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初中英语强化训练复习11



Reading Comprehension Part 4 The past few years have not been kind to Wall Street's equity analysts. Accused of helping to inflate the internet bubble, new regulations were imposed upon t

hem after it popped. Research budgets subsequently tumbled. Fund managers are increasingly bypassing the widely distributed wares of traditional research providers, turning to specialist firms instead. Less than six months ago, Merrill Lynch's head of research complained that Wall Street analysis was being “Napsterised”, or pirated. Some big financial firms, such as Prudential, have closed their research arms. Others are pondering their future in the business. To cap it all, a recent study suggested that it was all too easy for companies to buy the loyalty of those who cover their stock. The analyst's heyday would seem to be long gone. But times are changing again. As markets sputter, analysts are regaining some clout. American shares plummeted on August 28th partly because Merrill Lynch's Guy Moszkowski cut his rating on several banks. Another Merrill analyst had earlier caused an even bigger quake by downgrading Countrywide, a big mortgage lender. And shares in Bear Stearns leapt when Dick Bove, an analyst with Punk Ziegel, merely pondered the possibility that the broker might receive a cash infusion from a foreign investor. One explanation for this revival of influence is that, with markets so febrile, any shift in opinion is bound to have an exaggerated effect. But there may be more to it than that. As uncertainty grows, investors seem to be placing a higher value on research than they did only months ago. There is nothing new in this, reckons Mr Bove, a 40-year veteran of the industry. He asserts that nobody cares what analysts think in the good times, when what matters is deploying your money as quickly as possible. But the tables quickly turn when markets fall, as investors seek to steady their portfolios. Mr Bove argues that the golden age for equity analysts was the long bear market of the 1960s and 1970s, when advice on how to avoid losing money was highly treasured. Another factor is the loss of faith in “quant” funds, which trade using complex computer models. Their recent problems have pushed investors back towards “more bottom-up, fundamental analysis”, says Lara Warner, head of American research at Credit Suisse. “People suddenly want to understand what they're holding.” Recent structural changes also play a part. Since the “Global Settlement” of 2003, which severed the links between investment banks' dealmakers and their research departments, the banks have begun to tie analysts' pay more closely to performance. Bold calls earn bigger bonuses, if they prove correct. Ideas that stand out, and are thus valuable to hedge funds seeking “alpha” (above-market) returns, are also rewarded. The audacity of some analysts stands in contrast to the spinelessness of Moody's and Standard & Poor's, which showered complex structured products with top-notch ratings and then twiddled their thumbs until they could no longer avoid downgrading them. By growing too cosy with their paymasters in structured products—the banks that package them—the rating agencies have ended up hopelessly in knots. A bit like equity analysts during the dotcom boom, in fact. 1. According to the first paragraph, which of the following statement is true about the Wall Street’s equity analysts? {A}=> Their value were severely doubted and criticized by all. {B}=> They were accursed of exaggerating the values of the internet stocks. {C}=> They were facing the reverse trend of their business popularity. {D}=> Big firms were beginning to abandon them.

2. The result of the study mentioned in the first paragraph implies that _______________________________ {A}=> the company need not Wall Strett’s equity analysis any more. {B}=> the stock holders are less depandent on the equity analysts. {C}=> suggestions by the Wall Street euqity analysts are worthless. {D}=> shareholders are more sophisticated after the internet bubble popped. 3. The analysts are regaining their influence recently because of the following reasons except_______________________________ {A}=> the investors need more suggestions on their portfolios. {B}=> the market is now turning to be more tolerant of analysts’ exaggeration. {C}=> the analysts are separated with the banks. {D}=> the quant funds have some problems in trading. 4. Who are more likely getting high pays from the banks after the “Global Settlement”? {A}=> analysts who provide bold calls on the equity. {B}=> analysts who could bring good returns for the funds. {C}=> analysts who could provide correct evaluations. {D}=> analysts who could hedge funds. 5. The rating agencies are a bit like equity analysts during the dotcom boom in that_______________________________ {A}=> they tend to inflate the value of internet stocks. {B}=> they have too close association with their clients. {C}=> they have not evaluated the structrued products properly. {D}=> they were reluctant to downgrade their products. 篇章剖析: 这篇文章讲述了华尔街股票分析师面临的一些情况;第一段讲述了人们对股票分析师的批 评;第二段讲述目前大家对股票分析师的态度又有了新改变;第三、四、五段是发生新变化 的原因;第六段讲述分析师目前的特点。 词汇注释: heyday n. 全盛期 clout n. 影响 sputter v. 发劈啪声 febrile adj. 发热的 portfolio n. 资金组合 quant n. 运用数学和相关学科的专家 难句突破: (1) And shares in Bear Stearns leapt when Dick Bove, an analyst with Punk Ziegel, merely pondered the possibility that the broker might receive a cash infusion from a foreign investor. { 主 体 句 式 }=> And shares in Bear Sterns leapt when Dick Bove merely pondered the possibility? {结构分析}=> 这是一个复合句,when 引导的是句子的时间状语;在该时间状语中 that 引 导的是 possibility 的佟韦钰从句。 {句子译文}=> 而 Punk Ziegel 的分析师 Dick Bove 仅仅考虑了股票经纪人有可能会接受外 国投资者的融资,这就使得 Bear Stearn 股票出现了震荡。 (2) Mr Bove argues that the golden age for equity analysts was the long bear market of the 1960s

