Martin Fridson argues the defaults on high yield are at historic lows: about 3% now versus 4.5% historically – which puts the spreads in a different light.

马丁•弗里德森争辩说，对高收益的拖欠亦创下了历史最低记录：现在只有近3%，历史均值为4.5%。 这样，又需要换个视角来看待息差。

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That suggests it will take a long time before American house prices surge again, or before spreads on high-yield corporate debt get down to the lows seen earlier this year.

这也就是说，离美国房价的再次暴涨，或者说，在再次看到今年初高收益公司债券利差降到低点的情况之前，还有很长一段时间。

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While commodity prices have rebounded from the lows of the past 18 months, many mining companies remain wary of reviving high-cost plans.

而当大宗商品价格从过去18个月的低位反弹过后，很多矿企仍然不太敢于重新启动各种高成本的规划。

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Amid the high and lows, Intel has managed to retain its supremacy in the semiconductor industry for twenty consecutive years.

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You see very high - the highest are high, but the lows are very low.

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The highs will be high and the lows will be low being able to recognize when to move on, and then continuously learn and grow from that failure as quickly as possible will be your biggest asset.

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