As they put more money in the smaller, pure-play companies that focused on one industry vertical, Big Oil began to trade at a discount.

随着投资者将资金注入小型、单一业务公司（专注于单一行业），大型石油公司的股票交易就开始折价。

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The shares of most big drug firms now trade at a discount to the market, as promises of bright times ahead are marred by risk.

风险摧毁了对美好未来的承诺，大多数药品大公司的股票如今在市场上折价交易。

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These would form a proto-currency that would trade at a discount to the remaining euros in circulation-a shadow price of the devaluation to come.

这种借据作为实验货币，会比现行流通的欧元要大大折扣———贬值风暴来袭前的所谓的影子价格。

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Their shares trade at a discount to the other Italian banks because of their takeover-resistant structure, and they lack economies of scale.

ECONOMIST: Mutually assured destruction?

Another approach is to acknowledge that some closed end funds will always trade at discounts and that comparing the current discount to its one-year average discount will eventually result in funds returning to their average discounts.

FORBES: Cheating The Random Walk

On a price-to-book basis, shares currently trade at 1.34x, a 47% discount to the industry average of 2.53x.

FORBES: Black Diamond's Steep Climb in Revenues