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本期是经济学人20241019期Why the American stockmarket reigns supreme的下篇，主要对当前和未来全球资本市场的格局进行分析：当前资本市场有三个层次的集中，一是集中于美股、二是集中于科技行业、三是集中于”科技七姐妹“；预测下一个科技巨头大概率还会来源于漂亮国；同时预测2075年将会是资本市场一个重要的分水岭。
接上篇
The next tech titan is likely to be in America because of its capital markets
Para 6
Since the global financial crisis, investors everywhere have bet heavily on growth stocks, while many old-economy sectors, like banks, have faced headwinds, note strategists at Goldman Sachs. This has contributed to America’s valuation advantage. Investors are also drawn to American firms because they tend to reinvest more of their profits, increasing expectations of future growth. Last, American stocks are more valuable to investors because people know they can sell them in large quantities without moving the price much, as there are always lots of people who want to trade them at any given moment.
n. 逆风在；商业上翻译为“不利条件，苦难，挑战”
Be drawn to：被…所吸引
Move the price much：大幅调整价格。
Para 7
The result is that global stockmarkets have become concentrated on three levels: geographically in America, sectorallyin technology stocks, and at the company level in the magnificent seven (as well as at the top of European and Japanese industries). Just Apple, Microsoft and Nvidia together make up an astonishing 12% of the MSCI All Country World Index of stocks.
占比的替换用法有account for，take up等
astonishing：[əˈstɑːnɪʃɪŋ]
令人震惊的，难以置信的
Para 8
The dominance is to a degree self-reinforcing. The next tech titan is much more likely to be located in America (perhaps having been relocated there) in part because of its capital markets. America’s high valuations make it an attractive place for firms to raise capital. And America dominates private markets as well as public ones—its share of venture-capital investments is at around 45%—making it the best place both to raise early cash and in which to go public. Europeans regularly bemoan the loss of their most promising companies to the clutches of Wall Street.
To a degree：在某种程度上.
和To some degree，to some extent用法一致，意思也一致
bemoan：[bɪˈmoʊn]
哀叹，悲叹
同义词有：sigh，mourn，regret
costly：昂贵的
Eye-watering：惨不忍睹的，令人瞠目结舌的
dotcom boom：互联网泡沫
Para 10
Even if today’s divergence in multiples is justified, it will not in itself maintain America’s strong outperformance indefinitely. High valuations predict lower long-term returns—and America’s have only ever been higher in two previous economic cycles. According to Mr.Asnessand his colleagues, “international diversification “is still worth it, even if it hasn’t delivered for US-based investors in 30 years”.
justified：合乎情理的
indefinitely：[ɪnˈdefɪnətli]
adv. 无期限地
Definitely：确定地，明显地
Para 11
That is especially so if emerging-market stocks grow in anything like proportion to their forecast share of global GDP. Today China’s share is so small in comparisons like ours in part because they only count “free float”, excluding shares that international investors cannot buy because of legal restrictions. Count everything—which you might if China liberalised those restrictions—and China’s share more than trebles to almost 10%. Goldman Sachs’s researchers predict that emerging markets’ share of global market capitalisationwill rise to 55% by 2075.
Para 12
That does not mean America’s equity market is going to lose its status as the world’s biggest, however. Since overtaking Britain’s in 1902 it has been displaced only once: when Japan briefly occupied the top spot in 1989-90, before its markets crashed. Today Japan is still in second spot but its market is only about a tenth of the size of Uncle Sam’s; Goldman predicts that even in 2075 America’s market will be almost as big as China’s and India’s combined. It is a measure of the success of America’s stockmarket that precisely because it has achieved such extraordinary dominance, its global share may be near its peak.
It is a measure of …：这是衡量……的标准
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