A lot of people believe that the media controls the economy and the stock market. The more the media talks of trouble, the more trouble it will cause, because people would listen to them and pull their money out of the market. On the other hand, if the media starts talking about a boom period, everyone would hop on board and there actually would be a boom period.

很多人认为新闻媒介操纵着经济和股市。新闻媒介越是大谈经济困难，它造成的困难就越多。这是因为人们会听信媒体所言而撤出股市中的资金。另一方面，如果媒介大谈经济繁荣，那么人人都会在经济大潮中激流勇进，从而造成真正的繁荣。

But most experts won't agree with these sentiments. The media haven't such kind of influence as to create either a bull market or a bear market. The economy is a mysterious thing and the stock market is, by nature, unpredictable. It's simply not true that the media creates econommic cycles.

但是，绝大多数专家不同意这种论调。新闻媒介的影响力并不足以造就牛市或熊市行情。经济发展是个谜，而股市从定义上而言就是不可预测的。媒体能引发经济周期的观点根本就是不正确的。

A: I keep hearing all kinds of things about the stock market.

我总能听说有关股市的各种事情。

B: Like what?

比方说?

A: Things like people using the media to create artificial buzz about a stock so as to drive up its price.

有人利用新闻媒体人为地制造有关个股的传闻，为的是促使股价上涨。

B: They sure can do this. As a matter of fact, when fund managers appear on TV to talk about the stocks they like, they are usually pumping the securities they own.

他们当然可以这么干了!事实上，基金经理在电视上谈论股票时，多半是在为他们自己手里的股票打气。

A: I don't think they should do this. At least I think they can promote their stocks in more subtle ways than that.

我认为他们不应该这么做。至少，要宣传自己的股票别这么明目张胆。

B: You are right. Sometimes analysts whisper to reparters and columnists what stocks they think are hot. If the journalist takes the bait, the stock usually gets a short-term pop.

你说得没错。有时候，股票分析师私下里把他们认为很热门的股票悄悄透露给记者和专栏作家。如果记者们上钩，这些股票通常就会有一波短线上涨行情。

A: I know. I've heard stories of CEOs leaking important to newspapers or reporters obviously to give their stock a boost.

这我知道。我还听说有的公司老总把重要的信息泄露给报纸或记者，以推进他们公司的股票价格上涨。

B: But it is usually the bull market that creates the explosion of business news, not the other way around.

不过，通常是牛市行情才会引起业界新闻的爆炸，而不是熊市。

A: Yeah. When millions of average folks started making money as the market took off, the stock market and anyting connected with it become almost irresistible.

对。市场启动，数以百万计的老百姓都开始挣钱的时候，股市及其与之相关的一切都变得难以抗拒了。

B: Are you considering becoming one of these millions?

你是不是也考虑加入这数以百万计的炒股大军?

A: Not before I get to know enough about it. By the way, what stock do you think will be the best to invest in for this year?

那得等我对股市有足够的了解再说。顺便问问，你认为今年投资哪只股票最好呢?

B: One thing I don't do is to give stock advice.

我从来不推荐股票。

A: Why not?

这是为什么?

B: I have watchd the endless parade of experts give advice that often turns out to be wrong--how many people predicted the Nasdaq crash of last April?--I think the value of such tips is way overrated. The stock market is, by definition, unpredictable.

我目睹过无数的专家意见到头来都是错的——有几个人预测出了纳斯达克去年四月份的狂跌?从定义上而言，股市本来就是不可预测的。

A: What do you suggest then?

那么你的建议是?

B: My advice is to find companies you believe are solid for the long term and hold onto them. High-flying stocks that go up 200 or 300 percent in a day can plummet just as quickly.

我的建议是，找几家你认为稳妥的上市公司，长线持股。那些一天之内飞涨两、三百个点的高价股，一旦急跌起来，跌得一样快。