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1、外文翻译WillsmallstockseverslowdownMaterialSource:MoneyAuthor:WangPSmall-companyshareshaveracedaheadoflarge-caps.Tryingtohitcharidenow,though,canberisky.Whenitcomestoinvestinginsmallcompanies,thereareusuallyacoupleofthingsyoucanbesureof.Forstarters,fast-growingbutlessestablishedfirmsoftenshinei
2、ntheearlystagesofarally,asMONEYnotedbackinJune2009("AreSmall-CapsTakingRoot?").Andtruetoform,small-capitalizationstocksrocketedabout100%inthefirst12monthsofthisbullmarket.Butsharesofsmallerfirms-withstockmarketvaluesof$2billionorless-arealsomorepronetofallinafinancialpanicthanbig,blue-chips
3、tocks.Yetthroughoutmostofthisyear,whentheEuropeandebtcrisissentjittersthroughouttheglobalmarkets,small-capskeptpluggingalong.TheyhitabigspeedbumpinMay,asdidmostequities.Butsofarin2010,whenforeignshareshavesunkandtheS&P500isaboutflat,smallstocksarestillupnearly4%.·RationalexuberanceSomeofthi
4、smaybeduetofundamentalfactors.Forinstance,smallfirmsmovedaggressivelytoslashcostsduringthedownturnandgreatlyimprovedtheirbottomlines.Butthemarketmayalsobefavoringstocksthataren'tperceivedtobeexposedtoEurope'sfinancialwoes.Smallcompaniesaregenerallylesstiedtotheglobaleconomythanarebig,U.S.-b
5、asedconglomerates.Indeed,while14%ofrevenuegeneratedbycompaniesintheS&P500indexcomesfromEurope,onlyabout4%ofsmall-companysalesderivefromthatregion,accordingtoHowardSilverblatt,seniorindexanalystatStandard&Poor's.Thismayhelpexplainwhysmallcompaniesareforecasttoenjoyprofitgrowthofmorethan133%i
6、n2010-morethantriplethegrowthrateforlargestocks.Thesecompellingfigures-andrecentsmall-capoutperformance-haven'tgoneunnoticed.Lastyearreturn-hungryinvestorspouredabout$8.4billioninnewcashintosmall-capfundsevenastheyyanked$4.7billionoutofotherdomesticstockportfolios.Andalreadythisyear,investo
7、rshaveplowedanother$7.7billionintothesefunds.·Istheridealmostover?Still,thereareplentyofreasonsyoushouldthinktwiceaboutcommittingbigbuckstosmallstocksnow.Foronething,it'salwaysriskytojumponasegmentofthemarketthat'sbeenhotforsolong.Plus,therearesomeindica
