【彭博精选】忧虑再起：天量资金出逃纳斯达克

Investors are losing their nerve in the stock market amid selling that has sent some industries down the most since 2008. In the past, that’s been a signal to buy.

nerve：勇气，胆量
stock market：股票市场
amid：在...中间，处于...环境中

投资者为什么在股市中畏首畏尾？2008年以来，疯狂的卖盘再一次压垮了许多产业。这里要说的是，股票市场里玩的不是现货，而是预期。大量卖盘，标志着投资者对某股票，某产业，甚至某国整体经济的未来强烈不看好；用专业术语说也叫看空。

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Global money managers raised cash holdings to a two-year high this month and say America is the worst place to invest, a Bank of America Corp. survey published last week shows. Investors have pulled about $10 billion from funds that buy U.S. equity this month, set for the biggest outflows since August, according to data compiled by Bloomberg and the Investment Company Institute.

cash holding：持有现金
outflow：外流
equity：股票，股权

持有现金水平达到2年最高，意味着什么？这里涉及到一个专业术语叫仓位。仓位指的是作为一个投资者，你持有的股票占你总投资资产的百分比，持有股票越多，仓位越高。大家常听到的满仓、重仓、空仓，都是这么来的。投资者宁愿把现金抓在手里，也不愿持有股票仓位，是因为普遍认为现在的市场不适合投资。投资者减仓的行为，造成股市大量资金外流，也就是去年8月以来的biggest outflow。

After embracing stocks last year for the first time since the bull market began, individuals are showing signs of reverting to the skepticism that led them to pull more than $400 billion from mutual funds from 2009 through 2012. While hedge fund manager David Tepper says caution is appropriate now, others consider the lack of exuberance a healthy sign that sets the stage for more gains.

embracing：拥抱，接受
revert：恢复，重回
skepticism：怀疑态度
exuberance：繁茂，丰盛

bull market，直译就是牛市。大家对牛市的态度重回怀疑。下面给大家介绍两个高端词汇：mutual funds，共同基金；hedge fund，对冲基金。有兴趣的同学可以自行维基百科，伦敦年入10W英镑以上的高富帅们，有一多半在这俩地方打滚。

“Walls of worry are everywhere,” Robert Doll, who helps oversee $118 billion as chief equity strategist at Nuveen Asset Management in Chicago, told Tom Keene and Michael McKee on Bloomberg Radio’s “Surveillance” on May 14. “This is the least believed bull market that I’ve ever seen. From here it’s earnings, it’s fundamentals, it’s can the economy grow? And my guess is the answer to that question is yes.”

surveillance 监管，监视

这个资产管理公司的家伙跳出来给大家吃了颗定心丸，表示了对牛市和整体经济发展的信心。