返回首页

ChrisMcKnett_2013S-_可持续性的投资逻辑_
The world is changing in some really profound ways, and I worry that investors aren't paying enough attention to some of the biggest drivers of change, especially when it comes to sustainability . 下面我要说的可能会让你感到惊讶: 某些翻天覆地的变化, 而我担心的是投资者们 并没有充分注意到 那些引起这些变化的最主要的驱动因素, 尤其是在可持续性发展方面。
profound:adj.深厚的;意义深远的;渊博的; especially:adv.尤其;特别;格外;十分; sustainability:n.持续性;永续性;能维持性;
And by sustainability, I mean the really juicy things, like environmental and social issues and corporate governance . 说到可持续发展,我指的是那些最有意思的东西, 例如环境问题和社会问题, 还有公司的管理。
issues:n.重要议题;争论的问题;v.宣布;公布;发出;(issue的第三人称单数和复数) corporate:adj.公司的;组成公司(或团体)的;法人的;社团的; governance:n.管理;统治;支配;
I think it's reckless to ignore these things, because doing so can jeopardize future long-term returns. 我觉得这些问题是不容忽视的, 因为忽视它们很可能会危害到 未来的长期回报。
reckless:adj.鲁莽的,不顾后果的;粗心大意的; ignore:v.驳回诉讼;忽视;不理睬; jeopardize:v.危害;使陷危地;使受危困; long-term:adj.长期的;从长远来看;
And here's something that may surprise you: the balance of power to really influence sustainability rests with institutional investors, the large investors like pension funds , foundations and endowments . 下面我要说的可能会让你感到惊讶: 最能影响可持续性的权力平衡 掌握在机构投资者的手中, 那些大型投资者,比如养老基金, 基金会和捐赠基金。
balance of power:n.(国际政治或军事的)均势; influence:n.影响;势力;感化;有影响的人或事;v.影响;改变; institutional:adj.制度的; pension:n.养老金;退休金;抚恤金;adj.有关退休金的;v.给…养老金[恤金,津贴等]; funds:n.[会计]资金,现金(fund的复数);基金;v.资助(fund的三单形式);提供资金; foundations:n.基础;地基;基金会;粉底;(foundations是foundation的复数) endowments:n.禀赋;才能(endowment的复数);
I believe that sustainable investing is less complicated than you think, better-performing than you believe, and more important than we can imagine. 我相信可持续性的投资 没有你想的那么复杂, 比你预计的回报率还高, 也比我们想像得更重要。
sustainable:adj.可以忍受的;足可支撑的;养得起的;可持续的; investing:v.投资;投入(时间、精力等);(invest的现在分词) complicated:adj.复杂的;难懂的;v.使复杂化;(complicate的过去分词和过去式)
Let me remind you what we already know. 先来回顾一下我们已知的一些事情:
remind:v.提醒;使想起;
We have a population that's both growing and aging; we have seven billion souls today heading to 10 billion at the end of the century; we consume natural resources faster than they can be replenished; and the emissions that are mainly responsible for climate change just keep increasing. 世界人口正在不断增长和老龄化, 现在有 70 亿人, 到了21世纪末 将逼近100亿; 我们消耗天然资源的速度 快于它们能重新生成的速度; 而废气排放总在不断地增加, 这是造成气候变化的主要原因。
consume:v.消耗;吃;毁灭;烧毁; resources:n.[计][环境]资源; v.向…提供资金(resource的第三人称单数); emissions:n.(光、热、气等的)发出,排放;排放物;散发物;(emission的复数) mainly:adv.大多;大部分;主要地;首要地; responsible:adj.负责的,可靠的;有责任的;
Now clearly, these are environmental and social issues, but that's not all. 显然,这里有环境问题和社会问题, 但这还不是全部,
They're economic issues, and that makes them relevant to risk and return. 这里还有经济问题, 所以就与 风险和投资回报息息相关。
economic:adj.经济的,经济上的;经济学的; relevant:adj.相关的;切题的;中肯的;有重大关系的;有意义的,目的明确的;
