Английский язык. Практический курс для решения бизнес-задач
Шрифт:
16. EV/CF – отношение ценности предприятия к денежному потоку
17. Weighted Average Cost of Capital (WACC) – средневзвешенная стоимость капитала
18. trade up – зд. достичь возможного максимума
19. Return on Invested Capital (ROIC) – доходность инвестированного капитала
20.basket n – корзина (напр. валют)
21. percentage point –
22. Emerging Markets Bond Index (EMBI) – индекс облигаций развивающихся рынков
23. hot money – «горячие деньги» (краткосрочные потоки капитала, обусловленные стремлением воспользоваться более высокими процентными ставками или арбитражной возможностью, «бегство капитала»)
24. basis point (bps) – базисный пункт
25. quasi – якобы, почти, квази-, полу-, кажущийся, подобный
26. equity risk premium – премия за риск, связанный с акциями
Exercise 1. Answer the following questions.
1. How did the Russian stock market perform in 2003? 2. Why is it difficult to assess sector performance? 3. What are the aspects that play an important role in the valuation of the emerging market companies? 4. What are the best multiples to use for the valuation of Russian companies? 5. What companies looked good in 2003 according to Renaissance Capital experts? 6. How did Russian companies look from the international perspective in 2003? 7. What were the country-specific developments that contributed to the excellent performance of Russian companies in 2003? 8. What were the risks inherent in Russian stocks?
Exercise 2*. Find terms in the text that match definitions given below and make sentences of your own with each term.
1. 1/100th of 1%
2. shares in leading quoted companies that can be easily bought and sold without influencing their price and are regarded as low-risk investments
3. purchases of long-term assets, such as equipment, used in manufacturing a product
4. risk associated with a cross-border transaction, including but not limited to legal and political conditions
5. a sum of money or other property owned by one person or organization to another
6. a debt instrument issued by a borrower outside of its own country. The currency in which the bond is denominated can be foreign to the buyer, to the purchaser, or to both
7. rules for the preparation of company accounts
8. the total value at market prices of the securities at issue for a company, or a stock market or sector of the stock market
9. of securities, the amount by which the secondary market price exceeds the issue price or par value
10. the difference between two rates or prices
Exercise 3. Explain to the first-time investor in the Russian stock market risks and opportunities inherent in it. Formulate 10 commandments of investing in Russia.
Exercise 4*. Find three synonyms in the text for the term
Exercise 5*. Fill in the blanks using terms given below.
Five Investing Pitfalls To Avoid, According to Investor’s Business Daily
Buying Low-Priced Stocks
What sounds better? Buying 1,000 shares of a $1 stock or buying 20 shares of a $50 stock? Most people would probably say the former because it seems like a bargain, with more……… for big increases from owning more shares. But the money you make in a stock isn’t based on how many shares you own; it’s based on the amount of money………
Many investors have a love affair with cheap stocks, but low-priced stocks are generally missing a key ingredient of past stock market winners:……. sponsorship.
A stock can’t make big gains without the buying power of……. funds, banks, insurance companies and other deep-pocketed investors fueling their price moves. It’s not…… trades of 100, 200 or 300 shares that cause a stock to surge higher in price, it’s big institutional…….. share trades of 10,000, 20,000 or more that cause these great jumps in price when they buy – as well as great price drops when they sell.
Institutional investors account for about 70% of the trading……. each day on the……… so it’s a good idea to fish in the same pond as they do.
Remember: Cheap stocks are cheap for a reason. Stocks sell for what they’re…… In many cases, investors that try to grab stocks on the cheap don’t realize that they’re buying a company mired in problems with no institutional sponsorship, slowing…….. and sales growth and shrinking…….. share. Institutions have……. teams that seek out great opportunities, and because they buy in huge quantities over time, consider…….. their choices if you find these fund managers have better-than-average performance.
Avoiding Stocks With High P/E Ratios
«…….. on stocks with low P/E ratios. They’re attractively valued and there’s a lot of……… «How many times have you heard this statement from investment…….?
While it’s true that stocks with low P/E ratios can go higher, investors often misuse this……… metric. Leaders in an industry group often trade at a higher…….. than their…….. for a simple reason: They’re expanding their market share faster because of outstanding earnings and sales growth…….