外刊精读词汇积累

Bilibili: 三言两语杂货社 公众号：三言两语杂货社

《经济学人》20210313，气候披露

Regulators want firms to own up to climate risks

That is good news for investors. And for the planet?

regulator 监管机构

own up to sth./doing sth. 承担责任、坦白

America’s main financial regulator is taking an interest in climate change—and wants everyone to know. The Securities and Exchange Commission (SEC) has created a task-force to examine environmental, social and governance (ESG) issues, appointed a climate tsar and said it will “enhance its focus” on climate-related disclosures for listed firms. It looks poised to introduce, among other things, rules forcing firms to reveal how climate change or efforts to fight it may affect their business. Since September regulators in Britain, New Zealand and Switzerland have said they plan to make such climate-related disclosures mandatory. So, too, have stock exchanges in Hong Kong, London and South Korea. The EU may follow suit.

task force n. 特别工作组

climate tsar n. 气候顾问

disclosure n. 披露

listed firm n. 上市公司

be poised to do sth. 准备好做…

mandatory adj. 义务的，强制的

stock exchange n. 证券交易所

follow suit 照着做

The flurry of rulemaking stems from a concern that climate change poses a threat to financial stability. Whether this is true or not is hard to say. The data are shoddy and climate-risk reporting is largely voluntary. Firms tend to cherry-pick the most flattering numbers and methodologies. The reporting seldom reveals anything about a firm’s risk in the future—which is where the financial threats from climate change mostly reside.

flurry of sth. 一阵（忙乱）

stem from 根源是…

shoddy adj. 粗制滥造的

reside v. 存在于

Many watchdogs are pinning their hopes on the Task Force on Climate-Related Financial Disclosures (TCFD), set up in 2015 by the Financial Stability Board (FSB), a global group of regulators. The TCFD has recommended a reporting standard made up of 11 broad categories, from carbon footprints to climate-risk management. Regulators like it because it focuses on material risks rather than environmental impacts, and because it asks for information about firms’ future plans. That includes “scenario analysis”, in which a company’s strategy is tested against potential futures, such as a hotter world or higher carbon prices.

watchdog n. 检察人员/机构

pin one’s hopes on sb./sth. 将希望寄托于…

carbon footprint 碳足迹

material adj. 重大的, 重要的(多用于金融领域) materiality 重要性

carbon price 碳价格 carbon pricing 碳定价 carbon credit 碳信用额度

These qualities also appeal to financiers. Financial firms make up almost half of the 1,800 or so companies that back the TCFD‘s recommendations. Together they hold assets worth over $150trn and include the world’s ten biggest asset managers and eight of its ten biggest banks. Their clients and regulators are egging them on to adopt the standard, so the financial firms in turn are prodding companies to do so, too, causing an uptick in its use.

or so 大约

back v. 支持

asset managers 资管机构 asset under management(AUM) 资产管理规模

egg sb. on 鼓动，怂恿

prod 督促，鼓励

uptick 小幅上升

Not all companies are happy about this. It means compliance with one more ESG measure, and a tricky one at that. Many bosses claim their firms lack the expertise to do climate-based scenario analysis (the TCFD’s recent 133-page how-to guide may help). Only 7% of big firms disclose such exercises, according to a review of 1,700-odd companies by the TCFD. Those that do often use different scenarios, making their efforts hard to compare.

tricky adj. 棘手的

at that 还，而且 It’s a new idea,and a good one, at that. 这是个新主意，还是个好主意

expertise n. 专门知识

X-odd X多一点

Another problem is that disclosures may scare off investors. This, of course, is the point. But until reporting is mandatory for everyone, firms risk being punished for being early adopters. That is the evidence from France, which made climate-risk disclosures obligatory for asset managers, insurers and pension funds in 2016. A study by its central bank compared those firms with French banks and non-French financial firms. It found that the firms which had to disclose climate risks held 40% fewer bonds, stocks and other securities in fossil-fuel firms by value than those that did not have to disclose risks.

scare off 把人吓跑

obligatory adj. 强制的,必须的

insurer 保险公司

security n. 证券

Such a shift may drive up capital costs for polluting projects and lead to fewer emissions. But more climate disclosure will not by itself cut carbon, notes Remco Fischer of the UN Environment Programme. Regulatory climate risk can, in theory, be mitigated by moving carbon-heavy assets somewhere with laxer environmental rules. And sophisticated risk assessments do not always result in decarbonisation. Last year AGL Energy, an Australian utility, published an analysis of scenarios. The one it has chosen to follow involves keeping one of its coal-fired power stations open until 2048.

