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Sharesand shibboleths 股票与市场准则 How much should people get paid for investing inthe stockmarket? 人们在股票市场上的投资应该得到多少回报? If there is a sacred belief among investors, it isthat equities are the best asset for the long run.Buy a diversified portfolio, be patient and rewardswill come. Holding cash or government bonds mayoffer safety in the short term but leaves the investor at risk from inflation over longerperiods. 如果说投资者心中有个神圣的信念的话,那就是他们认为从长远来看股票是最好的资产。买一个多元化投资组合,课以时日,就会得到回报。持有现金或政府债券在短期内也许更保险,但从长期来看它会让投资者面临通胀的风险。 Such beliefs sit oddly with the performance of the Tokyo stockmarket, which peaked at theend of 1989 and is still 75% below its high. Over the 30 years ending in 2010, a long run byany standards, American equities beat government bonds by less than a percentage point ayear. 这种信念却神奇地与东京股票市场的表现相吻合,该股票市场在1989年末达到最高值,并且现在仍然是其1989年最高值的75%。从1970年到2010年这30年间,依据人们所谓长期的标准,美国政府债券年回报都比股票要少一个百分点。 | 
