【正文】 hortterm governments and corporates, with a small weighting in foreign bonds. He also owns some emergingmarket debt and highyield issues. “Basically we are short on the yield curve right now, Larson says, again reflecting his wary view of the markets. Unit Three How Bill Gates Invests His Money What about the other 30%, or $ billion? About half of it—$750 million—is in what Larson calls private equity。而這家機(jī)構(gòu)通過明智的套期保值克服了不利因素，仍然獲得了豐厚的利潤。 (under the pressure of) One of the Bundesbank council members said that the central bank is under no immediate pressure of cutting interest rates and that it needs more time to study the economic data before making a decision. Unit Three How Bill Gates Invests His Money 5. 許多專家認(rèn)為利率會(huì)趨向升高，因?yàn)殡m然現(xiàn)在沒有很多通脹是事實(shí)，但是工資的抬高卻很明顯，而且現(xiàn)在整個(gè)經(jīng)濟(jì)都處于如此高速的運(yùn)轉(zhuǎn)之中。如果一家公司倒閉并留下大筆債務(wù)，那么許多與之有商業(yè)往來的公司也會(huì)遭受同樣的命運(yùn)。利率的急劇下降以及金融管制撤消的過快使通貨膨脹加劇，從而使政府不得不重新提高利率，以使經(jīng)濟(jì)增長速度放慢。結(jié)果是避免了大面積商業(yè)倒閉的出現(xiàn)，更重要的是經(jīng)濟(jì)并沒有因此而陷入蕭條之中。 gear) Many experts consider that the interest rates would trend higher, because, although it is true that there is not much inflation now, wage inflation is evident and the entire economy is in such a high gear right now. Unit Three How Bill Gates Invests His Money ? Ⅲ . Put the following passage into English: 1987年的股市大崩潰與 1929年的股市大崩潰雖然有許多相似之處，但也有幾點(diǎn)重大區(qū)別，這其中最主要的是金融機(jī)構(gòu)的反應(yīng)。 (diversification) The diversification of portfolio can efficiently decrease the nonsystematic risk of individual securities in the portfolio, but it is unable to remove the systematic risk of the market. Unit Three How Bill Gates Invests His Money 3. 從 60年代末到 70年代末資本主義國家嚴(yán)重通脹時(shí)期，許多人傾向于把他們的貨幣收入轉(zhuǎn)變?yōu)閷?shí)物或不動(dòng)產(chǎn)。P 500. Berkshire isn’t. So after the deal, index managers had to sell Berkshire, depressing the price. Gates does make his own investment decisions in biotech. Says he:“I’ve always been interested in science—one of my favorite books is James Watson’s Molecular Biology of the Gene. I’m an investor in a number of biotech panies, partly because of my incredible enthusiasm for the great innovations they will bring I serve on the board of ICOS[which develops drugs to fight inflammatory diseases]. I continue to make a number of investments in this area. At various points Gates has owned stock in other biotechs—including PathoGenesis, Targeted Geics, and Chirosciencebut he is out of all those stocks now. He recently bought a stake in a pany called Advanced Medicine, a private biotech firm. Unit Three How Bill Gates Invests His Money As for tech stocks, “We pretty much don’t own ’em, Larson says, “not with Bill’s other asset. It could be awkward, of course, if Cascade owned, say, 3% of a small tech pany that Microsoft’s strategic planners later decided they wanted to gobble up. Or if that small pany felt inclined to sue Microsoft at some point. Gates does, however, own some tech stocks through his investments in McNamee’s partnerships. And Larson concedes that he might be short some tech names. “ I do think the market is high right now, and there is an awful lot of excitement about tech stocks, says Larson. Whoa! Does that mean he thinks Microsoft is overvalued? “ I wouldn’t bet against[Microsoft],he says. Unit Three How Bill Gates Invests His Money Larson continues:“ I just think at some point the cycle is going to turn. We’ll have some rotation. There will be some trigger event that