Wall Street

The center of financial district in New York City, in which the New York Stock Exchange is situated. It is synonymous with the stock exchange.华尔街

new economy

新经济

Standard & poor’s

Established in 1860, to provide independent insight, analysis and information to the financial community to help them determine value in the market place. Its founding principle was “the investor’s right to know.” Today, Standard & Poor’s is a pre-eminent global provider of independent financial analysis and information and is still delivering on that original mission. It sets the standard for the global investment community through trusted ratings services, ubiquitous indices like the S & P 500, fund performance benchmarks and other leading financial information. Standard & Poor’s provides access to capital markets and fuels global growth.标准普尔公司

bubble economy

泡沫经济

The McGraw-Hill Companies

Based in New York, consisting of three parts: Standard & Poor’s （financial services）, McGraw-Hill Education （online learning and the largest educational materials provider in the U.S.） and Business Week （information and media services）. 麦格劳·希尔公司

business cycle

A cycle in time during which business moves from a state of boom （high activity） through recession （a running-down period） to trough （a state of low activity）, then upward again when business improves （recovery） until there is a return to high activity once more. The whole cycle then begins again. 商业周期

price-earnings multiple

price-earnings ratio （or P/E ratio, earnings multiple）, a common stock analytical static in which the current price of a stock is divided by the current （or sometimes the projected） earnings per share of the issuing firm. As a rule, a relatively high price-earnings ratio is an indication that investors believe the firm’s earnings are likely to grow. Price-earnings ratios vary significantly among companies, among industries, and over time. One of the important factors on this ratio is long-term interest rates. In general, relatively high rates result in low price-earnings ratios, and low interest rates result in high price-earnings ratios. 市盈率

Blue Chip Economic Indicators

A 20-page newsletter, based on a monthly survey of about 100 leading economists employed by major manufacturers, banks, brokerage firms and universities. The survey is conducted on the first few business days of every month. Their forecasts are published individually and averaged to produce the respected Blue Chip Consensus Forecast.

Treasury bills

（美国）财政部债券

Intel Corp.

Founded in 1986，it employs over 80 000 people. with over 450 products and services, ranking 41 among Fortune 500. It believes in innovation, which led it to create the world’s first microprocessor back in 1971. Today, Intel is behind everything from the fastest processor in the world to the cables that power high-speed Internet. It keeps innovating because innovation is part of its heritage. 英特尔公司

initial public offering

IPO（股票）首次公开上市，首次公开发行
The first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking capital to expand, but can also be done by large privately-owned companies looking to become publicly traded. In an IPO, the issuer obtains the assistance of an underwriting firm, which helps it determine what type of security to issue （common or preferred）, best offering price and time to bring it to market. IPOs can be a risky investment. For the individual investor, it is tough to predict what the stock will do on its initial day of trading and in the near future since there is often little historical data with which to analyze the company. Also, most IPOs are of companies going through a transitory growth period, and they are therefore subject to additional uncertainty regarding their future value. At the same time, IPO's are almost invariably an opportunity for the existing investors and participating venture capitalists to make big profits, since for the first time their shares will be given a market value reflecting expectations for the company's future growth.

UBS Asset Management

A core business of UBS AG. With US $ 405 billion in management as of 31 December 2001 （US $ 198 billion for institutional clients and $ 207 billion in mutual funds） it is one of the world’s pre-eminent investment managers delivering institutional investment capabilities though Brinson Partners, Phillips & Drew and Global Asset Management. Its clients include corporate and public pension plans, central banks, charities and foundations and private individuals.

capital-spending binge

资本投资热潮

Brinson Partners

Formed in 1989 when Brinson and his senior management team at First Chicago Investment Advisors. Brinson’s pioneering work with asset allocation and a disciplined approach to global investing were the keys to success for the newly formed organization. Recognizing the need for expanded resources to maintain its competitive advantage amidst rapid globalization, Brinson Partners Inc. combined with Swiss Band Corporation in 1995. In March 2000, Brinson combined with Phillips & Drew to establish a common global investment platform in all major financial centers worldwide. This combination will allow UBS Asset Management to better meet the increasingly specialized needs of its global client base. Under UBS Asset Management, Brinson Partners and Phillips & Drew became sister companies, sharing the same disciplined, value-driven investment philosophy. They have combined their investment platforms to deliver consistent investment and research capabilities to clients on a global basis through their respective brands.

