然而，应该指出的是，一头驴的费用为2万坦桑尼亚先令，比一辆自行车还便宜，但它仍然是一项投资，相当于一个普通家庭半年以上的收入。
It should be noted, however, that a donkey, which at 20,000 Tanzanian shillings costs less than a bicycle, is still an investment equal to an average household's income over half a year.
6月份的出口额增加了1.5%，这意味着经济比许多投资者所了解的要强劲。
Exports in June rose 1.5%, implying that the economy was stronger than many investors had realized.
这比公司前一年的投资多了大约20亿美元。
This is roughly $2 billion more than the company had invested in the previous year.
对投资者来说，像这样的绿色建筑不一定具有成本效益，但它产生的污染确实比通过化石燃料产生能源的过程少得多。
Green buildings like this aren't necessarily cost-efficient for the investor, but it does produce much less pollution than that caused by energy production through fossil fuels.
在中国，鉴于投资规模如此庞大，它可能会在比日本更早的某个增长阶段发生。
In China, it might be earlier in the growth process than in Japan because investment is so high.
在一些国家这笔钱甚至比外国投资更为重要。
这是因为，大多数投资者此前预期的毛利率比这还低——接近61%。
That's because most investors were bracing for even weaker margins — something closer to 61%.
这次的税是在考虑每家银行债务的基础上征收，此举对投资银行的打击比零售银行更大，因为投资银行没有大量的存款。
The fee will be structured to take account of a bank's liabilities and will hit investment Banks with few deposits harder than retail Banks with larger such holdings.
全能银行之所以能比单独的投资银行以更低的成本借钱的一个原因就是交叉补助，这会产生两个令人担心的后果。
One reason why universal Banks are able to borrow more cheaply than standalone investment Banks is cross-subsidization, which raises two worries.
在萧条时期的风险投资可能确实比繁荣时期更高产，萧条时期的一美元投入相当于当繁荣时期资金被大把投入到同样商业计划的许多变体。
Venture investment during recessions may actually be more productive, per dollar spent, than during booms, when money is showered on many variants of the same business plan.
问题5：投资者怎样才能发现比市场风险低的股票？
Q5: How can investors find stocks that won't be as risky as the market?
这些公司本身也是对冲基金的主要投资者，在行业中的占比达到50%，于去年底达到了8000亿美元。
They are also the largest investors in hedge funds, accounting for about half the investment in the industry, or $800 billion at the end of last year.
在日本和英国，公司的投资额比顶峰时期下降了四分之一。
In Japan and Britain corporate investment fell by about a quarter from peak to trough.
快速的答案是一个更加透明、更加国际化和比今天更加由个人投资者驱动的产业。
The quick answer is an industry more transparent, more international, and more driven by individual investors than today's.
不过从投资者那里融到资金比卖东西给消费者更困难，因为投资人太稀缺了。
But raising money from investors is harder than selling to customers, because there are so few of them.
最早的问题出现在超短期债券基金上，许多投资者认为这种基金的安全程度堪比现金。
Some of the first cracks appeared among ultrashort bond funds, which many investors regarded as almost as safe as cash.
今年夏天，信贷市场的参与者比股票投资者更加悲观。
Credit market participants have been even more pessimistic than equity investors this summer.
事实上，对于投资者们比当地的小农户交更少的税并不罕见。
Indeed, it is not unusual for foreign investors to pay less tax than local smallholders.
泰晤士报的报道表明，他能赚钱主要得益于他比其他投资者聪明，而并非把资源投到应有的地方。
The Times report suggests that he makes money mainly by outsmarting other investors, rather than by directing resources to where they’re needed.
泰晤士报的报道表明，他能赚钱主要得益于他比其他投资者聪明，而并非把资源投到应有的地方。
The Times report suggests that he makes money mainly by outsmarting other investors, rather than by directing resources to where they're needed.
在汽车，机械和化工品方面，如果人们用研发在投资收益比中所占的份额来衡量这些中等技术产品，德国的表现历来都很好。
Germany has done pretty well with cars, machines and chemicals, medium-tech products as measured by the share of turnover invested in research and development (R&D).
实际上，现在投资人看起来认为冰岛的债务比爱尔兰更安全。
In fact, investors now appear to consider Iceland's debt safer than Ireland's.
如2009年一名投资者所说：这比离婚还惨。
一个股票投资组合是一组按百分比加权的股票集合。
A portfolio of stocks is a set of percentage weights on stocks.
早期撤资的投资人就比那些一直在等待的投资人，在那短期内又一次得到了更好的回报。
Again, investors withdrawing early got better returns over that time period than those who waited until later.
在这十年中，投资者因为相信乐观者比相信悲观者多而所损失的更多。
This decade, investors have lost more money listening to the bulls than to the bears.
假使巴菲特的眼光没有错，那么眼下投资者就有机会花费比伯克希尔更少的钱来买入这些公司的股票。
Assuming Buffett hasn't erred, investors have the opportunity now to buy some of them for less than what Berkshire paid.
像巴菲特这样的投资者偏向于并购一些估价比历史水平要低的公司。
Investors such as Buffett prefer to buy companies when their valuations are low by historical standards.
风投公司通常都会将募集的资金在10年当中投出去，这让他们比天使投资人更能熬过市场的低迷期。
Venture firms usually have 10 years to invest the money they raise, making them better prepared than angels to weather market dips.
风投公司通常都会将募集的资金在10年当中投出去，这让他们比天使投资人更能熬过市场的低迷期。
Venture firms usually have 10 years to invest the money they raise, making them better prepared than angels to weather market dips.
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