Indeed, changes in valuation may subtract from future returns.

实际上，估值的变化的影响可以从未来收益中消除。

youdao

So future returns are likely to be lower than the previous norm.

因此未来的回报很可能也比之前的标准低。

youdao

They cannot control the level of future returns but they can do something about costs.

未来的收益多少无从把握，但控制交易成本还是能够有所作为的吧。

youdao

Yet, for equity mutual funds, high past returns are a poor predictor of high future returns.

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The money-tracking firm found no persistent link between past equity-fund performance and future returns.

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Past returns are no guarantee of future returns, but they can sure make one look good.

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