The Economist 经济学人 经济学家 中文版

Russia’s new president
俄罗斯新总统
Enter, pursued by a new bear
新熊入主克里姆林宫
May 8th 2008
From The Economist print edition
The West should hang tough with President Dmitry Medvedev
西方应对新总统梅德韦德夫持强硬立场

路透社

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IT HAS been a busy week in Moscow. First Dmitry Medvedev was inaugurated president. A day later his predecessor, Vladimir Putin, became his new prime minister. Then on May 9th Moscow planned to mark the annual Victory Day celebrations with the first parade of tanks and nuclear missiles through Red Square since the end of the cold war. What should the watching West make of all this?
本周莫斯科忙碌非凡，先是总统梅德韦德夫正式上任，次日，前任总统普京也宣誓就任新任总理。五月九日，俄罗斯计划举行盛大游行庆祝胜利日，届时，坦克和核弹将穿越红场，这在冷战结束以来，实属首次。冷眼旁观的西方应当对此采取如何应对措施？
继续阅读“[2008.05.10]Enter, pursued by a new bear 新熊入主克里姆林宫”

by yizhongren

Smoking
吸烟

How to save a billion lives
如何挽救10亿生命

Feb 7th 2008 | NEW YORK
From The Economist print edition
A war against the weed spreads and escalates, though the odds are unequal
反烟斗争：扩散升级，胜算不一。

（图片来源：Panos）

EVEN more than tempting liquors like tequila, tobacco is a pleasure that the Old World wishes it had never taken from the New. In 1492, when Christopher Columbus was met by tribesmen with “fruit, wooden spears and certain dried leaves which gave off a distinct fragrance”, he threw the last gift away. But his shipmates brought home the custom of sucking in the smoke, and the taste spread so rapidly that in 1604 King James I of England was prompted to issue a denunciation of the “manifold abuses of this vile custome”.
烟草，比烈性龙舌兰酒更诱人，但是东半球多么希望它从来没有从美洲引入这一享受。1492年，克里斯托弗·哥伦布 (Christopher Columbus）登上新大陆，当地部落族人把散发独特香味的果子、木剑和干叶子”赠予他，他把那些干叶子统统扔掉了。但他的船员们把吸烟的习惯带回了家，这一风气流传得非常迅速促使1604年英王詹姆士一世（King James I ）对“各种形式的放纵这种恶习”发表谴责。

继续阅读“[2007.02.07] How to save a billion lives 如何挽救10亿生命”

 Private equity
私募股本

The uneasy crown
不安的国王
Feb 8th 2007 | DAVOS, LONDON AND NEW YORK
From The Economist print edition

The buy-out business is booming, but capitalism’s new kings are attracting growing criticism
收购业务繁荣发展，但资本主义的新国王们却正招来越来越多的非议。

HEROD was not the monarch this newspaper had in mind when in 2004 it proclaimed the leaders of the private-equity industry the “new kings of capitalism”. It was Louis XIV perhaps—the sort of ruler whose kingdom grew rapidly in size, power and reputation, just as private-equity firms have done.
希律王(Herod)[注]肯定不是本报心目中的那种君王，2004年，本报曾宣布私募股本业的领导者是”资本主义的新国王”。也许只有路易十四这样的君主才能与他们相比–领地，权力和声望三方面都扩张极速。

继续阅读“[2007.2.8]Private equity:The uneasy crown 私募股本:不安的国王”

What’s it all about, alpha?
是阿尔法么?
Mar 22nd 2007
From The Economist print edition

Demystifying fund managers’ returns
解读基金经理的效用

TOO many notes. That’s what Emperor Joseph II famously said to Mozart on seeing his opera “The Marriage of Figaro”. But surely to think of a musical work as just a series of notes is to miss the magic.
约瑟二世看完<费加罗德婚礼>后赞道”实在太多音符了”-他把音乐巨作当作一堆音符来欣赏。Could the same be said about fund management? It is the fashion these days to separate beta (the systematic return delivered by the market) from alpha (the manager’s skill). Investors are happy to pay high fees for the skill, but regard the market return as a commodity. Distinguishing the two is, however, difficult.
这种事情也发生在基金上了。最近很流行把Beta(市场系统性回报)和Alpha(基金经理人的技巧)分开来分析。投资人乐意为技巧付出高昂的费用，但认为市场回报是理所当然。然而区分两者也许不那么容易。

继续阅读“[2007.03.22]Buttonwood-What’s it all about, Alpha ?是阿尔法么?”

