去年他们谈论的对象是新兴市场股票。
当美国的股市上涨的时候，新兴市场股票上涨的会更快。
Emerging-market stocks are likely to go up — but even faster — when U.S. markets are rallying.
第二，如今新兴市场股票的波动性较十年前已经大大降低。
Second, emerging market stocks are far less volatile than they were just a decade ago.
尽管如此，我并没有打算撕毁我增持新兴市场股票的长期计划。
I'm not going to tear up my long-term plan to overweight developing market equities, though.
艺术品，新兴市场股票，垃圾债券和不动产等几乎所有资产的价格都升高了。
Almost every asset has increased in price, including art, emerging-market shares, junk bonds and property.
此外，新兴市场股票在过去几年非常受欢迎，在某种情况下，投资者不容易实现其价值。
Moreover, emerging market equities, very much in favour over the past year, are in some cases reaching valuations that make investors uneasy.
1994- 95年和2000年，发生了2次新兴市场股票暴跌而迅速蔓延的事件。
The last two times this happened (1994-95 and 2000) were quickly followed by sharp falls in emerging-market shares.
富时新兴市场股票指数超过了去年9月12日雷曼(Lehman)破产前夕的收盘价。
The FTSE emerging markets equity index reached above its close on September 12, the eve of the Lehman debacle.
但这些资金流入在近几个月很少，因为全世界投资者都避开了新兴市场股票等高风险资产。
But these inflows have been scant in recent months as investors globally have stayed away from risky assets like emerging-market stocks.
从中我得出，未来9个多月里，新兴市场股票会要上行，收复起自2010年11月的部分失地。
What this tells me is that for the next nine months or so, emerging-market stocks will want to move up, recovering some of the ground lost since November 2010.
结果就是，根据市盈率等估值标准来看，新兴市场股票在全球市场中变得价格相对较高。
As a result, emerging-markets stocks grew relatively expensive among global markets, based on valuation yardsticks such as price-to-earnings ratios.
部分原因在于，随着新兴市场国家央行开始着手对抗通货膨胀，新兴市场股票的市盈率也将会下降。
Part of the reason for this is that price to earnings multiples in emerging market equities tend to fall when their central banks start fighting inflation.
EPFR说，此外，中国在全球新兴市场股票基金中的平均权重从2008年年中的9.9%升至16.4%。
In addition, says EPFR, average China weightings in global emerging-market equity funds have jumped to 16.4% from 9.9% at the mid-point of 2008.
然而，如果你持有一只专注于新兴市场股票的基金，它今年的业绩很可能远远落后于你所持的美国股票基金的回报率。
Yet if you own a fund that focuses on emerging-markets stocks, the chances are good that its performance this year has been lagging far behind the returns of the U. S. -stock funds in your portfolio.
去年发达国家投资者购买新兴市场股票的资金创下了历史新高，MSCI(摩根·士丹利国际资本公司)计算的指数一路推高至19%。
LAST year record amounts flowed into emerging-market equities from rich-world investors, pushing the index prepared by MSCI up by 19%.
他们选出了被称为金砖四国“漂亮50”(BRICsNifty 50)的两篮子股票，其中一个篮子是新兴市场股票，另一个是有新兴市场业务的跨国公司股票。
They composed two baskets of stocks and called them the BRICs Nifty 50. One includes emerging market companies; the other has multinationals with exposure to emerging markets.
据汤森路透(ThomsonReutersCorp。)旗下子公司理柏(Lipper)的数据，今年截至11月30日，各类新兴市场股票基金平均跌了17.1%。
Diversified emerging-markets stock funds were down 17.1% on average this year through Nov. 30, according to Thomson Reuters Corp. 's Lipper unit.
当听到类似这些说法，我不由得想消减商业相关的或新兴市场的股票。
When I hear this kind of stuff, it makes me want to cut back on commodity-related and emerging market stocks.
这一次，新兴市场(甚至替代能源股票)可能是赢家。
This time round, emerging markets (or even alternative energy stocks) might be the big winners.
当混乱困扰这个国家时，马克鲁夫据信一直是在帮助推高叙利亚镑及其新兴的股票市场，什么是他确实将要自愿放弃的仍有待观察。
Exactly what Mr Makhlouf, who is believed to have helped to prop up the Syrian pound and the nascent stock market as turmoil has gripped the country, will divest himself of is unclear.
多年以来，投资者都对新兴市场的股票和债券敬而远之。
For years, shares and bonds from emerging markets made investors wary.
因为当时的利率低，而且似乎会继续保持这种低水平；企业利润丰厚；新兴市场的股票回升会抵销发达经济体中残存的缺陷。
Interest rates were low and set to remain so; corporate profits were strong; and the buoyancy of emerging markets would offset any lingering weaknesses in the developed economies.
但是，那种所有新兴市场的股票都有很大风险的说法已经过时了。
But the notion that all emerging-market shares are risky is looking out of date.
由于美国的利率已跌至世界最低水平，且预计仍将维持在低水平，投资者可以借入美元来购买高收益率货币或新兴市场的股票。
With interest rates in the U.S. as low as anywhere and expected to stay low, investors can borrow in dollars and buy higher-yielding currencies or emerging-market stocks.
购买新兴市场的股票就像为未来买保险。
Buying a stake in emerging markets is like buying a stake in the future.
购买新兴市场的股票就像为未来买保险。
Buying a stake in emerging markets is like buying a stake in the future.
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