And they are really complex and they can seem really far off, that the temptation may be to do this: bury our heads in the sand and not think about it. 这些问题确实相当复杂, 又似乎离我们很遥远, 这就诱使我们这样做: 把头埋进沙子里而不去想这件事。
complex:adj.复杂的;合成的;n.复合体;综合设施; temptation:n.诱惑;引诱;煽诱人的事物; bury:v.埋葬;隐藏;
Resist this, if you can. Don't do this at home. 千万不要在家里做这个。
Resist:v.抵制;阻挡;反抗;回击;抵抗;忍住;n.防染剂;防蚀用涂料;防腐剂;
(Laughter) （笑声）
But it makes me wonder if the investment rules of today are fit for purpose tomorrow. 但同时我也在想 当前的投资规则是否 真的适用于将来。
investment:n.投资;投入;封锁;
We know that investors, when they look at a company and decide whether to invest, they look at financial data, metrics like sales growth, cash flow , market share , valuation -- you know, the really sexy stuff . 我们知道当投资者们 观察一家公司并决定是否进行投资时, 他们会关注那些财务数据, 例如销售增长、 现金流量、
financial:adj.金融的;财政的,财务的; metrics:n.度量;作诗法;韵律学; cash flow:现金流转; market share:n.[商]市场份额;市场占有率; valuation:n.评价,估价;计算; stuff:n.东西:物品:基本特征:v.填满:装满:标本:
And these things are fundamental , of course, but they're not enough. 这些东西当然是最基本的, 但还不够,
fundamental:n.基础; adj.十分重大的;
Investors should also look at performance metrics in what we call ESG: environment, social and governance. 投资者们还应关注另一方面的绩效指标, 就是我们称为ESG的方面: (E)环境、 (S)社会和(G)管理
performance:n.性能;表现;业绩;表演;
Environment includes energy consumption , water availability , waste and pollution, just making efficient uses of resources. 环境包括能源消耗、 水的供应、
consumption:n.消费;消耗;肺痨; availability:n.可用性;有效性;实用性; efficient:adj.有效率的;有能力的;生效的;
Social includes human capital, things like employee engagement and innovation capacity , as well as supply chain management and labor rights and human rights. 社会包括人力资本, 比如员工的积极性 和创新能力, 以及供应链管理, 劳动权和人权。
engagement:n.婚约;约会;交战;诺言;n.参与度; innovation:n.创新,革新;新方法; capacity:n.能力;容量;资格,地位;生产力; as well as:也;和…一样;不但…而且; supply chain:n.供应链; management:n.管理;管理人员;管理部门;操纵;经营手段;
And governance relates to the oversight of companies by their boards and investors. 而管理则代表 董事会和投资人对公司的监督。
oversight:n.疏忽;忽略;失察;负责;照管;
See, I told you this is the really juicy stuff. 瞧,我说过这是真正有意思的东西。
But ESG is the measure of sustainability, and sustainable investing incorporates ESG factors with financial factors into the investment process . ESG 是用来衡量可持续性的, 而可持续性投资应当把ESG因素 与金融因素融合到投资过程中去。
incorporates:组成公司; factors:n.因素(factor的复数); v.做代理商; process:v.处理;加工;列队行进;n.过程,进行;方法,adj.经过特殊加工(或处理)的;
It means limiting future risk by minimizing harm to people and planet, and it means providing capital to users who deploy it towards productive and sustainable outcomes . 这意味着要通过降低对人和地球的危害, 来降低未来的风险。 这也意味着向用户提供资本 使他们用于有益 而且具有可持续性的成果。
minimizing:v.使减少到最低限度;降低;贬低;使显得不重要;(minimize的现在分词) deploy:v.部署;利用;[军事]展开;(使)张开; productive:adj.能生产的;生产的,生产性的;多产的;富有成效的; outcomes:n.结果;成果;后果;出路;(outcome的复数)
