道德與投資雙語(yǔ)美文欣賞
投資時(shí)需要慎重對(duì)待的一個(gè)問(wèn)題，就是道德規(guī)范在你選擇股票時(shí)應(yīng)該占多大份量。接下來(lái)，小編給大家準(zhǔn)備了道德與投資雙語(yǔ)美文欣賞,歡迎大家參考與借鑒。
道德與投資雙語(yǔ)美文欣賞
[1] A tricky question in investing is how much of a role ethics should play in your stock selections.
[2] Should you invest in companies that manufacture weapons? What about nuclear power? Alcohol? Gambling? Tobacco? Those are the "Big Five" in terms of ethical decisions. They tend to provoke the strongest emotions, and come up most often in discussions of ethical investing.
[3] But the list could go on and on. Should you invest in companies that have been fined for polluting the environment? Companies that have been sued for racial discrimination? Companies that don't have women in key positions? Companies that do animal testing? Companies that sponsor sexually explicit TV shows or art exhibitions?
[4] The world being what it is, too fine an ethical filter could quickly screen out almost every large company and many small ones.
[5] I tend to be tolerant of most vices in life, and also in investing. I am currently seeking out defense stocks. I'm eyeing at least one nuclear-power stock, and am favorably disposed toward gambling stocks. There's no liquor stock I want to own, but if the numbers looked attractive, I'd buy one.
[1]投資時(shí)需要慎重對(duì)待的一個(gè)問(wèn)題，就是道德規(guī)范在你選擇股票時(shí)應(yīng)該占多大份量。
我們是否應(yīng)投資于生產(chǎn)武器的公司?或者投資于核動(dòng)力、酒類、賭博、煙草類公司?這是有道德?tīng)?zhēng)議的“五大”領(lǐng)域，容易激起人們最強(qiáng)烈的愛(ài)憎之情，也最常引發(fā)道德性投資的討論。
不過(guò)這個(gè)名單可以一直列下去。你是否應(yīng)該投資于那些因污染環(huán)境而受罰的公司?那些被指控種族歧視的公司?那些不讓婦女擔(dān)任要職的公司?那些用動(dòng)物進(jìn)行試驗(yàn)的公司?那些為直接渲染的電視節(jié)目出資和舉辦類似藝術(shù)展覽的公司?
現(xiàn)實(shí)世界就是這樣，如果用太細(xì)的道德過(guò)濾器去篩選，那么幾乎每一個(gè)大公司和許多小公司很快都得從投資的名單中篩出去。
我傾向于容忍生活中的大部分不道德行為，在投資方面也是如此。我現(xiàn)在正在挑選一些國(guó)防類的股票。我至少中意于一種核動(dòng)力的股票，還看好博彩類的股票。我不想買酒類股，但如果價(jià)位有吸引力的話，我還是會(huì)買一種的。
Smoke-Free Zone
[6] In my personal portfolio, the only industry I won't invest in is tobacco. Tobacco causes disease and suffering when used as intended, whereas most of the others cause problems only when they are abused.
[7] Client portfolios are a different matter. When you are managing other people's money, your job is to maximize performance. We don't have any tobacco stocks at Dorfman Investments, but I'm on the stock selection committee for a money management firm, Dreman Value Management, that has tobacco holdings.
[8] As for performance, the 80 "socially responsible" mutual funds tracked by Morningstar Inc., the Chicago research company, returned 15 percent a year on average in the five years through October. That compares to an 18 percent return for all U. S. stock funds, and 26 percent for the Standard & Poor's 500 Index during the same period.
[9] At my firm, and many others, clients with their own separate accounts can specify whatever ethical restrictions they want. One of my clients doesn't want to own weapons stocks. For her, I won't buy stocks such as Lockheed Martin Corp., Litton Industries Inc., Cordant Technologies Inc. or Kaman Corp. But stocks of that type will be in many other clients' portfolios.
無(wú)煙區(qū)：
在我個(gè)人的投資組合中，我唯一不碰的是煙草業(yè)。當(dāng)你有意常吸煙草時(shí)，它會(huì)帶來(lái)疾病和痛苦，而其它的大多只有在濫用時(shí)才會(huì)帶來(lái)麻煩。
顧客的投資組合就是另一回事了。當(dāng)你為別人理財(cái)時(shí)，你的任務(wù)就是要取得最好的業(yè)績(jī)。多爾夫曼投資公司中沒(méi)有煙草股，但我是德雷曼價(jià)值管理公司——一個(gè)理財(cái)公司——選股委員會(huì)的委員，該公司卻持有煙草股。
據(jù)芝加哥的一家調(diào)研公司——晨星股份有限公司的跟蹤調(diào)查，就業(yè)績(jī)來(lái)講，80家“對(duì)社會(huì)負(fù)責(zé)”的共同基金在直至10月份的過(guò)去5年的年平均收益是15%。與之相比，同階段美國(guó)所有的證券基金的平均收益是18%，標(biāo)準(zhǔn)普爾500指數(shù)的平均收益是26%。
在我的公司和許多其他公司中，客戶有他們自己各自的考慮，他們能明確指定他們的道德禁忌。我的一位客戶就不愿持有武器股，所以我不會(huì)為她買進(jìn)諸如洛克希德·馬丁公司、利頓工業(yè)公司、考頓科技公司或卡曼公司的股票，但這類股票會(huì)出現(xiàn)在許多其他客戶的投資組合中。
Weapons of Defense
[10] The question of whether military force can be used ethically is one of the oldest and most difficult in history. To me, Hitler and World War II are sufficient proof that maintaining a strong U. S. Military force is a moral act.
