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《考研英语阅读理解100篇 高分版》 Unit 23 - TEXT THREE

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2019年02月24日

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The past few years have not been kind to Wall Street's equity analysts. Accused of helping to inflate the Internet bubble, new regulations were imposed upon them after it popped. Research budgets subsequently tumbled. Fund managers are increasingly bypassing the widely distributed wares of traditional research providers, turning to specialist firms instead. Less than six months ago, Merrill Lynch's head of research complained that Wall Street analysis was being “Napsterised”, or pirated. Some big financial firms, such as Prudential, have closed their research arms. Others are pondering their future in the business. To cap it all, a recent study suggested that it was all too easy for companies to buy the loyalty of those who cover their stock. The analyst's heyday would seem to be long gone.
But times are changing again. As markets sputter, analysts are regaining some clout. American shares plummeted on August 28th partly because Merrill Lynch's Guy Moszkowski cut his rating on several banks. Another Merrill analyst had earlier caused an even bigger quake by downgrading Countrywide, a big mortgage lender. And shares in Bear Stearns leapt when Dick Bove, an analyst with Punk Ziegel, merely pondered the possibility that the broker might receive a cash infusion from a foreign investor.
One explanation for this revival of influence is that, with markets so febrile, any shift in opinion is bound to have an exaggerated effect. But there may be more to it than that. As uncertainty grows, investors seem to be placing a higher value on research than they did only months ago. There is nothing new in this, reckons Mr. Bove, a 40-year veteran of the industry. He asserts that nobody cares what analysts think in the good times, when what matters is deploying your money as quickly as possible. But the tables quickly turn when markets fall, as investors seek to steady their portfolios. Mr. Bove argues that the golden age for equity analysts was the long bear market of the 1960s and 1970s, when advice on how to avoid losing money was highly treasured.
Another factor is the loss of faith in “quant” funds, which trade using complex computer models. Their recent problems have pushed investors back towards “more bottom-up, fundamental analysis”, says Lara Warner, head of American research at Credit Suisse. “People suddenly want to understand what they're holding.”
Recent structural changes also play a part. Since the “Global Settlement” of 2003, which severed the links between investment banks' dealmakers and their research departments, the banks have begun to tie analysts' pay more closely to performance. Bold calls earn bigger bonuses, if they prove correct. Ideas that stand out, and are thus valuable to hedge funds seeking “alpha” (above-market) returns, are also rewarded.
The audacity of some analysts stands in contrast to the spinelessness of Moody's and Standard&Poor's, which showered complex structured products with top-notch ratings and then twiddled their thumbs until they could no longer avoid downgrading them. By growing too cosy with their paymasters in structured products—the banks that package them—the rating agencies have ended up hopelessly in knots. A bit like equity analysts during the dotcom boom, in fact.
1. According to the first paragraph, which of the following statements is TRUE about the Wall Street's equity analysts?
[A] Their value were severely doubted and criticized by all.
[B] They were accused of exaggerating the values of the Internet stocks.
[C] They were facing the reverse trend of their business popularity.
[D] Big firms were beginning to abandon them.
2. The result of the study mentioned in the first paragraph implies that _____.
[A] the company need not Wall Street's equity analysis any more
[B] the stock holders are less dependent on the equity analysts
[C] suggestions by the Wall Street equity analysts are worthless
[D] shareholders are more sophisticated after the Internet bubble popped
3. The analysts are regaining their influence recently because of the following reasons except _____.
[A] the investors need more suggestions on their portfolios
[B] the market is now turning to be more tolerant of analysts' exaggeration
[C] the analysts are separated with the banks
[D] the quant funds have some problems in trading
4. Who are more likely getting high pays from the banks after the “Global Settlement”?
[A] Analysts who provide bold calls on the equity.
[B] Analysts who could bring good returns for the funds.
[C] Analysts who could provide correct evaluations.
[D] Analysts who could hedge funds.
