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听力原文： Robert Lyon, who is the fund manager, is a strict value investor. He made several successful investments in the past few years. Recently, Business Week's report got a chance to talk with him on investing in EuropE.
Now, Mr Lyon, can you tell us the advantages of buying stocks in Europe vs. in U.S.?
First, the price-earning ratio on European stocks is at about 30% to 40% discount to U.S. stocks -- as big as it has been in the last 30 years. Second, the euro at 87 cents to the dollar is a competitive plus. Investors will earn more money in Europe in the next 12 months than they will in the Standard &Poor's 500-stock index.
Do you target specific countries when you compile your European portfolio?
Traditionally, people would try to pick the best currency block or the best country. But we are the opposite of the traditional global investor. What we are looking for is a great global competitor. Nestle is considered as the best food company in the world and Disgeo as the best drink company. We would like m own their stock.
What's the fund's biggest holding?
A company from Belgium called Group Bruxelles Lambert(GBL). It is really a holding company and has big investments in two French companies. In addition, it also holds a 25% interest in Bertelsmann, the private German media group. Along with the 25% interest, it got the right to force Bertelsmann to have a public offering no later than 2005. We believe that Bertelsmann is worth between $25 billion and $35 billion. When Bertelsmann does go public in the next few years, we would expect GBL to increase by at least 50%.
Do you think that Europe's economy will have a pickup?
Not really. Most strategists favor more cyclically sensitive companies, anticipating that economic improvement in the U.S. will filter through Europe and lead to a rebounD.Our view is that the recovery in Europe will not be that strong and a lot of those stocks have already moved up.
How do you break down Europe on a country-by-country basis?
Germany and France are really falling short. There has been a lot of backtracking in terms of willingness to lower taxes, enhance transparency, and encourage shareholders democracy. Britain and Scandinavia are well ahead of France and Germany. The Italians are making some more capitalist-type noise, which is also creating a lot of labor unrest. Spain has been growing steadily. Britain is expected to slow down but isn't really slowing that much.
Can you say something about the euro, Mr Lyon?
Well, the euro is probably a cheap currency. Academic models put its value at from 95 cents to $1.10. On the other hand, the euro is still a synthetic currency. Hopefully, the euro won't go any lower. It doesn't seem to have benefited European countries' trade situation. They have a current-account surplus with the U.S. but the euro doesn't seem to be a huge competitive weapon for them.
•You will hear an interview with Mr Lyon, a fund manager, by a reporter from Business Week.
•For each question 23-30, mark one letter (A, B or C) for the correct answer.
•You will hear the recording twicE.
According to Mr Lyon, one of the advantages of buying stocks in Europe is
A.the European stocks are higher than that of U.S.
B.the price-earning ratio is lower than that of U.S.
C.the euro has a lower value than dollar.

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Web Du Bois was born a free man in his small village of Great Barington, Massachusetts, three years after the Civil War. For generations, the Du Bois family had been an accepted part of the community since before his great-grandfather had fought in the American Revolution.Early on, Du Bois was given an awareness of his African-heritage, through the ancient songs his grandmother taught him. This awareness set him apart from his New England community, with an ancestry shrouded in mystery, in sharp contrast to the precisely accounted history of the Western worlD.This difference would be the foundation for his desire to change the way African-Americans co-existed in AmericA.As a student, Du Bois was considered something of a prodigy who excelled beyond the capabilities of his white peers. He found work as a correspondent for New York newspapers, and slowly began to realize the inhibitions of social boundaries he was expected to observe every step of the way. When racism tried to take his pride and dignity, he became more determined to make sure society 'recognized his achievements.Clearly, Du Bois showed great promise, and although he dreamt of attending Harvard, some influential members Of his community arranged for his education at Fisk University in NashvillE.His experiences at Fisk changed his life, and he discovered his fate as a leader of the black struggle to free his people from oppression. At Fisk, Du Bois became acquainted with many sons and daughters of former slaves, who felt the pain of oppression and shared his sense of cultural and spiritual tradition. In the South, he saw his people being driven to a status of little difference from slavery, and saw them terrorized at the polls. He taught school during the summers in the eastern portion of Tennessee, and saw the suffering firsthanD.He then resolved to dedicate his life to fighting the terrible racial oppression that held the black people down, both economically and politically.Du Bois's determination was rewarded with a scholarship to Harvard, where he began the first scientific sociological studies in the United States. He felt that through science, he could dispel the irrational prejudices and ignorance that prevented racial equality. He went on to create great advancements in the study of race relations, but oppression continued with segregation laws, lynching, and terror tactics on the risE.Du Bois then formed the Niagara Movement, and in 1909, was a vital part in establishing the National Association for the Advancement of Colored PeoplE.He was also the editor of the NAACP magazine The Crisis from 1910 to 1934. In this stage of his life, he encouraged direct assaults on the legal, political, and economic system, which he felt blossomed out of the exploitation of the poor and powerless black community.He became the most important black protest leader of the first half of the 20th century. His views clashed with Booker T. Washington, who felt that the black people of America had to simply accept discrimination, and hope to eventually earn respect and equality through hard work and success. Du Bois wrote The Souls of Black Folk in 1903, criticizing Booker, claiming that his ideas would lead to a perpetuation of oppression instead of freeing the black people from it. Du Bois's criticism lead to a branching out of the black civil rights movement, Booker% conservative followers, and a radical following of his critics.Du Bois had established the Black .Nationalism that was the inspiration for all black empowerment throughout the civil rights movement, but had begun during the progressive erA.Although the movement that germinated from his ideas may have taken on a more violent form, Web Du Bois felt strongly that every human being could shape their own destinies with determination and hard work. He inspired hope by declaring that progress would come with the success of the small struggles forA.the Civil War had eliminated racial discrimination in the U. S.B.his grandmother could recite the history of the western worldC.Du Bois was considered something of a prodigy and very promisingD.his great-grandfather had fought in the American war of independence

