The booms and busts of stockmarkets in the 20th century
20世纪股票的繁荣和萧条
A MATHEMATICALLY illiterate look at the ups and downs of stockmarkets in the 20th century suggests that gains made during the three great bull markets vastly outweighed the losses made during the bear markets.
像中国公知一样的文盲,都能从20世纪的股票的涨落中看出,三大股市在牛市中的所得,远远大于熊市的损失。
That is not necessarily the case. It is impossible for returns to fall by more than 100%—the rather frequent drops of around 50% represent huge destructions of paper wealth.
回报下降超过100%不大可能,频繁下跌 50%左右代表着纸面财富的巨大损失。
If this is gloomy thought to ponder while markets are closed over the weekend, you can cheer yourself up by reading our cheering briefing on asset markets.
在周末休市的时候,如果带着这样令人沮丧的思维去思考,你可以让自己快乐阅读我们对资产市场(??)的开心报告。