Every year Berry Bros & Rudd, Britain's oldest wine merchant, issues a pocket-sized
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Fine wine is expensive to store, and its rarity and high transaction costs make it oddly enough an illiquid asset.Even so, its appreciation with age and perceived ability to diversify portfolios have made it popular with investors over the past two decades.The value of wine exchanged yearly between consumers, connoisseurs and collectors the secondary market has quadrupled to $4bn since 2000, says Justin Gibbs of Liv-ex, a wine-trading platform.He reckons that just 15% of those buying wine on his website are doing so to drink it.The rest see it as a store of value.
Fine wines are traded privately, at auctions or through exchanges like Liv-ex, where members bid for listed crus.The equivalent of an initial public offering comes when estates release their latest vintages.The wine world also has asset managers, which buy and sell hundreds of cases on behalf of clients in the hope of turning a profit.Britain is a big trading hub, notably because it offers the ability to store wine free of customs and vat provided it is kept in one of the few taxman-approved warehouses.Many professional buyers thus hold their stock under the same huge vaults.Updating records is sometimes all it takes to transfer ownership.
Investing in wine has long meant buying Bordeaux.But that is changing: the French region now accounts for 60% of secondary transactions, down from 95% in 2011.The new picks have star appeal.Bordeaux prices have done well in the past three years, rising by a third.But the value of fine Burgundy has more than doubled，according to the Liv-ex 1000 index.
One reason is that greater price transparency has boosted buyers5 confidence.Fine wines, which do not generate cash flows, cannot be valued using financial metrics such as price-to-earnings ratios.But exchanges and websites like Wine Searcher, which gathers merchant quotes from around the world, provide reference points.Apps that collect reviews from critics and consumers also help; so do gadgets to improve traceability （though fakes remain a problem）.Some of this cash finds its way to new terroirs.
Investors are becoming more sophisticated, too.Chinese buyers, whose thirst for Bordeaux kept prices afloat through the financial crisis, fled the region after 2012, when a crackdown on corruption meant demand for luxury goods dried up.Many have since turned to Burgundy.Most wine-investment funds, which in the 2000s managed 350m （$396m）, almost all of it invested in Bordeaux, went bust when the market tanked.Such outfits have since reformed, trying harder to diversify.
Recent currency shifts have made top crus a relative bargain.Burgundy was already cheaper than Bordeaux, and a dollar rally after 2015 has put the region on American and Asian buyers’ radars （the Hong Kong dollar is pegged to the greenback）.Italian, Californian and other French regions have also become fashionable, says Philip Staveley of Amphora, a wine-portfolio manager.But the best Burgundy is produced in tiny volumes.Chateau Margaux, a Bordeaux star, puts out 11,000 cases a year; Domaine de la Romanée-Conti makes 450.That amplifies price movements.
Experts fear a bubble.“Everyone tells us it’s getting absurd,” says Philippe Masset，a wine scholar.Younger vintages have become pricier than older ones the wine equivalent of a yield-curve inversion.The Burgundy region gained 8% in November, while all others plateaued.Whether that lasts may depend on the value-for-money of the vintage released this month.But for now, investors see the glass half-full.
單選題第1題According to Paragraph 1, amateurs of quality quaff want to time-travel because in the past ______.
A.the quality of wine was much higher
B.the price of wine was much lower
C.the quality of wine was just similar
D.the price of wine was just similar
參考答案：B
答案解析：細(xì)節(jié)題。根據(jù)題干關(guān)鍵詞定位第1段第1句。分析上下文，可知過去的紅酒價(jià)格遠(yuǎn)遠(yuǎn)低于現(xiàn)在，也就說明了紅酒愛好者想要穿越的理由，故正確答案為B。
單選題第2題According to Paragraph 2, which of the following statements is NOT true of fine wine?
A.It is popular with investors.
B.It has become an illiquid asset.
C.Its value increases with passage of time.
D.It has the ability to diversify its forms.
