Ellis 100

Question 1

1

into candid, pithy, easy-to-use chapters on how to succeed as an investor

Answer 1

en chapitres francs, concis et faciles à utiliser. sur la manière de réussir en tant qu’investisseur

• candid: (person: open, frank) franc, franche, sincère
• pithy: succinct, concis, incisif

Question 2

2

he was candid about his dislike of our friends

Answer 2

Il a été franc quant à son aversion pour nos amis.

1. frank and outspoken; telling the truth, even when the truth may be unpleasant or embarrassing SYN frank
2. without partiality; unbiased

Question 3

3

blessed with parents, children I like

Answer 3

heureux d’avoir, bénie par des parents, des enfants que j’aime

• bringing happiness
• You use blessed to describe something that you think is wonderful, and that you are grateful for or relieved about.

Question 4

4

a few moments of blessed silence

Answer 4

quelques moments de silence béni

-very enjoyable or desirable

Question 5

5

in remarkably favored business- replete with bright, engaged, and creative people

Answer 5

dans un business remarquablement favorisé, privilégié - remplies de personnes brillantes, engagées et créatives

1. regarded or treated with favor; specif.,
   a. provided with advantages; talented
   b. specially privileged

Question 6

6

investing can seem way too complex

Answer 6

l’investissement peut sembler trop complexe

-beaucoup trop

Question 7

7

get increasingly compromised by short-term commercialism

Answer 7

sont de plus en plus compromises par le mercantilisme à court terme

• unable to function optimally, esp. with regard to immune response, owing to underlying disease, harmful environmental exposure, or the side effects of a course of treatment
• put at risk, mettre en péril, compromettre, mettre en danger; jeopardize reputation, etc.

Question 8

8

Koons has engrossed himself in a world of commercialism that most modern artists disdain.

Answer 8

Koons s’est engouffré dans un monde de mercantilisme que la plupart des artistes modernes dédaignent.
-Commercialism is the practice of making a lot of money from things without caring about their quality.

Question 9

9

with increasing concern

Answer 9

avec une préoccupation, inquiétude croissante

-Concern is worry about a situation.

Question 10

10

in which every sensible investor

Answer 10

dans laquelle tout investisseur sensé

-Sensible actions or decisions are good because they are based on reasons rather than emotions.

Question 11

11

explain clearly and as plainly as possible the principles for successful investing

Answer 11

expliquer clairement et aussi simplement que possible les principes d’un investissement réussi
-You use plainly to indicate that you believe something is obviously true, often when you are trying to convince someone else that it is true.

Question 12

12

when short-term data appear to be most challenging to core principles

Answer 12

lorsque les données à court terme semblent remettre en cause les principes fondamentaux.

• A challenge to something is a questioning of its truth or value. A challenge to someone is a questioning of their authority.
• If you challenge ideas or people, you question their truth, value, or authority.

Question 13

13

his deft chairmanship of the company

Answer 13

sa présidence habile de la société

-skilful at doing something SYN adept

Question 14

14

all of us should heed his words

Answer 14

nous devrions tous tenir compte de ses paroles

-If you heed someone’s advice or warning, you pay attention to it and do what they suggest.

Question 15

15
Ellis’ carefully reasoned endorsement of index investing delivers a strong rebuke to the active management strategies prevalent in today’s mutual fund industry

Answer 15

Le plaidoyer soigneusement raisonné d’Ellis en faveur de l’investissement indiciel constitue une sévère réfutation des stratégies de gestion active qui prévalent aujourd’hui dans le secteur des fonds communs de placement.

• An endorsement is a statement or action which shows that you support or approve of something or someone; soutien
• If you rebuke someone, you speak severely to them because they have said or done something that you do not approve of.

Question 16

16

This condition is more prevalent in women than in men

Answer 16

Cette affection est plus fréquente chez les femmes que chez les hommes.
-common, widespread, très courant, très répandu, très fréquent

Question 17

17

He praised the excellent work of the U.N. weapons inspectors

Answer 17

Il a salué l’excellent travail des inspecteurs en désarmement de l’ONU.

