首页
登录
职称英语
In the spring of 1720, when all of London was clamoring for shares in the So
In the spring of 1720, when all of London was clamoring for shares in the So
游客
2025-04-06
44
管理
问题
In the spring of 1720, when all of London was clamoring for shares in the South Sea company, Sir Isaac Newton was asked what he thought about the market. "I can calculate the motions of the heavenly bodies, but not the madness of the market, " the scientist and master of the mint is reputed to have replied.
【T1】
Newton should have considered seriously his own wise words. Having sold his £, 7 , 000 of stock in the company, he later bought back in at the top of the boom and went down for £20, 000.
Like all the other mug punters in every bout of speculative fever, Newton was cleaned out when the crash came.
Little has changed in the intervening 280 years. 【T2】
Common to every bubble is the deeply-rooted belief that this time it will be different, that the rise in the price of an asset is rooted in the sound common sense rather than in recklessness, stupidity and greed.
Take the crash of 1929 for example. In his excellent book charting the sad history of bubbles, John Moody, the founder of the credit agency intoned in 1927 that "no one can examine the panorama(全貌)of business and finance in America during the past half -dozen years without realizing that we are living in a new era.
The Yale economist Irving Fisher declared a few weeks before the October crash that stock prices had reached a "permanently high plateau". Why was this? Simple. The creation of the Federal Reserve in 1913 had abolished the business cycle, while technological breakthroughs had created a " new economy" that was much more profitable than the old.
【T3】
As share prices continued their heady rise, traditional methods of stock market evaluations were abandoned. It did not matter that many of the start-up companies of the late 1920s were not making any money: what counted was that some day they surely would.
So share prices were justified by discounted future earnings. [br] 【T2】
选项
答案
在每次梦幻中,一种根深蒂固的信念十分常见:这次情况会有所不同,一项财产价格的上涨基于正确的常识而不是基于粗心、愚昧和贪婪。
解析
转载请注明原文地址:https://tihaiku.com/zcyy/4028857.html
相关试题推荐
Sincetheturnofthecentury,Londonershaveexpressedapreferenceforsub
LorriesareresponsibleforoverhalfofallcyclistdeathsinLondon,athi
LorriesareresponsibleforoverhalfofallcyclistdeathsinLondon,athi
LorriesareresponsibleforoverhalfofallcyclistdeathsinLondon,athi
LorriesareresponsibleforoverhalfofallcyclistdeathsinLondon,athi
Inthespringof1720,whenallofLondonwasclamoringforsharesintheSo
Beforemovingtoanothercity,Mr.London______ofthehouseandthefurniture.A
Untillastspring,NiaParkerandtheotherkidsinherneighborhoodcommute
Untillastspring,NiaParkerandtheotherkidsinherneighborhoodcommute
Untillastspring,NiaParkerandtheotherkidsinherneighborhoodcommute
随机试题
Ourgoalistoprovideeverycustomerwithfullserviceandcompletesatisfactio
Taylorrang—orderfordesksheldupbystrike.Theyexpecttodespatchthemon1
Thisisthelifeofsomeonewhowrotelittle,spokelittle,andaboutwhom
Whatdoestheman’sfatherwanthimtodo?[originaltext]W:Youdon’tlooktobe
Hollywoodproducedmorefilmsthananyfilmcenterintheworld.【M
金融的本质是什么?其主要体现为哪些?
直接反映体液中氢离子浓度的指标是()A.PH B.SB C.PaCO2 D
关于法律和道德的关系,下列表述错误的是:A、法律是成文的道德,道德是内心的法律
阅读下面的《荷叶·母亲》教学实录,完成下题。 师:下面同学们默读课文,并尝试一
某银行2015年年末各项贷款余额为100亿元,不良贷款余额为2亿元,则该银行至少
最新回复
(
0
)