stock jobbing和stock jobber是什麼？

翻譯研究：

新浪字典把stock jobbing譯為「證券批發業」。也許這個詞有「證券批發業」的意思，但它肯定還有其他的意思。

Dictionary.com、Investopedia、Financial dictionary這三座線上辭典都把stock jobbing定義為「The buying and selling of securities with the intent of generating quick profits. While most investors seek value through long-term investments, stock jobbing takes on a more speculative short-term tone.」意思是說，這是為了迅速獲利而買賣證券的行為，等於台灣股市所說的「搶短線」。不管做長或者做短，都是為了獲利（肯定沒人是為了賠錢而操作股票）。所以stock jobbing應該可譯為「搶短線」、「炒短線」、「短線進出」，或者用更清楚的方式說是「搶短線買賣股票」、「炒股票短線」、「短線進出股票」。下面的更多說明就這麼譯。

上面所提的英文定義，後面一句補充解釋說，大部分投資人追求長期投資的價值（是「大部分人」嗎？），「搶短線」則強調比較投機性的短期操作。

這三座線上辭典又補充說，「搶短線」一詞主要用於指南海泡沫（South Sea Bubble）。南海公司（ South Sea Company）是十八世紀的一家公司，發行的股票令許多英國人的積蓄化為烏為。麻煩用搜尋引擎去找，可以找到很多南海泡沫的資訊。

那麼，stock jobber又該怎麼譯？參照以上所說，stock jobber應該可以譯為「短線投機客」。

另外，Webster's 1828 Dictionary把stock jobbing定義為「 The act of art of dealing in the public funds.」作名詞解。stock-jobber的定義則是「[stock and job.] One who speculates in the public funds for gain; one whose occupation is to buy and sell stocks.」意思不太清楚，待查。但stock-jobber的最後一個解釋，和前面說的新浪字典相近。

day trader

翻譯研究：

• day trader一般譯作「當日沖銷交易人」，但在Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter一書，似乎是指整天在市場操作的一般交易人，也就是他們把操作股票當做正職在做：
  
  Observers who were befuddled by the day traders of the late 1990s would have been equally floored by the maverick day traders of South Sea stock in 1720. Day traders have been an ongoing fixture in bubbles dating back at least to eighteenth-century England. In every instance, their willingness to leave all their worldly duties behind in exchange for stock market riches has been unquenchable.
  
  
• Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter也引用1999年12月《華爾街日報》登出的文章。或許這樣的人，正是另一種day trader：
  
  Her stock picking has been so successful that she’s cut back her social work to weekends and spends weekdays trading full-time from home. “I make a few buys and a few sells each day,” she says.
  

wealth-consumption effect是什麼？

wealth-consumption effect是什麼？用Google查了一下，全世界提到這個名詞的網頁數是個位數。用到幾乎一模一樣的這個名詞的一個網頁，是一位讀者在某網頁的留言：

• New Jersey Real Estate Report » Weekend Open Discussion:

"Allow house prices to come down. Rising mortgage rates are a double-whammy where buyers are hit since the lower house price that is partially offset by more of that $1500 is eaten up by interest and sellers are hit with lower home equity. The current situation most fits this case and the Fed (and everyone else) is desperately trying to mitigate this scenario with its knock-on effects on wealth consumption effect, housing-based derivatives, related industries, etc."

Investing the Templeton Way: The Market-Beating Strategies of Value Investing's Legendary Bargain Hunter一書有這麼一段，可以參考：

• One characteristic that accompanies speculative manias is a wealth-consumption effect. This effect results from the sense of newfound (and lasting) wealth. This psychological shift creates a new compulsion in successful speculators to spend their new wealth. In this case, the stockbrokers who were speculating successfully in auto stocks would use their winnings to purchase new cars.