• If you praise someone or something, you express approval for their achievements or qualities.
• Si vous faites l’éloge de quelqu’un ou de quelque chose, vous exprimez votre approbation pour ses réalisations ou ses qualités.

Question 18

18

they succumb to the siren song of bloated funds

Answer 18

ils succombent aux sirènes des fonds gonflés.

• siren song: the appeal that something has although it is harmful or dangerous
• If you describe an organization as bloated, you mean that it is larger and less efficient than it should be.
• excessive, inflated, gonflé

Question 19

19

the crux of the problem is that they generally fail to discharge their fiduciary responsibility to investors

Answer 19

le cœur du problème est qu’ils ne s’acquittent généralement pas de leur responsabilité fiduciaire envers les investisseurs.
-If someone discharges their duties or responsibilities, they do everything that needs to be done in order to complete them.

Question 20

20

smaller nimble funds have a distinct advantage in the performance derby

Answer 20

les fonds plus petits et agiles ont un avantage distinct dans le derby des performances

• If you say that someone has a nimble mind, you mean they are clever and can think very quickly.
• A derby is a sports competition or race where there are no restrictions or limits on who can enter.

Question 21

21

at the same time as excessive assets impede performance, they generate handsome profits for the managers

Answer 21

en même temps que les actifs excessifs entravent la performance, ils génèrent de gros profits pour les gestionnaires.

• impede: to bar or hinder the progress of; obstruct or delay; entraver, gêner, ralentir
• A handsome sum of money is a large or generous amount.

Question 22

22

expenses fail to keep pace

Answer 22

les dépenses ne suivent pas le rythme

• stay up to date (une série,…) suivre, être à jour, rester à jour
• (go as fast) suivre l’allure, suivre le rythme, suivre la cadence, aller aussi vite que

Question 23

23

few and far between are the mutual funds that limit AUM to serve investor interests

Answer 23

rares sont les fonds communs de placement qui limitent les actifs sous gestion pour servir les intérêts des investisseurs.

Question 24

24

they further breach their fiduciary responsability

Answer 24

ils violent encore plus leur responsabilité fiduciaire

-If you breach an agreement, a law, or a promise, you break it.

Question 25

25

a true fiduciary

Answer 25

un vrai fiduciaire

• a person bound to act for another’s benefit, as a trustee in relation to his or her beneficiary
• someone who is responsible for the assets of people, organizations etc and, by law, must protect their interests

Question 26

26

to join the rate of return hall of fame

Answer 26

pour rejoindre le temple de la renommée du taux de rendement
-If you say that someone is a member of a particular hall of fame, you mean that they are one of the most famous people in that area of activity.

Question 27

27

the conflict between fiduciary responsibility and profit motive resolves in favor of profits far more often than not

Answer 27

le conflit entre la responsabilité fiduciaire et l’appât du gain se résout en faveur des bénéfices bien plus souvent qu’autrement

Question 28

28

individual investors are left holding the bag

Answer 28

les investisseurs individuels sont laissés pour compte
-to be left as the only person responsible for dealing with a difficult situation, especially something someone else started

Question 29

29

to address the investor’s conundrum

Answer 29

pour répondre à l’énigme de l’investisseur

-A conundrum is a problem or puzzle which is difficult or impossible to solve; casse-tête

Question 30

30

as I terminated the hapless active managers that predated my arrival,

Answer 30

comme j’ai mis fin aux infortunés gestionnaires actifs qui ont précédé mon arrivée,
-A hapless person is unlucky.

Question 31

31

His troubles predated the recession

Answer 31

Ses problèmes ont précédé la récession
-If you say that one thing predated another, you mean that the first thing happened or existed some time before the second thing.

Question 32

32
Yet, Yale’s move from active to index was tempered by the recognition that several managers that I inherited were pursuing sensible strategies

Answer 32

Cependant, le passage de Yale de la gestion active à la gestion indicielle a été tempéré par la reconnaissance du fait que plusieurs gestionnaires dont j’ai hérité poursuivaient des stratégies judicieuses.
-To temper something means to make it less extreme.

