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Charles ELLIS Winning the Loser's Game > Ellis 300 > Flashcards

Ellis 300 Flashcards

1
Q

1

or the insight was a misperception

A

-A misperception is an idea or impression that is not correct.

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2
Q

2

is downright discouraging

A

est carrément décourageant

-You use downright to emphasize unpleasant or bad qualities or behaviour; totally, completely, perfectly, extremely

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3
Q

3

enjoyed a wonderful romp

A
  • Journalists use romp in expressions like romp home, romp in, or romp to victory, to say that a person or horse has won a race or competition very easily.
  • easy win, victoire facile
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4
Q

4

this approach to investing challenges the investor to discover a new edge

A

cette approche de l’investissement met l’investisseur au défi de découvrir un nouvel avantage
-If someone or something has an edge, they have an advantage that makes them stronger or more likely to be successful than another thing or person.

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5
Q

5

the market giveth, and the market taketh away

A

le marché donne, et le marché reprend
-Good fortune may be followed by misfortune; it’s not possible to win all the times, in life, you will always succeed in some situations and fail in others

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6
Q

6

financial stocks did well- until they led the 2008-2009 market collapse

A

les valeurs financières ont bien marché jusqu’à ce qu’elles conduisent à l’effondrement du marché en 2008-2009

  • If something, for example a system or institution, collapses, it fails or comes to an end completely and suddenly.
  • a sudden decrease in the value of something
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7
Q

7

thus dividing the market into two tiers

A

divisant ainsi le marché en deux niveaux

  • A tier is a level in an organization or system
  • Tier is also a combining form.
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8
Q

8

investors became disenchanted

A

-If you are disenchanted with something, you are disappointed with it and no longer believe that it is good or worthwhile.

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9
Q

9

and dumped their holdings

A

et se sont débarrassés de leurs avoirs

-If you dump something somewhere, you put it or unload it there quickly and carelessly.

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10
Q

10

how to discriminate between ersatz growth stocks that fizzle out and

A

comment faire la différence entre les ersatz d’actions de croissance qui s’évanouissent et

  • If you describe something as ersatz, you dislike it because it is not genuine and is a poor imitation of something better; artificial, imitation
  • If something fizzles, it ends in a weak or disappointing way after starting off strongly; retomber, s’éteindre en crépitant
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11
Q

11

avoiding the low-priced stocks that really ought to be low priced

A

éviter les actions à bas prix qui devraient vraiment l’être

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12
Q

12

or out of touch with the changing market

A

ou déconnecté de l’évolution du marché

-Someone who is out of touch with a situation is not aware of recent changes in it.

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13
Q

13
because the hallmark of a free capital market is that few if any opportunities to establish a proprietary competitive advantage can be found and maintained for long

A

parce que la caractéristique d’un marché libre des capitaux est que peu d’occasions, voire aucune, d’établir un avantage concurrentiel exclusif peuvent être trouvées et maintenues pendant longtemps.

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14
Q

14

and thus courting serious disappointment

A

et ainsi s’exposer à une sérieuse déception
-If you court something unpleasant such as disaster or unpopularity, you act in a way that makes it likely to happen; frôler, courir à

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15
Q

15
Even the most talented investment managers must wonder how they can expect their hardworking and determined competitors to provide sufficiently attractive opportunities to buy or sell on such a regular basis that they can repeatedly beat the market by beating them.

A

Même les gestionnaires d’investissement les plus talentueux doivent se demander comment ils peuvent s’attendre à ce que leurs concurrents, travailleurs et déterminés, leur offrent des opportunités d’achat ou de vente suffisamment attrayantes et régulières pour leur permettre de battre le marché en les battant.

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16
Q

16

if the market is so darned efficient,

A

si le marché est si efficace que ça,

-darned: (intensifier) satané, fichu, maudit

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17
Q

17

so swiftly!

A

si vite !
si rapidement !
-quickly

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18
Q

18

the butterfly effect

A
  • a situation in which an action or change that does not seem important has a very large effect, especially in other places or around the world; a cumulatively large effect that a very small natural force may produce over a period of time
  • Chaos theory relies on the idea of the “butterfly effect”, that even slight imbalances in starting conditions lead to huge final variations in outcome because of the fundamental instability of the system.
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19
Q

19

so just as the apocryphal “butterfly of chaos” can change weather and cause violent storms,

A

tout comme l’apocryphe “papillon du chaos” peut changer le temps et provoquer de violentes tempêtes,
-An apocryphal story is one which is probably not true or did not happen, but which may give a true picture of someone or something.

