and it involves a group of investors that we probably don't give enough scrutiny to.

這是因為一群我們平常不太重視的投資者

This is retail Japanese investors of a very high level of sophistication.

這群日本散戶投資者的手法十分高明

This is not Mrs. Watanabe trying or looking for ways to conservatively invest the family savings,

他們不是想要拿家庭儲蓄進行保守投資的渡邊太太

this is a group of very sophisticated investors who spot lots of little opportunities.

而是能夠發現微小商機的精明投資者

The one that they spotted today is that if you bought shares in ANA holdings,

他們近日發現的機會就是全日航(ANA)

whose shares traded on volumes that were twice the 365 day moving average,

ANA的股票在交易量上比起一般365天的移動平均線多上一倍

you qualify for a special freebie that goes to loyal investors,

如果你購買夠多的ANA股票，你能獲得公司給予忠實投資者的贈品

and is one of many gifts that are handed out to shareholders of Japanese companies.

贈送贈品是日本公司時常用來回饋投資者的方式

This particular coupon is extremely popular, it gets you 50% off a domestic ANA flight.

ANA送的贈品非常的受歡迎。他們會贈送ANA國內航線的五折折價卷

But, the point is it's so popular that there's a secondary market for those coupons,

重點是，因為這張折價卷太受歡迎了，目前已經形成了第二個市場，專門交易這些折價卷

and we could go out from the FT's office here in Tokyo and buy one down the street for 4,700 yen.

我可以走出我們金融時報的東京辦公室，然後去街上買一張只要價4700日圓的折價卷

Now the calculation is that if you buy a sufficient number of shares to qualify for that, about... that's 1,000 shares, so about 329,000 yen,

這中間的計算過程是這樣的：你購買了足以獲得贈品的股票數量，也就是1000股，大約329,000日圓

and then flip the shares over, sell them in a couple of days, but you still qualify for that coupon, which you then sell.

然後在幾天後翻盤，把股票賣掉，但是你已取得領折價卷的資格。你之後把折價卷賣掉

Once you subtract the commission, and some people are also playing on the... in the short market to make sure that they're not getting a big price risk in there,

再扣出仲介費。有些人也會投資短期市場，因為他們想確定自己並不會冒太大的價格風險

less that, and you're still making 1%.

再扣掉那些，你依然會有1%的利潤

Now these are difficult times, um, and that 1% is extremely attractive to this particular breed of investor.

現在的時局相當的艱難，而1%對於這群投資者來說非常的有吸引力

But look at what else that investor is doing.

但是我們來看看這群投資者做的其他事情

The main board of the Tokyo stock exchange is represented by the Nikkei 225 average.

東京證券交易所的主板市場是由日經225指數來表示

That's down about 10% this year, it's not been a good year,

今年的狀況不佳，下跌了10%

there's a lot of nervousness, and there's a lot of foreigners who've been selling out of Japan, big global funds.

現在的氣氛相當緊張，而也有許多外國投資者選擇在日本境外進行交易，像是一些知名的全球基金

The Mothers' Index, which is a small index of startup companies, Japanese startup companies,

而創業板，也就是一個規模較小的、涵蓋日本的新創公司

on a side board of the main boards.

的證券市場，他附加在主板旁邊

That's up nearly 11% since the beginning of the year, and it's all those same investors.

今年年初，創業板上升了11%，而且都是靠同一群投資者

So what you have to do is look at that ANA wheeze, think about how they, the lengths they'll go to to make that kind of small return,

所以你只要看看他們如何積極地投資ANA，想想他們如何想盡辦法獲得那樣微薄的利潤

and then look at the way that they're playing that particular market.

然後看看他們如何操弄那個市場

And you have to ask yourself, is that not the smart money?

你便得問自己，那不是一種聰明的賺錢手法嗎?