你的英文知识获取利器
“I believe the very best money is made at the market turns. Everyone says you get killed trying to pick tops and bottoms and you make all your money by playing the trend in the middle. Well for twelve years I have been missing the meat in the middle but I have made a lot of money at tops and bottoms.”
— Paul Tudor Jones
“我深信，最丰厚的利润是在市场发生反转时赚到的。所有人都会告诉你，妄图逃顶和抄底的做法必死无疑，只有在趋势发展中才能赚到钱。好吧，在过去的12年中，我一直都错过了趋势中间的那块肥肉，然而我却在市场的顶底部赚到盆满钵满。”
— 保罗.都铎.琼斯
“In this business if you’re good, you’re right six times out of ten. You’re never going to be right nine times out of ten. This is not like pure science where you go, “Aha” and you’ve got the answer. By the time you’ve got “Aha,” Chrysler’s already quadrupled or Boeing’s quadrupled. You have to take a little bit of risk.”
— Peter Lynch
“倘若你是投资高手，你选股的正确率能达到60%。但你永远无法做到90%。投资并非纯科学，不可能说一声“啊哈！”，就发现了正确答案。股票投资这一行，等你想明白说“啊哈”的时候，克莱斯勒的股价可能已经翻了四倍，或者波音早已翻了四倍。你必须得冒一点风险。”
— 彼得.林奇
参考链接：
http://www.pbs.org/wgbh/pages/frontline/shows/betting/pros/lynch.html
Smart beta，或smart-beta，是近年来美国金融投资领域一个较为热门的概念，常见于描述投资组合或基金的构建策略。Research Affiliates是应用Smart beta方法的先行者，其对smart beta的定义如下：
Smart beta strategies are designed to add value by systematically selecting, weighting, and rebalancing portfolio holdings on the basis of factors or characteristics other than market capitalization.
Smart beta is a rules-based portfolio construction process. Traditional index-linked strategies rely on price to decide which stocks to invest in and how much of each to hold… Smart beta strategies seek to exploit these market inefficiencies by anchoring on factors other than price. (Its) strategies break the link between price and portfolio weight in an effort to deliver better-than-market returns.
（来源：见参考链接(1)）
以上内容的意思大体是说，常规的指数跟踪型投资组合或基金往往根据股票的价格（或市值，market capitalization）高低来确定其在投资组合中的权重，而smart beta则刻意避开这种做法，试图通过一些其他指标来确定组合中的股票所占权重，以求获取超越市场平均水平的收益。
Smart beta，中文里可以翻译为：聪明贝塔。
其常采用的指标包括：book value（账面价值）, dividends（分红）, sales（营收）, cash flow（现金流），momentum（动能/趋势），volatility（流动性）等。
目前美国投资市场上被冠以smart beta名号的基金多达数百只，一些有代表性的知名smart beta基金包括：Vanguard Growth ETF，iShares Russell 1000 Growth ETF，JPMorgan Diversified Return Global Equity等。
参考链接：
(1) https://www.researchaffiliates.com/en_us/insights/smart-beta.html
(2) http://lexicon.ft.com/Term?term=smart-beta
(3) http://money.cnn.com/2014/06/19/investing/smart-beta-explained/index.html
Origination（复数originations），具有“起始、起源”的意思。但origination在金融、银行、小贷等行业中还是一个专用术语。下文中，英易搜和大家快速分享：金融、小贷行业里的origination(s)是什么意思，如何理解？
Investopedia对其的英文解释为：(Origination) is the multi-step process every individual must go through when obtaining a mortgage or home loan, as well as other types of personal loans.（Origination指的是借款人在获得按揭或房贷（或其他个人贷款）时需经历的多个流程。）Origination在中文里可以考虑翻译为：贷款审核流程、贷款发放手续。
参考英文例句：The bank streamlined its loan origination process to make getting a loan much easier.（该银行简化了其贷款发放流程，使获得贷款变得更加容易。）
参考链接：
http://www.investopedia.com/terms/o/origination.asp
https://en.wikipedia.org/wiki/Loan_origination
http://dictionary.cambridge.org/dictionary/english/origination
“In the short term, the market is a popularity contest. In the long term, the market is a weighing machine.”
— Warren Buffett
“短期来看，市场是一场人气比拼。长远来看，市场则是一台称重机。”
— 沃伦.巴非特
参考链接：
https://www.zacks.com/stock/news/181853/15-memorable-investing-quotes-from-warren-buffett