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上期句子很多同学普遍存在的问题是
没有辨识出来nothing but
，这个短语意为“仅仅只，只能”，nothing but后面跟着的内容就是“只能”做到的内容~
This concept of beauty
offers
nothing but raises a strong racism
leading to racial-divide across the globe
（as the black are bound to think that they are inferior to the white）.
这种所谓美丽的概念只会引发强烈的种族主义，导致全球的种族分裂，因为黑人肯定会认为他们不如白人。
as在这里表示 因为...，由于
1.nothing but ... 唯一，只有
2.racial-divide 种族隔阂,种族鸿沟
3.be bound to 一定会；很可能会，certain or likely to happen, or to do or be sth
4.inferior 较差的；次的；比不上…的，not good or not as good as sb / sth else
在10.23的辩论会上，候选人双方就股市话题展开讨论。特XX称，“如果我当选股票市场就繁荣，如果他（拜登）当选，股票市场就崩盘”。拜登对此回应称，“股票市场繁荣的想法，只是他自己认为的，我代表的群体的人们可不是靠着股票市场活着的”。
Election years are not often the best times for stockmarket investors. Over the past 90 years shares included in the S&P 500, an index of America's biggest firms, have returned an average of about 8.5% a year.
对于股市投资者来说，选举年通常不是最好的时机。在过去的90年里，包括标普500(美国最大公司的指数)在内的股票平均年收益率约为8.5%。
The twelve months
leading up to
each of the 22 presidential elections in that time have been
leaner
affairs, returning just 6%. Investors tend not to care whether the victorious candidate is Democratic or Republican, but they do like familiarity—returns are a shade higher in years when
incumbents
are returned to office.
在这22届总统选举之前的12个月里，投资回报比较低，收益率只有6%。投资者并不关心获胜的候选人是民主党人还是共和党人，但他们确实喜欢这种“惯例”——即现任者再次当选时，收益率会略微高一些。
The democratic cycle, for all its virtues, tends to bring with it a dose of uncertainty-first about who will win and then about what that victor will do. And uncertainty tends to make financiers nervous.
民主（选举）周期虽有很多好处，但往往会带来一些不确定因素——首先是谁会获胜，其次是获胜的那个人接下来会做什么。不确定性往往会让金融家们感到紧张。
These
jitters
are most easily observed in VIX
futures
,
derivatives
that measure the level of volatility in stocks.
Because periods of very high volatility are correlated with plunging share prices, VIX futures are often traded by investors as an insurance policy against losses in the S&P 500.
这些不安感最容易体现在VIX期货中，VIX期货是衡量股票波动水平的衍生品。
翻译划线句，在文末留言框内打卡，答案下期公布~
Because there is usually more potential for volatility over longer time horizons, longer-dated VIX futures tend to be more expensive. They also tend to be dearer around uncertain events that are likely to
prompt
volatility, such as elections or even important central-bank meetings.
因为在较长时期内产生波动的可能性通常更大，所以较长期的VIX期货往往更贵。在可能引发波动的不确定事件（如选举甚至是重要的央行会议）发生时，它们往往价格更高。
本文节选自：The Economist（经济学人）
发布时间：2020.10
作者：The Economist
原文标题：How investors are hedging against the risk of post-election chaos
