原文
Fine wine delivered the best returns; surprising to cynics who might assume that, in the long run, the value of wine vanishes as it turns into vinegar. Really old wine often has historical resonance. A bottle of Chateau Lafite Rothschild from 1787 was sold for $156,450 in 1985 because it was thought to belong to Thomas Jefferson.
Estimating the returns from these assets, after costs, is tricky. Indices covering art or musical instruments are much less comprehensive than those covering shares. There may be an upward bias inherent in collectible returns, as successful works are more likely to survive.
Transaction costs, if valuables are sold at auction, may be 30-40%. But these are the kind of assets that tend to be held for many decades (and passed between generations) so the annual cost burden may compare reasonably with equities, which are traded much more frequently.
Then there are the costs of insurance. If people want to keep a Stradivarius at home, theft is a big risk; robbery with violins is a serious crime, after all.
段段分析
1. Fine wine delivered the best returns; surprising to cynics who might assume that, in the long run, the value of wine vanishesas it turns into vinegar. Really old wine often has historicalresonance. A bottle of Chateau Lafite Rothschild from 1787 was sold for $156,450 in 1985 because it was thought to belong to Thomas Jefferson.
词汇：
a. deliver:及物动词（vt.），实现，缔造→熟词新义。
eg. The only social responsibility of a company should be to deliver a profit to its shareholders.
公司的唯一社会价值就是为股东创造利润。
b. returns:收入，收益，利润。
eg. small profits and quick returns
薄利多销
a returns on capital
资本盈利
注：不能省略s
延伸：退货
eg.Understanding why returns occur helps identify opportunities for improving supply chain processes and decision-making.
理解退货为什么发生会帮助你识别机会提高供应链过程和决策。
c. resonance:共鸣，反响
eg. It was a faith reinforced by common sense, a reverence for the wisdom of antiquity, and its resonance with Christian mythology.
这是一种源自常识的信仰、一种对古老智慧的尊崇以及对基督教神话的共鸣。
语法：
a. as后接原因状语从句，外刊中常用as表原因。句中位置灵活，置于句首、句中、句末均可。
eg. As it was getting late, I turned around to start for home.
天越来越晚，于是我掉头回家。
We asked Philip to come with us, as he knew the road.
我们叫菲利浦一起去，因为他认识路。
This is a hard letter to write, as I have to admit I was wrong, and I hate that.
这封信很难写，因为我得承认自己错了，但我讨厌认错。
b. from 援引自dated from，表示历史上的某一天。
c. for 后接价格
类似用法：valued at + 价格
d. 分号的作用：
① 并列分句
People make history; unusual people make history interesting.
I came; I saw; I conquered.
②分隔已有逗号的并列成分，避免歧义
The sun, a bright yellow ball, shone; the children, happy as always, played.
③用于由for example, for instance, namely, that is (to say), in fact, i.e., e.g.等词语引出的分句之前。
He chose to invest in major industries; i.e., steel, automobiles, and oil.
注：分号后句首字母小写。
翻译技巧积累：
巧用分号让句子更精致多样。
试比较：
Fine wine delivered the best returns; surprising to cynicswho（引导定语从句） might assume that（引导宾语从句）, in the long run（插入语，前后可不加逗号）, the value of wine vanishesas（引导原因状语从句） it turns into vinegar.
→
Surprising to cynics who might assume that, in the long run, the value of wine vanishes as it turns into vinegar, fine wine delivered the best returns.
→
Fine wine delivered the best returns, which was surprising/a surprise to cynics who might assume that, in the long run, the value of wine vanishes as it turns into vinegar.
使用分号后，常规语序被打乱，但表达更新颖，让人眼前一亮。
2. Estimating the returns from these assets, after costs, is tricky.Indices covering art or musical instruments are much lesscomprehensive than those covering shares. There may be anupward bias inherent in collectible returns, as successful worksare more likely to survive.
词汇：
a. tricky：难以捉摸的；难对付的→熟词新义
a tricky situation
微妙的处境
a tricky bit of work
需慎重对待的工作
b. indices：index的复数形式
c. collectible：adj. 可收集的；可回收的
延伸： collectibles （n.） 藏品
语法：
a. after：鉴于；由于
Average personnal income, after taxes and inflation, is down six percent.
由于纳税和通货膨胀，个人平均收入下降了6%。
同义词：due to, in light of, in view of, whereas, considering that, in response to, on account of...
中译英时，很容易受中文思维的影响，导致译文中频繁出现due to等比较基础的短语，而不容易联想到after一词，可以注意积累一下。
b. much less + adj./of +n.：远不及
eg. But the heavy hand of the law is probably much less of a deterrent than the invisible hand of the market.
但法律的重拳很可能远不及市场这只“无形的手”更具威慑力。
翻译技巧积累：
a. upward bias：向上的偏差（直译）→高估（意译）
同义词：overestimate, overmeasure, overvaluation。
注意从中文思维跳脱出来，为译文寻找更多表达方式。
b. inherent：内在的，固有的
表达某事物天生具有某种属性，可以用这个短语，可以替换be born to, generate, by nature等表达方式。
c. successful works：成功的作品（直译）→精品（意译）
精品的表达还有Boutique，quality goods，competitive products，the choicest goods等。
