英语翻译Many moons ago,Michael Milken,the director of low-grade bond research at Drexel,Burnham and Lambert,observed that investment in the corporate debt markets often reflected a “herd instinct”—that is,investors stuck solely to investmen

英语翻译Many moons ago,Michael Milken,the director of low-grade bond research at Drexel,Burnham and Lambert,observed that investment in the corporate debt markets often reflected a “herd instinct”—that is,investors stuck solely to investmen
英语翻译
Many moons ago,Michael Milken,the director of low-grade bond research at Drexel,Burnham and Lambert,observed that investment in the corporate debt markets often reflected a “herd instinct”—that is,investors stuck solely to investment-grade securities as a pack.This herd instinct,according to him,was flawed in several ways.His attribution to the instinct of investors as herd-like was made while he advocated the use of “junk bonds” as a debt instrument.Encouraging investors to look at qualitative considerations—such as man- agement’s ability and its vision of the future rather than sticking to the size,historical record,and industry position of the company—he was successful in fueling the growth of the junk bond market.
A similar event occurred in the early part of the twenty-first century,when the housing boom and economic recovery encouraged a heavy spiraling in subprime mortgage lending.This increase saw a parallel increase in the securities offered through a pooling of such subprime mortgage loans through the process of “securitization.” Investors moved from buying pooled mortgage loans—securitized and sold on the backing of the full faith and credit of government and quasigovernment agencies—to what is referred to as “non-agency transactions”:ones where the willing investor undertakes the risk of the underlying mortgage loan.Such a transaction consisted of the issuance of securities out of a pool of mortgage loans without any backing of governmental funds.The contagion gripped the financial markets,and the herd instinct manifested itself in a situation where investors jumped in significant numbers to take advantage of the booming housing market that prevailed in the early years of the new millennium.Capital markets engaged in technological innovations for the riskier category of investors—something like a “diverse maturity mortgage product,” which led to pooling of mortgage loans with varied credit ratings into securities.Many conditions conducive to subprime lending and securitization of such loans induced investors to take the risk of investing in such loans.But the expectations contained in these risks did not materialize.And fears grew of a looming economic crisis that might result from numerous delinquencies for such loans—not just in the United States but all over the world.

英语翻译Many moons ago,Michael Milken,the director of low-grade bond research at Drexel,Burnham and Lambert,observed that investment in the corporate debt markets often reflected a “herd instinct”—that is,investors stuck solely to investmen
Many moons ago, Michael Milken, the director of low-grade bond research at Drexel, Burnham and Lambert,
很久以前,在德雷克萨尔的低等债券研究员迈克尔·米尔肯,伯纳姆和兰伯特主任指出
observed that investment in the corporate debt markets often reflected a “herd instinct”—that is, investors stuck solely to investment-grade securities as a pack.
企业在证券市场的投资往往反映出一种“羊群心理”--即投资者只坚持投资证券级别的一类
This herd instinct, according to him, was flawed in several ways.
这种“群居（安全）本能”在他看来,有一些缺陷之处
His attribution to the instinct of investors as herd-like was made while he advocated the use of “junk bonds” as a debt instrument.
他将这类现象归因于投资者的“羊群心理”,而他的主张则是“将垃圾债券作为债务工具”
Encouraging investors to look at qualitative considerations—such as man- agement’s ability and its vision of the future rather than sticking to the size, historical record, and industry position of the company—he was successful in fueling the growth of the junk bond market.
他鼓励投资者从股票的质量方面看,就像一个人才,因该更多的从他的能力和未来发展上面看,而不仅仅是观察他的大小身高,历史记录,还有在公司的地位.这种人才将在垃圾债券市场成功升值.
A similar event occurred in the early part of the twenty-first century, when the housing boom and economic recovery encouraged a heavy spiraling in subprime mortgage lending.
类似的事件在20世纪初也曾有发生,当楼市泡沫和经济复苏导致的物价猛涨和次贷危机
This increase saw a parallel increase in the securities offered through a pooling of such subprime mortgage loans through the process of “securitization.”
从这一增长中我们看到了通过“证券化的过程”提供证券并行从而增加汇率以及这些次级抵押贷款的现象
Investors moved from buying pooled mortgage loans—securitized and sold on the backing of the full faith and credit of government and quasigovernment agencies—to what is referred to as “non-agency transactions”:
投资者从“非交易的机构”机构开始集中购买抵押贷款证券,政府支持的信贷机构和非政府投资者出售的证券
ones where the willing investor undertakes the risk of the underlying mortgage loan.
其中的投资者愿意承担相关按揭贷款的风险
Such a transaction consisted of the issuance of securities out of a pool of mortgage loans without any backing of governmental funds.
这种交易包括没有任何政府信誉支持的机构发行的贷款
The contagion gripped the financial markets, and the herd instinct manifested itself in a situation where investors jumped in significant numbers to take advantage of the booming housing market that prevailed in the early years of the new millennium.
这种现象蔓延并笼罩着金融市场,出于对“群居本能”的体现,大量投资者在新年之初踊跃投资“繁荣”的房屋市场
Capital markets engaged in technological innovations for the riskier category of investors—something like a “diverse maturity mortgage product,” which led to pooling of mortgage loans with varied credit ratings into securities.
资产市场的管理技术创新将为投资者提供投资风险类别,像“成熟的投资按揭产品”,这导致不同的证券出现不同的信用评价等级
Many conditions conducive to subprime lending and securitization of such loans induced investors to take the risk of investing in such loans. But the expectations contained in these risks did not materialize.
许多有利的条件,次级抵押贷款和贷款证券化等条件都在诱导投资者参与承担在这类贷款的投资风险.但是,投资者在这些风险中获利的期望并没有实现.
And fears grew of a looming economic crisis that might result from numerous delinquencies for such loans—not just in the United States but all over the world.
面对（金融危机）的恐惧源自一个可能产生的对这类贷款的迫在眉睫的大量拖欠,危机将不仅仅影响美国,整个世界经济都会受到波及.