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20
Q

20
most prices are too close to value for any investor to profit regularly from the errors of others by enough to cover the fees and costs of making the effort

A

la plupart des prix sont trop proches de la valeur pour qu’un investisseur puisse tirer régulièrement profit des erreurs des autres, et ce, dans une mesure suffisante pour couvrir les frais et les coûts de cet effort.

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21
Q

21

it’s no longer worth the real costs of trying to beat it

A
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22
Q

22

but rather that collectively they have been becoming more skillful for many years

A

mais plutôt que collectivement, ils sont devenus plus habiles depuis de nombreuses années.

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23
Q

23

two crusty drill sergeants

A

deux sergents instructeurs bourrus

  • If you describe someone, especially an old man, as crusty, you mean they are impatient and easily irritated.
  • A drill is a way that teachers teach their students something by making them repeat it many times.
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24
Q

24

but it has real-life meaning for every individual investor to ponder

A

mais il a une signification réelle pour chaque investisseur individuel qui doit y réfléchir.
-If you ponder something, you think about it carefully.

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25
Q

25

your transactions will, on average, be buried deep in the bottom quartile of all transactions

A

Vos transactions seront, en moyenne, enterrées profondément dans le quartile inférieur de toutes les transactions.
-bury: enterrer, enfouir

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26
Q

26

good things come in spurts-usually when least expected- and fidgety investors fare badly

A

les bonnes choses arrivent par à-coups, généralement au moment où l’on s’y attend le moins, et les investisseurs agités s’en tirent mal.

  • A spurt of activity, effort, or emotion is a sudden, brief period of intense activity, effort, or emotion; sursaut, bond, par à-coups
  • Someone who is fidgety keeps fidgeting, for example because they are nervous or bored; restless, nervous, uneasy, impatient; remuer, gigoter
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27
Q

27

their portfolio structure is not tailored to the time when the money will be spent

A

la structure de leur portefeuille n’est pas adaptée au moment où l’argent sera dépensé

  • If you tailor something such as a plan or system to someone’s needs, you make it suitable for a particular person or purpose by changing the details of it.
  • create specially, faire sur mesure, adapter, personnaliser
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28
Q

28

and accumulate “loss leaks” that drain away the results they could have had

A

et accumulent des “fuites de pertes” qui les privent des résultats qu’ils auraient pu obtenir.

  • If a container leaks, there is a hole or crack in it which lets a substance such as liquid or gas escape. You can also say that a container leaks a substance such as liquid or gas.
  • -If energy, colour, excitement, etc. drains away, it disappears completely, and if something drains it away, it completely removes it
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29
Q

29

Stretching out her tired limbs, she felt the tensions of the day drain away.

A

En étirant ses membres fatigués, elle a senti les tensions de la journée s’évacuer.

  • If energy, colour, excitement, etc. drains away, it disappears completely, and if something drains it away, it completely removes it
  • Si l’énergie, la couleur, l’excitation, etc. s’évapore, elle disparaît complètement, et si quelque chose l’évacue, elle la supprime complètement.
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30
Q

30

the fall is heralded by laments about October being the worst month for stocks

A

L’automne est annoncé par des lamentations sur le fait qu’octobre est le pire mois pour les actions.

  • Something that heralds a future event or situation is a sign that it is going to happen or appear; annoncer, proclamer
  • signe avant-coureur
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31
Q

31

Robins are a dependable herald of spring

A

Les rouges-gorges sont des annonciateurs fiables du printemps.

  • Something that is a herald of a future event or situation is a sign that it is going to happen or appear.
  • forerunner, sign, signal, indication; sign of [sth]), signe avant-coureur, signe annonciateur
32
Q

32

October is one of the peculiarly dangerous months to speculate in stocks

A

Octobre est l’un des mois les plus dangereux pour spéculer sur les actions.
-in a strange or unusual way; especially

33
Q

33

the stock market is fascinating and quite deceptive in the short run

A

le marché boursier est fascinant et assez trompeur à court terme.
-If something is deceptive, it encourages you to believe something which is not true.

34
Q

34

over the very long run, the market can be almost boringly reliable and predictable

A

sur le très long terme, le marché peut être d’une fiabilité et d’une prévisibilité presque ennuyeuses.

35
Q

35

while poor old Mr. Value goes about his important work totally ignored by investors

A

pendant que le pauvre vieux M. Value fait, poursuit son travail important, totalement ignoré par les investisseurs.

