文本选自：The Economist（经济学人）
作者：Unknown
原文标题：Warren Buffett is shaking Japan’s magic money tree
原文发布时间：26 Apr. 2023
Warren Buffett is shaking Japan's magic money tree
Shares in three of Japan's five largest trading conglomerates reached record highs over the past week, following an announcement by Warren Buffett that he is keen to own more of their stock. It is just the latest good news for the firms. Itochu, Marubeni, Mitsui, Mitsubishi and Sumitomo Corporation have surged in value since Berkshire Hathaway, Mr Buffett's investment firm, announced its first purchases on his 90th birthday in 2020. Since then, their share prices have risen by between 64% and 202%.
In some ways Japan and Mr Buffett are a match made in heaven. Mr Buffett is famed for his unerring focus on business fundamentals. Even after a recent sell-off in American stocks the broad Tokyo market is still far cheaper. Its price-to-earnings ratio (based on expected earnings over the next year) is around 13, compared with 18 in America. The trading firms Berkshire Hathaway has invested in—known in Japan as sogo shosha—are often seen as stodgy and reliable. All have price-to-earnings ratios of below ten and pay healthy dividends.
Berkshire Hathaway's Japan trade is revealing in other ways, too. It illustrates why the country may become a more appetising destination for other American investors. On April 14th the investment firm issued around $1.2bn in yen-denominated bonds, adding to the $7.8bn it issued from 2019 to 2022. Not only is Japan now Berkshire Hathaway's second-largest investment location—the yen is also its second-largest funding currency. Even before the recent issuance, nearly a fifth of Berkshire Hathaway's debt was denominated in yen.
沃伦·巴菲特正在摇日本神奇的摇钱树
精听党背景导读
美国著名投资家沃伦·巴菲特近日访问日本，在东京接受日媒采访时表示将考虑进一步投资日本股票，对日本股票表现出强烈的投资意愿。
日媒认为，巴菲特对低迷的日本股票进行“逆势”投资，有可能成为海外资金重新审视日本的契机，但前提条件是企业自身实现业务增长，充分利用资本提高经营管理。
文本选自：The Economist（经济学人）作者：Unknown原文标题：Warren Buffett is shaking Japan’s magic money tree原文发布时间：26 Apr. 2023关键词：巴菲特 投资 日本
精听党带着问题听
1.“天作之合”用英语可以如何表达？2. 如何理解第二段的“healthy”？3. 伯克希尔哈撒韦的第二大投资地点是哪个国家？
精听党选段赏析
标题解读
Warren Buffett is shaking Japan’s magic money tree
沃伦·巴菲特正在摇日本神奇的摇钱树
shake
vt. 摇动；抖动；（使）颤动；1. She shook her head in disbelief. 她不相信地摇了摇头。
段一
Shares in three of Japan’s five largest trading conglomerates reached record highs over the past week, following an announcement by Warren Buffett that he is keen to own more of their stock. It is just the latest good news for the firms. Itochu, Marubeni, Mitsui, Mitsubishi and Sumitomo Corporation have surged in value since Berkshire Hathaway, Mr Buffett’s investment firm, announced its first purchases on his 90th birthday in 2020. Since then, their share prices have risen by between 64% and 202%.
conglomerate n. 聚集物，合成物；大型联合企业，大型企业集团；
high n. 最高水平；最大数量；1. Profits reached an all-time high last year. 去年利润创历史新高。
be keen to 渴望；热切；热衷于；1. John was very keen to help. 约翰很乐意帮忙。
surge vi. 急剧上升；飞涨；激增；1. Share prices surged. 股价猛涨。
参考译文
日本五大贸易集团中，有三家的股价在过去一周创下历史新高，此前沃伦·巴菲特宣布，他渴望持有更多这几家公司的股票。对这几家公司来说，这只是最新的好消息。自2020年巴菲特90岁生日那天，巴菲特的投资公司伯克希尔哈撒韦宣布首次购入这几家公司的股票以来，伊藤忠商事、丸红、三井、三菱和住友商事的股价飙升。从那以后，这几家公司的股价上涨区间为64%到202%。
段二
In some ways Japan and Mr Buffett are a match made in heaven. Mr Buffett is famed for his unerring focus on business fundamentals. Even after a recent sell-off in American stocks the broad Tokyo market is still far cheaper. Its price-to-earnings ratio (based on expected earnings over the next year) is around 13, compared with 18 in America. The trading firms Berkshire Hathaway has invested in—known in Japan as sogo shosha—are often seen as stodgy and reliable. All have price-to-earnings ratios of below ten and pay healthy dividends.
