经济学人下载:两只股票的故事(2)

It is hard for banks to make money when yields on the safest of government bonds,
当最安全的政府债券收益率达到一定水平时，银行很难盈利，

the benchmark for lending rates, are negative, as they are in Europe.
和在欧洲一样，贷款利率的基准为负。

Banks face an additional threat from financial technology firms,
银行还面临着来自金融科技公司的威胁，

which do not share their burden of costly branches or surplus staff.
这些公司不分担他们费钱的分支机构或过剩员工的负担。

Carmakers need pots of capital to equip them to make electric and self-driving cars. The returns are far from certain.
汽车制造商需要大量资金来装备自己，生产电动汽车和自动驾驶汽车。回报远不能确定。

It is easy to imagine a future in which status is less entwined with car ownership.
不难想象，在未来，社会地位与汽车拥有权之间的联系将会减少。

People may not care whether the robotaxi they fleetingly occupy is a luxury car or a bog-standard saloon.
人们可能并不在乎他们乘坐的机器人出租车是豪车还是普通轿车。

Before then, the prospect of punitive American tariffs on European-made cars is looming.
在此之前，美国对欧洲制造的汽车征收惩罚性关税的前景迫在眉睫。

The value-growth axis is different in Europe, because there are no homegrown tech giants.
在欧洲，价值增长的轴线是不同的，因为欧洲没有本土科技巨头。

The big stockmarket winners have been quality stocks.
股市的大赢家一直是优质股。

This is a category that combines stable profits and high return on capital with sensible debts and low staff turnover.
这个类别是利润稳定、资本回报率高和债务合理以及员工流动率低的结合。

Many are consumer firms with strong brands, such as Nestlé, Diageo (a British drinks giant) and LVMH (a French luxury-goods firm).
许多都是拥有强大品牌的消费品公司，如雀巢、迪阿吉奥（英国饮料巨头）以及路易威登（法国奢侈品公司）。

Value investors, however chastened, believe there is an opportunity here.
价值型投资者虽然受到了抑制，但他们相信仍有机会。

For them, the Daimler-type stock is the one to buy. True, carmakers (and banks) have their troubles. But value stocks usually do.
对他们而言，戴姆勒型的股票是值得购买的。没错，汽车制造商（以及银行）也有自己的困难。但价值型股票通常如此。

The trick is to buy them when everyone shuns them, because that is when they are cheap.
诀窍在于，当所有人都在回避它们时，你就去买它们，因为这个时候它们很便宜。

The Nestlé-type stock is the sort of fad that the giddier sort of investor piles into, only to rue overpaying as it falls back to earth.
雀巢型的股票是一种时尚，让眼花缭乱的投资者蜂拥而至，但当它跌落神坛，人们只后悔买价太高。

Well, perhaps. But why be a hero? An investor in a low-cost index fund can own both types of stock without worrying too much about relative value.
或许如此，但为什么要做英雄呢？低成本指数基金的投资者可以同时持有这两种股票，而不必过多担心相对价值。

A lot of stockpicking Americans stay away altogether. The cheap stocks look hopeless; the dear stocks look expensive.
很多选股的美国人两种都不买。便宜的股票看起来没啥希望，高价股票由太贵了。

So they don't buy at all, says Robert Buckland of Citigroup.
所以他们干脆不买股票，花旗银行的罗伯特·伯克兰说到。

The Nestlé-Daimler breach mirrors the divide within property markets in cities such as London.
雀巢和戴姆勒的缺口反映了伦敦等城市中地产市场的分歧。

You could try to make a killing on a fixer-upper in a down-at-heel suburb. That bet requires patience and luck.
你可以试着在破旧郊区的一处需要修葺的住宅区大赚一笔。这个赌注需要耐心和运气。

Or you could buy a nice house in a ritzy neighbourhood. It will not be cheap. But it may never get much cheaper.
或者你也可以在奢华的街区买一幢漂亮的房子。价格不菲，但也可能永远不会大降价。