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解析電子報5月號 - 當『熊』遇上『牛』
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21
Wednesday


 

Bears Versus Bulls  當『熊』遇上『牛』

by William Ryan
The way of the stock market
股市運作的方式

  The two most basic stock market terms are bull market and bear market, which are both used to describe stock market trends. _(1)_ Both refer to the general volume of traded shares. A trend, by definition, is a general tendency that is true over long periods. Therefore, bull and bear markets are not used to describe short-term fluctuations in the market. _(2)_
  A bull market occurs when the economy is strong, unemployment is low, and consumers are spending money. _(3)_ Because investors hold onto their shares of profitable businesses, fewer shares are available for new buyers, so the price per share increases. Therefore, in a bull market, a positive attitude about the future usually prevails.
  A bear market means the market is in decline. _(4)_ The first sign of a bear market is usually a sharp drop in stock prices. Bears appeared during the Vietnam War and also during the oil crisis and Middle Eastern conflicts in the 1970s. The Great Depression, ushered in by the stock market crash of 1929, marked the longest and worst bear market in history.
  The exact origin of the two terms is unknown. A commonly accepted explanation derives from the manner in which these animals attack their prey. _(5)_

(A) A weak economy, high unemployment, low consumer spending, and lower-than-normal business activity are trends in a bear market.
(B) Bulls attack by bucking their horns up toward the sky and bears attack by swiping their claws in a downward motion, signifying the directional trend of the market.
(C) Simply stated, a bull market is a positive or rising trend while a bear market describes an unfavorable or falling trend.
(D) During the Vietnam War, many soldiers used bulls as their vehicles.
(E) Healthy consumer spending means that businesses make more profit.
(F) Rather, these terms describe trends which are observed and measured in years.

原來如此

 

  1. 第一題空格應選 (C)
    理由:
    a. 空格前一句提及 "The two most basic stock market terms are bull market and bear market, which are both used to describe stock market trends."(『牛市』與『熊市』這兩個最基本的股市術語都是用來形容其走勢。), (C) 項的句子進一步說明 "Simply stated, a bull market is...while a bear market describes...trend."(簡單地說,牛市是……,而熊市則是形容……的趨勢。),前後兩句皆提及 bull market(牛市)、
    bear market(熊市)及 trend(趨勢)等關鍵字,故形成關聯。
    b. 根據上述,(C) 項應為正選。
    大補丸:
    a. simply stated,...  簡單地說,……
    = to put it simply,...
    b. unfavorable a. 不利的
    The weather is quite unfavorable for our plans.
    這種天氣對我們的計劃來說相當不利。
  2. 第二題空格應選 (F)
    理由:
    a. 空格前一句提及 "Therefore, bull and bear markets are not used to describe short-term fluctuations in the market."(因此,牛市與熊市並不是用來形容市場的短期波動。),(F) 項的句子則進一步說明 "Rather, these terms describe trends which are observed and measured in years."(相反地,這兩個術語是用來形容多年來所觀察到及所測量到的走勢。),前後兩句語意形成對比,故產生關聯。
    b. 根據上述,(F) 項應為正選。
    大補丸:
    a. observe vt. 觀察;注意
    b. measure vt. 測量;評估
    It was difficult to measure the precise impact of the labor strike.
    此次罷工的影響究竟如何,難以作出準確的評估。
  3. 第三題空格應選 (E)
    理由:
    a. 空格前一句提及 "A bull market occurs when the economy is strong, unemployment is low, and consumers are spending money."(牛市發生於經濟處於強勢、失業率低且消費者願意消費之時。),而 (E) 項的句子進一步對 consumer
    spending(消費者消費)作解釋 "Healthy consumer spending means that businesses make more profit."(可觀的消費者消費意味著企業可賺得較多的利潤。),語意延續空格前說法,故形成關聯。
    b. 根據上述,(E) 項應為正選。
  4. 第四題空格應選 (A)
    理由:
    a. 空格前一句提及 "A bear market means the market is in decline."(熊市則表示市場呈現衰退的趨勢。),而 (A) 項句子補充說明熊市的趨勢 "A weak economy, high unemployment,...are trends in a bear market."(經濟疲軟、失業率高,……這些都是熊市的發展趨勢。),前後語意連貫,故形成關聯。
    b. 根據上述,(A) 項應為正選。
  5. 第五題空格應選 (B)
    理由:
    a. 空格前一句提及 "A commonly accepted explanation derives from the manner in which these animals attack their prey."(普遍最為人接受的解釋源自於這些動物攻擊獵物的方式。),(B) 項句子承接上句,進一步說明 "Bulls attack by bucking their horns up toward the sky and bears attack by swiping their claws in a downward motion, signifying the directional trend of the market."(牛用牠們的角向上頂作攻擊,而熊則用牠們的爪子向下作攻擊動作,這兩種攻擊方式各自象徵著市場的走向。),前後語意連貫,
    且皆提及 attack(攻擊)一字,故形成關聯。
    b. 根據上述,(B) 項應為正選。
    大補丸:
    a. buck vt.(動物等)低著頭衝
    b. horn n. 角
    c. swipe vt. 猛擊
    d. claw n.(動物的)腳爪
    e. downward adv. 向下地
    upward adv. 向上地
    f. signify vt. 表示,象徵
    The image of the sun signifies power.
    太陽的圖像象徵著權力。
    g. directional a. 方向的

