Business Channel 2007-10-01&10-03, 持续向好--中国基金

Alright, leading the pack of morningstars list of best performing funds so far this year. Top performing fund Aim China A. Astonishing 85 percent gain so far this year, also posting impressive returns and in the top 15, the Oberweis China opportunities fund, OBCHX is the particular of that, one nearly 60 percent is the gain tagged on by that one in (20)07. Joining us, Jim Oberweis,editor of the Oberweis Report and portfolio¹ manager of that fund.

Alright. Jim, it’s a pleasure to have you with us. Now, China certainly this year although extremely volatile², has seemed to be a tide that lifts all boats, is that the way to look at it?

That certainly is one way to look at it. I think the real question is what’s gonna happen next year. And next year is gonna be I think a game of math not momentum³. And you are really going to have to, really focusing on disciplines and our investment styles are looking at earnings⁴ and cash flow in relation to prices you are paying for stocks, we are really hunkering down right now, make sure our portfolio is adequately suited to that kind of strategy.

And when you buy... when we are talking China again there is always this confusion, are you…how much are you able to buy in China itself or you are pretty much playing this through Hong Kong

Right, well, you could certainly utilize⁵ a brokerage firm’s quota⁶ to be able to buy in the local markets. The problem right now, I think, is the local markets are so overvalued, because…for the internal retail⁷ Chinese investors⁹ it is really about the only place where they can go. So the valuations on the Shanghai listed stocks have really been inflated¹¹. We can buy a lot of the same types of companies on the Hong Kong and Singapore exchanges, and valuations are literally¹² half of what we had to pay if we were restricted to a Shanghai.

They are restricted share markets, and this is interesting. So the restricted share market is badly inflated, is that because it is a rigged game?

Well, I don’t know so much of a rigged game, but think about it. If you are a retail Chinese investor⁸ and you can. (it’s the only place you can buy)it’s the only place you can go. Exactly!

Oh, wow! I did not know that! OK, no wonder that market is so weird¹³

And that’s changing. Yeah! And that’s changing. The government is taking steps to let them invest in funds they can invest in Hong Kong and Singapore right now. It is a really small dollar amount. But as that changes. That's gonna inflate¹⁰ Hong Kong and it’s gonna depress Shanghai. I think it will go the course next year.

You like China. Are you worried at all? there have been a lot of reports recently worrisome reports about inflation rekindled¹⁴ in China. Is that garnered¹⁵ on your radar¹⁶?

It, there's no question about it. However, you still have, I think, very strong economic growth. We have to look at all those factors when we are making investment decisions. I think, right now, if I can have the wind in my back, and I can have the economic growth that we are seeing, even in the face of somewhat higher inflation. I’ll take it. Assuming I can find individual opportunities that are still relatively¹⁷ inexpensive in relation to growth rates and we are still finding some of those.

Alright! Jim, thank you very much as always we appreciate it.

Notes:

rigged: viciously controled and interfered

1 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。

2 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。

3 momentum   

n.动力，冲力，势头；动量

参考例句：

• We exploit the energy and momentum conservation laws in this way.我们就是这样利用能量和动量守恒定律的。
• The law of momentum conservation could supplant Newton's third law.动量守恒定律可以取代牛顿第三定律。

4 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%。

5 utilize   

vt.使用，利用

参考例句：

• The cook will utilize the leftover ham bone to make soup.厨师要用吃剩的猪腿骨做汤。
• You must utilize all available resources.你必须利用一切可以得到的资源。

6 quota   

n.（生产、进出口等的）配额，（移民的）限额

参考例句：

• A restricted import quota was set for meat products.肉类产品设定了进口配额。
• He overfulfilled his production quota for two months running.他一连两个月超额完成生产指标。

7 retail   

v./n.零售；adv.以零售价格

参考例句：

• In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
• These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

8 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。

9 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

10 inflate   

vt.使膨胀，使骄傲，抬高（物价）

参考例句：

• The buyers bid against each other and often inflate the prices they pay.买主们竞相投标，往往人为地提高价钱。
• Stuart jumped into the sea and inflated the liferaft.斯图尔特跳到海里给救生艇充气。

11 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》

12 literally   

adv.照字面意义，逐字地；确实

参考例句：

• He translated the passage literally.他逐字逐句地翻译这段文字。
• Sometimes she would not sit down till she was literally faint.有时候，她不走到真正要昏厥了，决不肯坐下来。

13 weird   

adj.古怪的，离奇的；怪诞的，神秘而可怕的

参考例句：

• From his weird behaviour,he seems a bit of an oddity.从他不寻常的行为看来，他好像有点怪。
• His weird clothes really gas me.他的怪衣裳简直笑死人。

14 rekindled   

v.使再燃( rekindle的过去式和过去分词 )

参考例句：

• As soon as they met again his dormant love for her was rekindled. 他们一见面，他对她的旧情如乾柴烈火般又重新燃起。 来自辞典例句
• Ive found rekindled my interest in re-reading the books. 我发觉这提起了我再次阅读这些书的兴趣。 来自互联网

15 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

16 radar   

n.雷达，无线电探测器

参考例句：

• They are following the flight of an aircraft by radar.他们正在用雷达追踪一架飞机的飞行。
• Enemy ships were detected on the radar.敌舰的影像已显现在雷达上。

17 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。