大学是像股票一样的投资产品还是像汽车一样的消费品？
Is college an investment product like a stock or a consumer product like a car?
资产价格如股票价格暴跌。
为平衡方程序，总的来说，美国人就不得不出售资产(股票，不动产)或者从国外借款(通过发行财政长期债券)来偿还他们购买的商品。
To balance out the equation, Americans, in the aggregate, either have to sell assets (stocks, real estate) or borrow money from abroad (by issuing Treasury bonds) to pay for the goods they buy.
他们对股市最基本的信心已经动摇了，特别是对“买进并持有是明智之举”、“长期来看股票会比其他资产收益高”这样的看法。
Their most basic beliefs about stocks have been shaken, notably the idea that buying and holding is smart and that stocks will outgain other assets over time.
因此，购买股票等风险资产，以表达自己对未来的乐观看法，是自然而然的事情。
And it is natural to buy risk assets such as stocks to express one's optimism over the future.
货币交易的大头是用来对冲或用于股票，债券及其它资产的交易。
The bulk of currency dealing is for hedging or related to trading in stocks, bonds and other assets.
但从像股票和债权的常规资产中得到的利润似乎不像以前那样有帮助。
But returns from conventional assets such as stocks and bonds are unlikely to be as helpful as they once were.
这样一个结果其实就是典型的V型复苏，以经济迅速触底和持续反弹为特点，它将令股票和其他资产在今年下半年保持涨势。
Such an outcome — a classic 'V-shaped' recovery marked by a quick bottoming out and a lasting rebound — would enable stocks and other assets to keep rising in the second half of the year.
但是常用的通胀指标却将金融资产，如股票和房产，排除在外。
But normal inflation measures exclude financial assets such as shares and houses.
这样趋势的结果是，像债券和股票之类的资产价值将面临相当大的压力。
As a consequence of this, the valuation of assets such as bonds and equities should come under pressure.
正因如此，它将影响到从投资银行到资产管理和股票经纪的公司。
As such, it will affect companies from investment Banks to asset managers and stockbrokers.
一系列的下滑让富有的亚洲人意识到，比起单纯的股票和房产，资产类可能更有优势。
A serious slowdown could show wealthy Asians the merits of putting money into assets other than just equities and property.
这也许会使得该基金持有同种类的波动资产，例如股票、商品或垃圾债券。
This may cause it to hold the same kind of volatile assets, such as equities, commodities and junk debt.
事实上，大部分更大的投资者热衷除了美国股票外的任何资产类别。
In fact, overall there is far greater investor enthusiasm for asset classes other than U.S. equities.
在这个过程中，风险被赋予了价值，风险股票和资产只能以较低的价位出售（或者说，获得较高的平均收益）。
In the process, risk is valued, and riskier stocks and assets must sell for a lower price (or, equivalently, earn a higher average return).
资产和股票价格暴涨了6倍之多。
Property and share prices bubbled, rising as much as sixfold.
Stack表示大多数投资者会错过这个绝佳的反弹时机，因此他建议对股票资产做健康的配置。
Stack says most investors will miss a big chunk of the rebound, so he's recommending a healthy allocation in stocks.
大多数手中持有现金和存款(因此逆转了资产价格收缩的一个关键要素)的中小投资者放弃存款转向股票资产。
Retail investors, large holders of cash, dissave (thus reversing one of the key drivers of asset deflation) and divest deposits into equity assets.
现在来看一下更隐蔽的部分：许多资产都与股票不一样，尤其是那些非对冲基金可以交易的资产，所以他们不总是象股票在市场上有一个明确的价格。
Now comes the murkier part: Many assets - particularly those that unregulated hedge funds can trade - are not as liquid as stocks, so they do not always have a definite price on the market.
诚然，这剔除了股票股息和估算租金资产，这对资产有利。
Admittedly, this strips out the effects of share dividends and imputed rents, which favour property.
股票资产不到中国家庭总资产的20%，美国则是占到了一半。因此，股价的波动对家庭开支影响也较小。
Equities account for less than 20% of Chinese households' total financial assets, compared with half in America, so price swings have less impact on spending.
2008年的好消息是，不仅股票，几乎所有其他资产类别都被抛售，从而造就了一批值得关注的便宜货。
Some good news about 2008 was that, in addition to stocks, just about every asset class sold off, creating some remarkable bargains.
其中，20%的资金都用于消费，19%用于装修房子，而44%的资金用于购买股票等资产。
They blew 20% of this on consumption, 19% on sprucing up their homes and 44% on assets such as stocks.
其中，20%的资金都用于消费，19%用于装修房子，而44%的资金用于购买股票等资产。
They blew 20% of this on consumption, 19% on sprucing up their homes and 44% on assets such as stocks.
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