So why is the MSCI World index of global equities down by more than 10% this year, with emerging markets showing double-digit losses and European bourses shedding more than 20% in dollar terms?

那么，为什么摩根·士丹利资本国际指数今年已下挫逾10%，新兴市场的损失达到两位数，若以美元计价的话，欧洲交易所的市值更是流失了超过20% ？

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For part of last year, the MSCI emerging-markets index was even trading at a higher multiple of earnings than the index of rich-world shares.

去年的一段时间，新兴市场的摩根股价指数(MSCI)甚至超过发达世界，以多种较高的利润进行交易。

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LAST year record amounts flowed into emerging-market equities from rich-world investors, pushing the index prepared by MSCI up by 19%.

去年发达国家投资者购买新兴市场股票的资金创下了历史新高，MSCI(摩根·士丹利国际资本公司)计算的指数一路推高至19%。

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Emerging markets and the MSCI World Index trail and junk bonds show just 1 percent.

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The price ratios of MSCI Emerging Market index stocks and MSCI World Equity are converging, meaning lower beta equity prices are moving in line with higher beta.

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