在投资者回报爆发性增长的时候，并不知道这种情况是否能够持续下去。

During the boom investors rewarded growth, whether it was sustainable or not.

youdao

优化上市公司投资者回报机制，保护投资者尤其是中小投资者合法权益，多渠道增加居民财产性收入。

Protect investors' legal rights and improve the investment return system for listed companies. Increase residents' income by diversifying investment channels.

youdao

股息，即上市公司从收入中拿出多少分给股东是非常重要的。过去一百年里，股市投资者回报中近一半都是股息。

Dividends, the share of their revenues that companies pay to their shareholders, are a big deal: Over the past century, they've accounted for roughly half of total returns earned by stock investors.

youdao

Well there actually was a stock market in Russia before 1918 and in China before 1949, so what happened to investors?

实际上,俄罗斯在1918年前,中国在1949年前设有股票市场,那么投资者会得到怎样的回报呢

耶鲁公开课 - 金融市场课程节选

Because we hold relatively stable, relatively well-diversified portfolios, security selection turns out not to be an important determinant of returns for most investors and market timing turns out not to be an important determinant of returns.

因为持有相对稳定,和相对分散的投资组合,证券选择不再是,决定投资者回报率的重要因素,而市场时机选择,也不会成为决定回报率的重要因素

耶鲁公开课 - 金融市场课程节选

So, it's not surprising that asset allocation explains more than 100% of returns and that, for the community as a whole, market timing and security selection are costly and lower the community's aggregate investment returns.

因此资产配置能解释100%以上的回报,也不足为奇了,对投资者整体来说,市场时机选择,和证券选择是有代价的,降低了总的投资回报

耶鲁公开课 - 金融市场课程节选