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English to Italian: Fashions are changing in the stock market General field: Bus/Financial Detailed field: Finance (general)
Source text - English Feb 2nd 2013 |From the print edition -THE ECONOMIST
The value of value
Fashions are changing in the stockmarket
IS IT time for a change in investment style? The general rise in stockmarkets this year may be disguising a fundamental shift within the market. “Value” stocks, in Europe at least, are starting to outperform those in the “growth” category after five years in which the trend has been the other way round (see chart).
The distinction between the two classifications is not cut and dried. “Market commentators and investment managers who glibly refer to growth and value styles as contrasting approaches to investment are displaying their ignorance, not their sophistication,” is the warning of Warren Buffett. The noted American investor looks for a hybrid: companies that can grow their future earnings but are priced cheaply relative to what he dubs their “intrinsic value”.
The right price of any stock is the present value of future cashflows, discounted at the relevant rate. Predicting the volume of those cashflows and picking the right discount rate are the tricky bits. Both value and growth investors have to perform the task.
Notwithstanding Mr Buffett’s cautionary words, the two groups tend to search in different places. Value investors look at stocks that are in unglamorous industries or at companies that have suffered a bout of bad news in the recent past. Growth investors examine companies where the underlying conditions look more promising but where the market may still be underestimating the potential for long-term profits growth.
A value investor would usually expect a decent dividend yield; a growth investor would be happy if the company was reinvesting all its free cash. A value investor might be looking at a company with shares trading at a discount to its asset value; a growth investor might not worry if the company had much in the way of tangible assets at all. To caricature the divide, the growth investor might pick Google and the value investor would opt for Altria, the tobacco firm once known as Philip Morris.
Translation - Italian
Quanto vale il valore
Le Mode cambiano in Borsa
E’ tempo di cambiamenti nello stile di investire? La crescita generale delle borse di quest’anno potrebbe nascondere un cambiamento fondamentale di direzione nei mercati. I titoli di “valore”, almeno in Europa, hanno cominciato a fare meglio di quelli della categoria “crescita” dopo cinque anni in cui il trend era stato nell’altro senso (vedi grafico).
La distinzione tra le due categorie non e’ proprio ufficiale. “I cronisti dei mercati e i gestori di investimenti che accennano con nonchalance agli stili di crescita e di valore come approcci contrastanti di investimento mostrano la loro ignoranza, non la loro sofisticazione”, e’ l’avvertimento di Warren Buffett. Il noto investitore Americano cerca un ibrido: societa’ che possono far crescere i loro guadagni futuri ma che sono stimate a buon mercato rispetto a quello che lui chiama il loro“valore intrinseco”.
Il prezzo giusto di un qualsiasi titolo e’ il valore presente dei futuri cashflows, scontati del relativo tasso. Il difficile e’riuscire a predirre il volume di quei cashflows e il giusto tasso di sconto. Entrambi investitori di valore e di crescita devono fare questo esercizio.
Nonostante l’avvertimento di Warren Buffett, i due gruppi tendono a cercare in posti diversi. Gli investitori di valore cercano stocks in settori fuori moda o societa che hanno sofferto di cattive notizie nel passato recente. Gli investitori di crescita esaminano societa di cui le condizioni basilari sembrano promettenti ma dove il mercato ancora sottostima il potenziale per profitti a lungo termine.
Un investitore di valore di solito si aspetta un buon dividendo; un investitore di
crescita si contenterebbe se la societa’ reinvestisse tutto il suo liquido. Un investitore di valore cercherebbe una societa con azioni quotate a meno del valore dei suoi beni; un investitore di crescita non si preoccuperebbe se la societa avesse o meno un minimo di beni tangibili. Per vedere la differenza in caricatura l’investitore di crescita potrebbe scegliere Google e l’investitore di valore sceglierebbe Altria, la societa’ del tabacco una volta conosciuta come Philip Morris.
Italian to English: Financial HR General field: Bus/Financial Detailed field: Finance (general)
Source text - Italian This amount is split in thirds, subject to malus (bad actor provisions) until transfer of property is released within the first quarter of each of the following three anniversaries to the first quarter after the year of measurement. In each moment, shares transferred to the property of the individual are received them net of taxes, contributions and applicable levies and are retained (blocked from transfer) for one additional year until final release.
It’s also expected the payment only for the category of Identified staff of dividend generated by the deferred shared upon delivery the shares.
Translation - English Tale importo è suddiviso in tre parti ed è soggetto alle clausole di malus (le disposizioni per i trattamenti dei soggetti problematici) fino a che il trasferimento di proprietà sarà effettuato entro il primo trimestre di ciascuno dei tre anniversari successivi all'immediato trimestre dopo l'anno di valutazione. In queste occasioni le quote di azioni trasferite alla proprietà del singolo sono consegnate al netto delle tasse; contributi e imposte applicabili sono ritenute (bloccate dal trasferimento) per un ulteriore anno fino al rilascio finale.
Solo per la categoria di dipendenti "personale rilevante" anche il pagamento dei dividendi maturati dalla quota di azioni differita sarà rilasciato con la consegna delle azioni stesse.
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Translation education
Graduate diploma - SETL - TURIN, ITALY
Experience
Years of experience: 33. Registered at ProZ.com: May 2012.
English to Italian (SETL Scuola Europea Traduzione Letteraria) Italian to English (City University London) Italian to English (University of Birmingham)
Memberships
N/A
Software
Adobe Acrobat, Microsoft 365, Microsoft Excel, Microsoft Word, Passolo, Powerpoint, Trados Studio
CV/Resume
CV available upon request
Bio
Hello
I am a professional translator living and working in France in the pair English - Italian.
I have lived and studied in the UK for 17 years where I have clocked 13 years on the trading floors of the City of London working for different investment banks.
Whilst employed in the City I have translated, reviewed and reported on many financial and legal documents as part of my job and I have on occasion worked as freelance translator translating and proofreading texts for London agencies.
Further I have acquired in depth financial knowledge after completing in 2008 a Master in Mathematics of Trading and Finance at the Cass Business School of London.
I keep my knowledge up to date daily by reading and studying all the latest news and products in the financial world.
I have a strong working ethic which has been honed during my years working in the City.
I am motivated and results driven and I can offer a professional and experienced hedge to my translations.
Besides Finance I am competent in various other subjects such as beekeeping, botany, tailoring, climate change, general physics and science in which I am interested and not least literature in which I hold a postgraduate diploma in translation.
I am currently available for work please do not hesitate to contact me.
Thank you
Katia
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