Paragraph 9 ??

1?? It is the third danger that has most bite: that family offices might have privileged access to information, deals and tax schemes, allowing them to outperform ordinary investors. 2?? So far there is little evidence for this. 3?? The average family office returned 16% in 2017 and 7% in 2016, according to Campden Wealth, a research firm, slightly lagging behind world stockmarkets. 4?? Nonetheless, tycoons are well connected. 5?? Family offices are becoming more complex—a third have at least two branches—making tax wheezes easier. 6?? Hungry brokers and banks are rolling out the red carpet and pitching deals with unlisted firms that are not available to ordinary investors. 7?? If all this did lead to an entrenched, unfair advantage, the effect, when compounded over decades, would make wealth inequality disastrously worse.

（一）段落大意

本段講了家庭辦公室?guī)淼牡谌齻€問題拴袭，也是本文提到的三個問題中最有影響力的一個--他們能個接觸到我們普通人接觸不到的信息窘俺、交易和稅收計劃芽卿。雖然現(xiàn)在還沒有任何跡象，但是如果真是這樣劳坑，幾十年后，財富不平等的問題將會是災難性的缎玫。

（二）詞句精析

1?? ?It is the third danger that has most bite: that family offices might have privileged access to information, deals and tax schemes, allowing them to outperform ordinary investors.?

?? ?have the most bite颈走，bite我們比較熟悉的是他的動詞“咬”的含義膳灶，但是在這里bite是個名詞，意思是“影響力疫鹊；感染力”袖瞻∷局拢“毫無感染力”拆吆，我們就可以說“have no bite”

?? ?have access to?查閱或使用的機會或權利。在我們的“每日一詞” 中出現(xiàn)過脂矫。e.g. Student ?must have access to good resources.

?? ?privileged privilege名詞作為“特權”這層含義我們比較熟悉枣耀，但是還有一層含義是“榮幸”，e.g. It was a great privilege to hear her sing. （聽她唱歌真是三生有幸庭再。）作為形容詞也是分為這兩層含義捞奕，本文中是“有特權的”這層含義。值得注意的是拄轻，形容詞作為“榮幸”這層含義時颅围，不能用在名詞前做修飾。通過例句來看下用法：e.g. We are privileged to welcome you as our speaker this evening. (今晚我們很榮幸請到您來演講恨搓。)

?? ?outperform?“每日一詞”當中出現(xiàn)過“outlive”這個詞院促，是“比...活得長”的意思筏养，那么類似的outperform是“比...做得好，勝過...”的意思常拓。類似的詞還有outplay“戰(zhàn)勝渐溶，擊敗”，outpace“比...快”弄抬，outwit“智力上勝過...”茎辐，outweigh“重于...”，outnumber“在數(shù)量少壓倒...”掂恕，以此記住“out-”這一前綴的含義拖陆。

?3?? ?The average family office returned 16% in 2017 and 7% in 2016, according to Campden Wealth, a research firm, slightly lagging behind world stockmarkets.?

?? ?return 我們比較熟悉的含義是“返回”“歸還”的含義，而這里是“帶來竹海，產(chǎn)生（利潤或損失）”之意慕蔚。e.g. Last year the company returned a loss of $157 million. (去年，公司虧損達1.57億美元斋配。)

?? ?lag behind sb/sth ?“落后于...” 這個用法比較簡單孔飒。這里想拓展一下lag作為名詞的兩個常見用法：

① time lag，“（兩件相關的事件的）時間間隔艰争，時滯” e.g. There is a?time lag between theoretical research and practical applications. （理論研究與實際應用之間是有時間差的坏瞄。）

② jet lag，“時差反應”甩卓，e.g. For those of us who fly more than a couple of time zones from home,?jet?lag?can be a serious challenge. (對于經(jīng)常飛越時區(qū)的人來說鸠匀，時差綜合癥可能成是個大問題。）我們常常說“倒時差”逾柿，就是這個詞啦缀棍，可不要用“time difference”哦，我們可以說“get over jet lag”机错∨婪叮“time difference”只是“時間差”的意思，e.g. What is the?time?difference?between Beijing and?New York? （北京和紐約的時差是多少弱匪？）

5?? ?Family offices are becoming more complex—a third have at least two branches—making tax wheezes easier.

這句話是說家庭辦公室越來越復雜青瀑，其中三分之一有至少兩個分支，這讓避稅更容易萧诫。

wheeze 這里是名詞斥难，意思是a clever trick or plan“花招，計謀”帘饶，所以tax wheezes就是指一些避稅的招數(shù)哑诊。

6?? Hungry brokers and banks are rolling out the red carpet and pitching deals with unlisted firms that are not available to ordinary investors.