[11] Some of my best friends disagree. To them, the ends do not justify the means. I asked one friend, who is a Quaker, what the U. S. should have done about Hitler. His response: "I don't know. But I believe we should have found an alternative other than force."
[12] That is an intellectually honest position, but to me not persuasive. On the whole, I feel the world is a better place if the U.S. has rocket fuel (Cordant), defense electronics (Litton), and Seasprite naval helicopters (Kaman), than if we don't.
防御武器：
軍事力量能否被合乎道義地使用是歷史上最古老的也是最困難的道德問(wèn)題之一。對(duì)我來(lái)說(shuō)，希特勒和二戰(zhàn)足以證明美國(guó)保持強(qiáng)大的軍事力量是道德的行為。
我的一些最好的朋友不同意這個(gè)觀點(diǎn)。他們認(rèn)為，目的正當(dāng)并不能證明手段正當(dāng)。我問(wèn)一位教友派信徒的朋友，對(duì)希特勒這樣的人美國(guó)應(yīng)該怎么辦。他說(shuō)：“我不知道。但我相信我們應(yīng)該找到另一種辦法，而不是暴力?！?/p>
這是一個(gè)理智的誠(chéng)實(shí)態(tài)度，但對(duì)我沒(méi)有說(shuō)服力?？偟膩?lái)說(shuō)，我覺(jué)得如果美國(guó)有考頓公司生產(chǎn)的火箭燃料、利頓公司的電子防御系統(tǒng)和卡曼公司的海軍用海怪直升機(jī)，這個(gè)世界會(huì)比我們沒(méi)有這些武器更好一些。
Power Sources
[13] Nuclear power is another issue that people feel strongly about. In the wake of Chernobyl and Three Mile Island, I can't argue that it's wrong to be concerned about the safety of nuclear plants. And yet, I believe people forget the hundreds of injuries and the massive pollution caused by oil-and coal-fueled electrical generating plants. Nuclear power, at least potentially, is a less polluting energy source than most of its competitors.
[14] The green so of cutting hack on energy use strikes me as misguided. Economic opportunity and social justice are much easier to achieve in an expanding economy. And an expanding economy virtually requires abundant energy.
[15] Alcohol, to some people, is the worst villain. And yet, when the nation tried to ban alcohol during prohibition, the experiment proved a failure. I can't resist adding that moderate drinkers have much lower death rates from heart attack than teetotalers.
[16] There are no liquor stocks I want to own presently. But at the right price, I would own one.
動(dòng)力源：
核動(dòng)力是另外一個(gè)引起人們強(qiáng)烈關(guān)注的問(wèn)題。由于切爾諾貝利和三哩島事件，我不能說(shuō)考慮核電廠的安全是錯(cuò)誤的。但是我想人們忘記了由用石油和煤作燃料的發(fā)電廠引起的成百上千種傷害和大量的污染。與其大多數(shù)競(jìng)爭(zhēng)者相比，核動(dòng)力至少?gòu)臐撛谀芰ι峡紤]是一種污染較小的能源。
我看這種減少能源使用的“綠色”解決方法是誤入歧途。經(jīng)濟(jì)發(fā)展的良機(jī)和社會(huì)的公正在一個(gè)正在增長(zhǎng)的經(jīng)濟(jì)中實(shí)現(xiàn)起來(lái)要容易得多。而一個(gè)正在發(fā)展增長(zhǎng)的經(jīng)濟(jì)實(shí)際上是需要豐富的能源的。
對(duì)某些人來(lái)說(shuō)，酒是個(gè)最壞的東西。但當(dāng)國(guó)家試圖禁酒時(shí)，結(jié)果總是歸于失敗。我忍不住要附帶補(bǔ)充一句：適度的飲酒者比完全禁酒者心臟病死亡率要低得多。
我現(xiàn)在還不想買什么酒類股。但一旦價(jià)位合適，我是會(huì)買一種的。
The Gambling Vice
[17] Anita Green, the director of social research at Pax World Fund, the third-largest social responsibility mutual fund, recently referred to gambling as "a vice that inflicts crushing social costs on American society". Noting that seven of the largest 20 mutual funds in the U . S. hold one or more gambling stocks, she suggests that investors pick a fund that has sworn to avoid them--namely, her own.
