(弹指一挥间)《股票魔法师》译文辨析

P13:第四段“讨价还价”不对,the stock was a “bargain.”便宜货,P35首段“讨价还价”bargains同理。

P16:最后一段“找到利润点”不对,nailing down a profit 锁定收益。

P17:第二段“忽视”不对,ego无知、自负。Many big institutions utilize flawed principles that are based on personal opinion, tradition, and ego as well as,in many cases, pure ignorance. 许多大机构利用有缺陷的原则,这些原则建立在个人观点、传统和自我以及在许多情况下纯粹的无知之上。

“数量较少而价格浮动较大”不对。a relatively small number of shares in the float流通股相对较少的股票。floating stock 外部流通股,对应的是非流通股:non-floating stock

P18:第二段“更快地止损”没有准确反映原意,即更小的滑脱成本来完成止损。because an individual can utilize stop-loss protection with little or no slippage。以更小或者没有滑脱来实行止损保护。——Slippagede的详细说明见P242,“滑坡”的译法也不够好。

P25:倒数第二段“专注于力量上”不准确。my new approach of focusing on strength关注“强度”。strength在此后多处都是“强度”的意思。比如,P85“相对价格力量”relative price strength译作“相对价格强度”更好。P93“显示价格稳定性”show the greatest relative price strength versus the market,也应该是“显示最大的价格相对强度”。P140“令人惊叹的顽强”This impressive strength,也应该是“强度”。

P25:末尾It was Donchian’s work that influenced me to add certain trend elements to my model for qualifying trades and timing entries。在模型中加入特定的趋势因素以满足交易、把握好进入的时机。

P27:第一段relatively high price/earnings (P/E) ratios.相对较高的PE,而不是“相对较低”。

P27:第二段“涨势持续的时间”不对。The focus is not just on the magnitude of a price move—how much a stock goes up—but also on the time element of the equation: how fast it goes up and what accounts for the rapid rise. 分析的重点不仅仅是价格上涨的幅度(价格上涨多少),而且是包括时间因素的综合:上涨的速度有多快以及是什么导致了快速上涨。

When screening my database, I compare each stock candidate to how well it fits the optimal Leadership Profile and rank it accordingly. 会比较每一个候选股票是否符合领导者档案,并进行排名。

页末尾的“主管”应为“主观”。

P28:“基本面”部分:Inmost cases, earnings and sales are on the table and measurable early on。“实现会被披露出来”似乎是“事先”。“包括收入、利润和最终的净利润”其中的“利润”似乎应该是“毛利润”,sales, margins, and, ultimately, earnings。

P29:分析过程3中的“遗忘”是“以往”?historical models of past superperformers。

P31:第三段中大盘股“股价有所回调”把意思弄反了。Superperformance stocks are often small-cap companies, although occasionally a big-cap name could see a surge in price after a turnaround or a period of depressed stock prices resulting from a bear market. 表现优异的股票通常是小盘股,尽管偶尔,大盘股在经历了一段时间的逆转或熊市导致的股价低迷之后,可能会出现价格飙升。

P32:第一段“数月看到价格翻一倍甚至两倍”a smaller, faster-growing company that may have the potential to double or even triple in a number of months。应该是“两倍甚至三倍”。

P33:第一段“你需要专注于一种方法”you will need to settle on an approach that makes sense to you应该是专注于一种“适合你自己”的方法。

末段“策略很重要,但他不像知识和规律一样可以直接应用并对你的投资业绩有直接贡献”不知所云。“那些不知道的人”不准确。完美的情况也不是知晓“很多”伟大的策略,原文强调不在“多”,而在于“深”。Although strategy is important, it’s not as critical as knowledge and the discipline to apply and adhere to your rules. A trader who really knows the strengths and weaknesses of his or her strategy can do significantly better than someone who knows only a little about a superior strategy. Of course,the ideal situation would be to know a lot about a great strategy. That should be your ultimate goal.试译为:策略很重要,但比不上应用和坚持规则的知识、纪律。一个真正知道自身策略优缺点的交易者,远胜过知道一点儿高级策略的交易者。当然,最理想的是对一个伟大的策略知之甚详,这应该是你的终极目标。

P35:第二段不明白为什么译作“根据华尔街的统计”。historical analyses of super performance stocks suggest that by themselves P/E ratios rank among of the most useless statistics on Wall Street.对超级股票的历史分析表明,市盈率本身是华尔街最无用的统计数据之一。

第三段上调“收入”预期不对,应该是“不断上调净利润预期”trigger upward revisions in earnings estimates.