Question 33

33

in a matter of years, Yale’s index exposure was largely gone

Answer 33

En quelques années, l’exposition de Yale à l’indice a largement disparu.

Question 34

34

At last, her father’s work has received popular recognition

Answer 34

L’œuvre de son père a enfin reçu une reconnaissance populaire
-When a person receives recognition for the things that they have done, people acknowledge the value or skill of their work.

Question 35

35

‘If ever there was an urgent need for a steady hand on the tiller, it is now,’ said one European diplomat.

Answer 35

S’il y a jamais eu un besoin urgent d’une main ferme sur la barre, c’est maintenant”, a déclaré un diplomate européen.

• a situation in which someone is keeping good control of a situation
• having steady hands; having self-control; calm

Question 36

36

the investment staff scours the world

Answer 36

l’équipe d’investissement parcourt le monde
-If you scour something such as a place or a book, you make a thorough search of it to try to find what you are looking for; ratisser, fouiller, chercher dans, examiner

Question 37

37

they conduct extremely thorough due diligence

Answer 37

ils effectuent un contrôle préalable extrêmement approfondi

1. the degree of care that is to be reasonably expected or that is legally required, esp. of persons giving professional advice
2. an assessing, evaluating, etc. conducted with prudent or necessary care

Question 38

38

The acquisition is subject to a due diligence review by the central bank and approval from the government.

Answer 38

L’acquisition est soumise à un examen de diligence raisonnable par la banque centrale et à l’approbation du gouvernement.
-when a company thinking of buying another looks carefully at its accounts, as it must do by law before the deal can be agreed

Question 39

39

after clearing the investigative phase,

Answer 39

après avoir passé la phase d’enquête,

• If a course of action is cleared, people in authority give permission for it to happen.
• Si un plan d’action est approuvé, les personnes en autorité donnent leur accord pour qu’il soit mis en œuvre.

Question 40

40

Cut-throat competition is keeping prices low

Answer 40

La concurrence acharnée maintient les prix bas

• ruthless, impitoyable, sans pitié
• a cut-throat activity or business involves people competing with each other in an unpleasant way

Question 41

41

most investors end up in the sloppy middle

Answer 41

la plupart des investisseurs finissent par se retrouver dans le milieu négligé
-If you describe someone’s work or activities as sloppy, you mean they have been done in a careless and lazy way.

Question 42

42

while he endorses various forms of equity exposure

Answer 42

alors qu’il approuve diverses formes d’exposition aux actions
-to express formal support or approval for someone or something, soutenir, être d’accord, promouvoir

Question 43

43

He suffered a long series of illnesses with tremendous dignity and fortitude

Answer 43

Il a souffert d’une longue série de maladies avec beaucoup de dignité et de force d’âme.

• If you say that someone has shown fortitude, you admire them for being brave, calm, and uncomplaining when they have experienced something unpleasant or painful.
• strength, courage, force d’âme

Question 44

44

increasing the likelihood of untimely moves into and out of the markets

Answer 44

l’augmentation de la probabilité d’entrées et de sorties intempestives sur les marchés

• If you describe an event as untimely, you mean that it happened earlier than it should, or sooner than you expected.
• You can describe something as untimely if it happens at an unsuitable time.

Question 45

45

These differences notwithstanding,

Answer 45

En dépit de ces différences,

-If something is true notwithstanding something else, it is true in spite of that other thing, despite, malgré

Question 46

46

and adding to the individual investor’s woes

Answer 46

et ajoutant aux malheurs de l’investisseur individuel

-afflictions or misfortunes

Question 47

47

the same grim reality confronts institutional investors

Answer 47

les investisseurs institutionnels sont confrontés à la même triste réalité
-A situation or piece of information that is grim is unpleasant, depressing, and difficult to accept.

Question 48

48

expectations that are soon dashed as false hopes

Answer 48

des attentes qui sont vite déçues comme de faux espoirs
-If an event or person dashes someone’s hopes or expectations, it destroys them by making it impossible that the thing that is hoped for or expected will ever happen.

