文章作者 100test 发表时间 2007:05:12 12:24:38
来源 100Test.Com百考试题网
A Miller s tale
米勒传奇
The winning streak of a super-investor comes to an end
一位投资大师的连胜势头终结。
(1)BEATING the S&.P 500 index over one year could be put down to[1] luck. But doing so 15 times in a row is about as likely as Elvis Presley landing a spaceship in the grounds of Buckingham Palace. So the success of Bill Miller, a fund manager at the Baltimore-based Legg Mason, has been a conundrum[2] for those who believe in efficient markets.
在某一年战胜SP500指数可能是运气使然,但连续15年都保持不败,这种可能性大概就跟猫王埃尔维斯·普雷斯利驾驶宇宙飞船降落到白金汉宫差不多。因此对于那些信奉有效市场理论(有效市场理论认为市场价格已经包含了所有的可以得到的信息。依靠察看过去的信息或以往价格变化的形式来赚钱是不可能的)的人而言,巴尔的摩莱森·梅森(Legg Mason)公司的基金经理比尔·米勒的成功是个难解的谜。
The good news for the doubters is that his streak[3] is set to come to an end this year. With a month to go, his Value fund had made a return of just 3.5%, well behind the S&.P