摩根斯坦利公布了令人失望的同比净利润Morgan later reported disappointing negative year-over-year earnings comparisons,“同比”漏译。

P41:倒数第二段市值仅1.12亿美元之后漏译一句:Apollo met or beat Wall Street estimates for 45 consecutive quarters。阿波罗连续45个季度达到或超过华尔街的预期。

P44:第二段“在某段时期管用”的估值方法,应该是“在某些市场条件下管用”。Valuation methods that work wonderfully during certain market conditions will fail miserably during others. 在某些市场条件下表现出色的估值方法在其他市场条件下可能会惨败。

“估值都建立在一定假设之上”不准确。Every stock carries a growth assumption, which constantly changes. 每只股票都有一个增长假设,这个假设会不断变化。

“净资产量”the book value应该是“账面价值”,列举的还包括PE,漏译了。

P45:第三段“为他们带来各种非议”一句不准确。Their experience of buying and holding “solid” companies, which had worked so well for so long, led to complacent behavior that resulted in large losses他们购买持有“稳固”公司的经验长期以来非常管用,以致洋洋自得,最终导致了巨大损失。——Complacent自满,experience应该是“经验”而不是策略。

P46:第一段“特别是其PE达到年内新低的时候”有误,应该是股价达到或接近一年新低。especially if the stock is at or near a 52-week low in price。

P47:第一段“准确的视觉以忽视某些重要因素为代价”“对目前趋势反向作用力的阅读”完全看晕了。On the surface, both of these popular metrics appear to have a degree of accuracy at turning points because the eye is drawn to peaks and troughs. However, this 20/20 vision is usually a gift of hindsight. In real time, the eye is not very good at filtering out all the noise and static between the upturns and downturns. In addition, what is mostly ignored or misunderstood is the varying time frames spent in the direction of the countertrend reading.试着译一下:“由于眼睛容易被波峰、波谷吸引,表面上,这些通行的指标显得对转折点有一定的准确度,然而常常是事后诸葛亮。在实时状态下,眼睛并不擅长过滤掉向上和向下转折间的噪音和干扰。此外,最容易被忽视和误解的是逆势读数使用的不同的时间框架。”——static作为形容词是“静止的”,而作为名词有“干扰”的含义,“过滤噪音和拐点间的静态关系”不知所云。Reading不是“阅读”,而是指标的“读数”。time frame 时间周期、时间框架。在《动量大师》S4-5中马克里奇二世提到on a fairly short time frame使用ATR指标。结合后面的例子,个人理解是指从多长时间段来看随机指标读数的转向。P133“强大的需求会推动股价稳定上涨”之后漏译了一句“忽略了超买的读数”,Instead, demand is so strong that the market moves steadily higher, ignoring overbought readings.

第二段“在出现新的催化剂前仍然可能继续上涨或下跌”“超买最终会带来牛市”很费解。Although overbought and oversold conditions as well as high and low P/Es can exist at turning points, stocks can also have extreme high and low readings in a directional fashion just before major advances and declines. Major market declines always plunge to deeply oversold readings,and roaring bull markets storm through early overbought conditions while advancing much farther。尽管超买超卖情况以及高或低PE在拐点都会出现,股票也可能在大涨或大跌前出现极端的读数。市场大跌常常出现超卖读数,而狂热的牛市会横扫超买指标继续前进。

末段“对市场的判断”不准确。the market’s judgment是“市场的裁决”,意思是市场永远是对的。

P48:第一段Investors who were waiting for this powerhouse to correct, or “come in,” so that they could buy it may have been elated to see the stock off 75 percent from its high in 2001。那些等待牛股调整好买入的投资者们,看到从2001年的高点下跌75%或许已经兴高采烈。——不知道为什么译作“希望自己能在2001年中至少获得股价回调带来75%的回报”。

末段“很多公司在成长前”?应该为“很多成长股在公司成长期”。This is why many growth stocks experience P/E expansion during the growth phase。

