| urns in the first few months of launch, the game is over. That’s despite the fact that it’s not unusual for an investor to have a poor three-to six-month spell with the bad patch often caused by externalities. Much of a cub’s survival depends on the mother’s ability to conceal it well in the wild and fend off other predators who want to kill the cub before it starts to compete for prey. In the investing world too, it’s well understood that someone’s outperformance comes at the cost of another’s underperformance.
（D）However, for every such majestic creature, there are hundreds of rather less clever wildebeests. And while we may marvel at the picture of a lion sitting atop a hill revealing in his golden mane, the chances of getting there are slim. So are the chances of staying there for long.
（E）In the marketplace, too much time is spent on figuring out whether growth and value investing or quantitative and qualitative strategies work better---because history suggests that all styles have their moments. In the long run, no one style is superior and stars emerge from all of them. As the old market saying goes: “If you don’t know who you are, the market is a very dangerous place to find out.”
（F）Students of the investing game also have a lot to gain by observing animals in the wild.
（G）They can’t all be, of course. Just as only a third of the lion cubs born make it to adulthood and a tiny 3 percent of those lions go on to lead the pride, nearly two thirds of the hedge-fund industry’s $1.1 trillion in assets are concentrated among the top 100---out of a total of 8,000---registered funds.
Part C
Directions：
Read the following text carefully and then translate the underlined segments into Chinese. Your translation should be written clearly on ANSWER SHEET 2. (10 points)
Anyone who doubts that children are born with a healthy amount of ambition need spend only a few minutes with a baby eagerly learning to walk or a headstrong toddler starting to talk. No matter how many times the little ones stumble in their initial efforts, most keep on trying, determined to master their amazing new skill. (46)It is only several years later, around the start of middle or junior high school, many psychologists and teachers agree, that a good number of kids seem to lose their natural drive to succeed and end up joining the ranks of underachievers. It's no wonder some parents find themselves hoping that, just maybe, ambition can be taught like any other subject at school.
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