Hedge funds
对冲基金

Lifting the lid揭开面纱

Jan 25th 2007
From The Economist print edition

A battle is on for the spoils as secretive funds go public
争夺秘密基金上市的战利品

BACK in the 17th and 18th centuries, Britain and the Netherlands fought for control of trade routes across the high seas. Today a more genteel contest is taking place across the English Channel, but the potential booty is also lucrative. Stock exchanges are vying to attract public listings from alternative investment funds, including private-equity and hedge funds. Hitherto these were accessible mostly to very rich individuals and institutions. Now anyone can take a punt.

十七、十八世纪英国和荷兰争夺公海贸易航线控制权，今天海峡两岸进行着一场文明的竞争，战利品依旧诱人。证券交易所争相吸引包括私募股本以及对冲基金在内的另类投资基金挂牌。以前这些投资只有超级富翁和机构投资者才能参与，而现在任何人都可以玩上一把了。 继续阅读“[2007.01.25]Hedge funds-Lifting the lid 对冲基金-揭开面纱”

Europe’s railways
欧洲铁路A high-speed revolution
高速革命

Jul 5th 2007 | BRUSSELS, FRANKFURT, PARIS AND STRASBOURG
From The Economist print edition

European railways form an alliance to promote swifter international travel
欧洲铁路形成一个联盟用以提升更快的国际旅行

AS THE fastest train in Europe reaches its top speed of 320kph (200mph) the glasses of wine on the bar barely wobble. Champagne country is a blur as the train tears along Europe’s newest high-speed line—the first to link France and Germany. France’s Train à Grande Vitesse (TGV) can now travel between Stuttgart and Paris in only three hours 40 minutes instead of six hours. The latest generation of Germany’s Inter-City Express (ICE) trains has similarly shrunk the journey time between Frankfurt and Paris.
当欧洲最快的列车达到它每小时320公里（每小时200英里）最高速度时，吧台上那些杯中的酒竟然很少晃动。当列车飞驰在第一条连接法兰西和德国的欧洲最新的高速线上时，香槟之国有些看不清楚了。法兰西的法国高速列车（TGV）现在可以在3小时40分钟内从斯图尔特跑到巴黎，而不是6个小时。最新一代德国城际快速列车（ICE）让法兰克福和巴黎间的旅行时间也相应缩短了。

继续阅读“[2007.07.05] Europe’s Railways – A high-speed revolution”

Media
媒体 Rupert gets his trophy
鲁珀特得到了他的战利品
Aug 1st 2007 | NEW YORK
From Economist.com

Rupert Murdoch has won Dow Jones, demonstrating his dealmaking prowess
赢了道琼斯，鲁珀特.默多克展现了其高超的并购技巧

NEWS reports suggested that the result was in doubt right up to the end, but Rupert Murdoch’s admirers were certain that he would prevail. “Rupert doesn’t ask questions to which he doesn’t already know the answer,” says one fellow media mogul. So when Mr Murdoch’s News Corporation offered in April to buy Dow Jones, the owner of the Wall Street Journal, he was already pretty sure that the reply, which eventually came in the early hours of Wednesday August 1st, would be yes—and it was.
新闻报道都暗示现在盖棺定论还为时尚早，但是鲁珀特.默多克的粉丝们都确信他会获胜。“鲁珀特不会打无把握之战，”一位同行的媒体大亨如是说。因此四月份当默多克先生的新闻集团提出购买道琼斯时——华尔街日报的东家——他就已经非常确信会有一个肯定的答复，这个答复最终在8月1日星期三一早敲定——答案确实是可以。

继续阅读“[2007.08.01]Rupert gets his trophy默多克胜了”

