英语100篇精读荟萃（中级篇）17a_PETS 考试

英语100篇精读荟萃（中级篇）17a

文章来源：文章作者：发布时间：2007-09-17 06:27 字体： [大中小]　进入论坛

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Passage Seventeen (A Strong Stock Market)
The increase in the margin¹ rate from 50% to 70% was not an attempt to stem any rampant² speculation³ on the part of the public-actually the market seemed technically⁴ quite strong, with public participation⁵ essentially⁶ dignified-but rather an attempt by the Federal Reserve Board to preserve the sound underpinnings that existed in the market. Naturally, such a move had a momentarily chilling effect upon prices but if the FRB had been preoccupied⁹ with undue¹⁰ speculation, the increase might have been to the 80% or even 90% level. Such an increases in the margin rate is a confirmation¹¹ of a strong stock market and since 19…,such increases have resulted in interim¹² market highs over twelve months later. Obviously, there could be no guarantee that this would once again be the case, but if history is any guideline-and if business and corporate¹³ earnings¹⁴ were to continue on the same course-continued optimism over the outlook for the stock market would seem more prudent¹⁵ than pessimism¹⁶.
The margin increase underscored the good rise that stocks had enjoyed for the previous year-and the fact that a 50% rate was maintained as long as it was pointed¹⁷ up the fact that the rise was mainly conservative in that it was concentrated in the blue chips for the most part. In past Investment Letters we have voiced the thought that speciality stocks could outperform the general market from this point. We continue to believe that this could be the case. For example, steel stocks tend to sell at certain fixed¹⁸ price/earnings ratios. Below a certain ratio they are considered good value-above a certain ratio, overpriced. If a company produces a unique product it is far more difficult for market analysis to place a numerical ratio upon the company’s earnings. We have also contended in the past Letters that the stock market reflects mass psychology¹⁹ as well as the business outlook. When investors²⁰-both the public and the institutions-are nervous and pessimistic they definitely hesitate to buy stocks: they seek low price/earnings multiples and high yields. These same investors-when they are in an optimistic frame of mind-become for less preoccupied with yields and more wiling²¹ to pay a premium(high p/e multiples) for accelerated growth. If the public’s attitude towards the auto²² industry is any measure, then this period seems to have been one of optimism.

1.    The title that best expresses the ideas of this passage is
[A]. A Time to Sell Stock. [B]. A Strong Stock Market
[C]. Raising the Margin Rate [C]. Price/earnings Ratio in Steel
2.    When investors are pessimistic what do they do?
[A]. They look to the FRB for help. [B]. They buy steel
[C]. They buy automobile²³ stocks. [D]. They look for high yields.
3.    Why does the writer believe that speciality stocks could outperform the general market?
[A]. Because analysis have difficulty in deciding upon a fixed price/earnings ratio.
[B]. Because the activity had been limited to blue chips.
[C]. Because the rise was conservative.
[D]. Because of the FRB action.
4.    When investors are optimistic, what do they do?
[A]. They look for accelerated growth. [B]. They buy speciality stocks.
[C]. They look for high yields. [C]. They are more prudent.

Vocabulary
1. margin rate 保证金率，边际比率
2. rampant 无约束力，猖獗的，蔓延的
3. stem 遏制
4. stem from 滋长，源自
5. underpin⁸ 加强……基础，支持
6. underpinning⁷ 支持物，基础（建筑物下的）
7. preoccupy²⁴ 先占，使专心于，吸引住
8. undue 过分的，非法的，不适当的
9. interim 间歇；暂时的，间歇的
10. guideline 方针，指导路线

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收听单词发音

1 margin
n.页边空白；差额；余地，余裕；边，边缘
参考例句：
We allowed a margin of 20 minutes in catching the train.我们有20分钟的余地赶火车。 The village is situated at the margin of a forest.村子位于森林的边缘。

2 rampant
adj.(植物)蔓生的；狂暴的，无约束的
参考例句：
Sickness was rampant in the area.该地区疾病蔓延。 You cannot allow children to rampant through the museum.你不能任由小孩子在博物馆里乱跑。

3 speculation
n.思索，沉思；猜测；投机
参考例句：
Her mind is occupied with speculation.她的头脑忙于思考。 There is widespread speculation that he is going to resign.人们普遍推测他要辞职。

4 technically
adv.专门地，技术上地
参考例句：
Technically it is the most advanced equipment ever.从技术上说，这是最先进的设备。 The tomato is technically a fruit,although it is eaten as a vegetable.严格地说，西红柿是一种水果，尽管它是当作蔬菜吃的。

