Ellis 200 Flashcards

1
Q

1
that of unwisely getting into stocks you would not have purchased if you were not sure you could get out at any time because the market looked so liquid

A

celle d’entrer imprudemment dans des actions que vous n’auriez pas achetées si vous n’étiez pas sûr de pouvoir en sortir à tout moment parce que le marché semblait si liquide.

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2
Q

2

you don’t always get caught, nor do you always not get caught

A

on ne se fait pas toujours prendre, et on ne se fait pas toujours pas prendre non plus.

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3
Q

3

this makes the superior performance of WB and DS all the more wonderful to behold

A

cela rend les performances supérieures de WB et de DS d’autant plus merveilleuses à voir.
-If you behold someone or something, you see them; regarder, contempler

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4
Q

4

So are bond investors wrong about this? Is it wishful thinking that they really can’t see inflation coming?

A

Les investisseurs obligataires ont-ils tort ? Est-ce un vœu pieux de ne pas voir venir l’inflation ?
-If you say that an idea, wish, or hope is wishful thinking, you mean that it has failed to come true or is unlikely to come true.
It is wishful thinking to expect deeper change under his leadership.

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5
Q

5

I believe she has a chance of winning the award, but that’s probably wishful thinking.

A

Je crois qu’elle a une chance de gagner le prix, mais c’est probablement un vœu pieux.
-expectations based on what one hopes will happen, not on what is likely to happen; prendre ses désirs pour la réalité

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6
Q

6

the Fed, [which] has been trying to talk down inflation,

A
  • If someone talks down a particular thing, they make it less interesting, valuable, or likely than it originally seemed.
  • speak disparagingly of, minimiser, dénigrer, parler de manière dépréciative de
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7
Q

7
Instead, the Fed reiterated, we’re going to keep adding to that punchbowl out of conviction that this inflation was transitory.

A

Au lieu de cela, la Fed a répété qu’elle allait continuer à alimenter le bol à punch parce qu’elle était convaincue que cette inflation était transitoire.

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8
Q

8
He took up office out of a sense of duty.
Some people have left out of embarrassment at what’s happened to them

A

Il a pris ses fonctions par sens du devoir.
Certaines personnes sont parties par honte de ce qui leur est arrivé.
-you use out of to say what feeling or reason causes someone to do something. For example, if you do something out of pity, you do it because you pity someone.

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9
Q

9

What’s the meaning of “out of fear”?

A

It means because you were scared / fearful you did something.

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10
Q

10

while you have pent-up demand from millennials

A

alors que vous avez une demande refoulée de la part des milléniaux
-Pent-up emotions, energies, or forces have been held back and not expressed, used, or released; contenu, réprimé

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11
Q

11

You’re obviously seeing an influx of demand

A

Vous assistez évidemment à un afflux de demande

  • An influx of people or things into a place is their arrival there in large numbers; afflux, flot,arrivée en masse
  • the arrival of large numbers of people or large amounts of money, goods etc, especially suddenly
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12
Q

12

and our housing prices have gone ballistic. And it seems that everyone’s quitting their job to become a realtor.

A

et les prix des logements ont explosé. Et il semble que tout le monde quitte son emploi pour devenir agent immobilier.
-If something goes ballistic, it suddenly becomes very much greater or more powerful, often in a surprising or unwanted way.

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13
Q

13

Are there bidding wars and all-cash offers in your neck of the woods, too?

A

Y a-t-il des guerres d’enchères et des offres au comptant dans votre coin de pays, aussi ?

  • A bidding war occurs when two or more entities vie for ownership of a property or business.
  • Une guerre des enchères se produit lorsque deux entités ou plus se disputent la propriété d’un bien ou d’une entreprise.
  • vie for: compete for [sth]), concourir pour obtenir, rivaliser pour obtenir
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14
Q

14

When you end up with a speculative psychology, it tends to spill over into multiple asset classes,

A

Lorsque vous vous retrouvez avec une psychologie spéculative, cela a tendance à se répercuter sur de multiples classes d’actifs,
-to overflow or be forced out of an area, container, etc; déborder sur

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15
Q

15
not just stock market valuations, where they are above the 90th or 95th percentile by most historical measures. Stocks are very, very expensive, historically speaking,

A

et pas seulement sur les évaluations du marché boursier, où elles sont supérieures au 90e ou 95e percentile selon la plupart des mesures historiques. Les actions sont très, très chères, historiquement parlant
-95% des mesures historiques sont en-dessous des valeurs actuelles

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16
Q

16
Suppose your exam score is better than 90 percent of the rest of the class. That means your exam score is at the 90th percentile (so k = 90), which hopefully gets you an A. Conversely, if your score is at the 10th percentile , then k = 10; that means only 10 percent of the other scores are below yours, and 90 percent of them are above yours; in this case an A is not in your future.

