问答题PhD
问答题ASEAN Secretariat
问答题发行债券
问答题宏观经济模式
问答题Producer Price Index
问答题安居工程
问答题十八届三中全会
问答题黑客
问答题document against acceptance
问答题IELTS
问答题企业所得税
问答题共赢
问答题FY
问答题IOC
问答题超国民待遇
问答题客座教授
问答题打击跨国有组织的犯罪
问答题If there is a sacred belief among investors, it is that equities are the best asset for the long run. Buy a diversified portfolio, be patient and rewards will come. Holding cash or government bonds may offer safety in the short term but leaves the investor at risk from inflation over longer periods. Such beliefs sit oddly with the performance of the Tokyo stock market, which peaked at the end of 1989 and is still 75% below its high. Over the 30 years ending in 2010, a “long run” by any standards, American equities beat government bonds by less than a percentage point a year. In the developed world, the period since the turn of the millennium has been a particular disappointment. Since the end of 1999 the return on American equities has been 7. 6 percentage points a year lower than that on government bonds. That has left many corporate and public pension funds in deficit and many people with private pensions facing a delayed, or poorer, retirement. Understanding why equities have let investors down over the past decade will help them work out what to expect in the future. The long-term faith in equities is based on the theory that investors should be rewarded for the riskiness of shares with a higher return, known as the “equity risk premium” (ERP) . That risk comes in two forms. The first is that shareholders get paid only when other claimants on a company’ s cashflow, such as workers, the taxman and creditors, have received their due. Profits and dividends are thus highly variable and can disappear altogether when times get tough. The second risk is that share prices are volatile, more so than bond prices. Since 1926 there have been seven calendar years when American equity investors have suffered a loss of more than 20%; investors in Treasuries have suffered no such calamitous years.
问答题高清晰度电视
问答题字面翻译/直译