连锁信

That's where the recipe-exchange "chain letter" comes in.

而交换食谱"连锁信"在这点上就起作用了。

This is a typical chain letter and they don't work because 99.9% of everyone receiving it replaces their name and members of their family with the people listed.

这是一个典型的连锁信，他们并不可行，因为每个接收99.9%取代其姓名和家人同人民上市。

Every speclative bubble resembles a chain letter in that profits are provided by late entrants to the market.

每个投机泡沫就好比一封连锁信，利润是由后来入市者提供。

Consider 25 Random Things, a new take on the chain letter that has grown so popular it was written up in the New York Times Style section.

25随机考虑外，新采取的连锁信的增长如此受欢迎它写在纽约时报的风格一节。

The circulation of a chain letter increases in geometrical progression as long as the instructions are followed by all recipients.

只要所有的收信人都按要求去做连锁信的流通量就以几何速度增长

I think that chain letters are a confidence trick and should be made illegal.

我认为连锁信是一种骗局，应该被规定是非法的。

Many people think that chain letters are a confidence trick and should be made illegal.

很多人认为连锁信是一种骗局，应该被规定为非法的。

The sad fact is that most major acquisitions display an egregious imbalance: They are a bonanza for the shareholders of the acquiree; they increase the income and status of the acquirer's management; and they are a honey pot for the investment bankers and other professionals on both sides. But, alas, they usually reduce the wealth of the acquirer's shareholders, often to a substantial extent. That happens because the acquirer typically gives up more intrinsic value than it receives. Do that enough, says John Medlin, the retired head of Wachovia Corp., and you are running a chain letter in reverse.

很遗憾的是，大部分的购并交易案都充满了不公平性，对于被购并方来说，算是得到解脱，购并一方的管理阶层则名利双收，旁边的投资银行家与专业顾问也都能跟着大捞一笔，只不过真正受害的却是购并方背后全体的股东，他们损失惨重，原因在于购并公司最后所得到的实质价值通常远比得到的低，就像是Wachovia公司已退休的领导人John Medlin说，这种事做太多，就好象是在倒写连锁信一样。

What actually occurs in these cases is wealth transfer, often on a massive scale. By shamelessly merchandising birdless bushes, promoters have in recent years moved billions of dollars from the pockets of the public to their own purses (and to those of their friends and associates). The fact is that a bubble market has allowed the creation of bubble companies, entities designed more with an eye to making money off investors rather than for them. Too often, an IPO, not profits, was the primary goal of a company's promoters. At bottom, the "business model" for these companies has been the old-fashioned chain letter, for which many fee-hungry investment bankers acted as eager postmen.

在这些案例中，真正产生的只是财富移转的效应，而且通常都是大规模的，部份可耻的不肖商人利用根本就没有半只鸟的树丛，从社会大众的口袋中骗走大笔的金钱，(这其中也包含他们自己的朋友与亲人)，事实证明泡沫市场创造出泡沫公司，这是一种赚走投资人手中的钱而不是帮投资人赚钱的幌子，通常这些幕后推手的最终目标不是让公司赚钱，而是让公司上市挂牌，说穿了这只不过老式连锁信骗局的现代版，而靠手续费维生的证券商就成了专门送信的邮差帮凶。

What actually occurs in these cases is wealth transfer, often on a massive scale. By shamelessly merchandising birdless bushes, promoters have in recent years moved billions of dollars from the pockets of the public to their own purses (and to those of their friends and associates). The fact is that a bubble market has allowed the creation of bubble companies, entities designed more with an eye to making money off investors rather than for them. Too often, an IPO, not profits, was the primary goal of a company's promoters. At bottom, the "business model" for these companies has been the old-fashioned chain letter, for which many fee-hungry investment bankers acted as eager postmen.

第 36 页共 56 页 www.buffettism.com 巴菲特研究中心 Research Centre for Buffettism 在这些案例中，真正产生的只是财富移转的效应，而且通常都是大规模的，部份可耻的不肖商人利用根本就没有半只鸟的树丛，从社会大众的口袋中骗走大笔的金钱，(这其中也包含他们自己的朋友与亲人)，事实证明泡沫市场创造出泡沫公司，这是一种赚走投资人手中的钱而不是帮投资人赚钱的幌子，通常这些幕后推手的最终目标不是让公司赚钱，而是让公司上市挂牌，说穿了这只不过老式连锁信骗局的现代版，而靠手续费维生的证券商就成了专门送信的邮差帮凶。

With Death guitarist Schuldiner adopting vocal duties, the band made a major impact on the scene.

随着死亡的吉他手Schuldiner接受主唱的职务，乐队在现实中树立了重要的影响。

But he could still end up breakfasting on Swiss-government issue muesli because all six are accused of nicking around 45 million pounds they should have paid to FIFA.

不过他最后仍有可能沦为瑞士政府&议事餐桌&上的一道早餐，因为这所有六个人都被指控把本应支付给国际足联的大约4500万英镑骗了个精光。