美国最负盛名的几家投资银行破产。
七十年代，固定收益投资者获得的实际回报长年为负。
Fixed-income investors had suffered years of negative real returns in the 1970s.
投资者撤出风险投资使美元汇率上升，把1月期国库券收益推到10个月以来的首次负收益边缘上。
Investors fleeing from risk drove the dollar up and pushed the yield on one-month Treasury bills into negative territory for the first time in ten months.
直到2010年6月18日，发达国家股票市场累计为投资者带来了7.9%的负回报率。
Over the ten years to June 18th 2010 investors in developed-market equities earned a cumulative total return of minus 7.9%.
年长的投资者可能会记起1962年的情形，当时美国国库券收益率还不到4%，其持有者在此后的5年、10年和20年内承受了负的实际回报率。
Veteran investors may recall 1962, when the Treasury-bond yield was less than 4%. Those who bought bonds then earned negative real returns over the succeeding five-, ten- and 20-year periods.
对资本收入征税，无论在短期还是长期都不利于投资率和经济增长率的提高，长期累积效应为负。
For the Capital income tax rate, no matter in short-term or in long-term, it has a negative effect on investment rate and economic growth, so is the accumulated effect.
文章认为，在将来，反向策略仍然具有获利能力，但其周期将会适度增加。从获利结构上，投资者反应过度的贡献将会有所上升，而共同因素负自相关的贡献会下降。
The paper argues that contrarian strategy also is profitable in the future while its cycle will increase moderately and the contribution of overreaction to profits will rise.
文章认为，在将来，反向策略仍然具有获利能力，但其周期将会适度增加。从获利结构上，投资者反应过度的贡献将会有所上升，而共同因素负自相关的贡献会下降。
The paper argues that contrarian strategy also is profitable in the future while its cycle will increase moderately and the contribution of overreaction to profits will rise.
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