This is the measure of output (taken as operating profit after tax and some other adjustments) less input (taken as the annual rental charge on the total capital employed, both debt and equity).

这种方法是用产出（这里表示扣除营业税以及做了其他调整的营业净利润）减去投入（这里表示年度总投入资本，包括负债和权益）。

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The markets have mechanisms for making rational adjustments to equity research that is compromised, too optimistic or both.

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Equity returns before valuation adjustments are a function of earnings growth (which have their root in GDP growth) and dividend yield including stock buybacks.

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For instance, you may not have chosen to act, but the 2007-2009 equity bear market was a slow-moving train wreck where you had ample time to make adjustments, even if you had already seen a meaningful decline in your equity portfolio.

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