"전설로 떠나는 월가의 영웅" 원서로 공부하기 62편, "귀를 열어두다", 영어로 어떻게?
* 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.
이제부터는 11장 The Two-Minute Drill입니다.
# Those are some basic themes for the story, and you can fill in as much detail
as you want. The more you know the better. I often devote several hours to
developing a script, though that’s not always necessary. Let me give you two
examples, one a situation that I checked out properly, and the other where there
was something I forgot to ask. The first was La Quinta, which has been a
fifteenbagger, and the second was Bildner’s, a fifteenbagger in reverse.
☞ check out: to examine someone or something in order to be certain that everything is correct, true, or satisfactory
# CHECKING OUT LA QUINTA
At one point I’d decided the motel industry was due for a cyclical turnaround.
I’d already invested in United Inns, the largest franchiser of Holiday Inns, and I
was keeping my ears open for other opportunities. During a telephone interview
with a vice president at United Inns, I asked which company was Holiday Inn’s
most successful competitor.
☞ "귀를 열어두다" 영어로 어떻게 할까요?
keeping my ears open for other opportunities
그렇다면 눈을 열어두다, 라는 표현도 가능하지 않을까 싶지 않나요? 찾아봤습니다.
keep an eye openin British English
# Asking about the competition is one of my favorite techniques for finding
promising new stocks. Muckamucks speak negatively about the competition
ninety-five percent of the time, and it doesn’t mean much. But when an
executive of one company admits he’s impressed by another company, you can
bet that company is doing something right. Nothing could be more bullish than
begrudging admiration from a rival.
☞ bullish : expecting a successful future
The team was in a bullish mood before the start of the game.
☞ begrudging: If you do not begrudge someone something, you do not feel angry, upset, or jealous that they have got it.
I certainly don't begrudge him the Nobel Prize
# “La Quinta Motor Inns,” the vice president of United Inns enthused.
“They’re doing a great job. They’re killing us in Houston and in Dallas.” He
sounded very impressed, and so was I.
That’s the first I’d ever heard of La Quinta, but as soon as I got off the phone
with this exciting new tip, I got back on the phone with Walter Biegler at La
Quinta headquarters in San Antonio to find out what the story was. Mr. Biegler
told me that in two days he’d be coming to Boston for a business conference at
Harvard, at which time he’d be glad to tell me the story in person.
Between the United Inns man’s dropping the hint and five minutes later the
La Quinta man’s mentioning that he just happened to be traveling to Boston,
the whole thing sounded like a set-up job to sucker me into buying millions of
shares. But as soon as I heard Biegler’s presentation, I knew it wasn’t a set-up
job, and the best way to have gotten suckered would have been not to have
bought this wonderful stock.
☞ sucker : to trick someone into doing something
# The concept was simple. La Quinta offered rooms of Holiday Inn quality, but
at a lower price. The room was the same size as a Holiday Inn room, the bed was
just as firm (there are bed consultants to the motel industry who figure these
things out), the bathrooms were just as nice, the pool was just as nice, yet the
rates were 30 percent less. How was that possible? I wanted to know. Biegler
went on to explain.
☞ Holiday Inn과 동질의 방, 영어로 어떻게 할까요?
rooms of Holiday Inn quality
# La Quinta had eliminated the wedding area, the conference rooms, the large
reception area, the kitchen area, and the restaurant—all excess space that
contributed nothing to the profits but added substantially to the costs. La
Quinta’s idea was to install a Denny’s or some similar 24-hour place next door to
every one of its motels. La Quinta didn’t even have to own the Denny’s.
Somebody else could worry about the food. Holiday Inn isn’t famous for its
cuisine, so it’s not as if La Quinta was giving up a major selling point. Right
here, La Quinta avoided a big capital investment and sidestepped some big
trouble. It turns out that most hotels and motels lose money on their restaurants,
and the restaurants cause 95 percent of the complaints.
☞ 돈은 되지 않고, 돈만 드는 광대한 공간들, 영어로 어덯게 했나요?
all excess space that contributed nothing to the profits but added substantially to the costs.
☞ cuisine : a particular style of cooking food, especially the style of a particular country or region
Thai/Italian cuisine
☞ sidestep : to avoid something difficult or unpleasant
Politicians are very good at sidestepping the questions they don’t like.
# I always try to learn something new from every investment conversation I
have. From Mr. Biegler I learned that hotel and motel customers routinely pay
one one-thousandth of the value of a room for each night’s lodging. If the Plaza
Hotel in New York is worth $400,000 a room, you’re probably going to pay
$400 a night to stay there, and if the No-Tell Motel is built for $20,000 a room,
then you’ll be paying $20 a night. Because it cost 30 percent less to build a La
Quinta than it did to build a Holiday Inn, I could see how La Quinta could rent
out rooms at a 30-percent discount and still make the same profit as a Holiday
Inn.
☞ lodging : a place that you pay to live in temporarily, for example when you are visiting an area