莲喇母矮将贸多大学 高级商务英语阅读 Supplementary Reading for Chapter 14 The Mutual Fund Mess A Risky World With recovery spreading,and the markets booming,why are investors so apprehensive about where to put all this easy money? by Karen Lowry Miller Tony Dye stood his ground in the dizzy spring of 2000.Distrusting the prices of tech stocks,the Phillips Drew investment strategist refused to buy.That April he was ushered out the door--and we all know what happened next in the markets."There is a dangerous incentive for professional investors to stay with a bubble,"says Dye,who now runs a hedge fund in London."If you lose it all, at least you're in the same boat as everyone else,so you keep your job."He won't discuss his current holdings,but when he looks at the equity markets now,"I'm terrified,"he says. The big difference today is that everyone is a bit chastened.In the United States,the pace of growth in the economy,productivity and stock prices is back up to the levels of the late 1990s,and yet there is no talk of miracles in the economy,or"irrational exuberance"in the markets.Something basic has been lost,and not only in the United States.In the 1990s,the old faith that blue-chip stocks were the best way to build wealth and guarantee a comfortable retirement gave way to the mass delusion that tech stocks were a sure way to become a millionaire.The investing minority became a majority in the United States."Equity culture"became a worldwide cult.But the democratization of the market democratized risks as well,which became all too clear with the crash.Wall Street contrarian Byron Wien says the new global mood is one of"apprehension"or at best"guarded optimism." Investors are re-entering the market with eyes more or less open to the risk.During the past 12 months,the markets are up 30 percent in New York and Tokyo,60 percent in Frankfurt,and yet a 第1页共5页高级商务英语阅读 Supplementary Reading for Chapter 14 The Mutual Fund Mess A Risky World With recovery spreading, and the markets booming, why are investors so apprehensive about where to put all this easy money? by Karen Lowry Miller Tony Dye stood his ground in the dizzy spring of 2000. Distrusting the prices of tech stocks, the Phillips & Drew investment strategist refused to buy. That April he was ushered out the door--and we all know what happened next in the markets. "There is a dangerous incentive for professional investors to stay with a bubble," says Dye, who now runs a hedge fund in London. "If you lose it all, at least you're in the same boat as everyone else, so you keep your job." He won't discuss his current holdings, but when he looks at the equity markets now, "I'm terrified," he says. The big difference today is that everyone is a bit chastened. In the United States, the pace of growth in the economy, productivity and stock prices is back up to the levels of the late 1990s, and yet there is no talk of miracles in the economy, or "irrational exuberance" in the markets. Something basic has been lost, and not only in the United States. In the 1990s, the old faith that blue-chip stocks were the best way to build wealth and guarantee a comfortable retirement gave way to the mass delusion that tech stocks were a sure way to become a millionaire. The investing minority became a majority in the United States. "Equity culture" became a worldwide cult. But the democratization of the market democratized risks as well, which became all too clear with the crash. Wall Street contrarian Byron Wien says the new global mood is one of "apprehension" or at best "guarded optimism." Investors are re-entering the market with eyes more or less open to the risk. During the past 12 months, the markets are up 30 percent in New York and Tokyo, 60 percent in Frankfurt, and yet a 第 1 页 共 5 页