and 1970s, when advice on how to avoid losing money was highly treasured. {主体句式}=> Mr Bove argues that? {结构分析}=> 这是一个复合句,that 引导的是宾语从句;该从句中,when 引导的是时间状 语从句。 {句子译文}=> Bove 先生认为股票分析师的黄金时期是上世纪 60 年代到 70 年代的长期熊 市,当时那些有关如何避免资金损失的建议得到很高的评价。 题目分析: 1. According to the first paragraph, which of the following statement is true about the Wall Street’ s equity analysts? 1.根据第一段,下列关于华尔街的股票分析家的陈述哪一项是正确的? {A}=> Their value were severely doubted and criticized by all.{A}=>人们严重怀疑和批评他们 的价值。 {B}=> They were accursed of exaggerating the values of the internet stocks.{B}=> 人们指责他 们夸大了网络股票的价值。 {C}=> They were facing the reverse trend of their business popularity.{C}=>他们面临着事业下 滑的趋势。 {D}=> Big firms were beginning to abandon them.{D}=>大公司开始遗弃他们。 {答案}=> B {难度系数}=> ☆☆☆☆ {分析}=> 细节题。主要要理解 “helping to inflate the internet bubble” 的意思, “吹大了网 络泡沫” ,就是将网络股票估值过高。因此答案为 B 选项。A 和 D 选项的表述都过于绝对, 不符合文章的原文。C 选项有一定的干扰性,但是要注意文章第一段最后一句话指出“The analyst's heyday would seem to be long gone” ,从 would seem to 可以看出这是一个虚拟语气、 表示假设的状况,因此该选项错误。 2. The result of the study mentioned in the first paragraph implies that _______________________________ 第一段提到的研究结果暗示了_______________________________。 {A}=> the company need not Wall Strett’s equity analysis any more. {A}=>公司不再需要华尔 街股票分析了。 {B}=> the stock holders are less depandent on the equity analysts.{B}=>股票持有人不再依靠股 票分析了。 {C}=> suggestions by the Wall Street euqity analysts are worthless.{C}=>华尔街股票分析家的 建议是毫无价值的。 {D}=> shareholders are more sophisticated after the internet bubble popped.{D}=>股票持有人在 互联网泡沫挤破后更加怀疑了。 {答案}=> D {难度系数}=> ☆ {分析}=>推理题。第一段提到“To cap it all, a recent study suggested that it was all too easy for companies to buy the loyalty of those who cover their stock” ,即研究表明公司们以前想要买到 股民们的忠诚真是太简单了,那么现在股民们就不会这样了,因此,选项中 D 符合题意。 3. The analysts are regaining their influence recently because of the following reasons except_______________________________2.分析师们近来又恢复了影响, 这是因为以下除了 OKNew_OKNew_外的原因。 {A}=> the investors need more suggestions on their portfolios.{A}=>投资者需要关于他们投资 组合得更多建议。