capital costs 资本成本

emission n. 排放

mitigate v. 缓和

carbon-heavy carbon-intensive 碳密集的

lax adj. 不严格的，松懈的

decarbonisation 脱碳\

utility n. 公共事业

coal-fired power stations 火力发电站

Outline

P1 现象：多个发达国家的监管机构开始要求企业披露气候相关信息

P2 原因&问题：要求源于对气候相关风险的担忧，但目前的披露不够有效

P3 解决方案：TCFD是最受认可的披露标准，制定了较为全面的披露要求

P4 金融机构反响：积极支持TCFD，鼓励企业采用

P5 企业反响：不愿意采用，即使采用了也缺乏统一性

P6 披露的影响：会吓跑投资者

P7 披露的影响：推行披露本身无法解决问题

《经济学人》20211108，国际旅行

International travel will get easier, but restrictions will remain

Cross-border travel will probably not recover to pre-covid levels until 2024

pre-covid 疫情前的

The start of the pandemic was characterised by empty supermarket shelves, as global supply chains creaked under the strain of panic buying and the disruption caused by covid-19. The system soon adjusted. But one shortage that has not been alleviated is that of international travellers. Planes are still often half-full at best and many of the world’s airports remain sparsely populated. International arrivals fell by nearly 75% in 2020, according to the UN’s World Travel Organisation, with 1bn fewer people taking trips abroad. The figures for 2021 are not expected to be much better. But the prospects for 2022 look less gloomy.

characterise vt. 以…为代表

supply chain n. 供应链

creak vi. 嘎吱作响 creak under the strain 负担过重导致效率低下

alleviate vt. 减轻，缓和

lev- 轻

at best 充其量(表达乐观估计)

sparsely adv. 稀少地

sparsely populated 人口稀少的

gloomy adj. 黯淡的，悲观的

More people will rediscover the pleasures of jumping on a plane to go on a spontaneous city break, attend a long-planned family wedding or take the holiday of a lifetime. And while executives will continue to spend a lot of time sitting bolt upright in video calls, more will also recline in business-class seats. In the decades before the pandemic, international travel grew rapidly, with the number of visitors to foreign countries tripling between 1990 and 2019. Budget airlines, growing prosperity and more leisure time underpinned this growth. These forces will eventually reassert themselves.

spontaneous adj. 心血来潮的

city break n. 在城市过的小短假

chance of a lifetime 终身难遇的机会

executive adj. … n. 高管，主管;

sit/stand bolt upright 笔挺地坐着/站着

recline v. 斜依，斜躺（recline in/on）

business/first/economy class 商务/头等/经济舱

underpin vt. 巩固，加强

reassert itself 重新发挥作用

Early in the pandemic, most forecasters reckoned that international travel would not recover to the levels of 2019 before 2023 at the earliest, and more likely in 2024. That still seems a reasonable bet. Restrictions on international jaunts are still tight and are lifting only slowly. Even now only three countries—Colombia, Costa Rica and Mexico—impose no restrictions on visitors, while 88 countries are still closed completely and many more have draconian policies in place. But as vaccination rates climb and infections fall, rules will be relaxed and routes will reopen. Much of the world’s population was barred from entering the United States until its rules changed in November.

reckon v. 估计，估算

a reasonable bet 合理的预测

a good/safe bet 有望成功的事

lift v. 解除，撤销

draconian adj. 严酷的，严厉的 ( 规定，法律等 )。词源 draconian

Draco 古希腊政治家，立法刁钻严酷

in place 准备就绪

vaccination 接种疫苗

be barred from 被禁止

The recovery will be uneven. Domestic travel in large countries has already bounced back—America is getting closer to pre-covid levels and China has surpassed them already. Regional travel is picking up. IATA, an airline-industry body, reckons Europe could be back to nearly four-fifths of pre-pandemic levels in 2022. But Asia’s recovery has been slow and may continue to lag the rest of the world. Long-haul travel will remain at low levels until vaccinations are more widespread and the plethora of rules and regulations become easier to navigate.