So if sustainability matters financially today, and all signs indicate more tomorrow, is the private sector paying attention? 如果可持续性影响着今天的财政, 而所有的迹象都表明将来这种影响会更大, 那私营部门注意到了吗？
financially:adv.财政上;金融上; indicate:v.表明;显示;象征;暗示; private sector:n.(国家经济的)私营部分;
Well, the really cool thing is that most CEOs are. 很酷的是大多数 CEO 都注意到了。
They started to see sustainability not just as important but crucial to business success. 他们开始看到可持续性 不仅重要而且是业务成功的关键。
crucial:adj.重要的;决定性的;定局的;决断的;
About 80 percent of global CEOs see sustainability as the root to growth in innovation and leading to competitive advantage in their industries. 全球大约 80%的CEO 意识到可持续性是创新发展的根本, 而且能使他们在同行业中具有竞争优势。
global:adj.全球的;总体的;球形的; competitive:adj.竞争的;比赛的;求胜心切的; advantage:n.有利条件:优势:优点:
But 93 percent see ESG as the future, or as important to the future of their business. 93%认为ESG是未来的发展趋势, 或者对未来业务发展很重要。
So the views of CEOs are clear. 所以CEO们的意见很明确了,
There's tremendous opportunity in sustainability. 就是在可持续发展方面有巨大的机会。
tremendous:adj.极大的,巨大的;惊人的;极好的;
So how are companies actually leveraging ESG to drive hard business results? 那公司实际上要如何利用 ESG 来提高经营效益呢？
leveraging:v.利用贷款进行投机;(leverage的现在分词)
One example is near and dear to our hearts. 举一个和我们最接近的例子。
In 2012, State Street migrated 54 applications to the cloud environment, and we retired another 85. 2012 年,道富集团将54个应用程序 迁移到云环境中, 另外还取消了85个。
migrated:v.(随季节变化)迁徙;移居;迁移;移动;转移;(migrate的过去分词和过去式)
We virtualized our operating system environments, and we completed numerous automation projects. 我们将操作系统环境虚拟化, 并且完成了许多自动化项目。
operating system:n.(计算机)操作系统; numerous:adj.许多的,很多的; automation:n.自动化;自动操作;
Now these initiatives create a more mobile workplace , and they reduce our real estate footprint , and they yield savings of 23 million dollars in operating costs annually , and avoid the emissions of a 100,000 metric tons of carbon . 现在这些做法创建了更灵活的工作场所, 减少了办公用地, 每年节约了2300 万美金的营运成本, 减少了100 万吨碳的废气排放,
initiatives:n.积极性;主动权(initiative的复数);创始; mobile:n.手机;汽车;移动电话;adj.活跃的;可动的; workplace:n.工作场所;车间; real estate:n.房地产;不动产; footprint:n.足迹;脚印; yield:n.产量;产出;利润;v.屈服;让步;放弃;提供; savings:n.节省物;节省;节约;储蓄金;存款;(saving的复数) annually:adv.每年;一年一次; carbon:n.[化学]碳;碳棒;复写纸;adj.碳的;碳处理的;
That's the equivalent of taking 21,000 cars off the road. 相当于路上少跑了21,000辆汽车。
equivalent:adj.等价的,相等的;同意义的;n.等价物,相等物;
So awesome , right? 很棒,对吧？
awesome:adj.令人敬畏的;使人畏惧的;可怕的;极好的;
Another example is Pentair. 另一个例子是滨特尔。
Pentair is a U.S. industrial conglomerate , and about a decade ago, they sold their core power tools business and reinvested those proceeds in a water business. 滨特尔是美国的工业集团。 大约 10 年前, 他们卖掉了他们的核心电动工具业务, 并把这些收益重新投资在
industrial:adj.工业的,产业的; n.工业股票; conglomerate:vi.凝聚成团; n.[岩]砾岩; adj.成团的; vt.使聚结; core:n.核心;要点;果心;[计]磁心;vt.挖...的核; reinvested:vt.再投资于;再授给;vi.再投资; proceeds:v.继续做;行进;前往;(proceed的第三人称单数)
That's a really big bet . Why did they do that? 这是一个很大的赌注。他们为什么做呢?
