识别到各种类别资产的回报率并非一成不变，也不会随时间而一点一点增长，会按照市值差而发生变化，这些都要加到SAA中去。

Recognising that rates of return on various asset classes are not constant, do not accrue in a smooth manner through time, and vary according to prevailing value gaps should be incorporated into SAA.

youdao

Also, they've paid much more than long-term-- well it's not so different.

同样地，股票也比长期债券回报率高-,但不像短期那样差那么多。

耶鲁公开课 - 金融市场课程节选