1.原文連結:
http://finance.yahoo.com/news/betting-boring-brings-stock-outperformance-052003352.html
2.內容:
Humbler不負責任翻譯
NEW YORK (Reuters) - Largely ignored during much of last year's 30 percent
rally in the Standard & Poor's 500 Index, the stocks leading the U.S. market
this year rank among its usually sleepiest components.
紐約(路透社)大部分的人都忽視去年S&P500急漲了30%,引導了今年美國股市的攀升,儘
管公布數字十分平淡。
The best sector in 2014 is utilities, including Consolidated Edison, about as
staid a group as one can get. They're up 14.5 percent on a total return basis
this year, compared with 6.4 percent for the S&P 500 as a whole.
2014發展最好的產業是公用事業,像是艾迪森水泥,一個任何人可買到的穩定個股,今年
為止的總報酬率是14.5%,相較去年一整年S&P的報酬率是6.4%
(這段total return basis我不知道怎麼翻譯比較好,求高手解釋)
What's happening is the opposite of what ordinarily happens in a moving
market. It relates to an investing concept known as "beta," which refers to
the amount of risk a particular stock adds to a portfolio. Stocks that tend
to rise or fall with the market – but in a more pronounced way – are called
"high beta." They generally outperform in up markets and fall the most in
down markets.
與以往上漲股市不同,發生了不尋常的情況。這關係到投資觀念稱作”beta值”,它代表
了個股在股市中的危險性。在beta值高的時候,往往也代表著市場的上揚或下降。他們通
常出現在股市在最高點或是最低點。
Best Buy and Priceline, two discretionary stocks that were among the S&P's
strongest in 2013, are good examples because their sales and profits rise
along with the economy, and they led the way last year.
Best Buy 和 Priceline這兩檔傳產類股是去年S&P中最強勢的兩檔,它們是很好的例子,
因為他們的業績和利潤隨著經濟成長,也帶領他們在去年股市的上揚。
This year, those stocks are lagging the more boring "low beta" stocks –
those that tend to move less dramatically than the market. It's a signal
that investors are worried about earnings growth and U.S. economic demand,
and don't want to bet as heavily on the types of stocks that generally
qualify as high beta – often cyclical names in the technology, discretionary
and energy sectors.
今年,這兩檔股票遠落後無趣的”低beta值”的股票,也就是幅度不如股票市場的起伏,
這代表一個現象,投資者擔心營利成長和美國的經濟需求,不希望把錢放在高beta值的股
票,通常就是景氣循環股,像是科技類、傳產、能源類股
To be sure, this may change if growth picks up, but after U.S. gross domestic
product contracted in the first quarter for the first time in three years,
investors are cautious.
當然,當經濟成長或許這狀況會改變,但是美國第一季的國內生產總額下滑,這是三年來
的第一次,引起投資人注意。
"You see this all over the place