A

Supposons que votre note d’examen soit meilleure que celle de 90 % du reste de la classe. Cela signifie que votre note d’examen se situe dans le 90e percentile (donc k = 90), ce qui vous permettra d’obtenir un A. Inversement, si votre note se situe dans le 10e percentile, alors k = 10 ; cela signifie que seulement 10 % des autres notes sont inférieures à la vôtre, et que 90 % d’entre elles sont supérieures à la vôtre ; dans ce cas, un A n’est pas dans votre avenir.

Traduit avec www.DeepL.com/Translator (version gratuite)

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17
Q

17
Percentiles report the relative standing of a particular value within a statistical data set. If that’s what you’re most interested in, the actual mean and standard deviation of the data set are not important, and neither is the actual data value. What’s important is where you stand — not in relation to the mean, but in relation to everyone else: That’s what a percentile gives you.

A

Les percentiles indiquent la position relative d’une valeur particulière dans un ensemble de données statistiques. Si c’est ce qui vous intéresse le plus, la moyenne et l’écart-type réels de l’ensemble de données ne sont pas importants, pas plus que la valeur réelle des données. Ce qui importe, c’est de savoir où vous vous situez - non pas par rapport à la moyenne, mais par rapport à tous les autres : c’est ce que vous donne le percentile.

Traduit avec www.DeepL.com/Translator (version gratuite)

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18
Q

18

we’ve seen it in cryptocurrencies, like bitcoin shot up to $60,000 and now is struggling to stay above $30,000

A

nous l’avons vu dans les crypto-monnaies, comme le bitcoin a grimpé jusqu’à 60 000 $ et lutte maintenant pour rester au-dessus de 30 000 $.

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19
Q

19
A percentile is not a percent; a percentile is a value (or the average of two values) in the data set that marks a certain percentage of the way through the data. Suppose your score on the GRE was reported to be the 80th percentile. This doesn’t mean you scored 80 percent of the questions correctly. It means that 80 percent of the students’ scores were lower than yours and 20 percent of the students’ scores were higher than yours.

A

Un percentile n’est pas un pourcentage ; un percentile est une valeur (ou la moyenne de deux valeurs) dans l’ensemble de données qui marque un certain pourcentage du chemin à travers les données. Supposons que votre score au GRE soit considéré comme le 80e percentile. Cela ne signifie pas que vous avez répondu correctement à 80 % des questions. Cela signifie que 80 % des notes des étudiants étaient inférieures aux vôtres et que 20 % des notes des étudiants étaient supérieures aux vôtres.

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20
Q

20
Recently, we invented our Canary in the Coal Mine index. It’s comprised of 20 of the most notable targets of speculation that have gone parabolic since the pandemic low.

A

Récemment, nous avons inventé notre indice Canary in the Coal Mine. Il est composé de 20 des cibles les plus notables de la spéculation qui sont devenues paraboliques depuis le creux de la pandémie

  • canary in a coalmine: something that gives an early warning of danger or failure, in the way that, in the past, a canary taken into a mine would die if the air was not safe to breathe, warning the people working there
  • Of or similar to a parable.
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21
Q

21
If you track the peaks in that speculation and see when that washes out, you’re going to have a handle on when the trouble is going to start permeating into the rest of the market.

A

Si vous suivez les pics de cette spéculation et voyez quand elle se dissipe, vous aurez une idée du moment où les problèmes commenceront à se propager au reste du marché.

  • If a colour or dirty mark washes out, or if you wash it out, it disappears when you wash it
  • If you have a handle on a subject or problem, you have a way of approaching it that helps you to understand it or deal with it.
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22
Q

22

Bias against women permeates every level of the judicial system

A

-If an idea, feeling, or attitude permeates a system or permeates society, it affects every part of it or is present throughout it.

