After much contemplation about the deficiencies ofemerging markets as a concept and what would berequired in a more useful descriptor, I believe referring to these investments as Asteriscs, orassets tied to economies of risky countries, does a better job.
在反复思考了“新兴市场这个概念的种种缺陷,以及一个更有用的描述词需要包含哪些要素之后,我认为把这些投资称为Asteriscs(即assets tied to economies of risky countries的首字母缩写,意为“高风险国家经济体关联资产)更为贴切。
The catchy term emerging markets has been a marketing success. It has also been a poorguide for investors. Above all, it is confusingly inconsistent.
“新兴市场这个抓住想象力的词是一个营销上的成功。但对投资者来说,它是一个糟糕的指引。最主要的是,这个词存在令人困惑的自相矛盾之处。
The term describes characteristics of the actual market: a nascent market with low liquidity.It can also refer to a country: an asset class of an “emerging country. Problematically, theterm is often used in both ways simultaneously. Yet, a country can have several markets(equities, bonds, currencies, real estate and others) with different characteristics.
这个词描述了实际市场的特征:一个流动性较低的新生市场。这个词还可以指代一个国家:某个“新兴国家的一个资产类别。问题在于,这个词往往用来同时表述这两层含义。然而,一个国家可能有几个特征各不相同的市场(股票、债券、货币、房地产和其他)。
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