bet:n.打赌;赌注;预计;估计;v.下赌注(于);用…打赌;敢说;八成儿;
Well, with apologies to the Home Improvement fans, there's more growth in water than in power tools, and this company has their sights set on what they call "the new New World." 虽然很多人热衷于自己动手装修房子, 但是水业务比电动工具增长得更多。 这家公司将他们的目光 放在了他们所说的 新新世界 上,
Home Improvement:n.(为增值进行的)房屋修缮;
That's four billion middle class people demanding food, energy and water. 就是有40 亿的中产阶层人士 需要粮食、 能源和水。
middle class:adj.中产阶级的;中层社会的;
Now, you may be asking yourself, are these just isolated cases? 现在你可能会想, 这些只是个别的例子吗？
isolated:adj.偏远的; v.隔离,孤立,脱离;
I mean, come on, really? 真是这样的吗？
Do companies that take sustainability into account really do well financially? 那些考虑到可持续发展的公司, 真的在财政效益上也发展良好吗？
The answer that may surprise you is yes. 可能会让你惊讶的是,答案是肯定的。
The data shows that stocks with better ESG performance perform just as well as others. 数据显示那些 ESG方面表现良好的公司的股票 和其他公司的表现一样好。
stocks:n.[金融]股票; v.采购;
In blue, we see the MSCI World. 蓝色代表的是全世界的MSCI,
It's an index of large companies from developed markets across the world. 它是世界各地发达市场中 大公司的一项索引。
index:n.指标;指数;索引;指针;v.做索引;指出;编入索引中;
And in gold, we see a subset of companies rated as having the best ESG performance. 而金色代表那些 具有ESG方面表现最佳的公司。
subset:n.[数]子集;子设备;小团体;
Over three plus years, no performance tradeoff . 在三年多的时间里,经济效益方面没有受损。
tradeoff:n.权衡;折衷;(公平)交易(等于trade-off);
So that's okay, right? We want more. I want more. 这已经很好了吧？但我们想要更好,我想要更好。
In some cases, there may be outperformance from ESG. 在某些情况下, ESG可能会带来额外的收益。
outperformance:n.优胜;业绩出色;
In blue, we see the performance of the 500 largest global companies, and in gold, we see a subset of companies with best practice in climate change strategy and risk management. 蓝色代表全球500家最大的公司的经济效益, 而金色代表那些 在气候变化战略 和风险管理方面表现最好的公司。
best practice:n.(公司或机构的)最佳实践; strategy:n.策略;行动计划;部署;战略;
Now over almost eight years, they've outperformed by about two thirds. 经过近八年的时间, 他们的经济效益已经超出大约三分之二。
outperformed:v.(效益上)超过,胜过;(outperform的过去式和过去分词)
So yes, this is correlation . It's not causation . 虽然这里显示的是相关性而不是因果关系,
correlation:n.[数]相关,关联;相互关系; causation:n.原因;因果关系;出现;
But it does illustrate that environmental leadership is compatible with good returns. 但它确实说明注重环境问题 和高效益并不矛盾。
illustrate:v.解释;加插图于;给(书等)做图表;表明…真实; compatible:adj.兼容的;能共处的;可并立的;
So if the returns are the same or better and the planet benefits, wouldn't this be the norm ? 如果效益相同或更好, 而我们的星球还能受益,
norm:n.规范;标准;定额;常态;v.规范;规定;
Are investors, particularly institutional investors, engaged ? 参与进来了吗？
particularly:adv.特别地,独特地;详细地,具体地;明确地,细致地; engaged:adj.已订婚的; v.吸引住; (engage的过去分词和过去式)
Well, some are, and a few are really at the vanguard . 有些已经参与进来了, 有几个还是先锋。
vanguard:先锋盾;n.前锋科学卫星;
Hesta.
Hesta is a retirement fund for health and community services employees in Australia, with assets of 22 billion [dollars]. Hesta 是澳大利亚的一家退休基金, 服务于医疗和社区服务人员。 他们的资产为220亿【美元】。
retirement:n.退休;退职;退休年龄;退休生活; community:n.社区;[生态]群落;共同体;团体; assets:n.资产;宝贵的人材;(一项)财物;资产;(asset的名词复数)
They believe that ESG has the potential to impact risks and returns, so incorporating it into the investment process is core to their duty to act in the best interest of fund members, core to their duty. 他们相信ESG有潜力 影响风险和回报, 所以他们把将ESG 纳入投资过程 作为他们的核心职责, 以达到为基金成员谋取最佳利益的目的。 他们的核心职责！
potential:n.潜能;可能性;[电]电势;adj.潜在的;可能的;势的; impact:n.影响;效果;碰撞;冲击力;v.挤入,压紧;撞击;对…产生影响; incorporating:v.将…包括在内;包含;吸收;使并入;注册成立;(incorporate的现在分词) in the best interest of:符合…的最佳利益;为…着想;