Question 49

49

contrary to their often-articulated goal of

Answer 49

contrairement à leur objectif souvent énoncé de

Question 50

50

factor it into their perception of reality

Answer 50

l’intégre dans leur perception de la réalité
-If you factor a particular cost or element into a calculation you are making, or if you factor it in, you include it; prendre en compte, inclure, intégrer

Question 51

51

being in a sustained state of denial

Answer 51

être dans un état soutenu de déni

• A denial of something is a statement that it is not true, does not exist, or did not happen; claim sth is false
• in denial: not admitting reality, être dans le déni

Question 52

52

developed in a long-gone era of different markets

Answer 52

développé à une époque révolue de marchés différents

-mort, parti depuis longtemps, révolu

Question 53

53

and nobody has yet figured out how to tell in advance

Answer 53

et personne n’a encore trouvé comment dire à l’avance

-If you figure out a solution to a problem or the reason for something, you succeed in solving it or understanding it.

Question 54

54

the mindless index

Answer 54

If you describe a person or group as mindless, you mean that they are stupid or do not think about what they are doing.

Question 55

55

casual observers

Answer 55

observateurs occasionnels

-Casual work is done for short periods and not on a permanent or regular basis.

Question 56

56

off-board trades

Answer 56

outside of a major exchange, as over the counter or between private parties

Question 57

57
…one of the most gifted players in the world.
He was witty, amusing and gifted with a sharp business brain

Answer 57

…l’un des joueurs les plus doués au monde.
Il était spirituel, amusant et doté d’un esprit d’entreprise aiguisé.
-Someone who is gifted has a natural ability to do something well.
-Someone or something that is witty is amusing in a clever way.

Question 58

58
This was such a great breach of etiquette, he hardly knew what to do.
…the rules of diplomatic etiquette.

Answer 58

C’était une telle violation de l’étiquette qu’il ne savait pas quoi faire.
…les règles de l’étiquette diplomatique.
-Etiquette is a set of customs and rules for polite behaviour, especially among a particular class of people or in a particular profession.
-social conventions, convenances, bienséance, usages, savoir-vivre; / -official conventions, étiquette, protocole, cérémonial

Question 59

59

these splendid players seldom make mistakes

Answer 59

ces splendides joueurs font rarement des erreurs

-If something seldom happens, it happens only occasionally.

Question 60

60

brilliant shots are few and far between

Answer 60

les frappes brillantes sont rares

-Things that are few and far between are very rare or do not happen very often.

Question 61

61

the victor in this game of tennis

Answer 61

winner, vainqueur

Question 62

62

and on intelligence that is never complete and often misleading

Answer 62

et sur des renseignements qui ne sont jamais complets et souvent trompeurs.

• If you describe something as misleading, you mean that it gives you a wrong idea or impression.
• Intelligence is information that is gathered by the government or the army about their country’s enemies and their activities.

Question 63

63

this is an observation with which all weekend golfers would concur

Answer 63

C’est une observation avec laquelle tous les golfeurs du week-end seraient d’accord.
-If one person concurs with another person, the two people agree. You can also say that two people concur.

Question 64

64

He is a very determined and strong-willed person

Answer 64

Someone who is strong-willed has a lot of determination and always tries to do what they want, even though other people may advise them not to.

Question 65

65

because they attract too many players, all of whom want to win

Answer 65

parce qu’ils attirent trop de joueurs, qui veulent tous gagner.
-all of whom… : lesquels + [verbe] + tous

Question 66

66

the market came to be overwhelmingly dominated by investment professionals

Answer 66

le marché est devenu largement dominé par les professionnels de l’investissement.
-used to emphasize the great amount or degree of something

Question 67

67

and striving to win by

Answer 67

et s’efforçant de gagner en

-If you strive to do something or strive for something, you make a great effort to do it or get it.

Question 68

68

No longer is the active investment manager competing with overly cautious custodians

Answer 68

Le gestionnaire d’investissement actif n’est plus en concurrence avec les conservateurs trop prudents.

• The custodian of an official building, a companies’ assets, or something else valuable is the person who is officially in charge of it.
• gardien, conservateur, dépositaire

Question 69

69

or overly confident amateurs who are out of touch with the fast-moving market

Answer 69

ou des amateurs trop confiants qui ne sont pas en phase avec un marché qui évolue rapidement.
-Someone who is out of touch with a situation is not aware of recent changes in it.

