【正文】 ge Points liability n. anything that is a hindrance or puts an individual at a ，債務(wù)：某一企業(yè)的資產(chǎn)收支表上的財政債務(wù) eg. A partnership may have unlimited liability as well as limited liability. 合營可以是無限責(zé)任也可以是有限責(zé)任。 補償 3. liability: liabilities The financial obligations entered in the balance sheet of a business enterprise. 負(fù)債 ， 債務(wù)：某一企業(yè)的資產(chǎn)收支表上的財政債務(wù) 4. exploit: to employ to the greatest possible advantage開發(fā) 5. postdate: to put a date on (a check, for example) that is later than the actual date. 填遲日期 ,接在 ...后面 ExercisesKeys ExercisesKeys 6. diversity: a point or respect in which things differ差異 , 多樣性 7. tradeoff: an exchange of one thing in return for another, especially relinquishment of one benefit or advantage for another regarded as more desirable交易，交換：以一物換取另一物，尤指放棄一種利益或優(yōu)勢以換取另一種被認(rèn)為更有價值的物品 8. speculator: one that speculates投機者 9. binge: a period of excessive or uncontrolled indulgence無節(jié)制期 10. BS:= balance sheet , a statement of a business or an institution that lists the assets, debts, and owners39。 Text : Language Points contingent a. dependent on conditions or occurrences not yet established。 This will offset the loss. 這將彌補損失。s trust in others, and cause unemployment for the people who became speculators. However, few periods of inflation or recession can be linked to speculative binges, and, as a result, most economists do not believe that they, or the financial markets, are an important source of macroeconomic disturbance. Text : Some people argue that the Great Depression was a result of a speculative binge in the stock market in 1928 and 1929. Most economists dismiss this theory because prices in the stock market did not reach levels that were clearly outlandish. Some market watchers have even argued that stock prices were not overvalued at all in 1929 if the 1930s would have been a normal decade. Text : Even if one believes that stocks were overvalued in 1929, and that the stock market had gone on a speculative binge, it is hard, and perhaps impossible, to explain why the results of this particular binge were so much more severe than the aftereffects of other, equally large binges in the stock market. In particular, the very large drop in stock market prices on Monday, October 19, 1987 left few traces on production or consumption during the following year. Yet on that one day the value of mon stocks, as measured by the Dow Jones Industrial Index, dropped by more than 22%. Clearly a speculative crash in financial markets is not enough, by itself, to trigger a recession. Text : Language Points intermediary n. acting as a mediator or an agent between persons or things. 中間人 。 投資者參與投資共有基金時 ， 即擁有該共有基金的部分所有權(quán) ， 你需要付出它的凈資產(chǎn)價 （ NetAssetValve， NVA)， 加上所需的銷售價（ Salesloads） 。 4. 在試圖確認(rèn)某人是否會違約的時候，對沖基金和違約信用交換會是合法的工具，但是在市場自然而然變得投機性越來越強時問題就會顯現(xiàn)出來。 Answer ? Sentence Translation Revision of Unit 1 Question amp。如果交易者預(yù)測有誤，這將對股票市場產(chǎn)生巨大影響。 本章重點難點 ? 什么是金融中介機構(gòu) ? 什么是投資組合 ? 如何看資產(chǎn)負(fù)債表 ? 投機者與市場的關(guān)系 Overview of Unit 2 Af ter l ea r n i n g th i s u n i t, y o u s h o u l d a c q u i r e:W ha t i s f i na nci a l i nt e r m e di a r yW ha t i s a po r tf o l i o c ho i c eH o w to r e a d a ba nl a nce s he e tT he r e l at i ons hi p be twe e n s pe c ul at or s and the m ar k e t共有基金 (mutual fund)共有基金是一個投資公司集結(jié)了眾多投資人的資金 ， 然后由財務(wù)管理專家依照該共有基金的投資方向而投資于美國或其它國家的金融和證券市場 ， 其投資的組合可能包括股票 ， 債券 ， 銀行定期存款 ,貨幣市場工具 ,貴重金屬和房地產(chǎn)等 。 Background Information 資產(chǎn)負(fù)債表 (Balance Sheet)，亦稱財務(wù)狀況表（ Statement of financial position） 按照有關(guān)統(tǒng)計 ， 美國大約有 93%的企業(yè)將這張報表稱為 “ 資產(chǎn)負(fù)債表 ” （ Balance Sheet） ， 另外 ， 還有極少數(shù)的企業(yè)稱其為 “ 財務(wù)狀況表 ” （ Statement of financial position） Unit 2: ? Part I: Introduction ? Part II: Financial Intermediaries ? Part III: Portfolio Choice ? Part IV: Speculators and Markets Financial Investment Introduction In finance, investment is the mitment of funds by buying securities or other moary or paper (financial) assets in the money markets or capital markets, or in fairly liquid real assets, such as gold, real estate, or collectibles. Valuation is the method for assessing whether a potential investment is worth its price. Returns on investments will follow the riskreturn spectrum. Text : Types of financial investments include shares, other equity investment, and bonds (including bonds denominated in foreign currencies). These financial assets are then expected to provide ine or positive future cash flows, and may increase or decrease in value giving the investor capital gains or losses. Text : Text : Investments are often made indirectly through intermediaries, such as banks, mutual funds, pension funds, insurance panies, collective investment schemes, and investment clubs. Though their legal and procedural details differ, an intermediary generally makes an investment using money from many individuals, each of whom receives a claim on the intermediary. Text : Financial Intermediaries Most people do not enter financial markets directly but use intermediaries or middlemen. Commercial banks are the financial intermediary we meet most often in macroeconomics, but mutual funds, pension funds, credit unions, savings and loan associations, and to some extent insurance panies are also important financial intermediaries. Text : When people deposit money in a bank, the bank uses the funds to make loans to home buyers for mortgages, to students so they can pay for their education, to business to finance inventories, and to anyone else who needs to borrow. A person who has extra money could, of course, seek out borrowers himself and bypass the