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
11
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
新中国成立70年来,中国的人权事业取得了举世瞩目的成就。1949年新中国成立前,中国的人均GDP仅达27美元,人均预期寿命35岁,人均受教育年
Thereismuchdiscussiontodayaboutwhethereconomicgrowthisdesirable.A
软件过程管理一般包括:启动和范围定义;软件项目计划;( );评审和评价;关闭和
油浸变压器启动投运验收,冲击合闸试验后,在空载情况下进行有载开关操作试验,远方控
公共选择理论的基本特征包括()。A、理性经济人假定B、作为交易的政治C、方法
根据中华人民共和国2016年国民经济和社会发展统计公报公布的数据显示,2016年
(2018年真题)假设某银行贷款客户优良且需求量大,但存款业务一直徘徊不前,资产
下列选项属于人格权的是()。A.姓名权 B.肖像权 C.生命健康权
加气混凝土砌块的竖向灰缝宽度不应超过为( )mm。A.5 B.10 C.1
施工过程中必须发生,但在投标时很难具体分项预测,又无法单独列出项目内容的措施项目
最新回复
(
0
)