5. The rating agencies are a bit like equity analysts during the dotcom boom in that _____.
[A] they tend to inflate the value of Internet stocks
[B] they have too close association with their clients
[C] they have not evaluated the structured products properly
[D] they were reluctant to downgrade their products

1. According to the first paragraph, which of the following statements is TRUE about the Wall Street's equity analysts?
[A] Their value were severely doubted and criticized by all.
[B] They were accused of exaggerating the values of the Internet stocks.
[C] They were facing the reverse trend of their business popularity.
[D] Big firms were beginning to abandon them.
1. 根据第一段,下列关于华尔街的股票分析家的陈述中哪一项是正确的?
[A] 人们严重怀疑和批评他们的价值。
[B] 人们指责他们夸大了网络股票的价值。
[C] 他们面临着事业下滑的趋势。
[D] 大公司开始抛弃他们。
答案:B 难度系数:☆☆☆☆
分析:细节题。关键是要理解 helping to inflate the Internet bubble的意思,即“帮助吹大了网络泡沫”,也就是将网络股票的价值高估了,因此,答案为B。选项A和D的表述都过于绝对,不符合原文。选项C有一定的干扰性,但是要注意,文章第一段最后一句指出:The analyst's heyday would seem to be long gone. 从would seem to可以看出,这是一个虚拟语气的句子,表示假设的状况,因此该选项错误。
2. The result of the study mentioned in the first paragraph implies that _____.
[A] the company need not Wall Street's equity analysis any more
[B] the stock holders are less dependent on the equity analysts
[C] suggestions by the Wall Street equity analysts are worthless
[D] shareholders are more sophisticated after the Internet bubble popped
2. 第一段提到的研究结果暗示了 _____。
[A] 公司不再需要华尔街的股票分析了
[B] 股票持有人不再那么依靠股票分析了
[C] 华尔街股票分析家的建议是毫无价值的
[D] 股票持有人在互联网泡沫破灭后更加成熟了
答案:D 难度系数:☆
分析:推理题。第一段提到:To cap it all, a recent study suggested that it was all too easy for companies to buy the loyalty of those who cover their stock. 即研究表明,公司们以前想要买到股民们的忠诚真是太容易了,那么也就是说,现在股民们就不是这样了。因此,选项D符合题意。
3. The analysts are regaining their influence recently because of the following reasons except _____.
[A] the investors need more suggestions on their portfolios
[B] the market is now turning to be more tolerant of analysts' exaggeration
[C] the analysts are separated with the banks
[D] the quant funds have some problems in trading
3. 近来分析师们的影响又恢复了,这是因为以下除了 _____ 外的原因。
[A] 投资者需要关于他们的投资组合更多的建议
[B] 市场现在能够更加容忍这些分析师的夸张描述了
[C] 分析家和银行分离了
[D] 理学基金在交易方面存在一些问题
答案:B 难度系数:☆☆☆
分析:细节题。选项A,文章第三段中提到了这点。选项D,第四段提到了这点。选项C,第五段提到了这点。而B对应于第三段的One explanation for this revival of influence is that, with markets so febrile, any shift in opinion is bound to have an exaggerated effect. 即“这种影响重新恢复的原因在于,市场处于高热状态,任何观点的变化都会产生夸大的效果”,这与选项B的表述相左。因此,答案为B。
4. Who are more likely getting high pays from the banks after the “Global Settlement”?
[A] Analysts who provide bold calls on the equity.
[B] Analysts who could bring good returns for the funds.
[C] Analysts who could provide correct evaluations.
[D] Analysts who could hedge funds.
4. “全球调整”后,谁有可能从银行获得高工资?
