最早的问题出现在超短期债券基金上，许多投资者认为这种基金的安全程度堪比现金。

Some of the first cracks appeared among ultrashort bond funds, which many investors regarded as almost as safe as cash.

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极低的短期利率也促使投资者寻找更高的回报进而将资金转移至如股票和公司债券的风险资产中。

Very low short-term interest rates also encourage investors to seek higher returns by moving into risky assets such as equities and corporate bonds.

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越多的投资者购买银行票据和债券，回报就越低，短期利率接近零。

The more investors want notes and bonds, the lower the yield, and short-term rates are close to zero.

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Stocks have paid 4% more a year over this incredibly long time period than short-term bonds.

股票在相当长的一段时间里,每年都比短期债券投资收益率,高出4个百分点。

耶鲁公开课 - 金融市场课程节选

But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.

当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊

耶鲁公开课 - 金融市场课程节选