[時事英文] 散戶牛市 🐂💰
Is it investing or just gambling?
這到底是投資還是賭博呢?
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It’s one of the year’s biggest market stories: Mom-and-pop investors have fallen back in love with stocks, lured by free trading apps, a resurgent bull market led by technology companies and a pandemic that has left millions of Americans at home with little to do.
New data show a number of ways in which the individual-trading boom has reshaped the U.S. stock market. Here are five takeaways:
1. mom-and-pop investors 散戶、小型投資者
2. fall in love with 愛上
3. free trading apps 免費交易應用程式
4. resurgent 復興的;再次增長的;再度流行的
5. a bull market 牛市 (當某一市場、行業或金融工具呈上升趨勢時,通常稱之為牛市。)
6. little to do 無事可做
7. reshape 重塑
這是今年最大的市場熱點之一:在免費交易應用程式和科技公司引領的牛市重新抬頭的誘惑下,加上數以百萬計美國人因新冠大流行而在家無所事事,散戶重新愛上了股市。新的數據顯示散戶交易熱潮在多個方面重塑了美國股市。以下是五個要點:
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🐂 1. Individual stock trading is at a decade high 💰
個人股票交易達到了十年來的最高點
Trading by individuals accounts for a greater chunk of market activity than at any time during the past 10 years, according to Larry Tabb, head of market-structure research at Bloomberg Intelligence. During the first six months of this year, individual investors accounted for 19.5% of the shares traded in the U.S stock market, up from 14.9% last year and nearly double the level from 2010, Mr. Tabb estimates.
8. account for (sth) (在數量上)佔 ; 解釋、說明 ; 對...負有責任
9. a chunk of 一部分;(尤指)大部分,一大塊
10. market activity 市場活動
Bloomberg Intelligence市場結構研究主管Larry Tabb表示,個人交易在市場活動中的佔比超過了過去10年的任何時候。Tabb估計,今年前六個月,散戶投資者在美國股市交易量中的佔比為19.5%,高於去年的14.9%,是2010年水平的近兩倍。他的數據沒有進一步向前追溯。
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🐂 2. Small investors are powering big moves in some stocks 💰
小型投資者正在推動一些股票的大幅波動
It has been called the Robinhood effect, the idea that stampedes of investors using the popular app are driving irrational stock moves.
In fact, such activity doesn’t matter much for most stocks, according to Nick Maggiulli, chief operating officer of Ritholtz Wealth Management. But there is evidence of a Robinhood effect in some smaller stocks, he said.
11. power (v.) 為…提供動力,驅動
12. big moves 大幅波動
13. stampede (尤指獸群或人群因恐懼引發的)狂奔;奔逃,蜂擁
(這裡指散戶湧入股市)
14. drive irrational stock moves 驅動非理性股市走勢
這被稱為羅賓漢效應,這種觀點認為,使用這種廣受歡迎的應用程式的投資者紛紛湧入市場,正在推動非理性的股票走勢。
資產管理機構Ritholtz Wealth Management首席營運官Nick Maggiulli表示,事實上,對於大多數股票來說這些活動無關緊要。但他表示,有證據表明,一些較小型股票存在羅賓漢效應。
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🐂 3. Asia is where individual investors truly dominate 💰
在亞洲股市,散戶是真正的主力軍
Many Asian stock markets have traditionally been dominated by individual investors, unlike the institution-heavy U.S. market. In places such as mainland China, frenzied trading by individuals can create a casino-like feel, with exuberant bull runs followed by spectacular crashes.
Individuals often account for more than 80% of volume on the Shanghai Stock Exchange, while on the Korea Exchange’s main Kospi market, nearly 84% of shares traded so far this year were on behalf of individual investors, according to data compiled by Hee-Joon Ahn, a finance professor at Sungkyunkwan University in Seoul.
15. be dominated by 由…所主導
16. individual investors 個人投資者
17. frenzied trading 狂熱交易
18. bull runs 行情
19. on behalf of 代表
20. data that is compiled by 由…整理的數據
不同於以機構投資者為主的美國股市,許多亞洲股市向來由個人投資者所主導。在中國A股等亞洲股市,散戶的狂熱交易會營造出賭場般的感覺,有時股市會牛氣沖天,隨後大幅跳水。
首爾成均館大學(Sungkyunkwan University)金融學教授Hee-Joon Ahn整理的數據顯示,在上海證券交易所,散戶的股票交易量通常佔到80%以上;在韓國證券交易所主要的Kospi市場,今年以來,有近84%的股票交易是代表個人投資者進行的。
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🐂 4. More of the U.S. stock market is going dark 💰
美股暗盤交易量上升
The individual-investing boom has led to historically high levels of “dark” trading, in which stocks are bought and sold on opaque private venues, rather than public exchanges. That is because online brokers typically funnel small investors’ trades to electronic-trading firms that execute the incoming orders.
