专八英语阅读题模拟练习及答案.docx

专八英语阅读题模拟练习及答案

2017年专八英语阅读题模拟练习及答案 Theclimber,getpastthefootprintsareunfortunately,losttoforwarddirectionisverydangerous.以下是小编为大家搜索整理的2017年专八英语阅读题模拟练习及答案，希望能给大家带来帮助!更多精彩内容请及时关注我们应届毕业生考试网! Theincreaseinthemarginratefrom50%to70%wasnotanattempttostemanyrampantspeculationonthepartofthepublic—actuallythemarketseemedtechnicallyquitestrong,withpublicparticipationessentiallydignified—butratheranattemptbytheFederalReserveBoardtopreservethesoundunderpinningsthatexistedinthemarket.Naturally,suchamovehadamomentarilychillingeffectuponpricesbutiftheFRBhadbeenpreoccupiedwithunduespeculation,theincreasemighthavebeentothe80%oreven90%level.Suchanincreasesinthemarginrateisaconfirmationofastrongstockmarketandsince19…,suchincreaseshaveresultedininterimmarkethighsovertwelvemonthslater.Obviously,therecouldbenoguaranteethatthiswouldonceagainbethecase,butifhistoryisanyguideline—andifbusinessandcorporateearningsweretocontinueonthesamecourse—continuedoptimismovertheoutlookforthestockmarketwouldseemmoreprudentthanpessimism. Themarginincreaseunderscoredthegoodrisethatstockshadenjoyedforthepreviousyear—andthefactthata50%ratewasmaintainedaslongasitwaspointedupthefactthattherisewasmainlyconservativeinthatitwasconcentratedinthebluechipsforthemostpart.InpastInvestmentLetterswehavevoicedthethoughtthatspecialitystockscouldoutperformthegeneralmarketfromthispoint.Wecontinuetobelievethatthiscouldbethecase.Forexample,steelstockstendtosellatcertainfixedprice/earningsratios.Belowacertainratiotheyareconsideredgoodvalue—aboveacertainratio,overpriced.Ifacompanyproducesauniqueproductitisfarmoredifficultformarketanalysistoplaceanumericalratiouponthecompany’searnings.WehavealsocontendedinthepastLettersthatthestockmarketreflectsmasspsychologyaswellasthebusinessoutlook.Wheninvestors—boththepublicandtheinstitutions—arenervousandpessimistictheydefinitelyhesitatetobuystocks:theyseeklowprice/earningsmultiplesandhighyields.Thesesameinvestors—whentheyare