If you divide the 20th century into quartiles, the period when the initial yield gap was highest (ie, bonds yielded more than cash) saw a subsequent ten-year real return from gilts of just 0.3%.

如果你把二十世纪分成四个时期，初始收益差最高的时期(例如，债券比现金收益大)之后会遇到十年金边债券净收益只有0.3%的情况。

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If you divide the 20th century into quartiles, the period when the initial yield gap was highest (ie, bonds yielded more than cash) saw a subsequent ten-year real return from gilts of just 0.3%.

如果你把二十世纪分成四个时期，初始收益差最高的时期(例如，债券比现金收益大)之后会遇到十年金边债券净收益只有0.3%的情况。

youdao