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23
Q

23

the accumulating evidence, however, compels the recognition that most investors are suffering serious shortfalls

A

Cependant, les preuves qui s’accumulent obligent à reconnaître que la plupart des investisseurs souffrent de graves lacunes.

  • If a situation, a rule, or a person compels you to do something, they force you to do it. - forcer, impser, contraindre qqn à
  • If there is a shortfall in something, there is less of it than you need or expect - déficit, manque à gagner
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24
Q

24

to help ensure investing is

A

pour aider à garantir que l’investissement est

  • To ensure something, or to ensure that something happens, means to make certain that it happens.
  • assurer, garantir
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25
Q

25

there is a continuing struggle between the values of the profession and the economics of the business

A

il existe une lutte permanente entre les valeurs de la profession et l’économie de l’entreprise.
-A struggle is a long and difficult attempt to achieve something such as freedom or political rights.

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26
Q

26

They had to struggle against all kinds of adversity

A

Ils ont dû lutter contre toutes sortes d’adversités.
-If you struggle to do something, you try hard to do it, even though other people or things may be making it difficult for you to succeed.

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27
Q

27

the latter depends on the former

A

le second dépend du premier

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28
Q

28

investment counseling

A

conseil en investissement

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29
Q

29

like all learned professions

A
  • A learned person has gained a lot of knowledge by studying.
  • knowledgeable, érudit, savant, instruit
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30
Q

30

astute portfolio management

A

gestion avisée du portefeuille

  • If you describe someone as astute, you think they show an understanding of behaviour and situations, and are skilful at using this knowledge to their own advantage.
  • shrewd, smart, futé, astucieux, malin
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31
Q

31

to achieve superior investment results by outsmarting the ever-more-numerous professional investors

A

d’obtenir des résultats d’investissement supérieurs en étant plus malin que les investisseurs professionnels, de plus en plus nombreux.
-If you achieve a particular aim or effect, you succeed in doing it or causing it to happen, usually after a lot of effort. -accomplir, réaliser, atteindre un but, réussir

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32
Q

32

and collectively set the prices of securities

A

et fixent collectivement les prix des titres

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33
Q

33

It was exhilarating to be on the road again and his spirits rose.

A

C’était exaltant d’être à nouveau sur la route et son moral était au beau fixe.
-If you describe an experience or feeling as exhilarating, you mean that it makes you feel very happy and excited.

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34
Q

34

simply washing hands has proven to be second only to penicillin in saving lives

A

le simple fait de se laver les mains s’est avéré être le deuxième meilleur moyen de sauver des vies après la pénicilline.
-est presque aussi important

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35
Q

35

or fraught with disconcerting “it’s gotten even worse” threats

A

ou rempli de menaces déconcertantes du type “ça a encore empiré”.
-fraught with: full of

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36
Q

36

this can help each client stick with a sensible investment program

A

cela peut aider chaque client à suivre un programme d’investissement raisonnable.

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37
Q

37

as superior investing is getting steadily harder to achieve

A

car il est de plus en plus difficile d’obtenir des investissements de qualité.
-continuously, régulièrement, ne pas cesser de faire

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38
Q

38

but those years are long gone

A

mais ces années sont passées depuis longtemps

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39
Q

39

most managers fall short

A

la plupart des managers échouent

  • to fail to reach or measure up to (a standard), être au-dessous, ne pas être à la hauteur
  • to prove inadequate
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40
Q

40

two are errors of commission

A
  • A commission is a piece of work that someone is asked to do and is paid for.
  • active use, service, commande (d’un travail)
  • a request for an artist, designer, or musician to make a piece of art or music, for which they are paid
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41
Q

41

and, in all likelihood, will not deliver

A

et, selon toute vraisemblance, ne délivrera pas

-very probably

42
Q

42

even if inflation remains subdued at under 2 percent

A

même si l’inflation reste modérée, à moins de 2 %.

-reduced or low in intensity; maîtrisé

43
Q

43

Others must act as though they are willing to lose so you can win after covering all your costs of operation.

A

Les autres doivent agir comme s’ils étaient prêts à perdre pour que vous puissiez gagner après avoir couvert tous vos coûts d’exploitation.
-If someone is willing to do something, they are fairly happy about doing it and will do it if they are asked or required to do it.