  • The way you go about a task or problem is the way you approach it and deal with it.
  • go about: (approach, tackle: a task) se mettre à faire [qch], s’y prendre (pour faire [qch]), (une activité, une tâche) mener à bien
36
Q

36

Mr. Market occasionally lets his enthusiasms or his fears run wild

A

M. Market laisse parfois libre cours à son enthousiasme ou à ses craintes.
-be uncontrolled, to behave without restraint, agir en liberté

37
Q

37

Mr. Market is a mischievous but captivating fellow who persistently teases investors with gimmicks and tricks

A

M. Market est un homme espiègle mais captivant qui n’a de cesse de taquiner les investisseurs avec des astuces et des tours de passe-passe.

  • A mischievous person likes to have fun by playing harmless tricks on people or doing things they are not supposed to do.
  • To tease someone means to laugh at them or make jokes about them in order to embarrass, annoy, or upset them.
38
Q

38

gimmick

A
  1. something designed to attract extra attention, interest, or publicity
  2. any clever device, gadget, or stratagem, esp one used to deceive
  3. mainly US
    a device or trick of legerdemain that enables a magician to deceive the audience
39
Q

39

startling dividend announcements

A

des annonces de dividendes étonnantes

-Something that is startling is so different, unexpected, or remarkable that people react to it with surprise.

40
Q

40

just as magicians use clever deceptions to divert our attention,

A

tout comme les magiciens utilisent d’habiles tromperies pour détourner notre attention,

  • Deception is the act of deceiving someone or the state of being deceived by someone, trick, lie, fraud, cheat
  • If you deceive someone, you make them believe something that is not true, usually in order to get some advantage for yourself.
41
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41

he never shows and seldom stimulates any emotion

A

il ne montre jamais et stimule rarement une quelconque émotion
-If something seldom happens, it happens only occasionally.

42
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42

where there is a nary a thought about perceptions or feelings

A

où il n’y a pas une seule pensée pour les perceptions ou les sentiments.
-nary: not even, pas un, aucun, pas le moindre

43
Q

43

his job is to grind it out on the shop floor

A

son travail consiste à travailler à la chaîne dans l’atelier.
-To grind something out means to produce it in a boring or routine manner.

44
Q

44

he always prevails in the long run

A

il l’emporte toujours à long terme

-If a proposal, principle, or opinion prevails, it gains influence or is accepted, often after a struggle or argument.

45
Q

45

Eventually, Mr. Market’s antics, like sand castles on the beach, come to naught.

A

Finalement, les pitreries de M. Market, comme les châteaux de sable sur la plage, n’aboutissent à rien.

46
Q

46

we would not be deflected by last week’s weather

A

nous ne serions pas déviés par la météo de la semaine dernière

  • If you deflect something such as criticism or attention, you act in a way that prevents it from being directed towards you or affecting you.
  • dévier, faire dévier, détourner, change course of
47
Q

47

investors should ignore that rascal Mr Market and his constant jumping around

A

les investisseurs devraient ignorer ce vaurien de M. Market et sa constante agitation.
-If you call a man or child a rascal, you mean that they behave badly and are rude or dishonest.

48
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48

spark our emotions

A

susciter nos émotions

-If one thing sparks another, the first thing causes the second thing to start happening.

49
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49

at least, we would not so often get shaken loose from our long-term thinking by

A

du moins, nous ne serions pas si souvent détournés de notre réflexion à long terme par

50
Q

50

can insulate us from being surprised

A

peut nous isoler des surprises
-If a person or group is insulated from the rest of society or from outside influences, they are protected from them, isoler, protéger

51
Q

51

just as a teenage driver is genuinely amazed by his all-too-predictable accidents,

A

tout comme un conducteur adolescent est sincèrement étonné par ses accidents trop prévisibles,
-Genuine refers to things such as emotions that are real and not pretended; heartfelt, sincere, honest, earnest

52
Q

52

adverse performance

A

performance négative

-Adverse decisions, conditions, or effects are unfavourable to you.

53
Q

53

six sigma events

A

évènement tout à fait improbable, et qui, néanmoins, se produit quand même

54
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54

the young pilots never catch on to the reality that

A

les jeunes pilotes ne comprennent jamais la réalité que

-If you catch on to something, you understand it, or realize that it is happening.

55
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55

in their striving to achieve superior performance by

A

dans leurs efforts pour atteindre des performances supérieures en

56
Q

56

if they could expunge a few surprises

A

s’ils pouvaient expurger quelques surprises

-If you expunge something, you get rid of it completely, because it causes problems or bad feelings.

57
Q

57

when an unusual or unanticipated event suddenly wipes out what otherwise would have been superior investment performance

A

lorsqu’un événement inhabituel ou imprévu annule, élimine, anéantit, ruine soudainement une performance d’investissement qui aurait autrement été supérieure.