uneven 不均匀

surpass 超过，胜过，优于

pick up 改善，好转，增强

body 机构

lag behind sth./sb. 落后于…

long-haul travel 长途旅行

plethora n. 过多，过剩

navigate v. 导航，航行，穿越，操纵；（派生）理解，应付 navigate

Leisure bookings surge whenever countries lift restrictions on foreign travel, and unless a new, more dangerous mutation of covid-19 emerges, that huge pent-up demand will help fill planes again on short-haul routes. Businesses, however, plan to spend less on travel. Surveys suggest that budgets are typically being cut by 20-40%. The gloomiest prognosticators reckon half of all business travel could be gone for good. Many meetings and conferences will remain virtual, or at least take place in hybrid form with far fewer people attending in person.

surge 飙升，增长

mutation 变异

pent-up 积压的，压抑的

typically 典型地，一般，通常

prognosticate 预测

for good 永远地，一劳永逸地

hybrid 混合的

in person 亲自，现场

Even if a more virulent mutation of the virus emerges, potentially putting everything into reverse again, one type of globetrotter will fly above the lingering dark clouds—the rich. Soaring demand for seats on private jets is likely to continue as the wealthy sidestep many of the barriers facing the masses. The first eight months of 2021 saw 2.9m flights by business jets, 70% more than in 2020 and a tad higher than in 2019, while commercial flights still languish around 40% below pre-pandemic levels, according to WingX, a private-aviation data firm.

virulent 致命的，恶性的

lingering 挥之不去的，缓慢消失

soaring 高耸，猛增

sidestep 回避，规避

the masses 群众，老百姓

a tad 少量

If that is not exclusive enough, a new covid-free destination took off in 2021 and is expected to welcome many more visitors in the coming years. If you have several hundred thousand dollars to spare, you can book a ticket for a flight to outer space.

covid-free 没有新冠的

-free 无…的 duty-free 免税的

Outline

P1引子：尽管疫情爆发后这两年来国际旅行萧条，但2022会有所好转

P2复苏原因：1.不少旅客会回归；2.过去几十年国际旅行快速发展的基本面依然还在

P3尽管国际旅行恢复到疫情前的水平仍需时间，但相关政策短期内也可能放宽

P4国际旅行恢复将是不均衡的：1.大国的国内旅行已接近甚至超越疫情前；2.区域内的旅行也在恢复，但亚欧之间差距明显

P5休闲和商务旅行行情对比：休闲旅行积压的需求终会释放，商务旅行半数以上恐将永久消失

P6&7富人旅行趋势：私人飞机可以让他们免受太多限制的影响，太空旅行是一个趋势

《卫报》20220215，婚姻持久

Do fairytale weddings really mean an unhappy ending?

New research has shown that couples who have really expensive weddings are less likely to stay together than those who do it on the cheap. But that’s not the whole story

fairytable 童话般的，幸福美满的

There are some general rules around surprising surveys, such as: when a result isn’t what you’d expect, it’s often because the question was posed in a peculiar way, or the conclusion has taken an unreasonable leap. Then there are some specific rules, such as: if you want to know the truth about what makes a marriage last, don’t necessarily go first to a thinktank that is avowedly pro-marriage – maybe try a more neutral source. These rules collided, or should have done, at the weekend, when the Marriage Foundation announced that couples who had really expensive weddings were less likely to stay together than those who did it on the cheap. One in 10 marriages that cost over £20,000 had ended within three years. So, some people, at least, have escaped the sunk cost fallacy.

leap 猛冲，跳跃，剧增 take a leap 跳跃，进步

avowedly 公开承认地

pro-… 支持，拥护…

neutral 中立的，中性的

collide 冲突，碰撞

sunk cost 沉没成本 sunk cost

fallacy 谬误

Marriage and divorce experts were quick to comment: it was surely down to the fairytale expectation that £20,000 creates. After that much white tulle and the delightful country house, the brutal reality of life in athleisure, and a not-country house, was too much to take. And it brings a certain narratorial satisfaction: anyone who blows a fortune on a single day must surely be shallow, and incapable of doing dreary or lasting work.

