Hackel believes the ability to spot changes to cost of capital will bring superior performance over the long term, not a firm's free cash flows exceeding expectations in a given quarter.

哈克尔认为，发现资本成本变化的能力将给我们带来卓越的长期投资回报，而不只是企业在某特定季度中自由现金流超过预期的一时惊喜。

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Since these are long-term buy-and-hold investors, this is likely to enhance the stability of capital flows to emerging markets.

由于他们是长期的只买不卖的投资者，这就很可能会加强流向新兴市场的资金量的稳定性。

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However, that is not so of the long-term threat to cross-border capital flows: the changes that regulators make to the landscape for multinational banks, especially in Europe.

ECONOMIST: Globalisation under strain: Homeward bound | The

It does nothing to increase productivity but, to the extent that it distorts capital flows and investment decisions, it wastes our time and savings and reduces our long-term productivity.

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