经济学人54:他不是一个推销员 Death of a non-salesman

 　　Finance and Economics；Walter Schloss; Death of a non-salesman;

　　财经；沃尔特·施洛斯；他不是一个推销员；

　　The passing of a truly contrarian investor¹;

　　一位真正的逆向投资者离世；

　　Walter Schloss was never a face on financial television programmes. Nor was he known for marketing² his skills to investors³ (he was indifferent to collecting clients and only 92 managed to sign on). His death last month, at the age of 95, garnered⁴ little public comment but among a certain crowd it meant the loss of a mind that was courageous⁵, independent and utterly⁶ distinct from much of modern finance.

　　沃尔特·施洛斯既不是财经类电视节目中常常出现的名人，也不是靠教授投资技巧而出名（他并不关心有多少顾客，所以只有92人真正和他签约）。他与上个月去世，享年95岁，他的死并没引起公众注意，但是在特定的领域里，他的死意味着一种勇敢、独立、与现代金融学的很多东西完全不同的一种思想的流逝。

　　Mr Schloss was part of a small group who worked with Benjamin Graham, a Columbia Business School professor whose most famous disciple⁷ is Warren Buffett. Mr Schloss did not spend time tailing corporate⁸ managers. His research team doubled in size when his son joined. He favoured discarded “cigar butt” stocks that could be swept off the floor. Often, they weren't worth much but they sold for far less.

　　施洛斯先生是少数曾经和本杰明·格雷厄姆共事的人之一。格雷厄姆是哥伦比亚商学院教授，他最有名的一个学徒名叫沃伦·巴菲特。施洛斯没有花时间去纠缠公司的经理们。在他的儿子加入后，他的研究组扩大了一倍。他偏爱被遗弃的满地都是的“雪茄屁股”股票。它们通常不值多少钱，但是价格远低于其他股票。

　　As for high-flying shares, he was not afraid to go short. During the late 1990s, when a “new era” caused many people to throw out any normal valuation measures as hopelessly obsolete⁹, Mr Schloss stayed firm and bet against some of the most popular and inflated¹⁰ names.

　　对于高价股票，他从不担心会卖空。20世纪90年代末，当一个“新的纪元”使许多人把所有正常的评估措施当做过时的废品扔掉时，施洛斯仍坚定不移，并打赌，某些热门的、价格飞涨的品种也有下跌的时候。

　　In part, he could do so because of a famously frugal¹¹ cost structure. In part, he was protected by an extraordinary long-term record. When he ceased managing money for outsiders, his returns were reported to have averaged 16% annually¹², six percentage points higher than the market. He had other tactics, too. In 1999, when his portfolio¹³ was composed of everything no one wanted, he was asked how, even if his own convictions were unshaken, he could ensure that his investors stuck with him. Being a true contrarian required just one rule, he said: “Never tell a client what they own.”

　　他这样做一方面依据的是著名的节约成本结构。另一方面则是那段非同寻常的长时期记录帮助了他。据报道称，停止为一些门外汉理财后，他的收益已经达到了年均16%，比市场回报率高出六个百分点。除此之外，他还有另外一些策略。1999年，他的证券投资组合中全是没人要的股票，有人问他，即使拥有坚定信念，他是如何确保投资者对他的支持。他说道，作为一个真正的逆向投资者只要具备一条：“不要告诉自己的客户他们拥有什么样的股票。”

1 investor   

n.投资者，投资人

参考例句：

• My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
• The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

2 marketing   

n.行销，在市场的买卖，买东西

参考例句：

• They are developing marketing network.他们正在发展销售网络。
• He often goes marketing.他经常去市场做生意。

3 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

4 garnered   

v.收集并（通常）贮藏（某物），取得，获得( garner的过去式和过去分词 )

参考例句：

• Mr. Smith gradually garnered a national reputation as a financial expert. 史密斯先生逐渐赢得全国金融专家的声誉。 来自《简明英汉词典》
• He has garnered extensive support for his proposals. 他的提议得到了广泛的支持。 来自辞典例句

5 courageous   

adj.勇敢的，有胆量的

参考例句：

• We all honour courageous people.我们都尊重勇敢的人。
• He was roused to action by courageous words.豪言壮语促使他奋起行动。

6 utterly   

adv.完全地，绝对地

参考例句：

• Utterly devoted to the people,he gave his life in saving his patients.他忠于人民，把毕生精力用于挽救患者的生命。
• I was utterly ravished by the way she smiled.她的微笑使我完全陶醉了。

7 disciple   

n.信徒，门徒，追随者

参考例句：

• Your disciple failed to welcome you.你的徒弟没能迎接你。
• He was an ardent disciple of Gandhi.他是甘地的忠实信徒。

8 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。

9 obsolete   

adj.已废弃的，过时的

参考例句：

• These goods are obsolete and will not fetch much on the market.这些货品过时了，在市场上卖不了高价。
• They tried to hammer obsolete ideas into the young people's heads.他们竭力把陈旧思想灌输给青年。

10 inflated   

adj.（价格）飞涨的；（通货）膨胀的；言过其实的；充了气的v.使充气（于轮胎、气球等）( inflate的过去式和过去分词 )；（使）膨胀；（使）通货膨胀；物价上涨

参考例句：

• He has an inflated sense of his own importance. 他自视过高。
• They all seem to take an inflated view of their collective identity. 他们对自己的集体身份似乎都持有一种夸大的看法。 来自《简明英汉词典》

11 frugal   

adj.节俭的，节约的，少量的，微量的

参考例句：

• He was a VIP,but he had a frugal life.他是位要人，但生活俭朴。
• The old woman is frugal to the extreme.那老妇人节约到了极点。

12 annually   

adv.一年一次，每年

参考例句：

• Many migratory birds visit this lake annually.许多候鸟每年到这个湖上作短期逗留。
• They celebrate their wedding anniversary annually.他们每年庆祝一番结婚纪念日。

13 portfolio   

n.公事包；文件夹；大臣及部长职位

参考例句：

• He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
• He resigned his portfolio.他辞去了大臣职务。