If you divide the 20th century into quartiles, the period when the initial yield gap was highest (ie, bonds yielded more than cash) saw a subsequent ten-year real return from gilts of just 0.3%.

如果你把二十世纪分成四个时期，初始收益差最高的时期(例如，债券比现金收益大)之后会遇到十年金边债券净收益只有0.3%的情况。

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When gold was up by more than 20% over a five-year period, the median return from large-cap American stocks in the same era was just 2.1%.

当金价在5年内增长超过20%，美国大盘股的同期中位回报只有2.1%。

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In return, regulators agreed to go slowly: banks will implement Basel 2 over a three-year transition period, during which time capital levels are not allowed to fall by more than 15% in total.

作为回应，管理者们同意缓步施行（该协议）：银行将在三年的过渡期中履行巴塞尔协议，并且在这期间资本级在整体上不允许下降超过百分之十五。

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If stocks wind up the decade having returned 8% a year since the low in March 2009, the corresponding 20-year return would equal the worst 20-year period for stocks in history, 1929 to 1949.

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In other words, the longer than 1-year holding period, the return of 100% of the initial capital to the limited partners, and the full and equal risk that managers take alongside their limited partners (plus it is common for the managers to put some of their own money into the fund) all justify carried interest treatment as a capital gain.

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When gold was up by more than 20% over a five-year period, the median return from large-cap American stocks in the same era was just 2.1%.

ECONOMIST: Buttonwood