44
Q

44

The military now say they’re willing to hold talks with the political parties.

A

Les militaires disent maintenant qu’ils sont prêts à discuter avec les partis politiques.

  • If someone is willing to do something, they are fairly happy about doing it and will do it if they are asked or required to do it.
  • inclined, prepared, happy, pleased
45
Q

45

I’m willing to finish the report myself, but you’ll have to give me more time.

A

Je suis prêt à terminer le rapport moi-même, mais vous devrez me donner plus de temps.
-be willing to do [sth]: (agree freely to), être prêt à faire [qch], être disposé à faire, bien vouloir faire [qch], être d’accord pour faire [qch]

46
Q

46

here are some of the changes that have compounded over 50 years to

A

voici quelques-uns des changements qui se sont accumulés en 50 ans pour

47
Q

47

and faster than those of yore

A

et plus rapides que ceux d’antan

-of yore: of a long time ago

48
Q

48

Derivatives have surged in value traded from nil to larger than the “cash” market.

A

La valeur des produits dérivés est passée de zéro à une valeur supérieure à celle du marché “au comptant”.
-nil: zéro; rien

49
Q

49

Reg FD has “commoditized” most investment information now coming from corporations

A

La réglementation FD a “banalisé” la plupart des informations sur les investissements provenant désormais des entreprises.
-commodify, commoditize: to render (a good or service) widely available and interchangeable with one provided by another company; banaliser

50
Q

50

or another assured method

A

ou une autre méthode assurée

-If something is assured, it is certain to happen.

51
Q

51

is now by law just a commodity

A

an exchangeable unit of economic wealth, esp a primary product or raw material

52
Q

52

over 120,000 analyts- up from zero 50 years ago

A

plus de 120 000 analyses - contre zéro il y a 50 ans

53
Q

53

have become major forces for change toward consistent fair value for all securities

A

sont devenus des forces majeures pour le changement vers une juste valeur cohérente pour tous les titres.
-An argument or set of ideas that is consistent is one in which no part contradicts or conflicts with any other part. -concordant

54
Q

54

spew all sorts of data

A

crachent toutes sortes de données

-to send or be sent out in a stream

55
Q

55

who set those market prices

A

qui fixe les prix du marché

56
Q

56

the losers underperform the market one and one-half times as much as the winners outperform

A

les perdants sous-performent le marché une fois et demie plus que les gagnants surperforment.

57
Q

57

nor do the data adjust for taxes

A

les données ne sont pas non plus ajustées pour les taxes

58
Q

58

is reported as time weighted, not value weighted

A

est rapporté comme pondéré par le temps et non par la valeur.

59
Q

59

It is unlikely that the marine industry will fare any better in September.

A

Il est peu probable que l’industrie maritime s’en sorte mieux en septembre.

  • If you say that someone or something fares well or badly, you are referring to the degree of success they achieve in a particular situation or activity.
  • get on, s’en sortir, s’en tirer
60
Q

60

nor is it comforting to see the

A

et il n’est pas non plus réconfortant de voir le

-encourageant, sécurisant; rasssurant, réconfortant; consolant, apaisant

61
Q

61

and obliterating roughly one-third of their funds’ actual long-term returns

A

et en supprimant environ un tiers des rendements réels à long terme de leurs fonds.
-to destroy every trace of; wipe out completely; effacer, détruire, anéantir

62
Q

62

they buy after the best results and sell out after the worst is over

A

ils achètent après les meilleurs résultats et vendent après le pire.

  • If a shop sells out of something, it sells all its stocks of it, so that there is no longer any left for people to buy.
  • liquider, tout vendre; all be sold, être tous vendus
63
Q

63

not overreact to market highs or lows

A

ne pas réagir de manière excessive aux hausses ou aux baisses du marché
-If you say that someone overreacts to something, you mean that they have and show more of an emotion than is necessary or appropriate.

64
Q

64

they have gotten so caught up in the superb economic rewards of the investment business

A

ils ont été tellement pris dans les superbes récompenses économiques du business de l’investissement.

