文档介绍：Tulips Effect
-In life,as in chess,forethought wins.
Passage
This is a story that happened in 17th century Europe. ☆Tulips were introduced into Holland before 17th century, but it did not take long for the flowers to gain popularity among the upper classes. ☆Flowers of such beauty and rarity soon became symbols of power andprestige and the rich tried their utmost to lay their hands on some to display in their gardens. When more people learned of the prices that the rich were willing to pay for tulips, they knew they just found a “get-rich-quick” gold mine.
By 1634, the whole country was so fascinated by tulips that all other activities almost came to a stop.☆ Like all ④speculative bubbles, many made a fortune in the beginning. As the price moved in one direction, you only needed to buy low and sell high ,buy high and sell bubble finally burst in 1637. ☆For some unknown reasons, maybe a group of people suddenly realized the madness,tulips failed to remain the usual inflated prices in a gathering,it could not be recovered and prices keep falling until they were one-tenth of those set during the the nobles became poor and the rich became paupers. ☆Cries of distress resounded everywhere in Holland.
Social phenomenon
Recently,many have pointed to the American investors craze over stocks as another "tulip⑥ mania". Whether these are really " tulips" remains to be seen. However there are signs that the buying is over done .☆ There is no denial that the is an important development in this century, but it is madness when every stock jumps in multiples and pany that announces conducting their business over witnesses their stock prices going up. ☆Not to mention that some of these stocks are trading at hundreds of times ⑦PE and some will not report any profit for the next few years.
Words and phrases
gain popularity 流行起来
rarity.['reəriti:]
⑴, 罕见
These stamps have great rarity value.
这些邮票非常珍贵。
⑵;珍品
prestige[pres'ti:d3]
⑴