经济学人|年轻人虽然年轻,但并不傻——Young, but not dumb

文章分为两部分,第一部分为经济学人翻译,第二部分为简短的英文对话。

经济学人翻译——Young, but not dumb

What Wall Street can learn from millennial investors

华尔街能从千禧一代的投资者身上学到什么?

The urge of the old to lament the folly of the young is as ancient as civilisation itself . “The beardless youth … does not foresee what is useful, squandering his money,” scowled the poet Horace, in 15bc. This year silver-haired Wall Street pros have tutted at the enthusiasm of youthful stock-pickers, who have taken to punting on markets in the lockdown. Manic millennials tapping screens piled into Hertz—after it declared bankruptcy. They dabbled with derivatives and bid up shares in Nikola, an electric-lorry-maker that later admitted to letting a prototype roll down a hill during a “demonstration” because it could not have powered itself. It may seem as if the only lesson is how not to invest. Yet as we explain this week, young people are changing how finance works (see Finance section) and often for the better.

老年人哀叹年轻人愚蠢的冲动古来有之。公元15年,诗人Horace 失望道“乳臭未干的年轻人……不知道什东西是有价值的,白白浪费了他的钱。”今年,满头银发的华尔街精英开始对年轻人的选股热情表示不满。这些人已经开始在封禁期对市场进行投机。Hertz 宣布破产后,疯狂的千禧一代在屏幕前一拥而上。他们涉足金融周遍,并且抬高了电动卡车制造商 Nikola 的股价(这家公司随后承认在一次演示中,让一个模型车从山顶上滚下来,因为它无法为自己提供动力)。似乎唯一的教训,就是如何避免投资。然而,正如我们这周解释的那样,年轻人正在改变金融运作的方式,并且往往是朝着好的方向改变。

Every generation leaves its mark, but those aged 56-74 today, known as baby-boomers, had an outsize impact on America’s capital markets. Thanks to solid economic growth, rising asset prices and fat pensions, they have accumulated piles of financial savings—about $600,000 on average, held in retirement accounts and other vehicles for shares and bonds. The asset-management industry has been built around this mountain of money. Specialists run pensions, index providers such as Vanguard let you track the market while snoozing, and wealth managers offer personalised service and perks to the rich. No wonder the number of jobs in finance has risen by 31% since 1990.

每一代人都会留下属于他们的印记,但是现在这群56-74岁的人(也就是婴儿潮的这一代)对美国的资本市场产生了超乎想象的影响。由于稳定的经济增长、不断上涨的资产和丰厚的养老金,他们积累了大量的金融储蓄——平均约60万美元,以退休金和其它形式持有股票和债券。资产管理行业就是围绕着这堆钱建立起来的。专业人士经营养老金,Vanguard 等指数提供商能让你在睡觉的时候可以追踪市场动向,财富管理公司富人提供个性化的服务和福利。难怪近30年来金融领域的工作数量增长了31% 。

At first glance the young don’t look as if they have enough money to reinvent Wall Street. Those under 35 have, on average,just $35,000 in financial assets, and those born between 1981 and 1996 own just 7% of all such assets in America, a far cry from the 26% share that boomers had amassed by a similar age and the 50% slice they now hold. Having faced two economic crises in about a decade, the young are less likely than their predecessors to own a home or a car. Half of those aged 18-29 say they have a positive view of socialism, according to Gallup, a polling firm.

咋一看,年轻人似乎没有足够的钱来彻底改造华尔街。35岁以下的年轻人,平均拥有的金融资产只有 3.5万美元,在1981~1996年出生的人只拥有美国全部此类资产的 7% ,与婴儿潮时期出生的人所积累的比例 26% 和他们现在所持有的比例 50% 相差甚远。在大约十年的时间经历了两次经济危机,与前辈们相比,年轻人拥有一套房或者一辆车的可能性更低。根据调查公司 Gallup 的数据,在18~29岁的年轻人中,有一半说他们对社会主义持积极态度。

Yet much of this is about to change as the young approach their peak earnings and the boomers retire and die. In recent years the churn in investible asset holdings has been relatively small, at around $1.3trn every five years, or 5% of total wealth in America. This pace is expected to double in a decade or so, as boomers begin to hand wealth to their children—either in their dotage or in their wills. By 2042 millennials are expected to have inherited roughly $22trn.