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The bizarre antics of sleepwalkers have puzzled police, perplexed scientists, and fascinated writers for centuries. There is an endless supply of stories about sleepwalkers. Persons have been said to climb on steep roofs, solve mathematical problems, compose music, walk through plate-glass windows, and commit murder in their sleep.How many of these stories have a basis in fact, and how many are pure fakery? No one knows, but if some of the most sensational stories should be taken with a barrel of salt, others are a matter of recorD.In Revere, Massachusetts, a hundred policemen combed a waterfront neighborhood for a lost boy who left his home in his sleep and woke up five hours later on a strange sofa in a strange living room, with no idea how he had got therE.There is an early medical record of a somnambulist who wrote a novel in his sleep. And the great French writer Voltaire knew. a sleepwalker who once got out of bed, dressed himself, made a polite bow, danced a minuet, and then undressed and went back to beD.At the University of Iowa, a student was reported to have the habit of getting up in the middle of the night and walking three-quarters of a mile to the Iowa River. He would take a swim and then go back to his room to beD.The world's champion sleepwalker was supposed to have been an Indian, Pandit Ramrakha, who walked sixteen miles along a dangerous road without realizing that he had left his beD.Second in line for the title is probably either a Vienna housewife or a British farmer. The woman did all her shopping on busy streets in her sleep. The farmer, in his sleep, visited a veterinarian miles away.The leading expert on sleep in America claims that he has never seen a sleepwalker. He is Dr. Nathaniel Kleitman, a physiologist at the University of Chicago. He is said to know more about sleep than any other living man, and during the last thirty-five years has lost a lot of sleep watching people sleep. Says he, 'Of course, I know that there are sleepwalkers because I have read about them in the newspapers. But none of my sleepers ever walked, and if I were to advertise for sleepwalkers for an experiment, I doubt that I'd get many takers.'Sleepwalking, nevertheless, is a scientific reality. Like hypnosis, it is one of those dramatic, eerie, awe-inspiring phenomena that sometimes border on the fantastiC.It lends itself to controversy and misconceptions, what is certain about sleepwalking is that it is a symptom of emotional disturbance, and that the only way to cure it is to remove the worries and anxieties that cause it. Doctors say that somnambulism is much more common than is generally supposeD.Some have estimated that there are four million somnambulists in the United States. Others set the figure even higher. Many sleepwalkers do not seek help and so are never put on record, which means that an accurate count can never be madE.The simplest explanation of sleepwalking is that it is the acting out of a vivid dream. The dream usually comes from guilt, worry, nervousness, or some other emotional conflict. The classic sleepwalker is Shakespeare's Lady Macbeth. Her nightly wanderings were caused by her guilty conscience at having committed murder. Shakespeare said of her; 'The eyes are open but their sense is shut.'The age-old question is: Is the sleepwalker actually awake or asleep? Scientists have decided that he is about half-and-halF.Like Lady Macbeth, he has weighty problems on his minD.Dr. Zeida Teplitz, who made a ten-year study of the subject, says, 'Some people stay awake all night worrying about their problems. The sleepwalker thrashes them out in his sleep. He is awake in the muscular area, partially asleep in the sensory areA.' In other words, a person can walk in his sleep, move around, and do other things, but he does not think about what he is doing.There are many myths about sleepwalkers.A.There is no accurate figure of the number of sleepwalkers.B.Stories of sleepwalkers are all fantasies.C.Sleepwalkers can be considered half awake in their sleep.D.Voltaire knew a sleepwalker who once danced a minuet in sleep.

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