Question 70

70

they want to get the first call with important new analytical insights

Answer 70

ils veulent être les premiers à recevoir de nouvelles informations analytiques importantes.
-If you have first call on something, you will be asked before anyone else whether you want to buy or use it.

Question 71

71

and what a tough group of skillful professionals they are!

Answer 71

et quel groupe robuste de professionnels compétents ils forment !
-A tough person is strong and determined, and can tolerate difficulty or suffering.

Question 72

72

but the other pros are always looking for any error so they can pounce on it

Answer 72

mais les autres professionnels sont toujours à l’affût de la moindre erreur pour pouvoir s’en emparer.
-If someone pounces on something such as a mistake, they quickly draw attention to it, usually in order to gain an advantage for themselves or to prove that they are right.

Question 73

73

Regression to the mean

Answer 73

… the tendency for behavior to move toward “normal”, or average

Question 74

74

the answer is daunting

Answer 74

la réponse est décourageante

-Something that is daunting makes you feel slightly afraid or worried about dealing with it.

Question 75

75

so an active manager must overcome a drag of about 3 percent in annual operating costs just to break even

Answer 75

ainsi, un gestionnaire actif doit surmonter un frein d’environ 3 % des coûts d’exploitation annuels pour atteindre le seuil de rentabilité.

• If something is a drag on the development or progress of something, it slows it down or makes it more difficult.
• Drag is the resistance to the movement that is experienced by something that is moving through air or through a fluid.
• break even: to attain a level of activity, as in commerce, or a point of operation, as in gambling, at which there is neither profit nor loss

Question 76

76

the stark reality

Answer 76

la dure réalité

-Stark choices or statements are harsh and unpleasant.

Question 77

77

so the burden of proof is surely on the manager who says

Answer 77

la charge de la preuve incombe donc au gestionnaire qui affirme
-The burden of proof is the task of proving that you are correct, for example when you have accused someone of a crime.

Question 78

78

The burden of proof is on the prosecution.

Answer 78

La charge de la preuve incombe à l’accusation.

• Prosecution is the action of charging someone with a crime and putting them on trial.
• The lawyers who try to prove that a person on trial is guilty are called the prosecution.

Question 79

79

his efforts to find a solution have become the dominant adverse reality facing all active managers

Answer 79

ses efforts pour trouver une solution sont devenus la réalité négative dominante à laquelle sont confrontés tous les gestionnaires actifs

• Adverse decisions, conditions, or effects are unfavourable to you.
• not good or favourable

Question 80

80

the competitive environment has changed from quite favorable to very adverse

Answer 80

L’environnement concurrentiel est passé de très favorable à très défavorable.

Question 81

81
Since he called the 1987 stock market crash as a young analyst, Jim Stack has been one of the leading market contrarians.

Answer 81

Depuis qu’il a annoncé le krach boursier de 1987 alors qu’il n’était qu’un jeune analyste, Jim Stack est l’un des principaux opposants au marché.

• forecast correctly, annoncer
• A contrarian is a person who deliberately behaves in a way that is different from the people around them.

Question 82

82

It is often difficult to call the outcome of an election.

Answer 82

Il est souvent difficile de prévoir le résultat d’une élection.
-To indicate or characterize accurately in advance; predict

Question 83

83

and the Federal Reserve was too complacent on inflation.

Answer 83

et que la Réserve fédérale soit trop complaisante en matière d’inflation.
-A complacent person is very pleased with themselves or feels that they do not need to do anything about a situation, even though the situation may be uncertain or dangerous.

Question 84

84

Both hawks and doves have expanded their conditions for ending the war.

Answer 84

Les faucons comme les colombes ont élargi leurs conditions pour mettre fin à la guerre.
-In politics, if you refer to someone as a hawk, you mean that they believe in using force and violence to achieve something, rather than using more peaceful or diplomatic methods. Compare dove.

Question 85

85

A clear split over tactics appears to be emerging between doves and hawks in the party.