{B}=> the market is now turning to more tolerant of analyst’ exaggeration.{B}=> 市场现在能 够更加容忍这些分析师的夸张描述。 {C}=> the analysts are separated with the banks.{C}=> 分析家和银行分离了。 {D}=> the quant funds have some problems in trading.{D}=>理学基金在交易方面存在一些问 题。 {答案}=> B {难度系数}=> ☆☆☆ {分析}=> 细节题。A 选项,文章第三段中提到了这点;D 选项, 第四段提到了这点;C 选 项, 第五段提到了这点。 而 B 对应于第三段的 “One explanation for this revival of influence is that, with markets so febrile, any shift in opinion is bound to have an exaggerated effect” ,即“这 种影响重新恢复的原因是市场处于高热状态,任何观点的变化都会产生扩大的效果” ,这与 选项的表述相左。因此,答案为 B 选项。 4. Who are more likely getting high pays from the banks after the “Global Settlement”?4.“全 球调整”后谁可能从银行取得高工资? {A}=> analysts who provide bold calls on the equity.{A}=> 那些声音很大的分析师。 {B}=> analysts who could bring good returns for the funds.{B}=> 可以为基金取得较好收益的 分析师。 {C}=> analysts who could provide correct evaluations.{C}=> 可以提供正确估值的分析师。 {D}=> analysts who could hedge funds. {D}=> 可以套期保值基金的分析师。 {答案}=> B {难度系数}=> ☆☆☆ {分析}=> 细节题。根据第五段,那些观点正确且声音很大的分析师收益高,A 只涉及一个 方面;对套期保值基金有价值的的分析师的意见也可以由高回报,那么 B 选项是正确的。 5. The rating agencies are a bit like equity analysts during the dotcom boom in that_______________________________5. 评 级 机 构 和 网 络 时 代 的 分 析 师 相 同 之 处 在 于 _______________________________ {A}=> they tend to inflate the value of internet stocks.{A}=>他们倾向于网络股票价值的上升。 {B}=> they have too close association with their clients. {B}=> 他们和客户有过于亲密的关 系。 {C}=> they have not evaluated the structrued products properly.{C}=> 他们没有正确地评估产 品价值。 {D}=> they were reluctant to downgrade their products.{D}=> 他们不愿意降低自己产品的级 别。 {答案}=> C {难度系数}=> ☆☆☆ {分析}=> 推理题。根据最后一段“By growing too cosy with their paymasters in structured products—the banks that package them—the rating agencies have ended up hopelessly in knots. A bit like equity analysts during the dotcom boom, in fact” ,评级机构和结构产品的发薪商过于勾 结,最终不能给予产品正确评级,就和网络时代分析师过高评估股票一样,因此答案为 C 选项。 参考译文: 过去的几年对于华尔街的股票分析师们可不是好过的日子。 他们被人们指责过分夸 大了网络泡沫,因此在泡沫破灭后政府就出台了限制他们的一些法规。研究预算下降了,基 金经理不再关心传统研究提供那种到处都有的服务了,而是转向了专业公司。6 个月前,美

林公司研发主任抱怨说华尔街的分析是“孤注一掷的” ,或者说是剽窃的。一些大的金融公 司如 Prudential 已经关闭了其研究部门。其他的也正在考虑该行业的未来会如何发展。近期 的一项研究表明, 公司们想要买到股民们的忠诚真是太简单了。 分析师的全盛时期已经不复 存在了。但是形势又发生了变化。随着市场的回转,分析师又开始产生了一定的影响。因为 美林公司的 Guy Moszkowsk 调低了对几家银行的评级,美国股票于 8 月 28 日大幅下跌。另 外一位美林公司的分析师因为降低了大型抵押贷款公司 Countrywide 的评级,引发了更大的 震动。而 Punk Ziegel 的分析师 Dick Bove 仅仅考虑了股票经纪人有可能会接受外国投资者 的融资,这就使得 Bear Stearn 股票出现了震荡。分析师影响重新恢复的原因在于市场处于 高热状态,任何观点的变化都会产生扩大的效果。但是可能还有别的原因。随着不确定性的 增加,投资者现在比以前更加看重研究。该行业一位有着 40 年经验的 Bove 先生认为这不 是什么新现象。 他认为在经济好的时候没有人关心分析师们在想什么, 那时候关键就是如何 最快地部署资金。但是一旦市场砸盘,一切就都变了,投资者们就开始寻求如何将自己的资 金组合稳定住。Bove 先生认为股票分析师的黄金时期是上世纪 60 年代到 70 年代的长期熊 市, 当时那些有关如何避免资金损失的建议得到很高的评价。 另外一个因素就是人们丧失了 对“理学”基金的信心,这些基金利用复杂的计算模式来进行投资。基金最近出现的问题将 投资者推回到“更加至下而上的基础分析” ,美国瑞士信贷研究主任 Lara Warner 说。 “人们 忽然想要知道他们手里拿的是什么了。 ” 最近的结构变化也起到了一定的作用。 2003 年的 “全 球调整” 切断了投资银行和研究部门的联系, 自此后银行开始将分析师的公司与其业绩更加 紧密联系在一起。如果观点正确的话 ,声音越大赚的红包就越多。而比较突出的对那些寻 求 a 利润(高于市场)的基金那些有价值的突出想法也受到奖励。一些分析师的大胆与穆迪 以及标准普尔指数的分析师的胆小形成了对比, 后者摆出高等级的复杂结构产品, 然后开始 扭手指直到不得不降级。因为在结构产品中与发薪商(打包结构产品的银行)过于勾结,评 级机构最终得到的都是失望。就好像在网络繁荣时代的股票分析师一样。 I 专项练习 1. If you want to sell your product you must _______________________________ it. A. advertise B. advertise for C. advertise on D. advertise to 【陷阱】容易误选 B,认为 advertise 的意思是“做广告” ,advertise for 的意思“为??做 广告” 。 【分析】事实上,正确答案为 A. advertise 可用作及物和不及物动词:用作及物动词时,其 意为“为??做广告” 、 “登广告宣传” ;用作不及物动词时,其意为“做广告” 、 “登广告” , 此时通常后接介词 for,表示“做广告征求” 。比较: advertise for sth (sb) 登广告征求或寻找某物或某人 (此时 advertise 不及物) advertise sth 为??登广告,登广告宣传??(此时 advertise 是及物动词,其后要直接跟 被宣传的东西作宾语) People advertise things that they wish to sell. 人们为要卖的东西登广告。 The manager wants to advertise for a new secretary. 经理想登广告招聘一位新秘书。 再比较以下用例: advertise jobs 登广告招人 advertise for jobs 登广告求职 2. No matter how much you’ve learned and how high a standard of education you have had, you must _______________________________ the people heart and soul.