P49:标题“EG值”应该是PEG

P50:第二段意思是市盈率是起涨时的两到三倍,而译文说是“股价”,显然不对了。If the stock rises significantly over 12 to 24 months and the P/E expands by 100 to 200 percent, doubling or tripling from where it started near the beginning or from the bottom of the major price move, it’s possible that the price move is in its later stage and is getting too widely recognized. 如果该股在12至24个月内大幅上涨,市盈率扩大100%至200%,是启动之初或主要涨幅底部时的市盈率的两倍或三倍,则有可能是价格上涨的后期,变得家喻户晓。

第四段“PEG在2附近或者3左右”不对。Though it’s always prudent to look for sell signals, pay extra attention once the P/E nears 2 and especially around 2.5 to 3 or greater.并没有提到PEG,结合上下文指P/E相对于起涨点时,扩张到接近2倍特别是2.5到3倍附近或更大。仅仅指P/E在2到3附近也是不准确的。

第五段A period of sideways consolidation took place for the next four years while the earnings played catch-up with the stock price。接下来的四年经过长时间横盘整理,利润追上了股价。——sideways  consolidation横盘整理,书中极其常见的词语居然译成了“在一系列兼并过后”,让人大跌眼镜。

P51:第一段“市盈率对预测价值和找到明星股作用有限”不符合。P/E ratio doesn’t have much predictive value for finding elite superperformance stocks。市盈率对寻找优秀业绩股票的预测价值不大。

“潜在的净利润增速比PE重要”不准确。the P/E is far less important than a company’s potential for earnings growth。市盈率远不如公司盈利增长的潜力重要。

P53:第三段“绝不购买200日均线以下的股票”below its declining 200-day moving average。200日均线向下倾斜或下降的意思没有译出来。后面的“每股收益”return on equity应该是净资产收益吧,即ROE。

P54:第二段“指导股票处在哪个阶段的重要性”中的“指导”应为“知道”placing importance on knowing what stage a stock is in at any specific time.

P54:第三段“回到第一阶段、等待下次上涨”不对。Sometimes, after the decline, the stock returned to a basing stage before eventually making another run upward.有时,下降之后会形成一个基底,之后再次上涨。——这是对派发、筑顶的一个补充。

P56:最后一段,“最大化你的投资收益”maximize the effects of compounding,应该是“将复利效应最大化”。

P59:第二段“净利润的突然上升”a buildup in earnings momentum 应该是“净利润动能的增强”。

“或者其他收入的瞬间上升”or in some instances earnings expectations应该是“或者某种盈利预期”。

P60:“相较于价格萎靡不振”应该是“相较于价格的正常回调”。Volume spikes on big up days and big up weeks are contrasted by volume contractions during normal price pullbacks.

“交易量较大的几周”意思比较模糊。There are more up days and up weeks on above-average volumethan down days and down weeks on above-average volume. 高于平均成交量的天(周)数中,上升的多于下降的。

P61:第一段,“股票不再有那种极端的加速度”不准确,accumulation 意思是“积累、承接”,相对的是“派发”,不是“加速度”。During stage 3, the stock is no longer under extreme accumulation;instead, it is changing hands from strong buyers to weaker ones。

P62:第二段原文没有“下跌的日子多于上涨的日子”的意思,只是说下跌放量、上涨缩量。with higher volume on down days and lower volume on up days.

P63:第一段“短期移动平均数”应该是“移动平均线”吧。

“交易量放大的日子或星期里,股价下跌剧烈”但原文强调的是量能的对比,“下跌日(周)的成交量与低成交量反弹形成对比。”Volume spikes on big down days and big down weeks are contrasted by low-volume rallies.

“交易量较大”没有反映原文“平均交易量之上”的意思。There are more down days and weeks on above-average volumethan up days and up weeks on above-average volume.“平均交易量之上的日(周)中,下降的天数多于上涨的天数。”

P66:第二段“做空者会暴露在放票上涨风险之中”之后漏译“或者资金空耗在那些横盘忽略的阶段” or tying up capital in a stock lost in a sideways neglect phase.

趋势模板中,4和5中的“移动平均值”依我们习惯可译作“移动均线”,以保持一致。原文中都是*-day moving average,只在3中才强调形态line。6中一段解释没有翻译。(Many of the best selections will be 100 percent, 300 percent, or greater above their 52-week low before they emerge from a solid consolidation period and mount a large scale advance.)

