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英语金融论文:金融投资中的逆向投资(Contrarians approach)

时间:2014-03-20 09:57来源:www.ukassignment.org 作者:yangcheng 点击:
本文是篇英语金融论文,阐述关于金融股票中逆向投资的一个问题,这与大众的观点正好走背道相驰的路线,但是作者也在结论中说明,这种投资模式能够快速发现错误,以及纠正问题所在。
1、introduction引言

(在金融投资中)谈及逆向投资者具备的优点和缺点,有必要强调的是,他们应该在金融市场中被视为一个更加宽泛的团队。自然而言的人们也会给予优点和缺点上的划分,然而,在基本的基调上,他们所有的人都只是坚持逆向投资的基本原则。
Speaking about advantages and disadvantages that Contrarians possess, it is necessary to underline that they should be treated in a wider terms than that of financial market ones. Naturally there may be singled out advantages and disadvantages. However, all of them based on the basic principle of Contrarian’s views, i.e. on opposition to the general line.

因此,这意味着他们显然有着积极的个人眼光,他们所处的位置能看到别人不同的意见。这也为他们提供了一定程度的客观性,因为大众不认同的路线无论是否情况属实都会提供给你错误的共识(让你得以了解)。他们的立场也是批判性的思维立场,这在当今这个以不断变化为发展源泉的世界是十分重要的。
Consequently, such a position provide them in a different opinion from others, it means they have their own individual vision of the situation that is obviously positive. It also provides them with a certain degree of objectivity because they do not agree with the general line and can perceive the real situation regardless the common view which may be erroneous. Their position is also a source of critical thinking, which is so important in the contemporary world that is permanently changing. Furthermore, they are characterized by the uniqueness of their position that increases their social and economic value as the main source of competitiveness to the general line. Finally, in philosophical terms they are a sort of stimulus for their opponents which, attempting to overcome the Contrarians’ opposition, progress.

2、main body正文
 
As for disadvantages some of them may be draw from the advantages listed, since in fact some of them have the other side. For instance, the objectivity of Contrarians, being potentially higher compared to the general opinion, is still not absolute for in real life objectivity cannot be absolute. Consequently a certain degree of subjectivity is still present and their objectivity may be fairly criticized though not in such a high degree as the position of the majority. Furthermore their opposition to the general line may be also erroneous because, in financial markets their opponents may have quite a positive impact on economy as well. They also have a weak position because they do not promote it as a perspective alternative to the general line. Finally, they are condemned to remain in a permanent minority since the entity of the movement is very specific and in financial terms it is probably less attractive than the position of their opponents. Consequently they would hardly be in a majority at least in the nearest time.
 
In fact, it is possible to say the Contrarian movement in its proper financial sense has appeared as soon as financial market appeared. Bearishness was a natural response to bullishness since it was a natural demand of the market. Later on the movement progressed, especially after the World War II and nowadays it still exist and progress.
However, the perspectives of Contrarians are not quite clear since it is a commonly accepted belief that the contemporary financial markets are the markets where Contrarians are always in a worse position and have little perspectives. As a result they would probably lose their positions. But probably it is necessary to be a bit a Contrarian to think otherwise, especially, if one concerns the phenomenon larger as a philosophical movement. In such a situation it may find its places and be an alterative to other philosophical movements that overwhelmed the contemporary world.
 
Within any financial market there are Contrarians. They are characterized by their opposition to the general line that finds its expression in their preferences of a negative trend, i.e. while their opponents tends to rise prices of stocks, for instance, Contrairans would low it. However, their position is not simply negative. In fact they simply tend to be in opposition to the general line and they may prefer not only negative but positive trend as well only if it is in opposition to the general line.
 
Consequently it possible to speak about the opposition in different spheres of life as the position of Contrarians, for instance in politics it may be the opposition to a government. In social life, it may be any kind of opposition, for instance some social protest or, what is worse, it may be even crimes.
 
 
The Contrarians views on technological development are in a way similar to the views of New Humanists. It means, being in an opposition to the general view, they have to look for alternatives to technological progress and transforming human society in materialistic community that is in fact a slave of the technological progress deprived of individuality and spiritual richness. Consequently it is obvious that Contrarians would rather prefer spiritual development of each individual and the society at large rather than rapid technological development.

3、conclusion结论
In practical terms Contrarians have to promote their position if they want to remain within financial markets and expand their influence as a socio-political or philosophical movements. It may be done through different educational or training programs, which prepare people to take risks in financial market and stay in opposition. In socio-political life it is possible to recommend to invest money, accumulated in financial markets, in the development of some political movement or even a party. In order to become closer to the public they should organize a series of advertising campaign that would promote their views.
 
Bibliography:
1. Drehmann, M. et al. Herdal and Contrarian Behavior in Financial Markets. University of Bonne, 2002.
2. Elachi, J. Contrarians in the Financial Markets. London: Routledge, 2001.
3. Fleckenstein, B. Contrarian Chronicles. New York: New Publishers, 1999.
4. Johnson, G. Contrarian’s Contrarian. New York: Touchstone, 1998.
5. Nassar, D. A Contrarian’s Opportunity. SF: Guildore Publishers, 1996.
6. Oldington, C. Contrarians. New York: Touchstone, 2000.

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