Answer 85

Une division claire sur la tactique semble émerger entre les colombes et les faucons du parti.
-In politics, you can refer to people who support the use of peaceful methods to solve difficult situations as doves. Compare hawk.

Question 86

86

The Congress had agreed to reconsider its stance on the armed struggle

Answer 86

Le Congrès a accepté de reconsidérer sa position sur la lutte armée.

• Your stance on a particular matter is your attitude to it.
• position, point de vue

Question 87

87

the Federal Reserve reversed its hawkish stance

Answer 87

la Réserve fédérale a inversé sa position faucon
-When someone or something reverses a decision, policy, or trend, they change it to the opposite decision, policy, or trend.

Question 88

88

and started unwinding its interest rate hikes out of fear back in December 2018.

Answer 88

et a commencé à dénouer ses hausses de taux d’intérêt par peur en décembre 2018

Question 89

89

We choose our path out of fear

Answer 89

We choose this path because of fear

• If you do something out of [an emotion], you do it because you feel that emotion
• I took the job out of necessity because we had no money left. You might like to come and see what we’re doing out of interest (= because I think you might be interested).

Question 90

90

An inflation hawk

Answer 90

Hawks are seen as willing to allow interest rates to rise in order to keep inflation under control.
-The opposite of a hawk is a dove, who prefers an interest rate policy that is more accommodative in order to stimulate spending in an economy.

Question 91

91

large numbers of amateurs were realistically bound to lose to the professional active managers

Answer 91

un grand nombre d’amateurs étaient, de manière réaliste, voués à, certains de perdre face aux gestionnaires actifs professionnels
-more than likely to do [sth], certain to, forcément

Question 92

92

holding on to a sound policy through thick and thin

Answer 92

s’accrocher à une politique solide contre vents et marées

• Sound advice, reasoning, or evidence is reliable and sensible.
• If you do something through thick and thin, you do it although the conditions or circumstances are very bad.

Question 93

93

What is does Dovish Mean?

Answer 93

Dove refers to an economic policy adviser who advocates for monetary policies involving low-interest rates. The doves argue that inflation isnt bad and that it is bound to have few negative effects on the economy. They also believe that monetary policies that keep low-interest rates have a positive effect on the overall economy of a nation.

Question 94

94

What Does Hawkish Mean?

Answer 94

A Hawk or an inflation Hawk is a financial advisor or policymaker who believes that monetary policies should maintain high-interest rates to curb inflation. They are primarily interested in high-interest rates as they relate to Fiscal policy. Hawks are generally not concerned with economic growth but, support an economy operating at a level below its full-employment equilibrium. In other words, Hawks view inflation as a top priority and high-interest rates as a check for inflation.

Question 95

95

emotions are strongest when current market action appears demanding of change

Answer 95

les émotions sont les plus fortes lorsque l’action actuelle du marché semble exiger un changement
-exiger, insist on

Question 96

96
emotions are strongest when current market action appears demanding of change and the apparent “facts” seem most compelling

Answer 96

les émotions sont les plus fortes lorsque l’action actuelle du marché semble exiger un changement et que les “faits” apparents semblent les plus convaincants.
-A compelling argument or reason is one that convinces you that something is true or that something should be done.

Question 97

97

the past is not prologue except for the grim finding that

Answer 97

le passé n’est pas un prologue, sauf pour la triste constatation que
-If one event is a prologue to another event, it leads to it.

Question 98

98

are likely to stay in their slough of despair

Answer 98

sont susceptibles de rester dans leur marasme de désespoir

-bourbier

Question 99

99

Harry was in a slough of despondency for weeks

Answer 99

Harry a été dans un marécage de découragement pendant des semaines.

• a bad situation or a state of sadness that you cannot get out of easily
• Despondency is a strong feeling of unhappiness caused by difficulties which you feel you cannot overcome, abattement

Question 100

100

while most investors are doomed to lose if

Answer 100

alors que la plupart des investisseurs sont condamnés à perdre si
-to make someone or something certain to fail, die, be destroyed etc
be doomed to failure/defeat/extinction etc
-destined, fated, destiné à, voué à, condamné à