有爭議是最糟的結果
Nearly three quarters of fund managers surveyed by Bank of America are bracing for extreme market turbulence in the fourth quarter, as they expect the risk of contested US election results.
接受美國銀行調查的基金經理人，有將近四分之三對第四季市場大幅震盪嚴陣以待，因為預計美國大選結果可能出現爭議。
fund manager 基金經理人survey(v.)(n.)調查brace for(為困難或不好的事)防備;作好準備;嚴陣以待brace for a long fight 準備長期抗戰market turbulence市場波動;市場震盪=market volatilityturbulence(n.)動盪;混亂political turbulence政治動盪contested(adj.)有爭議的contest(v.)爭辯;對…提出異議
Doubts over whether President Donald Trump would peacefully hand over power if he loses have grown in recent weeks. Polls show that the Democratic nominee Joe Biden holds a commanding lead over President Trump.
最近幾週，對於川普總統如果敗選，是否會和平移交權力的質疑越來越大。民調顯示，民主黨總統候選人拜登遙遙領先川普總統。
hand over 移交poll(n.)民意調查Democratic nominee 民主黨候選人nominee(n.)被提名的人;候選人=candidatea commanding lead 遙遙領先commanding(adj.)威嚴，居高臨下的
The 224 fund managers with $632 billion assets under management, surveyed by Bank of America in early October, regarded the US vote as the second biggest “tail risk” for markets.
美國銀行10月初調查了224位基金經理人，管理6,320億美元的資產，他們認為美國總統選舉是市場的第二大「尾部風險」。
asset資產liability負債regard… as…把..視作、看做tail risk尾部風險
Ronald Temple, head of US equities at Lazard Asset Management, said that even as some investors do not think a Democratic sweep would be good for stocks because of the likelihood of tax increases, the market is better off knowing the election result straight away.
Lazard資產管理公司美國股票主管Ronald Temple說，即使有些投資人認為，由於可能加稅，民主黨大獲全勝並不利於股市，但立刻知道選舉結果對市場比較好。
equity=stock 股票even as即使=even ifa Democratic sweep 民主黨大獲全勝the likelihood of …的可能性likelihood=probability 可能性tax increases 加稅better off 經濟狀況比以前好straight away=right away=immediately立刻
“The worst outcome is a contested election because companies and investors really hate uncertainty,” Temple said.
Temple說：「最糟的結果就是選舉有爭議，因為企業和投資人真的不喜歡不確定因素。」
outcome(n.)結果;後果=resultuncertainty(n.)不確定性;不確定因素
COVID-19 remains the top worry, the US bank said in a note. Meanwhile, concerns over a technology bubble have receded, falling from 22% to 16% in October. However, Brexit is a new tail risk event that some global fund managers are cautious about.
這家美國銀行在報告指出，新冠肺炎仍是大家最擔心的問題。同時，對科技泡沫的擔憂已經消退，10月份從22％降到16％。不過，英國脫歐是新的尾部風險事件，有些全球基金經理人態度謹慎。
technology bubble 科技股泡沫housing bubble房地產泡沫=real estate bubblerecede(v.)後退;減弱;(價值、品質)下跌cautious(adj.)小心的，謹慎的caution(n.)謹慎;小心(v.)警告;告誡
Money managers continue to cut their cash levels, which fell to 4.4% in the latest survey period, while increasing their equity exposure. A net 27% of survey participants said they are overweight stocks, which shows they are optimistic about equities, according to Bank of America.
基金經理人持續降低現金水位，在最近調查期間，降到4.4％；同時增加股票部位。美國銀行的資料顯示，有淨27％的受訪者說加碼股票，顯示他們對股票態度樂觀。
equity exposure 股票暴險部位exposure=exposure to the riskoverweight 加碼underweight 減碼optimistic(adj.)樂觀的pessimistic(adj.)悲觀的