01
Thus, I’m often asked whether there’s a bubble surrounding the handful of stocks that have been leading the S&P 500 stock index, the so-called “Magnificent Seven” technology companies which have dominated the index in recent years and been responsible for a highly disproportionate share of its gains.
因此，我经常被问及，一直领跑标准普尔500指数的少数股票是否存在泡沫，这些股票就是所谓的“瑰丽七股”(Magnificent Seven)，它们近年来一直主导着该指数，并在其涨幅中占据了极不成比例的份额。
You can look at valuation parameters to discern a bubble but I’ve long believed a psychological diagnosis is more effective. I look for highly irrational exuberance — the outright adoration of a group of companies or assets resulting in a massive fear of being left behind if one fails to participate in the bubble on the conviction that, for these stocks, “there’s no price too high”. In particular, when I hear the latter, I consider it a sure sign that a bubble is brewing. In short, bubbles are marked by bubble thinking.
你可以通过估值参数来辨别泡沫，但我一直认为心理诊断更为有效。我寻找的是高度非理性的繁荣——对一组公司或资产的狂热追捧，导致人们产生一种巨大的恐惧，担心如果不参与泡沫，就会被抛在后面，因为他们坚信，对于这些股票来说，“没有什么价格是过高的”。尤其是当我听到后一种说法时，我认为这肯定是泡沫正在酝酿的迹象。简而言之，泡沫的标志就是泡沫思维。
——本文2024年1月8日发布于FT中文网，英文原题为 Is the US stock market in bubble territory?
02
The European Investment Bank fears a “reputational disaster” this year if the EU applies reporting rules that would shatter its climate friendly credentials, according to leaked internal correspondence.
据泄露的内部通信显示，欧洲投资银行(EIB)担心，如果欧盟实施一套破坏其气候友好资格证书的报告规则，那么该银行今年将面临“声誉灾难”。
The world’s biggest multilateral lender by assets has branded itself as “the climate bank” and from 2021 phased out all fossil fuel investments from its loan book of more than €500bn.
这家全球资产规模最大的多边贷款机构已将自己的品牌打造成“气候银行”，并从2021年起在其超过5000亿欧元的贷款记录中逐步取消所有化石燃料投资。
But in a confidential email to colleagues seen by the Financial Times, the EIB’s head of operations Jean-Christophe Laloux warned of a “major reputational risk” to the bank from new EU sustainable reporting rules, which this year require a taxonomy classifying green investments.
但英国《金融时报》看到，欧洲投资银行运营主管让-克里斯托夫•拉卢(Jean-Christophe Laloux)在一封给同事的机密邮件中警告说，欧盟新的可持续报告规则将给该银行带来“重大声誉风险”。
——本文2024年1月7日发布于FT中文网，英文原题为 EIB fears ‘reputational disaster’ over revised EU green reporting
03
Trump promised to “make Greenland great again” after news of his son Donald Jr’s “private visit” to the world’s largest island emerged late on Monday.
——本文2024年1月7日发布于FT中文网，英文原题为 Trump reiterates ambition to buy Greenland as son prepares to visit
04
Eurozone inflation rose to 2.4 per cent in December, in the third rise in as many months.
欧元区12月通胀率升至2.4%，这是几个月来的第三次上涨。
The rise in inflation comes as the European Central Bank seeks to boost the region’s flagging economy with interest rate cuts.
在通胀上升之际，欧洲央行正试图通过降息来提振该地区疲软的经济。
——本文2024年1月7日发布于FT中文网，英文原题为 Eurozone inflation rose to 2.4% in December
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