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There are particular conditions in Britain that make this opportunity worth looking at.
英国的特殊条件也使得这个机会值得观望。
The FTSE All-Share has fared worse than most other rich-world stock indices
自2016年英国投票脱欧以来，
since Britain voted to leave the European Union in 2016.
富时全股指数的表现比大多数发达国家的股票指数都要差。
The sharp fall in the pound since then has boosted the sterling value of foreign profits made overseas.
自那时起，英镑的大幅贬值提升了海外利润的英镑价值。
More than 70% of the earnings of companies listed in Britain come from overseas; around a quarter comes from North America alone.
在英国上市的公司，它们超过70%的利润都是来自海外；约有四分之一来自北美。
There is thus an opening for American investors or companies to buy dollar earnings on the cheap.
因此，美国投资者或公司有机会低价买入美元收益。
Mr Buckland's research uncovers a range of British firms that earn most of their profits in America
巴克兰德的研究揭露了这样一系列英国公司，这些公司的大部分利润来自美国，
but have a lower valuation than their American peers. A lot of them are industrial firms.
但他们的估值却低于美国同行。其中很多都是工业公司。
Scour the bourses of the world and you will not struggle to find lots of cheap industrial stocks.
在世界各地的交易所里搜寻，不难找到大量廉价的工业股票。
The problem with investing in such out-of-favour shares is that
投资这种失宠股票的问题是
somebody else must come along to buy them off you at a higher price for the strategy to work.
一定要有其他人来以更高的价格从你手中买下它们，这样你的策略才能奏效。
There is no law that says cheap stock cannot stay cheap for a long time, or become even cheaper.
没有法律规定低价股票不能长时间保持低价或者变得更加低廉。
The activist approach is to buy cheap-looking stocks and then work to get their latent value realised.
积极投资者的方法是买入看上去很便宜的股票，然后努力实现它们的潜在价值。
This is more likely to succeed in Britain than in Germany, Japan, South Korea or other places with cheap-looking cyclical stocks.
相比德国、日本、韩国或其他拥有廉价周期性股票的国家，这种方法在英国更容易成功。
It could involve a push to get a firm to buy back its own shares.
这可能会促使公司回购自己的股票。
It could mean hawking the company, or a division of it, to another company or to a private-equity firm.
这可能意味着向另一家公司或私募股权公司兜售公司或公司的一个部门。
If buyers won't come to you, go to them by relisting somewhere that puts a higher value on your shares, such as America.
如果买家不来找你，那就通过在美国等股票价值更高的地方重新上市来找他们。
As yet there has been no nativist backlash. Britain's stockmarket seems likely to shrink further.
到目前为止还没有本土主义者强烈反对。英国股市似乎会进一步下跌。
Whatever the means—under-the-radar buy-outs, mergers, spin-offs,
不管是什么手段—悄悄的并购投资、合并、拆分、
or simply a drying-up of new issues—the underlying cause will be the same.
或仅仅是新发行证券的枯竭——根本原因是一样的。
Companies are turning their backs on the stockmarket because equity capital is relatively dear.
由于股票资本相对昂贵，许多公司正在放弃股票市场。
The irony is that Britain's a-list shareholder culture makes its de-equitisation all the likelier.
讽刺的是英国顶级股东文化使其去股权化的可能性更大。
译文由可可原创，仅供学习交流使用，未经许可请勿转载。