In July, 43.2% of U.S. stock-trading volume took place off-exchange, according to Rosenblatt Securities, a brokerage firm. That is the highest level that the firm has recorded since it started tracking such data in 2008.
21. investing boom 投資熱潮
22. historically high levels of 歷史高位
23. “dark” trading 暗盤 (暗盤是指大利市機以外的股份交易買賣。 由於當中的買賣並不曝露於大眾之前,不會經證交所披露其中內容,所以這些買賣被稱之為暗盤。)
24. opaque 不透明的;不透光的
25. private venues 非公開場所
26. public exchanges 公開的交投
27. brokerage firm 證券商
個人投資熱潮已經導致股票暗盤交易量達到歷史高位,這種交易指的是股票在不透明的非公開場所買賣,而不是在公開的交易所進行交投。出現這種現象的原因是,在線經紀商通常會將小型投資者的交易單交給執行指令的電子交易公司。
據券商Rosenblatt Securities提供的數據,7月份,美國有43.2%的股票交易量發生在交易所外。這是該公司自2008年開始跟蹤此類數據以來所記錄到的最高水平。
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🐂 5. Big winners may be electronic traders 💰
大贏家可能是電子交易公司
The firms that execute individual investors’ orders have enjoyed surging volumes. The three biggest players in that business—Citadel Securities, Virtu Financial Inc. and Susquehanna International Group LLP—traded a combined 69.4 billion shares over the counter in June, more than triple the level from November, according to Bloomberg Intelligence. The vast majority of the firms’ over-the-counter trades come from individual investors. OTC trading is a type of off-exchange trading.
Electronic-trading firms profit from individuals’ trades by collecting a small difference between the buying and selling prices of a stock. It’s hard to know how much money they are making, though, because most are private and don’t report financials.
28. big winners 大贏家
29. surging volumes 交易量大幅上升
30. the biggest players 巨頭 ; 主要參與者;主力
31. according to 根據
32. the vast majority of 絕大多數
33. over-the-counter trades 場外交易 (場外交易是指證券投資機構之間不通過股票交易所,而以電話、電傳等方式相互進行的股票交易。)
為散戶執行交易指令的公司交易量大幅上升。據Bloomberg Intelligence的數據,這一領域的三巨頭是Citadel Securities、Virtu Financial Inc.和海納國際集團(Susquehanna International Group) ,6月份的場外交易總量為694億股,是去年11月的三倍多。這些公司的絕大多數場外交易來自散戶投資者。
電子交易公司通過收取股票買賣之間的微小差價從個人交易中獲利。不過,很難知道這些公司到底賺了多少錢,因為大多數公司都未上市,也不披露財務報告。
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What are some problems this phenomenon might cause? Benefits?
本現象將帶來什麼樣的問題?其利益呢?
《華爾街日報》完整內容:https://on.wsj.com/34TiE5V
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📰 華爾街日報訂閱方案: https://bit.ly/39ULVh1
🎓 華爾街日報獎助學金計畫 (A20): https://bit.ly/2C2tUAI
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時事英文講義:https://bit.ly/2XmRYXc
Text to speech reader (文字轉音檔):
https://www.naturalreaders.com/online/
同時也有10000部Youtube影片,追蹤數超過2,910的網紅コバにゃんチャンネル,也在其Youtube影片中提到,...
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free speech to text app 在 Eric's English Lounge Facebook 的最佳解答
[時事英文]到底誰在害怕抖音(TikTok)?
「在道德和私隱方面存在嚴重的問題」英文怎麼說?
破千名學員加入!最後優惠倒數 ► https://bit.ly/3eTHIvH
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《華爾街日報》:
美國大學生對抖音的看法:
TikTok Is No Free App
Everyone I know uses TikTok. Especially during the pandemic, the video-sharing app has provided free entertainment for millions of teenagers. But serious ethical and privacy issues remain. ByteDance, TikTok’s parent company, is based in Beijing and subject to Chinese laws that require companies to work with government intelligence agencies if asked. There can be no guarantee that your private information won’t be shared with the Chinese government.
