰麦克拉米说，“首先，他在替这个世界上规模最大的两个基金管钱；他的工作越出色，所能成就的善事也就越多。”,Heres how Larsons job works. Hes in charge of three large pots of money: the two foundations and the $5 billion or so in Gates personal portfolio, which is mostly invest

4、ed through Cascade, though there are other smallish accounts also under Larsons auspices. Each of these three pools is discretely managed, with its own objectives and investments. And theres one thing both Gates and Larson want to make perfectly clear. 我们来看拉森是如何经营的。他掌管着三大笔钱：两笔基金外加主要通过Cascade公司投资的约50

5、亿美元的盖茨的个人投资组合。当然，拉森还掌管着几个小账户。这三个基金都是独立经营的，每一部分都有自己的目标和投资方向。有一件事盖茨和拉森都想向外界澄清。,“Michael and I talk regularly about general investment matters, but he has full discretion over the portfolio. Gates says. Larson, his usual grin gone for a second, says, “I wish everyone understood that. When people find o

6、ut that Cascade has made an investment in something, thats not Bill Gates. Ill call Bill about something Im buying if he needs to know, but Bill might not have any idea what Cascade owns. (There are exceptions to this rule. For instance, Gates makes his own investments in biotechmore on that later.)

7、 “迈克尔和我会定期谈一谈投资的总体事宜，但具体投资完全是他说了算，”盖茨如是说。拉森收敛了他那习惯性的露齿一笑，说道，“我希望每个人能理解这一点。当人们发现Cascade进行某项投资的时候，那不是比尔盖茨的决定。如果比尔想知道的话，我会电话通知他我在买什么，但比尔可能一点也不知道Cascade买了什么。”（当然也会有例外的时候，比如盖茨自行决策投资生物技术领域后文会有所提及）。,So whats in the portfolios? The Learning Foundation is the simplest. Because Patty Stonesifer and her crew h

8、ave a fairly constant need for cash, Larson keeps this portfolio mostly in short-maturity U.S. government and corporate fixed-income securities. The William H. Gates Foundation is a little more complicated. Though it may have a smattering of stocks at any given time, it too is almost entirely in bon

9、dsabout 75% short-term U.S. governments and corporates. 75% short-term U.S. governments and corporates. 那么，拉森的投资组合里有些什么呢？其中最简单的是教育基金。因为帕蒂史多纳西弗和她的同事对现金有持续的需求，拉森将这笔基金主要投在快要到期的美国政府和公司的固定收益证券上。威廉H盖茨基金稍微复杂一点。尽管该基金任何时候都持有少量股票，但它基本上也完全由债券组成其中75%是短期的美国政府和公司债券。,“The portfolio is pretty conservatively positio

10、ned right now for a couple of reasons,” says Larson. “First, it reflects my view of the markets. And second, we just had an inflow of a couple of billion dollars.” Another reason bonds are attractive to Larson is that as new money streams in, scaling up in the fixed-income markets is much easier tha

11、n in stocks. “这个组合定位比较保守，这里有几方面的原因，”拉森说，“首先，它反映了我对市场的看法；第二，我们刚有一笔几十亿美元的现金流入。”债券吸引拉森的另一个原因是，当新的资金流入时，资金在固定收益市场上同比增值要比在股票市场上容易得多。,As for the other 25% of this foundations assets, Larson has made investments running the whole gamut of the bond market. He holds some inflation-protected Treasury bonds ca

12、lled TIPs, and plain-vanilla corporate bonds like Ford, Du Pont, and Time Warner (parent of Time Inc., FORTUNEs publisher). He also has a position in junk bonds and foreign government bondsDanish, German, Canadianas well as foreign corporates, gobs of mortgage-backed securities, and all sorts of hed

13、ging investments. 至于该基金资产的另外25%，拉森将他们分配于债券市场的各种金融资产上，他持有那些被称为TIPs的保值国库券，以及福特、杜邦、时代华纳（时代公司的母公司，财富杂志出版商）等普通公司债券。他还涉足垃圾债券，丹麦、德国、加拿大等国的政府债券，外国公司债券，大量的抵押证券，以及各种对冲基金。,Larson farms out some 15% of the overall portfolio to bond managers at Morgan Grenfell, PIMCO, Miller Anderson thats buyout funds and direc