  • If you are caught up in something, you are involved in it, usually unwillingly.
  • se laisser emporter, happer
65
Q

65

that they are not asking potentially disruptive questions about

A

qu’ils ne posent pas de questions potentiellement dérangeantes concernant

  • causing disruption (chahut), perturbateur
  • Disruptive technology involves completely new methods that change the way something such as a market or a type of device works.
66
Q

66

The start-up has always been a disruptive force in the market.

A

La start-up a toujours été une force perturbatrice sur le marché.
-causing trouble and therefore stopping something from continuing as usual

67
Q

67

particularly when they know they are unusually capable and working terribly hard

A

surtout lorsqu’ils savent qu’ils sont exceptionnellement compétents et qu’ils travaillent très dur.

68
Q

68
it is not surprising that business managers have increasingly displaced investment professionals in senior leadership positions

A

il n’est pas surprenant que les gestionnaires d’entreprise aient de plus en plus remplacé les professionnels de l’investissement aux postes de direction.
-If one thing displaces another, it forces the other thing out of its place, position, or role, and then occupies that place, position, or role itself. -remplacer, supplanter

69
Q

69

which is best achieved by increased asset gathering

A

le meilleur moyen d’y parvenir est d’augmenter la collecte d’actifs

70
Q

70

and how to hang in there when markets are most disconcerting

A

et comment tenir le coup lorsque les marchés sont les plus déconcertants.

  • hang (on) in there (also hang tough especially American English): to remain brave and determined when you are in a difficult situation
  • If you say that something is disconcerting, you mean that it makes you feel anxious, confused, or embarrassed.
71
Q

71

and the slopes are groomed

A

et les pistes sont damées

  • clean and tidy in appearance, clothes, etc
  • entretenir, tailler
72
Q

72

we terrified our landlubber cousins

A

nous terrifiions nos cousins terriens.
-A landlubber is someone who is not used to or does not like travelling by boat, and has little knowledge of boats and the sea.

73
Q

73
knowing that when the boat seemed most certainly about to capsize, the righting arm of the keel was even more certain to prevent its tipping any farther

A

sachant que lorsque le bateau semblait très certainement sur le point de chavirer, le bras de redressement de la quille était encore plus sûr de l’empêcher de basculer davantage.

74
Q

74

He tipped the pitcher to fill his glass.

A

Il a incliné le pichet pour remplir son verre.

-incliner, faire basculer

75
Q

75

even close observers are hard-pressed to isolate the impact of luck versus skill when

A

même les observateurs attentifs ont du mal à isoler l’impact de la chance par rapport aux compétences lorsque

  • avoir du mal, être en peine
  • If you will be hard-pressed to do something, you will have great difficulty doing it.
76
Q

76
portfolio managers are understandably hard-pressed to keep up with the market, let alone get ahead of their numerous and skillful competitors

A

les gestionnaires de portefeuille ont, à juste titre, du mal à suivre le marché, et encore plus à devancer leurs nombreux et habiles concurrents.

  • let alone: a fortiori, encore moins
  • get ahead of: to outdo, excel
77
Q

77

surely all too often

A

sûrement trop souvent

78
Q

78

CFA Institute has advocated reform to address this issue

A

Le CFA Institute a préconisé une réforme pour remédier à ce problème.
-If you advocate a particular action or plan, you recommend it publicly.

79
Q

79

What Is Backdating?

A

Backdating is the practice of marking a document, whether a check, contract, or another legally binding document, with a date that is prior to what it should be. Backdating is usually disallowed and can even be illegal or fraudulent based on the situation. Sometimes though, backdating can be acceptable; however, the parties involved must agree to it.
-L’antidatation est la pratique consistant à marquer un document, qu’il s’agisse d’un chèque, d’un contrat ou d’un autre document juridiquement contraignant, d’une date antérieure à celle qu’il devrait porter.

80
Q

80

the data are flawed

A

les données sont erronées

-Something that is flawed has a mark, fault, or mistake in it.

81
Q

81

many consultants give remarkably generic investment advice

A

de nombreux consultants donnent des conseils d’investissement remarquablement génériques

  • You use generic to describe something that refers or relates to a whole class of similar things; collective, general, common, wide
  • People sometimes use generic to refer to something that is exactly typical of the kind of thing mentioned, and that has no special or unusual characteristics.
82
Q

82

effective investment counseling

A

des conseils efficaces en matière d’investissement

-Something that is effective works well and produces the results that were intended.