1. TikTok 抖音(中國公司開發的軟體)
2. pandemic 全球大流行疫情
3. ethical and privacy issues 道德與隱私問題
4. sth’s parent company ……的母公司
5. be based in 將某地設為總部;以某處為主要地點
6. subject to 使服從;使隸屬;使遭受
7. government intelligence agencies 政府情報機構
我認識的人都在用抖音。尤其在大流行病期間,這個影片分享應用為數以百萬計的青少年提供了免費娛樂。然而,它在道德和私隱方面仍存在嚴重的問題。抖音母公司字節跳動的總部在北京,受中國法律約束,一旦有要求,企業就必須配合中國政府情報機構的工作。所以無法確保你的個人資訊不會被分享給中國政府。
Furthermore, TikTok censors unflattering information about China. The company says it has updated its moderation guidelines, which no longer reference specific countries and incidents, but whatever the official wording, the intent is clear. Using TikTok means acceding to this suppression of free speech and violation of our privacy. It might be fun to sing and dance with your friends, but don’t make the mistake of thinking it’s free.
8. censor unflattering information 審查不符上意的資訊
9. update its moderation guidelines 更新它的審查準則
10. no longer 不再
11. reference specific countries and incidents 提及具體的國家與事件
12. official wording 官方的措辭
13. the intent is clear 該意圖是明確的
14. accede to 答應;同意
15. the suppression of free speech 言論自由的壓迫
16. make the mistake of 犯下⋯⋯的錯誤
此外,抖音還會審查有關中國的負面資訊。抖音公司稱他們已經更新了審查準則,不再提及具體的國家和事件,但無論公司官方怎麼說,其審查意圖是明確的。使用抖音就意味著接受了其壓制言論自由和侵犯用戶私隱的做法。和朋友一起唱歌跳舞可能很有趣,但別錯誤地認為這一切是沒有代價的。
—John, Brown University, neuroscience
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Less Hype, More Fun
When it comes to privacy, TikTok worries me no more than U.S. social-media apps do. Mobile apps live in what technologists call a “sandbox.” Unlike apps on your computer, which have access to the whole machine, mobile apps can only view a limited portion of your data—the parts to which users give it access, such as your contacts. Sometimes they exceed the user agreements in certain limited ways, but deleting TikTok out of anxiety that the Chinese are reading your private text messages is irrational.
17. when it comes to… 當提及⋯⋯
18. no more than 最多;不超過;僅僅*
19. social-media apps 社群媒體應用程式
20. sandbox 沙盒
21. have access to 可以進入⋯⋯
22. a limited portion of ⋯⋯的一小部分
23. exceed the user agreements 超越用戶協議
24. out of anxiety 出於焦慮
25. irrational 不合理的;沒有理性的
說到私隱,抖音並不比美國的社交媒體應用更讓我擔心。行動應用程式位於技術專家所謂的「沙盒」當中,它與電腦上的應用程式不同,後者可連接訪問整臺機器,而前者只能查看到一小部分數據,即用戶允許它訪問的部分,比如你的通訊錄。雖然他們有時採取有限的方式超越用戶協議,但因擔心中國人會看到你私人資訊而刪除抖音是不理性的。
—Reed, University of Texas, finance
*no more than: https://bit.ly/2OXMbSK, https://bit.ly/3g71mVA
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The Real Problem
Privacy should be a concern, and it’s good to hear the federal government is at least looking into it. But the bigger issue with TikTok is the drain on productivity. If Instagram is caffeine, addictive but with a clear purpose, TikTok is cocaine. I have in mind friends of mine who rot their brains watching TikTok videos for hours at a time—all while on “five-minute study breaks.”