5 participation
n.参与，参加，分享
参考例句：
Some of the magic tricks called for audience participation.有些魔术要求有观众的参与。 The scheme aims to encourage increased participation in sporting activities.这个方案旨在鼓励大众更多地参与体育活动。

6 essentially
adv.本质上，实质上，基本上
参考例句：
Really great men are essentially modest.真正的伟人大都很谦虚。 She is an essentially selfish person.她本质上是个自私自利的人。

7 underpinning
n.基础材料；基础结构；（学说、理论等的）基础；（人的）腿v.用砖石结构等从下面支撑（墙等）( underpin的现在分词 )；加固（墙等）的基础；为（论据、主张等）打下基础；加强
参考例句：
Underpinning this success has been an exemplary record of innovation. 具有典范性的创新确保了这次成功。来自辞典例句 But underpinning Mr Armstrong's technology changes is a human touch. 但阿姆斯特朗技术变革的支柱是人情味。来自互联网

8 underpin
v.加固，支撑
参考例句：
China needs regional stability to underpin its continued economic growth.中国需要地区稳定来巩固其持续的经济增长。 These developments are underpinned by solid progress in heavy industry.重工业的稳固发展为这些进展打下了基础。

9 preoccupied
adj.全神贯注的，入神的；被抢先占有的；心事重重的v.占据（某人）思想，使对…全神贯注，使专心于( preoccupy的过去式)
参考例句：
He was too preoccupied with his own thoughts to notice anything wrong. 他只顾想着心事，没注意到有什么不对。 The question of going to the Mount Tai preoccupied his mind. 去游泰山的问题盘踞在他心头。来自《简明英汉词典》

10 undue
adj.过分的；不适当的；未到期的
参考例句：
Don't treat the matter with undue haste.不要过急地处理此事。 It would be wise not to give undue importance to his criticisms.最好不要过分看重他的批评。

11 confirmation
n.证实，确认，批准
参考例句：
We are waiting for confirmation of the news.我们正在等待证实那个消息。 We need confirmation in writing before we can send your order out.给你们发送订购的货物之前，我们需要书面确认。

12 interim
adj.暂时的，临时的；n.间歇，过渡期间
参考例句：
The government is taking interim measures to help those in immediate need.政府正在采取临时措施帮助那些有立即需要的人。 It may turn out to be an interim technology.这可能只是个过渡技术。

13 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。

14 earnings
n.工资收人；利润，利益，所得
参考例句：
That old man lives on the earnings of his daughter.那个老人靠他女儿的收入维持生活。 Last year there was a 20% decrease in his earnings.去年他的收入减少了20%。

15 prudent
adj.谨慎的，有远见的，精打细算的
参考例句：
A prudent traveller never disparages his own country.聪明的旅行者从不贬低自己的国家。 You must school yourself to be modest and prudent.你要学会谦虚谨慎。

16 pessimism
n.悲观者，悲观主义者，厌世者
参考例句：
He displayed his usual pessimism.他流露出惯有的悲观。 There is the note of pessimism in his writings.他的著作带有悲观色彩。

17 pointed
adj.尖的，直截了当的
参考例句：
He gave me a very sharp pointed pencil.他给我一支削得非常尖的铅笔。 She wished to show Mrs.John Dashwood by this pointed invitation to her brother.她想通过对达茨伍德夫人提出直截了当的邀请向她的哥哥表示出来。

18 fixed
adj.固定的，不变的，准备好的；(计算机)固定的
参考例句：
Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？ Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

19 psychology
n.心理，心理学，心理状态
参考例句：
She has a background in child psychology.她受过儿童心理学的教育。 He studied philosophy and psychology at Cambridge.他在剑桥大学学习哲学和心理学。

20 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

21 wiling
v.引诱( wile的现在分词 )；诱惑；消遣；消磨
参考例句：

22 auto
n.(=automobile)(口语)汽车
参考例句：
Don't park your auto here.别把你的汽车停在这儿。 The auto industry has brought many people to Detroit.汽车工业把许多人吸引到了底特律。

23 automobile
n.汽车，机动车
参考例句：
He is repairing the brake lever of an automobile.他正在修理汽车的刹车杆。 The automobile slowed down to go around the curves in the road.汽车在路上转弯时放慢了速度。

24 preoccupy
vt.使全神贯注，使入神
参考例句：
But at the moment he had other things to preoccupy him.不过当时有另外的事情分了他的心。 An intelligent man considers the prospect of failure,but he doesn't preoccupy himself with pointless worry.一个聪明的男人可以预见到失败，但他绝不会去无谓地担心。

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