Английский язык для экономистов - Малюга Е.Н.
ISBN 5-469-00341-8
Скачать (прямая ссылка):
147
know they cannot stay out of the market forever. Some dived into equities this week as stock markets rose. But they are also being tempted into so-called alternative investments. Hedge funds are attracting a growing proportion of institutional assets: they have been able to achieve above-average absolute returns in aggregate. But many investors will be disappointed, because fewer hedge funds are likely to outperform in future and the fees they charge are high. Jerome Booth of Ashmore Investment Management sings the virtues of sovereign debt in emerging countries.
Since a crisis in 1998, these markets have become less volatile, he says; the investor base has become more institutional and less speculative; and there is less risk of contagion between countries. Rating agencies have consistently underrated sovereign bonds because the risk is hard to quantify, says Mr. Booth. He boasts over 25 % average returns for his funds in the past decade. But even he cautions investors against putting more than 5 % of their assets into such bonds, at least to start. What about the rest? Many investors have sought higher yields in corporate-credit markets, from singlename corporate bonds, credit default swaps, or packages of securities backed by pools of corporate names. The recent high levels of defaults and ratings downgrades have taken the shine off that market There may, therefore, be little alternative to a cautious return to equities. Messrs Arnott and Bernstein recommend that investors accustom themselves to much lower returns than they have enjoyed in the past. "It's naive to expect earnings and dividends to grow faster than the economy," says Mr Arnott. That translates roughly into higher pension contributions, a longer working life and less rosy retirement all round. Or you can take a punt. Recently, Jonathan Compton of Bedlam Asset Management said he was buying his 18-year-old daughter shares in one company, BP: "One of the great opportunities this side of Mars," he was quoted as saying. This week BP's shares dipped when a $ 3.4 billion shortfall appeared in its pension fund.
H.2. Answer the following questions.
I. How did the Gulf war inflict the financial markets?
2. Why is long term assets allocation a puzzle for the investors?
3. What are the forecasts for equity risk premium?
4. What are pure equities?
5. What is possible advice in the given situation?
6. Why did equities lose so much in value?
7. What do academics think about the problem under review?
8. Why do the returns seem to be illusive?
9. Why can many investors be disappointed nowadays? 148
Английский ЯЗЫК ДЛЯ экономистов
H.З. Translate into Russian the following sentences from the text.
I. Despite this week's stock market rally, tumbling equity prices and bond yields have sparked a fierce debate over asset allocation.
2. The alternatives to pure equities — bonds issued by governments (in developed or emerging markets), municipalities or companies; asset-backed securities; funds of hedge funds; bonds indexed to equities or to credit risks — all seem loaded with their own mixture of downside risk and lacklustre returns.
3. Corporate financiers are quoting one equity risk premium to companies creating incentive plans for their employees; fund managers pick another rate for asset allocation; those advising utilities use another to negotiate with governments on funding; universities worry about how much of their endowments they can spend each year.
4. The recent Iiigh levels of defaults and ratings downgrades have taken the shine ofthat market.
H.4. Find the words in the text which mean the following:
¦ to buy or sell a commodity to establish a definite price for future use;
¦ an ordinary share on which no fixed amount of interest is paid;
¦ to burn unsteadily; shine with an unsteady light;
¦ a large bag filled with feathers or man-made material and is used on a bed instead of a sheet and blankets to keep one warm;
¦ to be very pessimistic because of difficulties;
¦ a person or firm that holds and controls property or money for an advantage of someone else or a member of a group appointed to control the affairs of a company;
¦ agreement by contract to pay money to someone if something especially misfortune, happens to them.
H.5. Think of a word which best fits each space. Render the text.
Representatives from the Tacoma (Wash.) Russell 20-20 Association — among the wrorld's... groups of pension and investment advisers — are scheduled to arrive in Russia on May 12 for a very special ... . The nonprofit Russell 20-20 was founded by Tacoma investment ... George Russell Jr., after the ... of the Berlin Wall in 1989 as a vehicle for top financial ... to explore the... climates in emerging-market countries. Representatives from GE Asset Management, State Street Global Advisors, and Lazard Asset Management, among others, will ... with Russian political and business ... in Moscow, including ... AIexei Kudrin.