26. it’s good to hear 很高興聽到……
27. the federal government 聯邦政府
28. looking into sth 調查;研究
29. the drain on productivity 生產力耗盡
30. caffeine 咖啡因
31. addictive 使人上癮的
32. cocaine 古柯鹼
33. have sth in mind 想好;慮及
34. five-minute study breaks 讀書時的五分鐘休息時間
私隱問題應當受到關注,我很高興聽到聯邦政府至少在調查此事。但是抖音更大的問題是對生產力的消耗。如果說Instagram是令人上癮的咖啡因,但它至少目的明確,那麼抖音就是古柯鹼。我想起了我的一些朋友在「五分鐘學習休息」間隙,一看起抖音影片就是好幾個小時,看多了腦子都壞了。
—Sam, Columbia University, financial economics
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Join the Club
TikTok’s connection to China doesn’t concern me—almost every other social-media platform has equally difficult privacy concerns. Facebook is paying a $5 billion fine to the Federal Trade Commission for violating user privacy. Google keeps every search a user makes, and many Google services on Android devices and iPhones track the user’s location. I’ve no doubt that my iPhone, which was made largely in China and contains all my banking information, emails, text messages and more, gives Apple a frightening amount of information about me.
35. connection to 與⋯⋯的關係
36. privacy concerns 隱私顧慮
37. pay a fine 繳交罰金
38. violate user privacy 違反用戶隱私
39. track the user’s location 追蹤用戶的位置
40. have no doubt 毫無疑問
41. be made in china 是中國製造
42. banking information 銀行資訊
43. a frightening amount of information 數量驚人的資訊
我並不是很在意抖音與中國的關係,幾乎所有其他社交媒體平臺都存在同樣棘手的私隱問題。Facebook因侵犯用戶私隱被聯邦貿易委員會罰了50億美元。Google會記錄用戶的每一次搜索,且許多安卓設備和iPhone上的Google服務會追蹤用戶位置。我絕對相信我的iPhone給了蘋果公司大量關於我的資訊,裡面有我所有的銀行資訊、電子郵件、訊息等等,而iPhone大多是中國製造。
—Andrew, Georgetown University, government
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《華爾街日報》完整內容:https://on.wsj.com/30PYx4L
圖片出處:https://bit.ly/3g6o0gJ
事實查核: https://bit.ly/30PaeZE
tick sb off: https://www.ldoceonline.com/dictionary/tick-off
free speech to text app 在 鄺俊宇 Roy Kwong Facebook 的最佳貼文
感激Selina Kinyee Chau翻譯我的散文作品,讓香港及台灣以外的朋友都能看得明白,從中文走向英語,是我作品的大突破,感謝妳一字一句的用心翻譯:)
《WhatsApp and its USD0.99》
by Roy Kwong Translated by Selina Kinyee Chau
The WhatsApp software developer has informed its users to the app to be payable, triggering a fight between iPhone users and android users because iPhone users only pay USD0.99 once to enjoy life-long service but android users need to pay the same price every year.
Android users complain, “Why iPhone users only need to pay once but we need to pay every year?” iPhone users retort, “You didn’t say anything when we were being charged at the beginning. And now you are complaining.” So the two parties are stuck at whether the charge is unfair to Android users.
After the Two Ticks and Last seen on (Please refer to the previous article of the same writer), the WhatsApp started a fight again because of this USD0.99 issue. From between lovers to friends, now it has even extended to the whole user group of the two giant software developers. It should be named the Most Evil App of the Century.
The inconsistency of charging is of course WhatsApp’s fault. However, for those who can afford a smart phone that cost thousands dollars will be able to afford USD0.99 which is only the price of a can of coke, won’t they?
Some student users may complain, “I don’t have a credit card, I’m not able to pay at the App Store, WhatsApp are not considerate of us.” It is reasonable for users under 18 to complain if they don’t have a credit card. But if the charge is a disaster of WhatsApp, isn’t it just time for people to show their kindness? Friends who have a credit card can rescue others at this time, “I have a credit card. Let me pay it for you.”
Friends without a credit card will appreciate what you have done for them, although it is WhatsApp’s fault of the forbiddance of sending messages before the expiry date, reactivating the function for your friends by buying them a can of coke is meaningful, isn’t it? The USD0.99 of WhatsApp has created a chance to show your care to your friends, how nice as a social networking app!
Recall those days when we were still texting, it was actually not financial friendly at all. For the sake of keeping in touch with our friends, we were compelled to use the same service provider as theirs even its service was the worst in the world and we had to survived three times every day from losing connection just because to keep the text messages free of charge.
Still, the Two Ticks and Last seen on functions have created a lot of problem. But the invention of WhatsApp allows us to send messages for free, save us from paying for every text messages. It deserves to be granted a credit. And the simplified process by just clicking a few buttons to send pictures, videos and audios when we could only do so via email in the past. What’s more, WhatsApp had actually stated in the Terms and Conditions that charge may be applied after the first year.