be down to sb./sth. 由…引起的

country house 别墅

brutal 残酷的

athleisure 运动休闲

shallow 肤浅的

dreary 枯燥无味的

But the Marriage Foundation is missing something major, here, which is weird because it comes from their own research: second marriages are more likely to last than the first ones, with 31% ending in divorce against 45%. If there’s one thing all second marriages have in common, it’s not the age and definitely not the wisdom of the participants, but rather, that they’re definitely, positively still skint from the dissolution of the first marriage. So they can’t have a massive, meringue-style wedding, and their no-frills, pay-bar nuptials have skewed the data. This is how to make a marriage last – not with small economies, but by taking the precaution of a previous, failed marriage.

against 和…相比

positively 绝对地

skint 身无分文的(非正式)

dissolution 解散，分解，解除，死亡

no-frills 无装饰的

nuptial 婚礼的

skew 歪曲

precaution 预防措施 take the precaution of doing

Outline

P1引：婚姻基金会研究发现–婚礼开销越多，婚姻越不长久。作者不完全赞同

P2机构专家分析得：豪华婚礼和朴素现实的落差，一掷千金的人没有坚持的耐心。

P3更多原因：和一婚还是二婚也有关系，二婚的离婚率比一婚低，很多人没有钱再办一次奢华的婚礼，所以会影响数据的准确性。吸收教训比省钱更有助于婚姻持久。

《金融时报》20220506，老年房贷

Mortgages: working for longer

UK retirement age is rising as is demand for extended home loan terms

mortgages 按揭，按揭贷款

Some see their seventies as a time to sail the world, write a book or simply sit back. Others will still be paying off their mortgages. UK bank NatWest last month joined the pack hoping to serve the latter camp, launching home loans that can be repaid up to age 75. Some lenders go still further. Family Building Society stretches to 95, although nonagenarians will only get a five-year loan.

pack 一群人，一帮人

lender 贷款机构

stretch 延长，伸展，拉长，有弹性的

nonagenarians 90多岁的人

Extending loan terms for the elderly reflects, perhaps belatedly, changed society. People work for longer. In the UK, the average retirement age has been gradually creeping up this century, to 65.1 years for men and 64 for women; although men have yet to revert to the 67.2 years of their forefathers in 1950.

belated 迟来的

creep up 逐渐增长

revert to sth 恢复到，回到

Chances are, however, that working for longer will continue to tick up. Demographics, improved health and financial necessity all speak to spending longer behind desks, machines and steering wheels. Britain falls well behind peers in terms of the proportion of those aged 65-plus in the workforce. The UK’s one in 10 is up on the decade but well behind the 14.7 per cent OECD average. Given today’s high house prices, says one mortgage broker, the standard 25-year repayment loan term assuming retirement at 67 “has all but disappeared”.

chance 可能性

chances are that… 某事是有可能的

tick up 增长，增加

uptick 小幅增长

speak to 说明，显示

steering wheels 方向盘

well adv.大大地，远远地 well over the speed limit

aged …岁的

all but 几乎 = almost

Age is just one of the societal trends driving demand for extended mortgages. Divorce is another. Taking out a fresh home loan in your forties or fifties can be tough enough without compressing repayment into 10 or 20 years. Pushing out the maximum age allows payments to be spread over a longer term, making them more affordable. Likewise the case for parents helping children on to the housing ladder or seeking their own buy-to-let nest eggs.

push out 延伸，使突出，推出

spread 分摊

let(英) = rent(美) 出租

nest egg 个人储蓄金

Risks to lenders are mitigated by robust affordability checks, beefed up by the regulators’ Mortgage Market Review after the financial crisis. Borrowers need to work past a typical retirement age or demonstrate sufficient pensions or other means of covering payments. Not perhaps the most carefree way to spend the twilight years, but one likely to become increasingly common.

mitigate 减轻，缓和

beef up sth 使…更大

carefree 无忧无虑的

twilight 暮色，黄昏

the twilight years 暮年

Outline

P1引：不少英国贷款机构开始放宽贷款年龄限制

P2：放宽限制反映的一大社会趋势----英国人延迟退休

P3：实际数据证明延迟退休的趋势仍会持续

P4：放宽限制的作用----减小买房压力

P5预测：老年人还贷可能会愈加常见，房贷风险可控

《金融时报》20220703，文科失宠

Humanities degrees: ave atque vale

humanities 人文学科 == the arts

ave atque vale 致敬，再见 （拉丁）

More often than not, arts graduates get less bang for their buck than their more scientifically minded peers

as/more often than not 通常

a bigger bang for your buck 从自己的付出中得到回报

minded 有…头脑

Humanities degrees are falling out of favour in the UK. This month, Sheffield Hallam University nixed its English Literature course, sparking an immediate backlash from writers and others in the arts world. The University of Cumbria took similar steps last year. Aston University’s languages programmes and modern languages at Hull University have also been cancelled.