?? ?roll out the red carpet? “roll out”是“鋪開”的意思，從一個管子狀鋪成平的及刻，比如文中的“鋪開地毯（roll out the carpet）”镀裤，“鋪開海報（roll out ?a poster）”穷当，我們包餃子，搟餃子皮的時候也可以用到“roll out dough?wrappers”淹禾。 “roll out the red carpet”字面意思是“鋪開紅地毯”馁菜，引申為“隆重歡迎，熱烈歡迎的意思”铃岔。

?? ?pitch 本意是“投汪疮，拋”，這里的意思是“推銷毁习，爭取生意” e.g. Representatives went to Japan to pitch the company's newest product.

?? ?unlisted firms 指“非上市公司”

?? ?available 這個詞很好用智嚷，如果一個東西available，就是說這個東西“is able to be used or can easily be bought or found”纺且，如果說一個人available盏道，那么有兩種含義，一個是這個人"不忙载碌，有空"猜嘱，還有一個是說這個人是單身。

7?? ?If all this did lead to an entrenched, unfair advantage, the effect, when compounded over decades, would make wealth inequality disastrously worse.

did是表示強調(diào)嫁艇，如果這些“確實”能夠?qū)е乱环N根深蒂固的不平等優(yōu)勢朗伶，when compounded over decades, 是插入語，“經(jīng)過幾十年的惡化”步咪，這將會導致災難性的財富不均论皆。跟前文說Bill Gates一樣，整句是個虛擬語氣猾漫，是個假設的情況点晴。

?? compound?這個詞我之前只知道他的名詞“復合物；復合詞”的意思/??k?mpa?nd/悯周，而這里是動詞“使惡化粒督、使加重”的意思/k?m?pa?nd/. e.g. Helmut's problems were compounded by his lack of concentration.?

?? ?disastrously 用來形容worse的詞可以記一下，不要只會用much/a lot哦队橙！considerably, dramatically, infinitely, a sight, significantly

Paragraph 10 ??

The rich discover do-it-yourself?

1?? The answer is vigilance and light. 2?? Most regulators, treasuries and tax authorities are beginners when it comes to dealing with family offices, but they need to ensure that rules on insider trading, the equal servicing of clients by dealers and parity of tax treatment are observed. 3?? And they should prod family offices with assets of over, say, $10bn to publish accounts detailing their workings. 4?? In a world that is suspicious of privilege, big family offices have an interest in boosting transparency. 5?? In return, they should be free to operate unmolested. 6?? They may even have something to teach hordes of flailing asset managers who serve ordinary investors, many of whom may look at their monthly fees and wish ?that they, too, could ditch the middlemen.

（一）段落大意

本段交代了能夠解決家庭辦公室可能帶來的這三個問題的方法坠陈，即始終保持警惕萨惑，讓信息透明捐康。

（二）詞句精析

1?? ?The answer is vigilance and light.

?? ?light 本意是“光亮”，這里引申為信息透明庸蔼，跟后文說的transparency同義解总。在這層含義下，拓展兩個詞組：bring sth to light “披露姐仅，揭露” e.g. These facts have only just been brought to light. come to light “為人所知花枫，變得眾所周知” e.g. New evidence has recently come to light.

2?? ?Most regulators, treasuries and tax authorities are beginners when it comes to dealing with family offices, but they need to ensure that rules on insider trading, the equal servicing of clients by dealers and parity of tax treatment are observed.

?? ?when it comes to 當談到...的時候刻盐，就...而論 ?e.g. When?it?comes?to?diet and exercise, we know what?to?do, but we don't do what we know.?

3?? ?And they should prod family offices with assets of over, say, $10bn to publish accounts detailing their workings.

?? ?prod 基本含義是“戳，捅”劳翰，經(jīng)常跟它的同義詞poke一起用敦锌，形成頭韻。比如《哈利波特》里有一句“He was looking at her closely through his half-moon spectacles, his long fingers gently?prodding?and?poking.他透過半月形的眼鏡片仔細端詳著她佳簸，修長的手指輕輕地這里戳戳乙墙，那里捅捅∩” ?在本文中是引申含義“?催促听想；督促”，可以用urge马胧，push來替換汉买。

?? ?say 這里的say不是“說”的意思哦，而是“比方說佩脊，假設”蛙粘，可以用 for example替換，在口語中非常常見威彰。 e.g. Let's take any writer, say, Dickens... 我們隨便舉一個作家為例组题，比方說狄更斯...

?? ?working?the way that an organization, a machine or a system operates 運作方式，通常都是復數(shù)形式抱冷。

6?? They may even have something to teach hordes of flailing asset managers who serve ordinary investors, many of whom may look at their monthly fees and wish ?that they, too, could ditch the middlemen.

?? ?hordes of “一大群”崔列，最近還看到一個類似的表達“scores of” 可以放在一起記憶。

?? ?flail 是“胡亂擺動”的意思旺遮，這里用來形容一般投資者的投資經(jīng)理“獅子大開口”的要價赵讯，所以后文說那也一般投資者，也想要甩掉中間人耿眉。

?? ?ditch 這里是“拋棄边翼；甩掉”的意思，可以用dump鸣剪，get rid of等來替換 I can't bring myself to?ditch him and start again. 我不忍心蹬掉他再覓新歡组底。