So there have been so many complaints about WhatsApp being unfairness and has been given the name “a broken app” when it announced to charge? No one ever said something like that before the charging. After the charge applied, negative comments has swept over the Internet. Some suggested to use another communication app, Line, which is free of charge, and WhatsApp has become the public enemy. Despite the inconsistent charge, what’s wrong for WhatsApp to charge for using the app?
Have we become too comfortable enjoying free lunch without notice?
I still remember how hard I tried to save to buy a CD home and listened to it again and again when I was a kid. I had never been tired of it because it wasn’t easy. When there was a movie I liked, I saved hard to go to the cinema for it. If I didn’t have enough money, I bought the VCD when it was released. But VCDs were only available for movies not for TV shows. I had to start sitting in front of the TV before the show I liked started so that I wouldn’t miss any parts. And recorders became my good friend too. I really cherished the only-180-minute memory of every tape.
After I grew up, thanks to the advanced technology becomes able to store everything, the TV, computer, CD player, VCD player, game station and recorders, into ONE smart phone, only without the air conditioner. Want to listen to a song? Go to Youtube; want a movie? PPS, internet TV! A TV show? There are also apps you can watch live TV or play back. Want some games? From Angry Bird to Candy Crush, there are thousands of choices waiting for you.
However, The advance of technology has devalue our attitude towards making efforts. Because everything has become easy to get nowadays.
Have you noticed the songs nowadays are not as good as those in the past? That could be the problem of quality itself but more likely, it is because we have too many options. Now we just need to click a few buttons, thousands of search results will come out and we can listen to them right after. We are spoiled to be greedy unconditionally. We didn’t realize how long we hadn’t paid for a CD until the news of HMV’s bankruptcy spread out.
In the past we had to sit still and paid 100% attention to the movie to enjoy it, now we can just watch it from a few-inch-wide screen on a train. But the price is we keep being interrupted by the surrounding noise and people. When the character is saying something moving, we would just realize we’ve missed the stop and have to rush to get off. It may be free to watch a movie like this but I prefer paying to buy a ticket to go to the cinema.
We don’t need to worry about missing the best part of a TV show because our friends always share them on Facebook. We don’t need to watch every scene but you know what is going on in every story. But why is there still something missing? It turns out that we only keep the concentrated part of everything while the every well panned detail has been wasted. We don’t spend time building a connection with the characters in the story. However, if we don’t even spend time watching the the TV show by ourself, how can we feel the same way as the characters do, like we did in the past?
You don’t feel the pain losing something if you have never made any effort. It is just like we keep those old comics that we spent all our pocket money on even they are old and worn , but we are able to uninstall an app on our phone without a thought. Well, just take a couple seconds to download and we will own it again anytime.
While we are expecting making no effort, we are also destroying creativity. Creators lack of motivation. Creativity is worth nothing nowadays. People will search for replacement when one creativity starts to charge. This is not just about the USD0.99 of WhatsApp, it’s about our value on Give and Take.
Technology has changed our life, but we should never let it change our values.
We avoid Giving. But giving is vital for us to learn to cherish. Sometimes we get back more by giving than not giving, not just about money but also about love. Think about it, if we get what we want easily without paying any effort, comparing with that you devote yourself to a relationship while the other devotes to the relationship as much as you. Then none of you will give up on the relationship easily.
If you think WhatsApp is good, it deserves the USD0.99. Although I am still annoyed by the evil functions such as the Two Ticks and Last Seen on. WeChat is free but you have to pay your liberty of speech for it. One user once tried to send the name of Southern Weekly in Chinese, the system reminded him that “The message has involved sensitive words, please try again after making modification.” What’s wrong with the name of Southern Weekly? The even more ridiculous thing is, while I am writing this article, I get the news that WeChat now has tightened up the regulation that users have to use their real name, phone number when posting on the public forum and are even required to upload the photo of them with their ID card, like you have committed some serious crime.
To avoid paying USD0.99, you need to escape to somewhere that and be monitored. One day if you really encounter some sensitive issue, you will realize not paying actually pays more than paying. I believe most of readers are willing to pay for this USD0.99. We hope WhatsApp will open up more channels for payments.
Don’t let the wheels of Time make us forget the value of giving.
Writer for Yam Taiwan, Roy Kwong
http://goo.gl/aQD8B