58
Q

58

sees as quite unexpected and almost certain never to recur in exactly the same way

A

considère comme tout à fait inattendu et presque certain de ne jamais se reproduire exactement de la même manière.
-If something recurs, it happens more than once.

59
Q

59

that’s why benign neglect is, for most investors, the secret to long-term success

A

C’est pourquoi la négligence bénigne est, pour la plupart des investisseurs, le secret de la réussite à long terme.

  • non-interference that is intended to benefit someone or something more than continual attention would.
  • non-intervention destinée à profiter à quelqu’un ou à quelque chose plus que ne le ferait une attention continue.
  • If you describe someone’s approach to a problem as one of benign neglect, you disapprove of the fact that they are doing nothing and hoping that the problem will solve itself.
60
Q

60

it’s a sober responsibility

A

c’est une responsabilité sobre

-A sober person is serious and thoughtful.

61
Q

61

however are we going to stop everything?

A

Mais comment allons-nous tout arrêter ?

-how, under these circumstances

62
Q

62

oh no! I don’t want to settle for average

A

Oh non ! Je ne veux pas me contenter de la moyenne.
-If you settle for something, you choose or accept it, especially when it is not what you really want but there is nothing else available; se contenter de

63
Q

63

and all the “boutique” broker analysts

A

-any small, exclusive business offering customized service

64
Q

64

these persistent costs of active investing mount up unrelentingly

A

ces coûts persistants de l’investissement actif s’accumulent inexorablement.

  • If you describe someone’s behaviour as unrelenting, you mean that they are continuing to do something in a very determined way, often without caring whether they hurt or embarrass other people.
  • unrelentingly: continuously, sans relâche, sans cesse, constamment
65
Q

65

hopelessly unpopular with active investment managers,

A

-complètement impopulaire auprès des gestionnaires d’investissements actifs,

66
Q

66

index investing is seldom given anything like the respect it deserves

A

l’investissement indiciel reçoit rarement le respect qu’il mérite
-If you say that a person or thing deserves something, you mean that they should have it or receive it because of their actions or qualities.

67
Q

67

this dull, workhorse portfolio may appear mindless

A

ce portefeuille terne et performant peut sembler sans intérêt.

  • If you describe a person or a machine as a workhorse, you mean that they can be relied upon to do a large amount of work, especially work that is dull or routine.
  • If you describe a violent action as mindless, you mean that it is done without thought and will achieve nothing.
68
Q

68

effective prohibitions against market manipulation are well established

A

les interdictions effectives de manipulation du marché sont bien établies
-A prohibition is a law or rule forbidding something.

69
Q

69

can regularly obtain profit increments

A

peut obtenir régulièrement des augmentations de bénéfices

-An increment in something or in the value of something is an amount by which it increases.

70
Q

70

to make their appraisals of whether and when to sell or buy

A

pour évaluer s’il faut vendre ou acheter, et à quel moment.

71
Q

71

dedicated professionals

A

des professionnels dévoués

-You use dedicated to describe someone who enjoys a particular activity very much and spends a lot of time doing it.

72
Q

72

in an efficient market, changes in prices follow the pattern described as a “random walk”

A

which means that even close observers of the market will not be able to find patterns in changing securities prices with which to predict future price changes on which they might make profits
-ce qui signifie que même les observateurs attentifs du marché ne seront pas en mesure de trouver des modèles dans les changements de prix des titres qui leur permettraient de prédire les changements de prix futurs sur lesquels ils pourraient faire des profits.

73
Q

73
while there is some evidence that quarterly earnings reports are not immediately and completely discounted in securities prices

A

alors qu’il existe certaines preuves que les rapports trimestriels sur les bénéfices ne sont pas immédiatement et complètement actualisés dans les prix des titres.
-to anticipate and make allowance for, often so as to diminish the effect of

74
Q

74

fluctuation can be quite violent when fed by collective mistakes

A

la fluctuation peut être assez violente lorsqu’elle est alimentée par des erreurs collectives
-feed: nourrir, alimenter

75
Q

75
this freedom not to play carries the reciprocal responsibility to invest away from index funds only when the incremental reward fully justifies the incremental risk

A

cette liberté de ne pas jouer entraîne la responsabilité réciproque d’investir loin des fonds indiciels uniquement lorsque la récompense supplémentaire justifie pleinement le risque supplémentaire.

76
Q

76

litigator

A

plaideur

-A litigator is a lawyer who helps someone take legal action.

77
Q

77

that advocates of active management make in opposition to index investing

A

que les défenseurs de la gestion active font en opposition à l’investissement indiciel
-proponent, supporter or defender, défenseur, militant,

Charles ELLIS Winning the Loser's Game (3 decks)

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