For our last business podcast, we talked about the big PLCs, the companies traded on the stock exchange.在上一期商业播客中，我们谈到了大型公众有限公司（PLCs），也就是在证券交易所上市的公司。

We're talking about the stock exchange. Richard, what is it?我们现在要谈的是证券交易所。Richard，它是什么？

The stock exchange is also called the stock market and essentially it is a market.证券交易所也叫股票市场，本质上它就是一个市场。

It's where the big companies, the shares in the big companies are bought and sold. Simple as that.在那里，大公司的股票被买卖。就是这么简单。

Now, Richard, I have to confess my image of the stock market comes from films where you often see scenes of people throwing their arms in the air and, you know, lots of pieces of paper.Richard，我得承认，我对股票市场的印象来自电影——你经常看到人们挥舞着手臂，还有满天飞的纸片。

It seems very mad. What's happening there?看起来很疯狂。那是怎么回事？

Well, that doesn't really happen anymore. That system is called an open outcry.嗯，现在基本不会那样了。那种方式叫“公开喊价”。

And basically these are the guys in the exchange buying and selling the shares. Only a certain number of people can do this in the old days.以前交易所里只有特定的人可以大声喊价买卖股票。

So the old days, they don't do that anymore? Not so much now.所以那是以前了，现在不再这样了？现在基本不这样了。

It's nearly all electronic trading.现在几乎全部是电子交易。

I know that there's the FTSE 100 and there's things like the Dow Jones. What exactly are they?我知道有富时100指数，还有道琼斯这样的指数。它们到底是什么？

Well, the FTSE 100 is basically the 100 biggest shares in the UK.富时100指数实际上是英国最大的100支股票。

100 biggest companies? 100 biggest companies, yes.100家最大公司？没错，就是100家最大公司。

It's a number to represent the total value of those 100 companies.它是一个代表这100家公司总价值的指数数字。

And of course, as individual shares go up and down, what happens to the FTSE 100 gives a general indication of all of them, what's going on.当然，随着个股的涨跌，富时100的变化可以总体反映市场情况。

So that's why it's called an index, because it's an indication. Exactly.所以它叫指数，因为它是一种指示。没错。

And that's the same for the Dow Jones? The Dow Jones is the top 30 companies in America.道琼斯也是如此？道琼斯指数是美国最大的30家公司。

And in Germany, you have the DAX, which again is the top 30 companies in Germany.德国有DAX指数，代表德国最大的30家公司。

So all of these are indications of how the stock market is going in those countries? Exactly.所以这些指数都反映了各国股市的表现？没错。

So there's the bear and the bull, isn't there? Stocks and shares generally rise and we call that a bull market.还有“熊”和“牛”，对吧？股票整体上涨时叫牛市。

And then, or if they're generally falling, we call that a bear market.如果整体下跌，就是熊市。

It always seems to me, Richard, that the stock market is a kind of a veryelitebuying market. Can anybody buy shares?Richard，我一直觉得股市是精英才能参与的市场。任何人都可以买股票吗？

Well, yes. Actually, because most stock market trading is done online now, anybody can open up an online account and buy shares through the internet.当然可以。现在大多数交易都在线进行，任何人都可以开个网上账户买股票。

It's very simple and it doesn't cost that much anymore.很简单，而且成本已经不高了。
But interestingly, actually, I think most people will already have shares.但有趣的是，我认为大多数人其实已经持有股票了。

Really?真的吗？

Well, because a lot of people have pensions, especially company pensions, and the pension companies themselves invest their money in the stock exchange.是的，因为很多人有养老金，尤其是公司养老金，而养老金公司会把这些资金投资到股市。

So anyone with a pension already will probably have a significant portion of that pension invested in the stock market.所以任何有养老金的人，其实都有一部分钱投资在股市里。

Already? Yes.已经投资了？是的。

I do know if you buy, if you spend too much money on buying shares and things, it can all go horribly wrong and you can lose your investment in your house, etc, etc. How risky is it?我知道如果你投入太多钱买股票，事情可能会变得很糟糕，你甚至可能损失所有投资甚至房子。风险到底有多大？

Well, yes, of course, if you buy shares in just one company, that company goes bust, you've lost everything.是的，如果你只买一家公司的股票，而那家公司倒闭，你就会损失所有投资。

So what a lot of people do is buy a fund.所以很多人会选择买基金。

OK, what does that mean?好的，那是什么意思？

Well, a fund is a collection of companies. So if any one of them does really badly, you don't lose all your money.基金就是一篮子公司。如果其中一家表现不好，你不会损失全部资金。

But of course, if one of them does really well, then you do pretty well.当然，如果其中一家公司表现特别好，你也能赚到钱。

So buy a fund. Your investment is spread then?所以买基金更好。这样投资就分散了？

The key is to spread the risk. Don't put all your eggs in one basket.关键是分散风险。不要把所有鸡蛋放在一个篮子里。

Otherwise, you'll have egg on your face.否则，你会颜面尽失（丢大脸/损失惨重）。