最后一段译成“阶段二的低谷”似乎不如“阶段二上涨中的基底”。Most commonly, base patterns forming within a stage 2 uptrend last anywhere from 5 to 26 weeks。

P68:第二段“绝对快到阶段二的后期”之后漏译“By this point, abrupt base failures occur more frequently”这时基底意外失败更加频繁。

P79:“要时刻关注风的动向” The proverbial wind in your sails is the longterm trend of big money that’s buying in sync with you. You should look to align yourself with this powerful force.你的风是与你同步的大资金购买形成的长期趋势,你应该让你自己与这个强大的力量一致。

P82:第二段“公司所控制的行业成长很快”?a company that is taking market share or has a large portion of market share in a fast-growing industry can increase its earnings at a meteoric pace。在快速发展的行业中,公司能取得市场份额或有大的市场占有率,就会快速增长盈利。

最后一段:“管理结构”manage expectations well应该是“较好地管理预期”。

P85:第二段突出的是股价表现,而不是译文“蚕食领头羊的市场地位”。The stock prices of top competitors can reflect this phenomenon, performing relatively well while the market leader digests its previous stock gains。顶级竞争对手股价表现相对较好,而市场领导者则消化之前的涨幅。

倒数第三段之后漏译一句:Home Depot had been the leader for more than a decade, and for investors who saw its potential, it was just a matter of when they got on board。长达十几年里Home Depot一直是领导者,对于看到其潜力的投资者来讲,只是什么时候上船的问题。

P87: 倒数第二段“随着市场复苏”不对,应该是“股票好转”。As the stocks recover, they can make a nice advance coming out of the correction phase.

P88:最后一段“最近几个季度的增速要高于最近三五年,数值很小甚至负值,平均增速”什么意思?I look for acceleration in the growth rate in the most recent couple of quarters compared with the three- and five-year growth rate, which often is negative or reflects very slow growth.最近几个季度的增长率,相比三年到五年增长率(通常为负或者很低),出现加速。——acceleration是加速,而不是平均增速。

原文看不出“环比数据要有明显增幅”。Turnaround stocks are up against relatively easy comparisons from earlier quarters, and so it’s important to see the most recent results up significantly。反转股业绩很容易超过之前季度,重要的是最近要有明显的上升。——段末的一句话是段首的重复,应删掉,这编辑、校对的质量真是无语了。

P89第二段“一直成长股”应该为“一只”。

P90:倒数第二段“在周期中尝试追赶”应该是“在周期的末端”吧。they try to catch up with the true leaders near the end of a cycle。

P94:末段“供应商也可能遭遇危机”之后漏译:Historically, more than 60 percent of superperformance stocks were part of an industry group advance.历史上,超过60%的超级股票和行业整体涨势有关。

P95:倒数第一段“伴随着利润增速下降”,应该是“利润率低于之前行业平均水平”Such periods of consolidation are usually characterized by profit rates well below the prior industry average, a decline in the number of companies in an industry,and bankruptcies.

P100:倒数第三段末尾漏译:Although anticipation moves prices, once the expected event occurs, the market sells on the news. Hence the old adage “Buy the rumor; sell the fact.”尽管预期会刺激上涨,但一旦预期证实会承受卖压,所以谚语说“买于谣言,卖于事实”。

P101:图7.2的说明“股价慢慢下行”不对。原文是the stock was essentially unchanged基本上没有变化。

P103:最后一段“向上调整幅度越大越好”之后漏译一句:At the very least,I like to see the current fiscal year or the next year’s estimates trending higher from 30 days earlier; if both are trending higher, that is even better.至少要看到今年或明天的预期比30天前上升,如果都提升就更好了。

P104:第四段“指标开始停滞不前”Then the momentum stalls.“动能”而不是“指标”。

P105:第一段“不需要猜想或者预测”后漏译:you don’t have to settle for less than stellar performance in terms of fundamentals.不必将就那些基本面一点也不优秀的。

P107:最后一段,有个从句修饰第二阶段while the company is delivering strong quarterly EPS growth。

P110:第三段“充足的燃料”之后还有一句:In addition to quarterly growth,look for strong annual growth。除了季度增长,还要看年度增长。

最后一段:earnings suddenly break out to the upside from a range that was established over several years.突破前几年形成的盈利增速上轨。

P117:第二段“一次性充量”one-time charge似乎是“一次性费用”,

P118 :图表的说明“参考数值升高”在原文是multiple expansion,应该是PE值的升高。有一句说明没有翻译:Higher sales and expanding margins can lead to higher earnings and P/E multiple expansion。更高的营收与毛利,产生更高的盈利和PE的扩张。

