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A Bear is a mammal found in Asia, America, and Europe. One of its most valuable assets is its skin. Bear-skin was also an asset traded in Europe 300 years ago. Sometimes Bear-skins were traded before they arrived, by ship, from America. Sometimes the ships bearing the Bear-skins failed to arrive. In these cases, the value of the bear-skins, since traders had sold skins they did not yet have, ended up to be (being) much less than the traders had anticipated (forseen), leading to a trading loss, . In the modern stock market, traders, anticipating (forseeing, hoping for) a falling (declining) stock market, are still able to sell assets they do not have, a practice called "shorting." In memory (acknowledgment) of the Bear-skins that never arrived, a stoc
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(to be continued)
ビル先生から