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Now Your Turn
A: Mr. Smith, though your company has grown fast few years, the market is changing the rapidly. So you need to think the long term and take proactive measures; otherwise, you’ll find it behind the competition.
B: You’re quite right, but can you be more specific about what we must do?
A: Don’t you think your company is a bit short of funds to expand production at the moment. B: That’s right.
A: You simply can’t afford to upgrade your facilities without large external investments. B: Perhaps I have to borrow money from the bank. A: It won’t lend you so much money. B: I haven’t tried it.
A: Even if you got a loan, the interest rate for large sum would be more than you can afford. I’m
convinced, the only way to gather funds you need is to go to public. B: What should I do then?
A: Let me explain the requirements for an IPO.
B: I’m all ears. I want to have a thorough understanding of what this entails before I make further
decisions.
A: The important point is that you have to demonstrate that you are financially qualified to be
launched on the stock market. You must show you have a capital of 50 million yuan. B: Our company does have that amount of money. Are there other requirements?
A: You have to prove that the company has been making a profit in the past three years. It’s also
essential that there are no false financial reports.
B: Ok, no problem. I’ll try to go through the Registration procedure to get our company listed.
MODEL 3 Nothing is certain n the stock
market
Susan: Hey, Chris, have you read the paper today? Chris: No. why? What’s up?
Susan: The store market has dropped again.
Chris: Oh, no! Not again! How many points did it lose this time? Susan: One hundred.
Chris: Let’s see…that’s a drop of three percent. Well, there goes the money I was going to use to
buy a new car.
Susan: Before you get upset, I think you should look at the stock listings for today. Chris: What for?
Susan: Well, some stocks actually gained, especially telecom stocks.
Chris: Let me see that paper. You’re right! My stock went up five percent overnight! That’s great! Susan: For now, anyway. It may plunge tomorrow.
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Chris: you’re right. I’m going to call my broker cash in my stocks. I’m not taking any more
changes with my savings.
Susan: You’re wisher than most people I know. Sometimes it’s better to play it safe.
Now Your Turn
A: Hey, Jack, I hear you become a millionaire by investing in the stock market. But I always lose
money in the market. Can you give me a few tips?
B: First of all, let’s look at the stock listing in today’s newspaper. A: Wow, the stock market dropped again. B: What stock did you buy? A: BCD.
B: How many points did it lose this time? A: More than a hundred.
B: Let’s see…That’s a drop of nearly five percent.
A: Oh, there goes a lot of my money. I’m thinking about pulling out of the market. B: Before you get upset, I’d like to give you some advice. A: What’s that?
B: Well, the market is cyclical. Through you’re losing money now, your stock may gain in future.
Personally, I believe your stock is a good one. You’d better keep it until it goes up one day. A: So I can’t make money in a short time?
B: Let’s look at XYZ stock. It’s now a junk stock, but it’s been low for a long time. It may climb
up at any moment.
A: So, I’ll buy it and wait for it to go up.
B: And cash in your stock when it reaches a point that is high enough to give you a profit. My
basic principle is to buy at the bottom and sell at the peak.
A: I see. I’ll buy low and sell high. But what if XYZ plunges again after I buy it? B: You have to take changes. There’s always risk in the stock market.
Let’s Talk
Gregory: I’ve been thinking about getting into the stock market, but I don’t know where to start.
What do you know about buying stocks?
Sylvia: Well, I have a few investments, so I know a little about it. Now it is probably a good
time to invest. The market is low; prices are probably pretty good.
Gregory: So you mean it’s high time to enter the market? What kind of stock do you suggest?
Sylvia: I won’t recommend any specific stock. You have to make the decision on your own. If
you want to make money quickly, you could try speculating.
Gregory: What do you mean by speculating?
Sylvia: You buy stocks that go up quickly for a fast profit.
Gregory: Isn’t that risky? Stocks that go up fast also tend to go down fast.
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Sylvia: You just have to guess how high they’ll go, and then sell when you think they are about
to come down. If you guess right, you can make lots of money in the blink of an eye.
Gregory: But I hear that many people guess wrong. When they think the market is already very
low, they start to buy. Then the market continues to drop.
Sylvia: In that case you will lose your shirt. But to make money, you have to take changes. Gregory: Hmm, I’m not much of a gambler.
Sylvia: So you probably want to stick to blue chip stocks for a guarantee return on your
investment.
Gregory: That sounds right up my alley.
Gregory is thinking about getting into the stock market and wants to know how to buy stocks.Sylvia say the market is low, so prices are probably pretty good. Gregory sees it is high time to enter the market.
Sylvia Suggest speculating, which means buying stocks that go up quickly and then selling quickly for a fast profit.
Gregory finds it risky because stocks that go up fast also tend to go down fast.
Sylvia says that he has to guess how high they will go and then sells when he thinks they’re
about to come down.
Gregory hears that many people guess wrong. When they start to buy, the market continues to drop.
Sylvia says that, to make money, he has to take changes.Gregory admits that he is not much of a gambler.Sylvia suggests that he stick to the blue chip stocks for a guaranteed return on his
investment.
