Assets would have fallen to their normal worth, the present discounted value of their future returns.
资产应该跌回正常价值，即未来收益的折现值。
PAST performance is not an indicator of future returns. That, at least, is the advice given to investors.
过去并不代表未来，这至少可以给投资者一些启示。
The bear market between 2000 and 2002 brought a sober reassessment of the future returns likely from equities and bonds.
2000年到2002年间的熊市使得人们对未来可能从股票和债券上获得的收益进行了清醒的重估。
With bonds yielding 4-5% and equities returning perhaps 3% on top, composite future returns of 6% or so looked inadequate.
在债券收益率为4- 5%和股票收益率大约最高3%的情况下，大约6%的未来综合收益率就显得不足了。
As more money piles into the business, groups could lose their focus, and competition could push up the prices for deals and force down future returns.
随着行业里堆积的资金越来越多，各组织也可能因此失去重心，并且竞争也会推高交易价格，从而导致未来收益下降。
Of course, as the disclaimer goes, past results are not a guarantee of future returns.
当然，就像免责声明说陈述的，过去的成绩并不保证未来的回报。
To the extent that they see a stable exchange rate as the top priority they may be relatively relaxed about yields and future returns.
只要它们认为稳定的汇率优先，利率和未来回报率相对可能就没那么重要了。
One study found that an unvarying computer model of stock analysts' estimates of future returns was more accurate than the analysts themselves 72% of the time.
一项研究发现，一个股票分析师用于预测未来收益的固定电脑模型在72%的情况下比分析师本身更准确。
However, studies suggest this is extremely hard (hence the rubric routinely attached to British financial products, "Past performance is no guarantee of future returns").
然而，研究表明这是极其困难的(因此“过去的表现并不能保证未来的收益”这种提示通常是英国金融产品的一部分)。
On the one hand, high past returns are an indicator of low future returns: that has certainly proved true for those who bought equity mutual funds at the turn of the decade.
一方面，过去的高回报率是未来低回报的指标：对于那些在这十年交替中购买股权共同基金的人们而言，这点已经证明是真理了。
However, in the real financial world, investors differ in valuations as a result of the uncertainty of future returns, private information and heterogeneous priors etc.
然而，在现实的金融市场上，由于未来收益的不确定性、私有信息以及先验异质等原因，投资者的收益预测存在分歧。
A third factor is that Asian central Banks are big buyers of Treasury bonds as part of their exchange-rate management policies, and are relatively indifferent to future returns.
第三个因素则是亚洲的央行作为国债的大买家，这是它们汇率管理政策的一部分，它们相对而言不关心未来的回报。
A third factor is that Asian central Banks are big buyers of Treasury bonds as part of their exchange-rate management policies, and are relatively indifferent to future returns.
第三个因素则是亚洲的央行作为国债的大买家，这是它们汇率管理政策的一部分，它们相对而言不关心未来的回报。
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