參考答案：D
答案解析：推斷題。根據(jù)選項(xiàng)定位第2段，對比原文后可知，D與原文（使投資方式多樣化）不符，故為正確答案。
單選題第3題The word “connoisseurs” underlined in Paragraph 2 most probably means ______
A.managers
B.assessors
C.buyers
D.owners
參考答案：B
答案解析：語義題。connoisseurs意為“鑒定師”，故正確答案為B （評估師）。
單選題第4題Britain is a big trading hub mainly because______.
A.it is able to store wine free of charge
B.it is able to provide vat free of charge
C.it is able to store wine free of customs on condition that it is kept in one of the taxman-approved warehouses
D.it is able to store wine free of customs on condition that the vat provided is kept in one of the taxman-approved warehouses
參考答案：C
答案解析：細(xì)節(jié)題。根據(jù)題干關(guān)鍵詞定位第3段第4句，分析句法結(jié)構(gòu)后可知，provided 引導(dǎo)條件狀語從句，意為“如果”。將4個(gè)選項(xiàng)與此句比較后可知C為正確答案。
單選題第5題The word “Bordeaux” in Paragraph 4 refers to______.
A.the name of a wine
B.the name of a place
C.the name of both a wine and a place
D.the name of a vineyard
參考答案：C
答案解析：推斷題。定位第4段第1句，可知Bordeaux為紅酒。而第2句中，the French region指Bordeaux，故C為正確答案。
單選題第6題The author mentions Burgundy in order to show that______.
A.new places for wine investment are more attractive than traditional ones like Bordeaux
B.Burgundy prices are lower than Bordeaux prices
C.Bordeaux prices are lower than Burgundy prices
D.Bordeaux is still a better place for wine investment than Burgundy
參考答案：A
答案解析：細(xì)節(jié)題。根據(jù)題干關(guān)鍵詞定位第4段最后一句。分析上下文可知，作者提及 Burgundy的目的是為了說明觀點(diǎn)：The new picks have star appeal （新產(chǎn)地具有明星效應(yīng)），故正確答案為A。
單選題第7題Greater price transparency is NOT achieved by means of______.
A.exchanges and websites
B.gadgets
C.apps
D.financial metrics
參考答案：D
答案解析：細(xì)節(jié)題。根據(jù)題干關(guān)鍵詞定位第5段第1句。從第3句開始，作者羅列了實(shí)現(xiàn)價(jià)格透明的幾種途徑。對比選項(xiàng)后可知，D不在其列，故為正確答案。
單選題第8題The author uses Chinese buyers as an example to prove ______.
A.the thirst for Bordeaux
B.the crackdown on corruption
C.the change in wine investment
D.the demand for luxury goods
參考答案：C
答案解析：細(xì)節(jié)題。根據(jù)題干關(guān)鍵詞定位第6段第2句。分析語篇邏輯可知，本句舉例說明第1句（投資者也變得更加復(fù)雜），而從全文語篇結(jié)構(gòu)來看，第1句是葡萄酒 投資格局發(fā)生變化的第2個(gè)理由，故正確答案為C。
單選題第9題“The Hong Kong dollar is pegged to the greenback” underlined in Paragraph 7 most probably means______.
A.Hong Kong dollar is based on currency shifts
B.Hong Kong dollar is closely related with U.S.dollar
C.Hong Kong dollar is devalued due to currency shifts
D.Hong Kong dollar has become fashionable
參考答案：B
答案解析：語義題。本句中the greenback指代美元，全句意為“港元與美元掛鉤”， 故正確答案為B。
單選題第10題In the author’s opinion, the prospect of wine investment is______ .
A.promising
B.uncertain
C.doubtful
D.optimistic
參考答案：B
答案解析：態(tài)度題。最后一段提到，專家認(rèn)為這是一種泡沫，而其前景有待進(jìn)一步數(shù) 據(jù)的發(fā)布，故正確答案為B（不確定）。本題C（懷疑的）為強(qiáng)干擾項(xiàng)，但綜觀全 文，作者列舉了大量數(shù)據(jù)和專家觀點(diǎn)，并未做出明確的判斷，故C不符合題意。
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2020翻譯二級筆譯綜合能力考試大綱
二、閱讀理解
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