经典重译之股票大作手回忆录(367)
原文(397):
I had been warned that the TT insiders knew the exact whereabouts of every stock certificate in the Street and the precise dimensions and identity of the short interest as well as other facts of tactical importance．
They were able men and shrewd traders．Altogether it was a dangerous combination to go up against．But facts are facts and the strongest of all allies are conditions．
Of course，on the way down from 153 to 133 the short interest had grown and the public that buys on reactions began to argue as usual：That stock had been considered a good purchase at 153 and higher．Now 20 points lower，it was necessarily a much better purchase．Same stock；same dividend rate；same officers；same business．Great bargain！
The public's purchases reduced the floating supply and the insiders，knowing that a lot of room traders were short，thought the time propitious for a squeezing．The price was duly run up to 150．I daresay there was plenty of covering but I stayed pat．Why shouldn't I ？The insiders might know that a short line of 30,000 shares had not been taken in but why should that frighten me？The reasons that had impelled me to begin selling at 153 and keep at it on the way down to 133，not only still existed but were stronger than ever．The insiders might desire to force me to cover but they adduced no convincing arguments．
其他版本译文(397):
有人劝我说，热带贸易公司内部清楚每只股票的下落，而且还知道是谁在做着多大的放空部位，以及其他很重要的信息。他们很有能耐，又很精明，反正与他们对着干是非常危险的做法。可事实就是如此，你最可靠得力的战友是股市行情走向。
当然，从153跌至133时，空头部位增加，那些在回调的时候买进的普通股民与以往一样，说当热带贸易高于153时，人们都觉得很值得买进，现在跌了20个点，那就肯定是更值得买了。股票还是那个股票，利率也没变，经营者和业务都是一样的，这可真是来之不易的大便宜啊！
人们的买进，让在外流通的股票供应变少了，公司内部知道有很多的场内营业员卖掉了这只股，觉得轧空的时机到了，于是巧妙地把股价拉抬到150美元。我能肯定，很多人都在回补，可我就是纹丝不动，我为什么要不安呢？内部人或许清楚还有3万股没有回补，可这也没理由让我害怕。我在153美元开始放空，一直到133美元，促使我一路放空的原因还在，而且比之前更加充分。公司内部可能想逼我回补，可他们没有让我看到更加有说服力的因素。
我的译文(397):
有人曾警告过我，TT公司的内部人，对于自家公司股票在华尔街市场上的流通情况，了解的一清二楚，包括每一份股票凭证的行踪，空头头寸的准确规模与归属，以及其他具有重大企图的的事情。
总之， 他们精明能干，不好对付，与他们对抗是件危险的事。但事实就是事实，大盘大势站在我一边，它才是所有盟友中最强大的一个。
当然，在股价从153点跌至133点的过程中，空头持仓量也在增加，而那些逢回调抄底的散户们又一如既往的开始争辩:这支股票在153美元乃至更高价位时，都被视作优质买入标的，如今价格还低了20个点，岂不是更加合适了！股票本身没变、分红比例没变、管理层没变、经营业务也没变，简直就是捡了个大便宜嘛！
散户的买入缩减了浮动筹码，而内部人知道(券商)大厅内大量的散户都是空头，于是认为发动一波逼空行情的时机到来了。股价正好又回升到了150，我料想这里有大量的空头平仓，但我却保持不动。我凭什么要动呢？内部人可能知道还有三万股的空单没有平仓，但我干嘛要害怕呢？当初我在153开始做空，看着它一路跌到133，我始终抱着我的空头仓位，之前促使我做空的那些理由，当下不仅依然成立，甚至比那会儿更加充分了。内部人指望着能逼迫我平仓，(但我为什么要平仓呢？)他们给不出能令我信服的理由。
引用依据：
1. Edwin Lefèvre: Reminiscences of a Stock Operator
2. 《股票大作手回忆录》（[美] 埃德温·勒菲弗 著，汤前燕 译）
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