You gotta love the Aussies , right? 澳大利亚人是不是很可爱？
Aussies:n.澳洲人;澳大利亚人;adj.澳洲的;
CalPERS is another example. CalPERS 是另一个例子。
CalPERS is the pension fund for public employees in California, and with assets of 244 billion [dollars], they are the second largest in the U.S. CalPERS 是加州公务员的养老基金, 资产达2440亿【美元】, 排在美国第二大,
and the sixth largest in the world. 世界第六大。
Now, they're moving toward 100 percent sustainable investment by systematically integrated ESG across the entire fund. 现在,他们正朝着 100% 可持续性投资的方向转变, 他们要通过系统地将ESG 整合到整个基金中来实现。
systematically:adv.有系统地;有组织地; integrated:adj.综合的; v.整合; (integrate的过去式和过去分词)
Why? They believe it's critical to superior long-term returns, full stop . 为什么呢？他们相信 这是获得长期高效益的关键。就这样。
critical:adj.鉴定的;[核]临界的;批评的,爱挑剔的;危险的;决定性的;评论的; superior:n.上级;上司;adj.(在品质上)更好的;占优势的;更胜一筹的; full stop:n.句号;句点;adv.就是这话;
In their own words, "long-term value creation requires the effective management of three forms of capital: financial, human, and physical . 用他们自己的话来说: 创造长期的价值, 需要有效地管理 三种形式的资本: 财务、 人力和物理。
creation:n.创造,创作;创作物,产物; effective:adj.有效的,起作用的;实际的,实在的;给人深刻印象; physical:adj.[物]物理的;身体的;物质的;符合自然法则的;n.体格检查;
This is why we are concerned with ESG." 这就是我们为什么关心ESG。“
concerned with:关心;涉及;忙于;与…有关;
Now, I do speak to a lot of investors as part of my job, and not all of them see it this way. 我跟很多投资者交谈过, 因为这是我工作的一部分。 并不是所有人都这样看问题。
Often I hear, "We are required to maximize returns, so we don't do that here," 我经常听到的是, 我们需要将回报最大化, 所以我们这儿不做这些。
maximize:vt.取…最大值;对…极为重视;vi.尽可能广义地解释;达到最大值;
or, "We don't want to use the portfolio to make policy statements ." 或者, 我们不想用公司的投资组合 做政策方面的声明 。
portfolio:n.公文包;文件夹;证券投资组合;部长职务; policy:n.政策,方针;保险单; statements:n.说明; v.(英国)对儿童进行特殊教育评估认定; (statement的第三人称单数和复数)
The one that just really gets under my skin is, "If you want to do something about that, just make money, give the profits to charities ." 最让我受不了的是, 如果你想在这方面做点儿什么, 就去赚钱,然后把收益捐给慈善机构。”
profits:n.利润; v.获益; (profit的第三人称单数和复数) charities:n.慈善机构;宽大(charity的复数);
It's eyes rolling, eyes rolling. 气得我直翻白眼。
I mean, let me clarify something right here. 让我来澄清一下我的意思。
clarify:v.澄清;阐明;得到澄清;得到净化;
Companies and investors are not singularly responsible for the fate of the planet. 公司和投资者都不能 靠他们单独的力量来负责地球的命运。
singularly:adv.异常地;非常地;令人无法理解地;
They don't have indefinite social obligations , and prudent investing and finance theory aren't subordinate to sustainability. 他们没有无限的社会义务, 而且审慎的投资和金融理论 并不是要让位给可持续性,
indefinite:adj.不确定的;无限的;模糊的; obligations:n.[法]义务;债务;承付款项(obligation的复数); prudent:adj.谨慎的;精明的;节俭的; finance:n.财政,财政学;金融;v.负担经费,供给…经费; subordinate to:服从;从属于;
They're compatible. 他们是相容的。
So I'm not talking about tradeoffs here. 所以我不是说要作某种牺牲。
tradeoffs:n.权衡;折衷;(公平)交易(等于trade-off);
But institutional investors are the x-factor in sustainability. 但机构投资者 是可持续发展中最重要的因素。
x-factor:未知因素(尤指获得成功所必需又难以描述的素质);
Why do they hold the key? 他们为什么这么关键呢？
The answer, quite simply, is, they have the money. 答案很简单,就是他们有钱。
(Laughter) （笑声）
A lot of it. 很多钱。
I mean, a really lot of it. 真的很多。
The global stock market is worth 55 trillion dollars. 全球证券市场价值 55万亿美元,
stock market:股票市场;证券市场;股票交易; trillion:n.[数]万亿;adj.万亿的;num.[数]万亿;
The global bond market, 78 trillion. 全球债券市场,78万亿。
That's 133 trillion combined. 这合起来就是133万亿,
That's eight and a half times the GDP of the U.S. 是美国GDP的八倍半,
That's the world's largest economy . 这是世界最大的经济体。
economy:n.经济;节约;理财;
That's some serious freaking firepower . 这真是一些强大到变态的经济火力。