Pakistan

On edge

巴基斯坦：如履薄冰

Jan 31st 2008 | LAHORE
From The Economist print edition

If he rigs, he may have to rig big
窃国者侯

THE army is battling a Taliban insurgency in the tribal areas of the Afghan border, in which hundreds have been killed in recent weeks. In the cities, activists shouting “Go, Musharraf, Go!” are up in arms about alleged pre-election rigging of the vote due on February 18th. Yet Pakistan’s increasingly edgy president, Pervez Musharraf, went on a ten-day European jaunt to tell the West why he is still Pakistan’s best bet in the “transition to democracy” and the “war against terror”.
　　在与阿富汗接壤的部族地区，巴基斯坦的军队正与塔利班武装交火，几周以来已有数百人丧生。在城市里，激进分子们高呼着“滚，穆沙拉夫，滚！”，宣称穆沙拉夫在2月18日即将到来的大选的准备活动中有舞弊现象，并对此大加鞭挞。巴基斯坦国内局势动荡不安，佩尔维兹·穆沙拉夫却到欧洲进行了为期十天的短期访问，向西方社会游说，声称自己仍是巴“民主转型”与“反恐战争”的最佳人选。

继续阅读“[2008.01.31]PAKISTAN-On Edge（巴基斯坦：如履薄冰）”

The Democratic race民主党竞选

His to lose奥巴马还会输吗？

Feb 14th 2008 | WASHINGTON, DC
From The Economist print edition

 

Barack Obama is now the clear front-runner for the Democratic nomination

巴拉克.奥巴马现在显然已经是民主党提名候选人中的领先者了

ON SATURDAY February 9th an overflowing crowd of Virginians got a chance to see the Democratic presidential candidates giving duelling speeches at the Jefferson-Jackson dinner in Richmond. More interesting than anything the candidates said, however, was the detritus afterwards. The crowds stripped the place clean of Obama signs, tearing every last one off the walls. Hillary signs were abandoned on chairs and trampled under foot.

2月9日星期六在Richmond举行的Jefferson-Jackson晚宴会中，人潮涌动的弗吉尼亚选民们获得了一个机会现场聆听民主党总统候选人发表的决战演说。会后满地的狼藉似乎比奥巴马演讲的任何内容更加有趣。人们把所有奥巴马的竞选标语、旗帜都从墙上取下来；而希拉里的则被扔弃在椅子上或者被践踏在脚下。

继续阅读“[2008.02.14]The Democratic race-His to lose 奥巴马还会输吗？”

The world economy
世界经济

Japain
大涸时代
Feb 21st 2008
From The Economist print edition

The world’s second-biggest economy is still in a funk—and politics is the problem                  世界第二大经济大国一蹶不振，政策不利竟是元凶

THE ghost of Japan’s “lost decade” haunts the United States. As the consequences of America’s burst housing bubble are felt through financial markets, it has become popular to ask whether Japan’s awful experience of boom-and-bust has lessons for other rich countries facing, at best, sharp slowdowns. Japan’s property-and-stockmarket bubble burst in 1990, creating bad loans equivalent in the end to about one-fifth of GDP. The economy began growing properly again only 12 years later, and only in 2005 could Japan say it had put financial stress and debt-deflation behind it. Even today the country’s nominal GDP remains below its peak in the 1990s—a brutal measure of lost opportunities.
“失去的十年”是日本经济挥之不去的阴霾，现在又缠上美国了。目前，国际金融市场广受美国房产泡沫余波影响，业内广为关注的一个问题是其他发达国家能否吸取日本经济从一飞冲天到持续低迷的悲惨教训，以更好地面临—最乐观估计—经济大幅放缓的挑战。1990年，日本房产和股市泡沫破裂，因此造成的坏账最后占国内生产总值的五分之一。12年后，日本经济才有复苏迹象。直到2005年，日本才终于可以说是摆脱了财政压力和债务紧缩。即使是今天，日本的名义国内生产总值也低于90年代的峰值—这残酷地表明日本失去的机会有多少。

继续阅读“[2008.2.21] Japain 大涸时代”