A. serve B. serve for C. serve to D. serve on 【陷阱】容易误选 B,即字对字地翻译汉语的“全心全意为人民服务” ,将其中的“为”译 为 for. 【分析】答案选 A,serve 意为“为??服务” ,可直接用作及物动词,其后不能按汉语意 思误加介词 for.请看以下类似例子: 3. I _______________________________ you yesterday, but you weren’t in. A. rang B. rang to C. rang with D. rang to 答案选 A,ring 可以用作及物动词,表示“给??打电话” ,故其后不用介词。 4. Neither of her parents wanted her to _______________________________ her cousin. A. marry B. marry to C. marry with D. marry for 答案选 A,marry 可用作及物或不及物动词,用作及物动词时它的意思“与??结婚” ,而 不仅仅是“结婚” ,也就是说,后接宾语时,无需用介词 to, with 等。 5. How can I _______________________________ you, Mr. Green? A. contactB. contact with C. contact toD. contact for 答案选 A,contact 为及物动词,表示“与??联系” ,其后不接介词。 3. According to the rules, students must not _______________________________ their books during examinations. A. read B. watch C. notice D. look at 【陷阱】容易误选 A.因为按照英语一般习惯:看书看报用动词 read,看电视用动词 watch, 看电影用动词 see,看比赛用动词 watch,看黑板用动词 look at,等等。 【分析】一般说来,汉语的“看书”至少有两层意思,一是指阅读性地看书,即看书=读书, 此时通常用动词 read;另一种看书则不是指阅读性地看书,而只是大概地翻一翻或看一看, 比如看看书的封面、定价、内容提要等,或者回答问题时看看书的某些章节或字句以及考试 时偷看书本等等,此时通常都不宜用动词 read,而应根据情况选用其他动词(如 look at) 。 又如: Let me have a look at the book. 让我看看或翻翻这本书。 Please answer my questions without looking at your books. 请不看书回答我的问题。 6. “ I love traveling. I hope to go with you this time. ” “ But does your mother _______________________________ you to go?” A. let B. agree

C. allow D. promise 【陷阱】几个干扰项均有可能误选。 【分析】最佳答案为 C.不能选 A 是因为 let 后用作宾语补足语的不定式不能带 to;不能选 B 是因为动词 agree 习惯上不用于 agree sb to do sth 这一句式; 不能选 D 是因为在 promise sb to do sth 这一句式中,to do sth 的逻辑主语是 promise 的主语而不其是宾语,比如 He promised me to go 的意思是“他答应我,他去” ,而不是“他答应我让我去” 。之所以能选 C, 是因为 allow sb to do sth(允许某人做某事)与上文语境刚好吻合。 7. If they _______________________________ to make heart-felt apologies soon we will have to bring an action against them. A. disagreed B. refused C. agreed D. hoped 【陷阱】 容易误选 A, 根据 agree to do sth (同意做某事) , 想当然地类推出 disagree to do sth (不同意或不愿意做某事) 。 【分析】事实上,语言有很多问题是不能类推的,如上面这一例,英语可说 agree to do sth, 但习惯上却不说 disagree to do sth.类似地,英语中可说 like doing {to do}=> sth,但在现代 英语中习惯上说 dislike doing sth,却不说 dislike to do sth.其实上面一题的最佳答案是 B, refuse to do sth 意为“拒绝做某事”或“不愿做某事” 。



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