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精解字詞片語
  1. tendency n. 傾向
    have a tendency to V  有……的傾向
    We all know that Jim has a tendency to exaggerate.
    我們都知道吉姆往往會誇大其詞。
  2. hold onto / on...  堅守∕緊抓……
    You should hold onto your oil shares because the prices are still going up.
    你應握緊手頭上的石油股票不要賣,因為它的價格還在繼續上漲。
  3. profitable a. 賺錢的,有利可圖的
    Buying and selling used cars is a highly profitable business.
    買賣中古車是個很賺錢的行業。
  4. prevail vi.(信念、風俗等)盛行,流行
    Those kinds of superstitions still prevail in certain areas.
    那些迷信在某些地區還是很普遍。
  5. crisis n. 危機
    Joe's midlife crisis led to the breakup of his first marriage.
    阿喬的中年危機導致他第一段婚姻的結束。
  6. usher in...  帶來……
    The big storm ushered in violent floods in some parts of town.
    暴風雨給該城鎮的某些地區帶來了洪水。
  7. derive from...  源自於……
    derive vt. 使源自於
    This story derives from an old legend.
    這個故事源自於一則古老的傳說。

精解字詞片語
  1. by definition  根據定義,就定義來看
  2. be in decline  下跌;減少中
    = be on the decline

單字小舖
  1. the stock market n. 股票市場
  2. trend n. 趨勢,走向
  3. volume n.(交易、生產等的)量;額
  4. share n. 股份;股票
  5. short-term a. 短期的
    long-term a. 長期的
  6. fluctuation n. 波動,變動
  7. unemployment n. 失業
  8. investor n. 投資者
  9. conflict n. 衝突;分歧
  10. The Great Depression (1930 年代的)經濟大蕭條
  11. crash n. 崩盤;失敗
  12. prey n. 獵物(集合名詞,不可數)

中文翻譯&標準答案


謎樣的男人
當『熊』遇上『牛』
股市運作的方式
  『牛市』與『熊市』這兩個最基本的股市術語都是用來形容其走勢。簡單地說,牛市是正向或是升高的走勢,而熊市則是形容不樂觀、下跌的趨勢。兩者指的都是整體股票的成交量。走勢,顧名思義就是在一段長時間內一種可信的總體趨勢。因此,牛市與熊市並不是用來形容市場的短期波動。相反地,這兩個術語是用來形容多年來所觀察及測量到的走勢。
  牛市發生於經濟處於強勢、失業率低且消費者願意消費之時。可觀的消費者消費意味著企業可賺得較多的利潤。由於投資者握有獲利企業的股份,新買家可購買的股份少得可憐,所以股價會上揚(編按:換言之,因為投資者覺得這些企業的股票獲利平穩,每年可賺進不錯的股息與股利,所以這些股票不易流回股市,新的買家就沒有太多機會可以購買到這些股票)。因此在牛市中,盛行著對未來抱持積極正向的態度。
  熊市則表示市場呈現衰退的趨勢。經濟疲軟、失業率高、低消費以及比平常更不活絡的商業行為,這些都是熊市的發展趨勢。熊市最初的徵兆通常是股價暴跌。熊市曾於越戰時期出現,還有發生在 1970 年代的石油危機及中東衝突期間。而 1929 年的股市大崩盤也造成了經濟大蕭條,這是歷史上最長也最糟的熊市。
  這兩個術語的確切起源並不清楚。普遍最為人接受的解釋源自於這些動物攻擊獵物的方式。牛用牠們的角向上頂作攻擊,而熊則用牠們的爪子向下作攻擊動作,這兩種攻擊方式各自象徵著市場的走向。
答案: 1. C 2. F 3. E 4. A 5. B







 
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