product cycle

产品周期

Salomon Smith Barney

A global, full-service investment banking and securities brokerage firm and a subsidiary of Citigroup. Its story dates back to 19th century Philadelphia, where a young broker, Charles Barney, founded his firm in 1873 and a young investment banker, Edward B. Smith, started his in 1892.These pioneers of the American securities industry helped make Wall Street the world’s financial capital. On Group （formed by the acquisition of Traveler’s Corp. by Primerica）. In 1997, Smith Barney Holdings Inc., the brokerage arm of Traveler’s Group, was combined with Salomon Inc. to form Salomon Smith Barney Holdings Inc.

info（information） technology

信息技术

at an inflation-adjusted annual rate

按扣除通货膨胀因素后的年率计算。类似说法还有：inflation-adjusted income? 扣除通货膨胀因素后的收入；seasonally adjusted sales 减去季节因素后的销售

electronic commerce

电子商务

Thomson Financial Securities Data（TFSD）

A world’s premier provider of authoritative financial data and high quality business research on companies, industries, and markets worldwide. It was created in 1999 by the joining of The Investext Group, Securities Data Company and CDA/Spectrum. As one organization with unparalleled resources and global reach, TFSD is dedicated to helping clients maximize their success and profitability.

venture capital

Financing for new businesses. In other words, money provided by investors to innovative enterprises or research, especially in high technology with perceived, long-term growth potential. This is a very important source of funding for startups that do not have access to capital markets. It typically entails high risk for the investor, but it has the potential for above-average returns. 风险资本

junk bond

Bond paying a high yield but also presenting greater risk than comparable securities. Junk bonds can be identified through the lower grades assigned by rating services （e.g., BBB instead of AAA for the highest quality bonds）. Because the possibility of default is great, junk bonds are usually considered too risky for investment by the large institutional investors （savings and loan associations, pension funds, insurance companies, and mutual funds） that provide U.S. corporations with much of their investment capital. Junk bonds are often issued by smaller, newer companies.垃圾债券

financial market

A financial market is a mechanism which allows people to trade money for securities or commodities such as gold or other precious metals. In general, any commodity market might be considered to be a financial market, if the usual purpose of traders is not the immediate consumption of the commodity, but rather as a means of delaying or accelerating consumption over time. The financial markets can be divided into different subtypes:

1. Capital markets, trading in long-term debt and equity instruments, which consist of:
2. Stock markets, which provide financing through the issuance of shares or common stock, and enable the subsequent trading thereof.
3. Bond markets, which provide financing through the issuance of Bonds, and enable the subsequent trading thereof.
4. Commodity markets, which facilitate the trading of commodities.
5. Money markets, which provide short term debt financing and investment that mature in less than one year and are very liquid such as negotiable certificates of deposit, Eurodollar certificates of deposit, commercial paper, banker's acceptances, Treasury bills, etc.
6. Derivatives markets, which provide instruments for the management of financial risk.
7. Futures markets, which provide standardised forward contracts for trading products at some future date; see also forward market.
8. Insurance markets, which facilitate the redistribution of various risks.
9. Foreign exchange markets, which facilitate the trading of foreign exchange.

start-up

A business or an undertaking that has recently begun operation 新兴公司

Redpoint Ventures

Founded in the fall of 1999 by three partners who are peers and friends, with years of experience and success in technology investing. Its current investment strategy is focused on communications infrastructure and infrastructure software. It has an interactive community of entrepreneurs, partners, service firms and industry experts whose combined impact will accelerate the building of companies destined for market leadership.

Menlo Park, California

A city of western California, southeast of San Francisco, in the United States of America. It is mainly residential, with a population of 30,785 in 2000.? 门洛帕克

seed money

Seed money, or seed capital, is the financing an entrepreneur needs in the very early stages of launching a new business. It gets its name from the idea that early stage financing plants the seed that enables a small business to grow. Obtaining funding is one of the most critical aspects of starting a small business. In fact, many businesses fail or are prevented from even starting due to a lack of capital. Although obtaining financing can be difficult for any small business, it is particularly hard for new ventures; since they lack a track record, potential lenders and investors are often skeptical about their prospects for success. But the dedicated would-be entrepreneur, if armed with a sound business plan and the necessary skills, can usually obtain funding for his/her dream.种子基金

technological expansion

技术扩展

Silicon Valley

An area located on the San Francisco, California peninsula, radiating outward from Stanford University. It is contained by the San Francisco Bay on the east, the Santa Cruz Mountains on the west, and the Coast Range to the southeast. At the turn of the century, when fruit orchards predominated, the area was known as the Valley of Heart’s Delight. Now it is well-known in the world as the base for high-tech companies. 硅谷

to the ionosphere

Here “to the ionosphere” means to a very high level, because “ionosphere” means “part of the Earth's atmosphere, from about 60 kilometers to about 1000 kilometers above the earth surface, in which there are many ions.电离层