首页
登录
职称英语
In the spring of 1720, when all of London was clamoring for shares in the Sou
In the spring of 1720, when all of London was clamoring for shares in the Sou
游客
2025-04-21
27
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.
【B1】
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.
【B2】
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.
【B3】
As share prices continued their heady rise, traditional methods of stock market valuations 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] 【B2】
选项
答案
在每次骗局中,颇为常见的现象是,股民们有一种根深蒂固的信念:这次情况会有所不同,一项财产价格的上涨是基于正确的常识性判断而不是基于粗心、愚昧和贪婪。
解析
转载请注明原文地址:https://tihaiku.com/zcyy/4047828.html
相关试题推荐
London’sHeathrowairport,alongsidemanyothermajorairports,ishopingthat_
Today,theTowerofLondonisoneofthemostpopulartourist【1】andattracts
Today,theTowerofLondonisoneofthemostpopulartourist【1】andattracts
Today,theTowerofLondonisoneofthemostpopulartourist【1】andattracts
Today,theTowerofLondonisoneofthemostpopulartourist【1】andattracts
Today,theTowerofLondonisoneofthemostpopulartourist【1】andattracts
Today,theTowerofLondonisoneofthemostpopulartourist【1】andattracts
Today,theTowerofLondonisoneofthemostpopulartourist【1】andattracts
Today,theTowerofLondonisoneofthemostpopulartourist【1】andattracts
Today,theTowerofLondonisoneofthemostpopulartourist【1】andattracts
随机试题
ThesewildflowersaresospecialthatIwoulddo________Icantosavethem.A、wh
Whatdidmygrandmotherlooklike?Shewas______and______withsmallbrighte
ThemachinewhichweboughtfromtheUnitedStatesseveralyearsagoneeded.A、be
九年义务教育巩固率是初中毕业班学生数占该年级( )学生数的百分比。A.年初
正常情况下进行胸膜腔测压,呼气时的压力为A.-0.49~-0.29kPA.B.-
上市公司要约收购中,关于被收购上市公司董事会及董事的表述正确的有( )。 Ⅰ
分包工程价格的高低,必然对项目经理部的施工项目成本产生一定的影响。因此,施工项目
为了便于数据分析,人们常用数字1表示男性,2表示女性,这个数字1和2( )。A
睾丸间质细胞的生理功能是A.分泌雄激素 B.营养和支持生殖细胞 C.起血睾屏
下列神经纤维中,属于胆碱能纤维的是A.躯体运动神经纤维 B.所有副交感节后纤维
最新回复
(
0
)