然而,随着年轻人的收入达到顶峰,以及婴儿潮的老人们退休和死亡,这一切都会改变。在近几年,可投资资产的波动性相对较小,每5年约为1.3万亿美元,占美国总财富的5% 。 随着婴儿潮的一代开始将财富传给他们的子女——要么在他们老的时候要么在他们的遗嘱中,这一速度预计在十年内会翻一番。到 2042年,千禧一代将会继承约 22万亿美元资产。

The young are also early adopters of new technologies and investment philosophies. In America digital-payments networks such as Venmo and Zelle are dominated by younger users even as their elders still scribble on cheques. Huabei, a credit service launched in China in 2014 by Ant Group, a fintech firm, now has a vast army of users—the pioneers were young people who could not get credit cards or bank loans. Younger American savers are happy using robo-advisers, which automate investment across a range of cheap index funds. As technology has cut the cost of trading, it has become easier and cheaper for them to trade assets actively, too. The leading adherents of the sustainable-investing boom that has gripped asset-managers are those aged 24-39. More than two-thirds of these young savers say they are very interested in making a positive social and environmental impact with their investments, compared with about half of the general population.

年轻人也是新技术和投资理念的早期接受者。在美国,像 Venmo 和 Zelle 这样的数字支付网络已经被年轻用户所主导,而他们的长辈还仍在支票上面乱画。金融科技公司蚂蚁集团,2014年在中国推出的一项信贷服务“花呗”,现在已经拥有庞大的用户群——先行者是那些无法获得信用卡和银行贷款的年轻人。年轻的美国储户喜欢使用机器人顾问,它能够自动投资一系列低估指数基金。随着技术使交易成本变得更低,他们主动进行资产交易也变得更轻松便宜。持续投资潮的主要追随者是那些年龄在24~39之间的人。超过三分之二的年轻储户说,他们非常乐于看到自己的投资能对社会和环境产生积极的影响,在普通民众中这一比例约为一半。

Some big financial firms are alive to the coming shift. Last year Morgan Stanley bought Solium, a startup that manages stock options and equity as they vest, largely for young tech workers. Goldman Sachs purchased United Capital, an investment-advisory firm popular with young professionals. But much of the financial industry, still drunk on the colossal windfall from the baby-boomers, is unprepared. If those firms want to stay in business, then instead of laughing as the new generation experiments with finance they should be taking notes.

一些大型金融公司已经意识到即将到来的转变。去年,Morgan Stanley 收购了初创公司 Solium ,它主要为年轻科技工作者提供管理所持股票期权和股权的服务。Goldman Sachs 收购了颇受年轻专业人士青睐的投资咨询公司 United Capital 。但是,大多数仍然陶醉于婴儿潮所带来的意外之财中的公司,还没做好准备。如果这些公司还想要继续经营下去,那么他们就应该做笔记,而不是像在新一代金融实验中那样笑个不停。

对话:one-on-on meetings

A: Hey Ken , what’s up ? Do you want to talk about something ?
嘿,ken,怎么了? 你是想说点什么么?

B: Yeah, nothing serious , I just wanted to see how you and the team were getting along .
是的,也没啥大事儿,我就是想知道你和团队相处的怎么样。

A: For the most part , we’re doing just fine. Thing are definitely smoother than before .
总体上,我们现在相处的很好。肯定比以前更顺利了。

B: Happy to hear it . But is there anywhere you feel you could be making more progerss?
很高兴听到你这么说。那你觉得你还有什么方面能提升吗?

A: It would be nice to increase our sales even more than we already have .
如果在现在基础上,还能够继续提升销量就太好了

B: Isn’t that always the goal ? What’s keeping you guys from doing that at the moment ?
那不是我们一直以来的目标吗?目前是什么阻碍了你们实现这个目标呢?

A: Well for one thing , our new employees need time to get used to how we doing things here .
首先,我们新员工需要时间来适应这里的工作方式。

B: Gotcha . Any other challenges or concerns, Samantha?
明白了。还有其他挑战和担忧吗?

A: Personally ,no . I feel like I’ve really gotten used to things now .
就我个人而言,没有别的问题了。我觉得自己现在真的已经适应这里了。

B: Great , Just remember , if you ever have any problems , I’m here to help .
太棒了。记住, 如果你有任何问题,我都会帮助你的。

以上译自经济学人,仅供个人英语学习,如有侵权请联系删除。

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