freaking:adj.该死的,他妈的;v.(使)强烈反应,畏惧;(freak的现在分词) firepower:n.火力;
So we can reconsider some of these pressing challenges, like fresh water, clean air, feeding 10 billion mouths, if institutional investors integrated ESG into investment. 所以我们可以重新考虑 一些比较紧迫的问题, 比如说新鲜的水、 清洁的空气、 喂饱100 亿张嘴, 如果机构投资者 能把ESG 综合到投资中去的话。
What if they used that firepower to allocate more of their capital to companies working the hardest at solving these challenges or at least not exacerbating them? 他们能不能利用那些火力, 将更多的资本分配到 那些最努力解决这些问题的公司, 或至少是没有使这些问题加重的公司？
What if:如果…怎么办? allocate:vt.分配;拨出;使坐落于;vi.分配;指定; exacerbating:v.恶化(exacerbate的现在分词);
What if we work and save and invest, only to find that the world we retire into is more stressed and less secure than it is now? 如果我们工作,攒钱,投资, 而到头来退休的时候却发现那时的世界 比现在压力更大,更不安全呢？
What if there isn't enough clean air and fresh water? 如果那时没有足够的清洁空气和新鲜水呢？
Now a fair question might be, what if all this sustainability risk stuff is exaggerated , overstated , it's not urgent , something for virtuous consumers or lifestyle choice? 有一个可能的问题, 这些所谓可持续性的风险的东西 是不是被过分夸大了？
exaggerated:adj.夸张的,言过其实的;v.夸张,夸大(exaggerate的过去分词和过去式) overstated:v.夸大;夸张;言过其实;(overstate的过去分词和过去式) urgent:adj.紧急的;急迫的; virtuous:adj.善良的;有道德的;贞洁的;正直的;有效力的; consumers:n.消费者;顾客;用户;(consumer的复数)
Well, President John F. Kennedy said something about this that is just spot on: "There are risks and costs to a program of action, but they are far less than the long-range risks and costs of comfortable inaction ." 用在这里最合适不过: 采取行动就会有风险和成本, 但长远来说要远远低于 为了舒适而不行动的风险和成本。“
long-range:adj.(飞机,火箭等)远程的;长期的;远大的; inaction:n.不活动;迟钝;
I can appreciate that there is estimation risk in this, but since this is based on widespread scientific consensus , the odds that it's not completely wrong are better than the odds that our house will burn down or we'll get in a car accident. 我知道这里面有估计的风险, 但是因为这些估计基于广泛的科学共识, 它并不完全错的几率, 比我们遇上房子着火 或者车祸的几率要小。
appreciate:v.欣赏;感激;感谢;理解; estimation:n.估计;尊重; widespread:adj.普遍的,广泛的;分布广的; scientific:adj.科学的,系统的; consensus:n.一致;舆论;合意; odds:n.几率;胜算;不平等;差别;
Well, maybe not if you live in Boston . (Laughter) 当然,除非你住在波士顿。（笑声）
Boston:n.波士顿(美国城市);
But my point is that we buy insurance to protect ourselves financially in case those things happen, right? 但我想说的是,我们买保险 来保护自己的财产, 以防那些事情发生,对吧？
insurance:n.保险;保险业;保险费;保费;adj.胜券在握的;
So by investing sustainably we're doing two things. 而通过可持续性投资, 我们可以达到两个目的。
sustainably:adv.支撑得住;能保持住地;
We're creating insurance, reducing the risk to our planet and to our economy, and at the same time , in the short term, we're not sacrificing performance. 我们创造了一个保险, 降低对我们的星球和经济的风险。 同时,在短期内, 我们也不牺牲效益。
at the same time:同时;另一方面;与此同时; sacrificing:v.牺牲;献出;以(人或动物)作祭献;(sacrifice的现在分词)
[Man in comic: "What if it's a big hoax and we create a better world for nothing?"] 【漫画中的人: 如果这是一个大骗局,
Good, you like it. I like it too. 你喜欢它吧？我也喜欢。
(Laughter) （笑声）
I like it because it pokes fun at both sides of the climate change issue. 我喜欢它是因为它把 气候变化问题争论的双方都拿来开玩笑。
pokes:v.推;捅;戳;探;露出;伸出;探出;(poke的第三人称单数)
I bet you can't guess which side I'm on. 我打赌你猜不出我站在哪一边。
But what I really like about it is that it reminds me of something Mark Twain said, which is, "Plan for the future, because that's where you're going to spend the rest of your life." 但我真正喜欢它的原因 是它让我想起马克 · 吐温说的话, 好好计划未来, 因为那是你要度过余生的地方。
reminds:v.提醒;使想起;(remind的第三人称单数)
Thank you. 谢谢。
(Applause)