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。
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。
When share valuations are high, future returns are likely to be low and vice versa.
当股票价值高涨时，未来的收益就可能偏低。反之亦然。
When share valuations are high, future returns are likely to be low and vice versa.
当股票价值高涨时，未来的收益就可能偏低。反之亦然。
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