"전설로 떠나는 월가의 영웅" 원서로 공부하기 9편

* 전설적인 펀드 매니저 피터 린치의 "전설로 떠나는 월가의 영웅" 원서를 통해 투자공부와 영어공부, 두 마리 토끼를 모두 잡기 위한 컨텐츠입니다. 

 

* 원서 제목은 "One up on wall street" 입니다.

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6장 Stalking the Tenbagger, 아홉 번째 시간입니다.

 

 

# Perhaps a winning investment seems so unlikely in the first place that people can best imagine it happening as far away as possible, somewhere off in the Great Beyond, just as we all imagine that perfect behavior takes place in heaven and not on earth. Therefore the doctor who understands the ethical drug business inside out is more comfortable investing in Schlumberger, an oil-service company about which he knows nothing; while the managers of Schlumberger are likely to own Johnson & Johnson or American Home Products.

 

☞ ethical : involving the principles used for deciding what is right and what is wrong

ethical issues/standards/objections

☞ in the first place : used for stating the most basic reason for something

There were several reasons he couldn’t sleep. In the first place, Peg snored.

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# True, true. You don’t necessarily have to know anything about a company for
its stock to go up. But the important point is that (1) the oil experts, on average,
are in a better position than doctors to decide when to buy or to sell
Schlumberger; and (2) the doctors, on average, know better than oil experts
when to invest in a successful drug. The person with the edge is always in a
position to outguess the person without an edge—who after all will be the last to
learn of important changes in a given industry.

 

☞ edge : an advantage that makes someone or something more successful than other people or things

give someone​/​something an​/​the edge over someone​/​something: 

Training can give you the edge over your competitors.

have the edge over someone​/​something: 

Once he can get a clear run he is confident he has the edge over his rivals.

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# The oilman who invests in SmithKline because his broker suggests it won’t
realize that patients have abandoned Tagamet and switched to a rival ulcer drug
until the stock is down 40 percent and the bad news has been fully “discounted”
in the price. “Discounting” is a Wall Street euphemism for pretending to have
anticipated surprising developments.

 

☞ euphemism : a word or expression that people use when they want to talk about something unpleasant or embarrassing without mentioning the thing itself

‘Social exclusion’ seems to be the latest euphemism for poverty.