P119:第一段“总利润率是消费者的花费与公司的成本的比率”?Gross margin reflects how much more customers pay for a product compared with the company’s costs.毛利反应的是扣除公司成本之后消费者支出多少。

P120:倒数第三段对“即刻反应”的解释“如果下降,还能恢复么?或者上涨后还会跌回去么?”把意思弄反了。If it sold off, does it resume its slide after a dead cat bounce? Or, does the stock price come roaring back?如果下跌,短暂反弹之后会继续滑落吗?或者强势回升?—— “死猫反弹”是股市俗语,即长期下跌后迅速反弹然后继续下跌。比如《动量大师》s2-10中提到dead cat bounce是做空时机。

P133 :第一段“持有那些次领头羊或者对市场反应迟钝的股票”不准确,就是“落后股”。They focus on the market instead of the individual market leaders and often end up buying late and owning laggards。

页末追踪领头羊漏译:More important,the price action of leading stocks should be studied to determine if there are stocks emerging from sound, buyable bases。更重要的是,研究是领头羊的价格行为,是否从合理的基底走出来。

P135:末段“出现上涨趋势”应该是“显示相对强度”Often there will be only one or two other stocks in the group displaying strong relative strength.

“慢慢退出中央舞台、退到聚光灯后面”不准确。it will consolidate in a sideways fashion and digest its previous gains while the group and other stocks in the group play catch-up。他将横盘整理消化之前的涨幅,而行业内其他的跟上。

P136:第三段“潜在领头羊”之后还有一句漏译:The relative strength line of the stock should show steady improvement as the market declines。相对强度线会稳步走高。

P138:第二点“喘息期”其后一句漏译:rebound fairly quickly from any selloff。任何卖压都迅速反弹。

P142:“都缩水到”不对,应该是“纳斯达克指数和其他主流指数距离最高点还有25%的差距”。The Nasdaq Composite and other popular averages were still 25 percent off their highs.

P145:第二段“最先购买的应该是第一个突出市场低迷的重围、爆发上涨”?没有准确反映原意。The best selections in your lineup will be the first to burst forth and emerge from a proper buy point and into new high ground.最好的对象,是最先以合适的买点爆发、创新高的。

“公司实力强大”原文with the greatest power指最强的力度,即强度,看不出“公司实力”的意思。

“基本面走强的公司数量不断增加”不准确。an increasing number of fundamentally strong companies were emerging from sound consolidation patterns.越来越多的基本面较强的公司正从健全的底部走出来。

P148:倒数第二段“当市场指数开始上涨到某个时刻,领头羊可能放慢脚步,并逐渐从视野中淡出,新的领导者会冲出突围,随着领头羊表现得转变”一句对不上。As the leaders start to buckle, the indexes can move up farther or start to churn, moving sideways。领头羊开始疲软,指数能继续上升或开始徘徊,横盘整理。——是因为资金流向落后者。

P150:第三段末“过度纠正”之后漏译了:and a stock could fail as it reaches or slightly surpasses a new high. This is due to excessive overhead supply created by the steep price decline.“达到或轻微突破新高之后可能会失败,源于陡峭下跌带来的巨量供给”。“跌幅可能高达50%”之后but the less, thebetter也漏掉了。

第四段the overall market is bottoming,“随着市场下跌”不准确,应该是“市场正在磨底”

P156:第一段“向上、向下”后还有“横盘”。原文:or is moving in a sideways pattern。“泥淖中脱离出来”之后还有“周期股”,原文:a market leader, a turnaround situation, or even a cyclical,可见,领导者、反转股和周期股和之前的是呼应的。

P156:第二段“暗示股价即将进入下跌通道”不准确。overlook the fact that the base is within the context of a long-term downtrend.没有看到基底处在长期下降趋势中。第三段首句“长期看会下跌”不准确,in a long-term downtrend在长期下跌趋势中。

P157:第二段“任何人都能看到股价在升高”不对。Anyone can look at a chart andidentify a stock that is moving sideways.识别出股价在横盘。

P160:第一段“平底模式”有个4到7周的说明没有译。a flat base structure that is four to seven weeks in duration.