be out of favour 不在受追捧

nix 取消 [非正式]

course 专业 [英]

spark 引发，触发

backlash 强烈抵制 backlash from

This is odd for a nation governed by humanities graduates. It also seems financially ill-advised. Fees for most British undergraduates are a flat £9,250, regardless of the costs — or benefits — of the course. Degrees in subjects such as politics are cheaper to provide than those involving fully furnished labs or state of the art computing power.

Government top-up funding reflects this discrepancy. The subsidy to arts courses was halved last year to £120 while the £1,500 provided mostly to STEM courses is being nudged nearly 5 per cent higher this academic year.

Yet based on the latest available data, these subsidies fail to bridge the shortfall. Deficits are most pronounced in clearly vocational subjects taken by would-be vets, dentists and doctors. Most humanities, alongside law, break even on the average student. In the treacherous world of higher education, that counts as a good outcome.

While Sheffield Hallam is at pains to point out that its move is not an attack on humanities, market forces are clearly afoot. Judged by returns on investment, paying the same for a degree in English as one in economics makes roughly as much sense as slapping an Apple stock valuation on shares in fast-fashion retailer Boohoo.

More often than not, arts graduates get less bang for their buck than their more scientifically minded peers. The average physics graduate earns almost a quarter more than one brandishing an English degree, according to jobs site Adzuna — though returns for the former look less impressive when previous attainment is taken into account.

That is if they end up working a graduate job at all. The initial cost to the state is smaller but humanities graduates who end up in low paid jobs contribute less in tax over the longer term. Proposals from the Office for Students tackle that by penalising courses where a quarter of students drop out or where 40 per cent or more fail to enter professional employment or further study. Readers should hold on to those arts degrees. They could one day become a collector’s item.

《纽约时报》20210617

Afordable Care Act Survives Latest Supreme Court Challenge

Act 表演，行动， n. 法令

（P1）The Affordable Care Act on Thursday survived a third major challenge as the Supreme Court, on a 7-to-2 vote, turned aside the latest effort by Republicans to kill the health care law.

turn aside 改变方向，偏离； + 抽象名词 否决，驳回 = dismiss，overturn，overrule

republican 共和国的，共和党人

The legislation has been the subject of relentless Republican hostility.

-leg- 法律； -legis- 立法； -legit- 合法的

But attempts in Congress to repeal it failed, as did two earlier Supreme Court challenges, in 2012 and 2015.

句间转折是重点

repeal 废除，废止

（P2）The challengers in the case sought to take advantage of the 2012 ruling, in which Chief Justice Roberts upheld a central provision of the law, its individual mandate requiring mostAmericans to obtain health insurance or pay a penalty, saying it was authorized by Congress power to levy taxes. They argued that the mandate became unconstitutional after Congress in 2017 eliminated the penalty because it could no longer be justified as a tax. They went on to say that this meant the rest of the law must fall.

uphold 高举，支持，维护

mandate 授权，命令

unconstitutional 违宪的

the rest of 其余的，剩下的

（P3）In the majority opinion, Justice Breyer did not address those arguments, focusing instead on whether the plaintiffs were entitled to sue at all. "The state plaintiffs have failed to show that the challenged minimum essential coverage ( MEC) provision, without any prospect of penalty, will harm them by leading more individuals to enroll in these state-sponsored programs. "“Neither logic nor intuition suggests that the presence of the MEC requirement would lead an individual to enroll in one of those programs.”

address 演讲，对…讲话，处理，解决

coverage 报道，医疗保险

without any prospect of 没有任何…的情况之下

intuition 直觉

（P4）In a vigorous dissent, Justice Alito wrote that the court has routinely found that states have standing to challenge federal initiatives."The states have standing for reasons that are straightforward and meritorious. The courts contrary holding is based on a fundamental distortion of our standing jurisprudence. Unlike the majority, he went on to address the larger issues in the case, saying the mandate was now unconstitutional and could not be broken off from much of the rest of the law.

