99.经济学人-If you see Sid, tell him-7

Direct listings are now creating a buzz in Silicon Valley.

Some big firms favour them because they already have lots of cash on their balance-sheets and have no need to raise more through an ipo.

Furthermore, direct listings do not require an underwriter, so are cheaper, and allow the sale of piles of shares quickly.

Investors are attracted by higher levels of liquidity than in an ipo. Banks are less keen. The fee pool is lower. Only Goldman and Morgan Stanley have shown much interest.

Shares of Spotify and Slack have performed poorly since listing, which has been discouraging.

Airbnb, a lettings agency, is considering a direct listing next year. The approach has yet to prove its worth.

这是《经济学人》10月刊的一篇文章'If you see Sid, tell him'第9段，共6句。

1、

{'buzz':'轰隆，嗡嗡'}

直接翻译：直接上市如今在硅谷引起了轰动。

2、

很多大企业倾向于直接融资是因为他们资产负债表上已经有很多现金，不需要再通过ipo来增加现金了。

3、

{'piles':'堆，叠'}

此外，因为直接上市不需要承销商，所以会更便宜，而且会让销售这些成堆的股票更快速一些。

4、

{'liquidity':'资产流动性'}

投资者一般对于高级别的资产流动性的兴趣比ipo高，银行也鲜有热情，咨询费也低。只有高盛和摩根士丹利展现出许多兴趣。

5、

这句话关键词“which”，在这里代指前文两家公司的上市表现一般。直接翻译：Spotify和Slack的股票自从上市之后表现的很一般，这比较让人失望。

6、

直接翻译：爱彼迎，这家出租机构正考虑明年直接上市。这一方法还没有被证明是值得的。

--总结--

这段话没有难度。

【词汇部分】

{'buzz':'轰隆，嗡嗡'}

{'piles':'堆，叠'}

{'liquidity':'资产流动性'}