'People say that stocks have to be better than bonds, but I've pointed out just the opposite: that all depends on the starting price.'

人们说股票表现必须好于债券，但我指出了正好相反的情况：这一切都取决于开始价格。

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But assuming - and it could be a big assumption - that western economies continue to recover, equities should do better than bonds, where yields could rise sharply.

不过，假设西方经济体继续复苏(这可能是一个大胆的假设)，股票表现将好于债券。债券收益率可能大幅上升。

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If liquidity dries up, art is unlikely to fare any better than stocks or bonds.

假使流动资金枯竭，艺术品也不太可能表现的比股票或者债券更好。

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Stocks are better than bonds and cash.

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But given how the recent downturn has slashed valuations, and given that stocks of strong companies tend to fare far better than bonds during inflationary climates, I think these big dividend-payers are a more attractive option right now for those with long-term time horizons.

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CDOs, while offering better returns than bonds with a similar rating.

ECONOMIST: Risk management