83
Q

83

this is an advanced primer

A

-A primer is a book containing basic facts about a subject, which is used by someone who is beginning to study that subject.

84
Q

84

and who are willing to commit substantial money to back up their judgment

A

et qui sont prêts à engager des sommes importantes pour étayer leur jugement.

  • If someone or something backs up a statement, they supply evidence to suggest that it is true.
  • confirmer, corroborer, soutenir
85
Q

85

is not because they lack skill or diligence

A

ce n’est pas parce qu’ils manquent de compétences ou de diligence
-steady and careful application; being conscientious, assiduité, application, zèle, (littéraire) diligence, efforts assidus

86
Q

86

very few investors have been able to outsmart and outmaneuver other expert investors

A

très peu d’investisseurs ont été capables d’être plus malins et de déjouer les plans d’autres investisseurs experts.

  • If you outmaneuver someone, you gain an advantage over them in a particular situation by behaving in a clever and skillful way.
  • If you outsmart someone, you defeat them or gain an advantage over them in a clever and sometimes dishonest way.
87
Q

87

that they know more than the current consensus

A

qu’ils en savent plus que le consensus actuel

-A consensus is general agreement among a group of people.

88
Q

88

will be impressed by the splendid array of apparent opportunities to do better than merely settling for average

A

sera impressionné par le splendide éventail de possibilités apparentes de faire mieux que de se contenter de la moyenne.

89
Q

89
Investment history documents conclusively that the very first weeks of a market recovery produce a substantial proportion of all the gains that will eventually be experienced.

A

L’histoire de l’investissement montre de manière concluante que les toutes premières semaines d’une reprise du marché produisent une proportion substantielle de tous les gains qui seront finalement enregistrés.

  • When there is a recovery in a country’s economy, it improves.
  • Conclusive evidence shows that something is certainly true.
90
Q

90

and at times when investors are most likely to be captives of a conventional consensus

A

et à des moments où les investisseurs sont plus susceptibles d’être captifs d’un consensus conventionnel

  • conventional: following the accepted customs and proprieties, esp in a way that lacks originality
  • Propriety is the quality of being socially or morally acceptable.
91
Q

91

bold pilots

A

pilotes audacieux

-Someone who is bold is not afraid to do things which involve risk or danger.

92
Q

92

recurring successes

A

des succès récurrents

-occurring or appearing again

93
Q

93

one reason is particularly striking

A

Une raison est particulièrement frappante

-Something that is striking is very noticeable or unusual.

94
Q

94

sidestepping the 90 worst trading days would have resulted in a 10-year gain of $42.78

A

En évitant les 90 pires jours de négociation, le gain sur 10 ans aurait été de 42,78 $.
-If you sidestep a problem, you avoid discussing it or dealing with it.

95
Q

95

that’s why market timing is a truly wicked idea

A

C’est pourquoi le market timing est une idée vraiment mauvaise.
-causing injury or harm

96
Q

96

find differences between the market price and the value of a security as they appraise it

A

trouver les différences entre le prix du marché et la valeur d’un titre lors de son évaluation.

  • If you appraise something or someone, you consider them carefully and form an opinion about them.
    1. to assess the worth, value, or quality of
    2. to make a valuation of, as for taxation purposes
97
Q

97

and the stocks they don’t buy, typically do about as well relative to the overall market a the stocks they do buy

A

et les actions qu’ils n’achètent pas, se comportent généralement aussi bien par rapport au marché global que les actions qu’ils achètent.

98
Q

98

to become proficient at each new way

A

pour devenir compétent dans chaque nouvelle façon

-If you are proficient in something, you can do it well; skilled, trained, experienced, qualified

99
Q

99

involve making major commitments that affect the overall structure of the portfolio

A

impliquent de prendre des engagements importants qui affectent la structure globale du portefeuille
-Commitment is a strong belief in an idea or system.

100
Q

100

when other investors have recognized the prior insight

A

lorsque d’autres investisseurs ont reconnu l’intuition antérieure

  • If you gain insight or an insight into a complex situation or problem, you gain an accurate and deep understanding of it.
  • You use prior to indicate that something has already happened, or must happen, before another event takes place.