（P5）Had Justice Alito’s view prevailed, the nation’s health care system would have experienced an earthquake. Striking down the Affordable Care Act would have expanded the ranks of the uninsured in the United States by about 21 million people. The biggest loss of coverage would have been among low-income adults who became eligible for Medicaid under the law. But millions ofAmericans would also have lost private insurance, including young adults whom the law allowed to stay on their parents plans until they turned 26 and families whose income was modest enough to qualify for subsidies that help pay their monthly premiums.

（P6）Republicans suggested on Thursday that their focus would now be less on seeking to repeal the law than on the debate in Congress and on the campaign trail for 2022 over how to address issues like the affordability of health insurance. “While the Supreme Court ruled today that states do not have standing to challenge the mandate, the ruling does not change the fact thatObamacare is hurting hard-workingAmerican families,” three top Republicans said in a statement. “Now Congress must work together to improve American health care.”

*《卫报》20220101 《哈利·波特20周年》影评

Harry Potter 20th Anniversary: Return to Hogwarts review – perilously close to emetic

perilous 危险的

The John Williams score plays (with added bells for the festive season), the camera soars above an ersatz Victorian street, wax-sealed letters appear – and just like that, anyone who came of reading or viewing age from 1997 onwards is home. The Harry Potter reunion special Return to Hogwarts, marking 20 years since the first film adaptation of JK Rowling’s gamechanging and multi-multi-million-selling fantasy series about the boy wizard was released, hews as closely to the original’s aesthetic as possible from the off.

score 配乐

festive season 圣诞节期间

soars 升空，升起

ersatz 人造的

adaptation 改编本

aesthetic 美感，美学

from the off 从一开始

Chats among the three main stars, Daniel Radcliffe (Harry himself), Emma Watson (Hermione Granger) and Rupert Grint (Ron Weasley), take place in the Gryffindor common room, there’s an opening set piece in the Hogwarts dining hall, Radcliffe and director of the first two films, Chris Columbus, talk in Dumbledore’s office and so on. It provides a rush of nostalgia only heightened as the enduring affection among them all becomes evident. There is much – rising perilously if perhaps inevitably close to emetic levels – of the cast and crew being like a family. There always is in programmes like this, but at least here it is more than usually justified. The actors famously began working on the franchise when they were children, and their audience grew up alongside them pretty much in real time as the films were released between 2001 and 2011.

One of what you might assume to be a central member of the family, however, is conspicuous by her absence – the creator of Harry Potter and his world, the author JK Rowling. An essay she published in 2020 giving her views on the impact of gender ideology on women’s rights was widely denounced as transphobic. Radcliffe, Grint and Watson distanced themselves from her. According to her agents, the controversy played no part in her decision not to take part in the reunion and she felt that the 2019 interview footage of her used here (mostly recalling the difficulty of finding someone to play Harry) would be presence enough. Whatever the true degree of her choice in the matter, and despite various fond mentions of “Jo” from Radcliffe and others throughout the special, a void remains.

But around it there is charm, warmth, charisma – especially when Helena Bonham Carter (Bellatrix Lestrange) blows in like the world’s most glorious hurricane – and even a little new information amid well-worn anecdotes. Yes, we hear again how Alfonso Cuarón, who directed the third Potter film, made the central trio write essays about their characters and true to form, Watson handed in a perfect dozen pages, Radcliffe mustered half a side of A4 and Grint didn’t bother. But we also hear about Alan Rickman getting the inside line from Rowling early on about Snape’s ultimate motivation and telling not a soul, Watson’s growing loneliness as the pressures on her grew greater, and about the deep fondness between Watson and Tom Felton (Draco Malfoy) and the crush Radcliffe had on Bonham Carter. There are also moments of tangential insight, into the scale of the endeavour (such as when one of the three remembers being told that the casting announcement would be made that afternoon and that the media would descend – “So you can’t go home”), and Radcliffe’s maturity beyond his years from the start. He makes several references to watching the likes of Ralph Fiennes, Gary Oldman, Timothy Spall and many others from the British thespian firmament doing “proper acting”, and his longing to and delight in learning from them is still palpable.

It is a slick and calculated production, designed to give Potterheads exactly what they want, how they want it. But it contains enough untold stories and honesty from the participants and unfakeable camaraderie to give it more genuine heart than probably anyone expected. Perhaps in another 20 years they will let Rowling back in, too.