match n. 相配的人（或物）；般配的人（或物）；1. The curtains and carpet are a good match. 窗帘和地毯非常相配。
make in heaven 天作之合；天造地设；
be famed for 以…出名；1. Las Vegas is famed for its casinos. 拉斯维加斯以其赌场而闻名。
unerring adj. 万无一失的；一贯正确（或精确）的；1. She had an unerring instinct for a good business deal. 她有天生擅长做生意的本事。
far adv. 非常；很大程度上；远远；1. That's a far better idea. 那个主意好得多。
price-to-earnings ratio 市盈率；
stodgy adj. 枯燥乏味的; 单调平庸的；1. The company hasn't been able to shake off its image as stodgy. 该公司一直未能摆脱其古板的形象。
healthy adj. 可观的；1. a healthy profit 丰厚的利润；
参考译文
在某些方面，日本和巴菲特可谓是天作之合。巴菲特以对商业基本面的准确关注而闻名。即使在最近美国股票被抛售之后，东京的股市仍然便宜得多。东京股市的市盈率（基于明年的预期收益）约为13，而美国股市的市盈率则为18。伯克希尔哈撒韦投资的贸易公司在日本被称为综合商社，它们通常被认为是古板而可靠的。这些贸易公司的市盈率都在10倍以下，而且股息丰厚。
段三
Berkshire Hathaway’s Japan trade is revealing in other ways, too. It illustrates why the country may become a more appetising destination for other American investors. On April 14th the investment firm issued around $1.2bn in yen-denominated bonds, adding to the $7.8bn it issued from 2019 to 2022. Not only is Japan now Berkshire Hathaway’s second-largest investment location—the yen is also its second-largest funding currency. Even before the recent issuance, nearly a fifth of Berkshire Hathaway’s debt was denominated in yen.
revealing adj. 揭露真相的；发人深省的；1. The answers the children gave were extremely revealing. 孩子们的回答极具启发性。
appetising adj. 开胃的；引起食欲的；使渴的；
issue vt. 发行；1. They issued a set of stamps. 他们发行了一套邮票。
yen-denominated adj. 以日元计价的；1. yen n. 日元（日本货币单位）2. denominate v. 用…货币单位结算；
The loan was denominated in US dollars. 这笔贷款是以美元计算的。
issuance n. 发布，发行；
参考译文
伯克希尔哈撒韦在日本的交易也在其他方面揭示了问题。这说明了为什么对其他美国投资者来说，这个国家可能会成为一个更诱人的目的地。4月14日，伯克希尔哈撒韦发行了约12亿美元的日元计价债券，在2019年至2022年期间发行了78亿美元。日本现在不仅是伯克希尔哈撒韦的第二大投资地点，日元也是伯克希尔的第二大融资货币。甚至在最近的债券发行之前，伯克希尔哈撒韦将近五分之一的债务是以日元计价的。
精听党每日单词
shake
/ʃeɪk/ vt. 摇动；抖动；（使）颤动；
conglomerate
/kənˈɡlɑːmərət/ n. 聚集物，合成物；大型联合企业，大型企业集团；
high
/haɪ/ n. 最高水平；最大数量；
be keen to
渴望；热切；热衷于；
surge
/sɜːrdʒ/ vi. 急剧上升；飞涨；激增；
match
/mætʃ/ n. 相配的人（或物）；般配的人（或物）；
make in heaven
天作之合；天造地设；
be famed for
以…出名；
unerring
/ʌnˈɜːrɪŋ/ adj. 万无一失的；一贯正确（或精确）的；
far
/fɑːr/ adv. 非常；很大程度上；远远；
price-to-earnings ratio
市盈率；
stodgy
/ˈstɑːdʒi/ adj. 枯燥乏味的; 单调平庸的；
healthy
/ˈhelθi/ adj. 可观的；
revealing
/rɪˈviːlɪŋ/ adj. 揭露真相的；发人深省的；
appetising
/ˈæpəˌtaɪzɪŋ/ adj. 开胃的；引起食欲的；使渴的；
issue
/ˈɪʃuː/ vt. 发行；
yen-denominated
/jen dɪˈnɑːmɪneɪtɪd/ adj. 以日元计价的；
issuance
/ˈɪʃuːəns/ n. 发布，发行；
精听党文化拓展
巴菲特为什么瞄准日本股票？日媒分析称，第一个原因是希望在国际上分散投资对象。巴菲特领导的伯克希尔哈撒韦持有的上市股票市值达到3000亿美元，其中大部分为美国股票。4成依赖于苹果公司的股票。
虽然巴菲特相信美国的增长潜力，但过度集中会产生风险。在2月发布的致股东的信中，透露出对不测事态的担忧。巴菲特将美国的财政失衡视为问题，把发生金融混乱和全球衰退时也能维持独一无二的持续力列为经营课题。巴菲特还提及尽可能保护股东资产免受通货膨胀失控影响的重要性。
不低估就不投资是巴菲特的哲学。日本股票显得低估是第二个原因。在通过低利率的日元债券筹集资金、瞄准较高的股息收益率这一点上也考虑周到。
不过也并非没有条件。巴菲特针对投资一直在说“不是在选股票，而是在选商业模式”，表示成为投资对象的仍是“我能看得懂的企业”。
作为象征低估值的股价指标，日本股的PBR（股价净值比）之低被指出。低于1倍表明股价低于解散企业所获得的价值。日本上市企业的5成以上低于1倍，陷入世界罕见的低估值。但巴菲特并未据此就认为是低估，表示“净资产的账面价值是（决定投资的）因素之一，但并非特别重要。我会关注其从事的业务，观察业务会如何发展”。
精听党每日美句
He that is foolish in the fault, let him be wise in the punishment.
在错误中显得愚蠢的人，让他在惩罚中变得聪明。