技术足迹之二,the smallest pullback at the very right of the price base?“最小跌幅又是多少”的修饰“最右边基底”没有译。

倒数第二段被简化为“一飞冲天”。Meridian Bioscience contracted four times (a 4T) before it emerged out of its 40-week (40W) consolidation and advanced more than 100 percent over the next 15 months. 突破40周的调整、15个月涨幅超过100%

P161:第一段“形式”为“形势”。

P164第二段怎么译成了“市场纠正的频率远比人们想的或预期的要高”呢?不可思议。Markets are far more often correct than are personal opinions or even expert forecasts。市场往往比个人观点甚至专家预测更为正确。

P170末:漏译一段Ideally, you want to see this occur one, two, or three times, depending on the size and magnitude of the price base, before you enter the trade. Shakeouts can occur at the lows of a base, on the right side, and in the handle or pivot area.理想的情况,买入前会有一次、两次或者三次震荡,这取决于基底的规模。震荡可能发生在基底底部,右侧,杯柄或者枢纽区。

P177:标题Price Spikes Preceding a Consolidation,应该是“调整期之前的价格突然升高”,而不是“后”。奇怪的是首句又正确地翻译为“前”。

“有时他会伴随着新闻的到来,并让股票在此之后进入长期回调”不符合语境。This may come on news and cause the stock to become extended and prone to a pullback, particularly if the overall market begins correcting.这可能是利好消息刺激而使股价延伸,容易引发回调,特别是在整体大盘回调的情况下。——接着前一句价格的突然升高来讲。

P183第二段“如果转折点很难突破,并且没有实质性利好事件,你会最终竹篮打水一场空”完全不知所云。If the pivot point is tight, there is no material advantage in getting in early; you will accomplish little except to take on unnecessary risk. 如果枢纽点很紧凑,早一点买入意义不大,除了承担不必要的风险外所获不多。

第三段:其他一些结构,原文有举例such as a cup completion cheat (3-C), or a cup with handle,比如3C欺骗、杯柄。

P184:第一段“我同样会卖掉股票”,原文有个关键词sometimes I sell if this happens。“有时”而非绝对。

P186:第一段“可能让价格快速回到谷底”不准确。a failed breakout can quickly lead to a base failure.失败的突破会导致基底结构的失败。

P194:第一段末“交易量收缩”不对。volatility contraction is a key characteristic of constructive price behavior within all patterns.应该是“波动收缩”

P194:末段“关键是要识别何时已经探底”之前漏译一句Some stocks form a low cheat, and some form the cheat area, near the middle of the cup or saucer that precedes it.有的形成底部欺骗,有的在杯或碟状的中部形成欺骗。

P195:“杯子的中部”不准确。in the middle third of the cup or just below the halfway point。应该是中间三分之一或下半部分。

P196第二段:“这种模式很多特点和经典的杯柄模式相同”之后,漏译一句:because it’s simply the cup portion being completed.因为他只是已经完成的杯状部分。

“交易量高于其200日均线”不对。The stock should also be trading above its upwardly trending 200-day moving average (provided that 200 days of trading in the stock has occurred)。股价要高于趋势向上的200日均线(如果有的话)。——怎么译成了“交易量”?匪夷所思。

P197:在“暂停”部分“股票已经准备好上涨”之后漏译:The optimum situation is to have the cheat drift down to where the price drops below a prior low point, creating a shakeout, exactly the same thing you would want to see during the formation of a handle in a cup-with-handle pattern.理想的情况是跌破前低,制造一次洗盘,如同杯柄形态所乐见的那样。

“突破”部分“股票价格不断冲高”不准确。the stock rallies above the high of the plateau area,反弹到托盘区域顶部之上。

P198第二段“最佳买入时机是上涨发生暂停时”不准确。The spot to begin buying is just as the high of the pause is taken out.买点是停顿区的高点被突破时。

P200:“通常只需要几天”应该是“几天或几周”it can reset a new entry point usually within a number of days or weeks.