[18] Gambling, which Green opposes so strongly, is to me a pleasurable activity. I go to the racetrack, watch the pageantry of the horses, jockeys and silks, and enjoy the spectacle more because I have a $ 2 or $ bet on the outcome. I enjoy spending a day or two in Las Vegas or Atlantic City. But I go only once every year or two, and set myself a limit of $ 50 or $ 100 a day. When that's gone, I walk around and see the sights.
[19] For better or worse, it appears that America is still moving in the direction of more gambling. So I think that casino and lottery stocks--issues like Scientific Games Holdings Corp., Mirage Resorts Inc. and Mandalay Resort Group--are good bets.
[20] The impulse to invest ethically is praiseworthy, but I'm skeptical of "one size fits all" approaches to it. And I think anyone attempting to invest ethically should have respect for the complexity and difficulty of the task
Gap's problem
[21] For example, Pax World Fund, based in Portsmouth, New Hampshire, says it invests only in companies "that treat their employees, their environment, and their communities with respect". I'm sure it makes every effort to do so, but in an imperfect world, these decisions get mighty tricky.
[22] Pax World's largest stockholding is Gap Inc. Friday, Gap (along with some other retailers) lost in its attempt to dismiss a lawsuit accusing it of selling clothes made under sweatshop conditions in the U.S. territory of Saipan. In August, four other defendants in that suit, including Nordstrom Inc. and J. Crew Group Inc., agreed to settle the claims against them by establishing a $ 1.25 million fund to monitor working conditions of their Saipan workplaces.
[23] None of this necessarily means that Gap is a bad company, or culpable in the Saipan case. But it does illustrate the difficulty in making ethical investing decisions.
賭博惡習(xí)：
阿妮塔·格林是第三大社會(huì)保障共同基金——派克斯世界基金——的社會(huì)研究經(jīng)理，最近她指責(zé)博彩業(yè)是“一種讓美國(guó)社會(huì)付出毀滅性代價(jià)的惡疾”。她注意到美國(guó)最大的20個(gè)共同基金中的7個(gè)擁有1個(gè)或多個(gè)此類股票，于是呼吁投資者選擇那些發(fā)誓不買博彩股的基金----也就是她自己所任職的基金。
格林如此激烈反對(duì)的博彩對(duì)我來(lái)說(shuō)是一種令人快樂(lè)的活動(dòng)。我到賽場(chǎng)去，觀看馬匹、騎手以及騎手們穿戴的彩色綢制賽馬服組成的盛大華麗的場(chǎng)面，并享受著這樣的壯觀景象，更多的是因?yàn)槲覍?duì)結(jié)果投了2塊或5塊錢的注。我喜歡在拉斯維加斯或大西洋城花上一兩天的時(shí)間。但我一兩年才去一次，并把自己一天的花費(fèi)限制在50或100美元。錢一花完，我就四處溜達(dá)，看看風(fēng)景。
不管好壞吧，似乎博彩業(yè)在美國(guó)仍有發(fā)展之勢(shì)。所以我想博彩類股票----如科學(xué)博奕持股公司、夢(mèng)幻旅游勝地公司和曼達(dá)雷旅游勝地公司所發(fā)行的----是值得一賭的。
促進(jìn)合乎道義的投資是值得贊賞的，但我懷疑這種“一刀切”的做法能否行得通。我認(rèn)為任何打算進(jìn)行合乎道義的投資的人應(yīng)該考慮到它的復(fù)雜性和困難程度。
蓋普公司的問(wèn)題：
舉個(gè)例子，派克斯世界基金，總部設(shè)在新罕布什爾州的樸次茅斯，說(shuō)它只投資于那些“尊重員工，尊重環(huán)保，尊重社區(qū)”的公司。相信它是盡力這樣做的，但在一個(gè)不完美的社會(huì)里，這些決策是非常困難的。 派克斯世界基金所持有的最多的股票是蓋普公司的股票。周五，蓋普(及其他一些零售商)輸了一場(chǎng)官司，他們本想駁回被指控銷售美國(guó)西潘地區(qū)血汗工廠生產(chǎn)的衣物伽訴訟案。8月，包括諾德斯道姆公司、J.克魯集團(tuán)公司在內(nèi)的其他四個(gè)被告同意出資125萬(wàn)美元設(shè)立基金來(lái)監(jiān)督西潘工廠的工作條件，以此解決向他們提出的索賠要求。
這都不意味著蓋普是個(gè)差勁的公司，或者在西潘事件中是有罪的。但它確實(shí)說(shuō)明了在作出道德性投資決策方面存在的困難。
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