Discussion
A: I’m renting an apartment. If you go on like this, I’ll never have an apartment of my own. So
I’m thinking buying an apartment, but I don’t know whether it’s good time to invest in property.
B: Soon it’ll be high time to buy houses. There’s been good news for buyers lately. A: What’s it?
B: in the light of the speculative investment in real estate, the government has recently issued a number of rules. For example, those who sell newly—bought apartment have to pay a tax. So probably fewer people are willing to speculate in the real estate market, and the housing prices will drop.
A: I have to wait and see. I would be glad even if the prices just remain stable. Any other good news?
B: Some people propose bypassing the real estate developers. They want to pool their funds to build their own apartment buildings. In this way they can cut the costs by a big margin.
A: Sounds interesting, though I’m not sure if it’s practical. About when do you think I should buy an apartment?
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B: Pretty soon. I guess the prices will fall soon.
A: I want to know exactly when. Shall I buy it next week or next month?
B: You just have to guess how low the prices will go, and then buy at the right time.
A: It’s a bit risky because I may guess wrong. After I buy an apartment, the price may plunge
again.
B: You have to take changes and make the decision on your own.
A: Hmm, I’m not much of a gambler. Perhaps I’ll wait and see and continue to live in the rented
apartment.
B: There’s also risk in this. It’s not altogether impossible that housing prices will move up a little
bit. If that’s the case, you’ll have to pay even more in the future.
A: My God, there are risks everywhere! So you’ve told me next to nothing.
Further Listening and Speaking
Task1: what do you know about NASDAQ?
As the world’s largest electronic, NASDAQ is not limited to one trading location. Rather, trading is executed through NASDAQ’s complex computer and telecommunication network, which sends real—time quote and trade data to more than 1.3 million users in 83 countries. Without size and location limitations, NASDAQ’s open market structure allows a virtually unlimited number of participants to trade in a company’s stock.
Today, NASDAQ lists the securities of nearly 4,100 of the world’s leading companies, and each year it continues to help hundreds of companies go public.
Trading on NASDAQ is not limited to any fixed number of participants. This allows a large number of firms with widely different business models and trading technologies to connect to the NASDAQ network and compete on an equal basis. Rather than forcing investors to go through a single financial firms called makers. More than 500 market making firms trade on NASDAQ, acting ad distributors for NASDAQ-listed securities. Those market makers are unique in that they invest own capital in NASDAQ-listed securities, and then turn around and distribute the stock as needed. They are required at all times to post their bid and ask prices in the NASDAQ network where they can be viewed by all participants. By being willing to buy or sell stock using their own funds, the market makers strengthen NASDAQ’s market, ensuing that there are always buyers and sellers for NASDAQ-listed securities and enabling trades to be filled quickly and efficiently.
1. How many participants does NASDAQ allow to trade in one company’s stock? D) An unlimited number.
2. What does NASDAQ’s computer and telecommunications network do? C) It immediately sends quote and trade information to over 1.3 million users.
3. According to the passage, which of the following is true of NASDAQ? A) It has launched more than 4,000 companies.
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4. What role do the market makers play?
B) They buy and sell NASDAQ stocks to help strengthen the market.
5. Which of the following is the best title for the passage? A) The operation of NASDAQ.
Task 2: Stockbroker as Liquidator
In the midst of the shaky market of last week, many brokers got calls from their clients requesting they sell their shares. One broker told such a story:
One of my clients called me on Thursday. He was anxious and out of breath, and spoke with great urgency.
He said to me, “Jone, sell it all. Sell everything, fast, right away.”
I tried to explain to him that the market was cyclical, and that in the long term stocks would return to normal.
He said, “John, let me tell you a secret. You know I’ve been married for sixty years now, and I’ve been your client for five.”
“Yes, go on.” I said encouragingly.
“Well, my wife Lucie has a sort of phobia about the market. When we got married, I promised her that I would follow in her parents’ footsteps and never venture into the stock market and always leave all our money under the mattress. Her great grandparents once lost everything in a great crash, and ever since then her family found investing in the market similar to crime.”
“Wow, Howard, I didn’t know that. I guess you want the money because the market is going down.”
“No, John, I want the money because she ordered a new mattress, and it is being delivered in two days.”
Task 3: A Stock Market Crash
A stock market crash is a dramatic loss of shares of corporations. Crashes often follow speculative stock market bubbles such as the dot-com boom.
After the most famous crash in 1929, known as the Black Thursday when the Dow Jones Industrial Average dropped 50%, there came the Great Depression. The following years saw the Dow drop a total of over 85%.
There was also a crash on Monday, October 19, 1987, known in financial circles as the Black Monday, when the Dow lost 22%of its value in a single day, bringing to an end a five-year bull run. The pattern was repeated across the world.
The stock market downturn of XXXX was part of a larger bear market that took the NASDAQ 75%from its highs and broader indices down 30%.
Stock market crashes are driven by panic as much as by economics factors. They often follow
新视野大学英语视听说教程最新版第三册Unit10答案（含听力原文）.pdf
