当股票市场处于萧条期，利润率几乎所剩无几，债券的收益率有史以来达到最低点时，投资者们对过去认为的任何有可能的回报资金都不会在抱有幻想。

With stock markets in the doldrums, interest rates cut to almost nothing, and bond yields at record lows, investors were desperate for any kind of meaningful return on their money.

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资本利润率下降了近12%，资产收益率下降了23%。

Profit on capital is down almost 12%, and return on assets is down 23%.

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故净资产收益率、销售利润率的变化同CPI、M_1的变化相关性也变得较权益乘数、资产负债率差。

So, compared with the rights multiple and the property liabilities rate, the relativity between the change of rate of earning, the sale profit, and the change of the CPI and the M_1 becomes less.

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