14、t investments, such as Gates stake in Teledesic, McCaws satellite company (Larson is on its board). That figure also includes funds run by outsiders. About 5% of Gates portfolio is farmed out to managers like McNamees Integral Capital Partners and Blue Ridge Capital, a New York hedge fund run by Joh

15、n Griffin, former right-hand man of Julian Robertson at Tiger Management. 那么另外30%即15亿美元的投资情况如何呢？其中大约一半7.5亿美元投资于拉森所称的私人普通股，即收购基金和直接投资，如盖茨在麦考的卫星公司Teledesic公司（拉森是该公司董事会成员）的投资。这个数字还包括由外部人经营的基金。盖茨的投资组合中有5%的资金是委托给经理人公司经营的，如麦克纳米的Integral 资本合伙公司，Blue Ridge资本公司，后者是老虎基金的投资者朱里安罗伯森的前得力助手约翰格里芬经营的一个纽约对冲基金。,Larson

16、 also has a significant amount of money in short positionsactually more than usual right nowwhich reflects his view that many stocks are fully, if not overly, valued. He also has a small amount of money with Bill Fleckenstein, who runs a short-selling fund. 拉森还有一笔重要的资金用于卖空实际上目前比以往更多这反映了拉森对目前股市的看法，他认

17、为现在许多股票即使没有被高估，其股价也已经很充分的挖掘了价值。他还有少部分钱放在比尔费莱肯斯坦那里，费氏运作着一个卖空基金。,Of the nonbond portion of Gates portfolio, another $250 million is in what Larson calls “real stuff. He means real assets, like commodities (hes been in and out of crude oil futures) and real estate, such as investments in the Reserve, a

18、 real estate and golf course development near Palm Springs, and in the Cliveden hotels in England. 在盖茨投资组合的非债券部分里，另外有2亿5000万美元投资于拉森所称的“真货色”，他说的是实物资产，即初级产品（他曾涉足原油期货）和不动产，如在Reserve的投资位于棕榈泉附近的房地产和高尔夫球场的开发建设,以及在英格兰的对于Cliveden酒店的投资。,The remaining $500 million is in stocks. Given Gates huge position in Mi

19、crosoft, why does Larson own equities at all? “Because I think some stocks have behavior patterns that run counter to Microsoft, says Larson. “For instance, if and when the air comes out of tech stocks, food and oil stocks could hold up real well. The other reason we do equities is because we have s

20、ome expertise in certain areas, and we make money at it. It so happens that one of Larsons interests is media stocks. He favors cable stocks such as TCI and Liberty Media, as well as Cox Communications and Barry Dillers USA Networks. 剩下的5亿美元投资于股票。既然盖茨持有巨量的微软股份，拉森究竟为什么还要持有其他股份呢？“因为我认为某些股票的走势和微软相反，”拉森

21、说。“例如，当科技股的泡沫破裂时，食品和石油股可能相当坚挺。我持有其他股份的另一个原因是，我们在某些领域有专业的知识，它让我们赚钱。”恰好拉森对媒体股感兴趣，他喜欢有线网络股，如TCI公司、自由媒体公司、COX通讯公司、巴里迪勒的美国广播网。,Larson also holds Berkshire Hathawayhe owned 300 shares last year and recently bought a bunch morewhich he thinks became particularly attractive after its Gen Re acquisition. “Ge

22、n Re was in the S gear),Many experts consider that the interest rates would trend higher, because, although it is true that there is not much inflation now, wage inflation is evident and the entire economy is in such a high gear right now.,. Put the following passage into English:,1987年的股市大崩溃与1929年的

23、股市大崩溃虽然有许多相似之处，但也有几点重大区别，这其中最主要的是金融机构的反应。1929年，美联储做出的反应是提高利率、紧缩贷款， 这使许多本来可以健康运作的公司由于资金周转问题而倒闭。如果一家公司倒闭并留下大笔债务，那么许多与之有商业往来的公司也会遭受同样的命运。 For all the similarities between the 1929 and 1987 stock market crashes, there are one or two vital differences. The most important of these was the reaction of the

24、financial authorities. In 1929, the US Federal Reserve reacted to the crash by raising interest rates, effectively clamping down on credit. This caused many otherwise healthy companies to fail simply due to cash flow problems. If one company failed leaving debts, many others down the line would meet the same fate.,. Put the foll