P204:第2末尾漏译some can emerge after only 12 days。

P208:第二段末“根基由一段长约3周的纠正期和此后价格不断冲高两个时期组成”细节不够丰富。The base forms during a corrective period of three weeks or longer that is followed by the emergence to an all-time high or from a constructive consolidation near the stock’s all-time high。三周或更久的调整形成基底,随后新高或者在新高附近建设性地整理。

P219:第二段漏译“过度交易”。take on too much risk or overtrade更加冒险或过度交易。

P226:结论第二点“投资者可能遭受二次损失”不对。investors may readily double down on their bets when stocks decline in value。股票下跌时更易于加倍下注。

P231:末段“很多失败的交易可能并非是错误,他们只是因为情况的变化变得难以预测”意思不对,Many of your failed trades may not even be mistakes on your part, just changes in circumstances that were impossible to forecast.很多失败的交易可能并非错误,只是情况发生了不可预知的变化。——这样和后一句“真正的错误是拒绝对这些变化做出反应”才衔接得上。

P235:倒数第二段“交给你如何去做”中的“交”应该是“教”。

P236:倒数第一行“时间”应为“事件”。

P237:第三段“初期止损”末尾“止损线也应该随之提高”不够具体。Once a stock advances, the sell point should be raised to protect your profit with the use of a trailing stop or back stop。使用跟踪止损或者后备止损。

倒数第一段:“有些人相信卖出随后又进入是新手才做的事情”后漏译一句 I believe missing opportunity because of emotion is as amateurish.我认为因为情绪而错失机会才是业余者所为。

P240:第一段最后一句“设定止损线的第一法则是让总平均损失小于平均收入”不准确。A rule of thumb could be to cut your losses at a level of one-half of your average gain。一个规则是按平均收益的一半来止损。下一段有类似表述。

之后引用巴菲特的一句话没有译:In the words of Warren Buffett, “Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. . . . It’s imperfect, but that’s what it’s all about.”如巴菲特所说,用损失概率乘以可能损失的额度,减去盈利概率乘以可能盈利的额度,虽不完美,却涵盖全部要义。

标题“避开交易者的原罪”不准确。cardinal sin“大忌、大罪”,“原罪”不对吧。

P241:第一句“依赖于个股高投资回报”不对,rely on a high percentage of profitable trades获利交易占比较高,应该是“高胜率”,即batting average。后文中“依靠少数股票获利的系统”也不对,The problem with relying on a high percentage of profitable trades is that no adjustment can be made应该是“依赖于高胜率的系统”。

第二段:原文没有“但我也接受1:1”的意思。I shoot for 3:1, and I’m elated if I can attain this ratio with even a 50 percent batting average.争取3:1,如果能达到且胜率有50%,那就非常开心了。——如果win/loss是1:1的话,即使胜率高也无法盈利的。对此P246“不是所有比率都生而平等”有详细的解释。

P243:“失败的前兆”不对,a Losing Streak 连续的失败。

最后一句“直到仓位让你赚钱后在慢慢增加仓位”不对。Instead, scale back your trading size and raise the cash position in your portfolio. 相反,缩减你的交易规模,提高你投资组合中的现金头寸。

P244:末段“赛前热身评估比赛环境一样”之后漏译了一句对市场主线的解释,Themes can come in the form of how prices are acting in general, industry group leadership, overall market tone, and economic and political influences.主线来自于总体价格走势、板块领头羊、整体市场节奏和政治经济的影响。

P245第一段“实际”应为“时机”timing.

P246标题“逐步减仓”应该是“逐步建仓”scaling in。

第二段“如果我买的股票出现了回撤”不通。even if I’m buying a pullback, I generally wait for the stock to turn up before going long.即使我在拉回时买入,一般也会等到重回升势再才手。

P247:第一段“每股带来的利润也会下降”不对。your percentage of profitable trades (your batting average) will definitely be lower than usual, and so your losses must be cut shorter to compensate.平均成功率会下降,因此需要收紧止损来弥补。——batting average平均成功率,即后文中的“命中率”,是非常关键的概念,《股魔2》P50有详细解释。

P248:“向下断层越来越频繁”之后漏译:and you will most likely experience greater slippage.“滑脱”详见p242。

《100倍超级强势股》翻译歧义探讨

《动量大师》阅读随笔

(弹指一挥间)《股票魔法师2》译文辨析

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全部评论

smallwen01-18 23:56

读书笔记

卜筮涨涨2019-12-30 15:25

【强烈推荐】这个翻译的纠正,真的是nice。很多低级的翻译失误得以纠正。

奔向自由的蜗牛2019-12-16 22:19

提供了一个新思路,感谢!除了板块指数外,ETF指数也可以佐证之,赞。

海盗大亨2019-12-15 09:52

很好的书,翻译太差了,糟蹋了书。这是你翻译的。在哪可以下载?