By Dennis K. Berman
达沃斯传来的消息实际上连一个单词都不是，它只是一个缩略词：LBO（杠杆收购）。
The word from Davos isn't actually a word. It's an acronym: LBO.
多位金融业高管周二在达沃斯表示，他们预计收购交易在2013年将呈现出繁荣景象。在对话中，黑石集团(Blackstone Group)的斯图辛斯基(John Studzinski)、Lazard的首席执行长雅各布(Kenneth Jacobs)以及Guggenheim Partners的首席投资长米纳德(Scott Minerd)均预计杠杆收购交易量将出现激增。
A range of finance executives said here Tuesday that they expect the buyout business to boom in 2013. In conversations Blackstone Group's John Studzinski, Lazard CEO Kenneth Jacobs, and Guggenheim Partners chief investment officer Scott Minerd all expected LBO volume to surge.
这种预测的理由是：举债成本低；公司股价在以合理的估值倍数进行交易；债券投资者渴望买入债券，哪怕收益率很低。
The reason: Debt is cheap, companies are trading at reasonable multiples, and bond investors are dying to get their hands on paper with even trace amounts of yield.
米纳德则拿出最有力的证据支撑其私募股权投资将现反弹的观点。他在接受记者采访时说，现在是需求非常旺盛但供给严重不足的时候。
Minerd made the most compelling case for a private-equity rebound, saying in an interview that 'there is no supply and so much demand.'
米纳德说，有太多资金在追逐收益率。每一只退休基金都不得不降低其精算假设(actuarial assumption)。
'There is so much money chasing yield. Every pension fund has had to scale back their actuarial assumptions.'
米纳德说，戴尔的交易相对来说较容易完成。这笔交易将向市场注入超过100亿美元的新债。
Minerd said that a Dell deal
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