[A] 那些声音很大的分析师。
[B] 可以为基金取得较好收益的分析师。
[C] 可以提供正确估值的分析师。
[D] 可以套期保值基金的分析师。
答案:B 难度系数:☆☆☆
分析:细节题。根据第五段,那些观点正确且声音很大的分析师收益高,而A只提到了一个方面。对套期保值基金有价值的分析师的意见也可以获得高回报,因此,选项B是正确的。
5. The rating agencies are a bit like equity analysts during the dotcom boom in that _____.
[A] they tend to inflate the value of Internet stocks
[B] they have too close association with their clients
[C] they have not evaluated the structured products properly
[D] they were reluctant to downgrade their products
5. 评级机构和网络繁荣时代的分析师的相同之处在于 _____。
[A] 他们倾向于夸大网络股票的价值
[B] 他们和客户有过于亲密的关系
[C] 他们没有正确地评估产品的价值
[D] 他们不愿意降低自己产品的级别
答案:C 难度系数:☆☆☆
分析:推理题。根据最后一段:By growing too cosy with their paymasters in structured products—the banks that package them—the rating agencies have ended up hopelessly in knots. A bit like equity analysts during the dotcom boom, in fact. 即评级机构和结构产品的发薪者过于勾结,最终不能给予产品正确的评级,这就和网络时代的分析师过高地评估股票一样,因此,答案为C。

过去的几年对于华尔街的股票分析师们来说可不好过。他们被人指责为加剧网络泡沫推波助澜,因此在泡沫破灭后,就出台了限制他们的法规。研究预算减少了,基金经理不再关心传统研究提供者的那种到处都有的服务了,而是转向了专业公司。不到六个月前,美林公司研发主任抱怨说,华尔街的分析是“孤注一掷的”,或者说是剽窃来的。一些大的金融公司(如Prudential)已经关闭了其研究部门,其他的也正在考虑该行业未来的发展。近期的一项研究表明,公司们想要买到股民们的忠诚真是太简单了。分析师的全盛时期已经不复存在了。
但时代又在发生变化。当市场复苏时,分析师们又重新获得了一些影响力。美国的股市于8月28日暴跌,这部分是因为美林公司的Guy Moszkowski调低了对几家银行的评级。另外一位美林公司的分析师因为早先降低了大型抵押贷款公司Countrywide的评级,引发了更大的震动。而Punk Ziegel的分析师Dick Bove仅仅考虑了股票经纪人有可能会接受外国投资者的融资,就使得Bear Stearn的股票出现了震荡。
分析师影响的重新恢复,原因之一就在于市场处于高热状态,任何观点的变化都会产生夸大的效果。但是可能还有别的原因。随着不确定性的增加,投资者现在似乎比仅仅几个月以前更加看重研究。该行业有着40年经验的Bove先生认为,这不是什么新现象。他认为,在经济好的时候没有人关心分析师们想什么,那时候的关键就是如何尽可能快地分配资金。但是一旦市场砸盘,一切就都变了,因为投资者们开始寻求如何将自己的资金组合稳定住。Bove先生认为,股票分析师的黄金时期是上世纪60年代到70年代的长期熊市,当时那些有关如何避免资金损失的建议得到了高度重视。
另外一个因素就是人们丧失了对“理学”基金的信心,这些基金利用复杂的计算模式来进行投资。基金最近出现的问题将投资者推回到“更加自下而上的基础分析”,瑞士信贷的美国研究主任Lara Warner说。“人们忽然想要知道他们手里拿的是什么了。”
最近的结构变化也起到了一定的作用。2003年的“全球调整”切断了投资银行的政策制定者和研究部门之间的联系,自此以后,银行开始将分析师的工资与其业绩更加紧密地联系在一起。如果观点正确的话,声音越大赚得的红包就越多。而对寻求差额收益(高于市场)的基金有价值的那些突出的想法也受到奖励。
一些分析师的大胆与穆迪以及标准普尔指数的分析师的胆小形成了对比,后者摆出最高等级的结构复杂的产品,然后就无所事事,直到不得不降级。因为在结构产品中与发薪者(打包结构产品的银行)过于勾结,评级机构最终得到的都是失望。这有点像网络繁荣时代的股票分析师一样。
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