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投资美国股票盈利最差10年
2009-12-22来源:和谐英语
即将结束的这个十年，可能是美国股市历史上表现最差的十年。
The U.S. stock market is wrapping up what is likely to be its worst decade ever.
在有记录以来近两百年的历史里，没有哪个从“0”到“9”的十年，股市的表现像21世纪的第一个十年这么凄惨。
In nearly 200 years of recorded stock-market history, no calendar decade has seen such a dismal performance as the 2000s.
不管投资哪里，从债券到黄金，甚至是只把现金藏在被褥下，几乎都比投资股市要好。自1999年年末以来，受两轮熊市的影响，纽约证券交易所的股票每年平均下跌0.5%。
Investors would have been better off investing in pretty much anything else, from bonds to gold or even just stuffing money under a mattress. Since the end of 1999, stocks traded on the New York Stock Exchange have lost an average of 0.5% a year thanks to the twin bear markets this decade.
对于利用股市作为存钱养老首要投资途径的普通美国人来讲，这段时期为他们上了一堂课。
The period has provided a lesson for ordinary Americans who used stocks as their primary way of saving for retirement.
吸引很多投资者进入股市的，是始于上世纪80年代早期的那轮牛市，其涨势不断增强、一直延续到90年代。90年代是史上表现最好的十年，平均每年增长17.6%。但经过90年代之后，股市市值变得过高，企业也削减股息，降低了投资者回报。而在像2008年这样的金融危机中，股市成了一个特别糟糕的投资领地。
Many investors were lured to the stock market by the bull market that began in the early 1980s and gained force through the 1990s. But coming out of the 1990s, the best calendar decade in history with a 17.6% average annual gain, stocks simply had gotten too expensive. Companies also pared dividends, cutting into investor returns. And in a time of financial panic like 2008, stocks were a terrible place to invest.
2009年只剩下两星期。据耶鲁大学金融学教授戈茨曼编制的数据，股市从1999年年末以来的跌势，让刚刚过去的10个年头成了19世纪20年代有可靠股市记录以来股市表现最差的十年。
With just two weeks to go in 2009, the declines since the end of 1999 make the last 10 years the worst calendar decade for stocks going all the way back to the 1820s, when reliable stock-market records begin, according to data compiled by Yale University finance professor William Goetzmann.
这种跌势超过了20世纪30年代的 “大萧条”时期。30年代股市以0.2%的跌幅，成了21世纪以前股市表现最差的十年。最近这个十年的表现，也不及其他经历了金融危机的十年，比如1907年金融危机和1893年金融危机所处的十年。
It edges out the 0.2% decline stocks suffered during the Depression years of the 1930s, which up until now held the title of worst decade. And it is worse than other decades with financial panics, such as in 1907 and 1893.
市场研究公司Ibbotson Associates首席经济学家甘贝拉表示，过去的10年是一个噩梦，表现真的很差。
'The last 10 years have been a nightmare, really poor,' for U.S. stocks, said Michele Gambera, chief economist at Ibbotson Associates.
The U.S. stock market is wrapping up what is likely to be its worst decade ever.
在有记录以来近两百年的历史里，没有哪个从“0”到“9”的十年，股市的表现像21世纪的第一个十年这么凄惨。
In nearly 200 years of recorded stock-market history, no calendar decade has seen such a dismal performance as the 2000s.
不管投资哪里，从债券到黄金，甚至是只把现金藏在被褥下，几乎都比投资股市要好。自1999年年末以来，受两轮熊市的影响，纽约证券交易所的股票每年平均下跌0.5%。
Investors would have been better off investing in pretty much anything else, from bonds to gold or even just stuffing money under a mattress. Since the end of 1999, stocks traded on the New York Stock Exchange have lost an average of 0.5% a year thanks to the twin bear markets this decade.
对于利用股市作为存钱养老首要投资途径的普通美国人来讲，这段时期为他们上了一堂课。
The period has provided a lesson for ordinary Americans who used stocks as their primary way of saving for retirement.
吸引很多投资者进入股市的，是始于上世纪80年代早期的那轮牛市，其涨势不断增强、一直延续到90年代。90年代是史上表现最好的十年，平均每年增长17.6%。但经过90年代之后，股市市值变得过高，企业也削减股息，降低了投资者回报。而在像2008年这样的金融危机中，股市成了一个特别糟糕的投资领地。
Many investors were lured to the stock market by the bull market that began in the early 1980s and gained force through the 1990s. But coming out of the 1990s, the best calendar decade in history with a 17.6% average annual gain, stocks simply had gotten too expensive. Companies also pared dividends, cutting into investor returns. And in a time of financial panic like 2008, stocks were a terrible place to invest.
2009年只剩下两星期。据耶鲁大学金融学教授戈茨曼编制的数据，股市从1999年年末以来的跌势，让刚刚过去的10个年头成了19世纪20年代有可靠股市记录以来股市表现最差的十年。
With just two weeks to go in 2009, the declines since the end of 1999 make the last 10 years the worst calendar decade for stocks going all the way back to the 1820s, when reliable stock-market records begin, according to data compiled by Yale University finance professor William Goetzmann.
这种跌势超过了20世纪30年代的 “大萧条”时期。30年代股市以0.2%的跌幅，成了21世纪以前股市表现最差的十年。最近这个十年的表现，也不及其他经历了金融危机的十年，比如1907年金融危机和1893年金融危机所处的十年。
It edges out the 0.2% decline stocks suffered during the Depression years of the 1930s, which up until now held the title of worst decade. And it is worse than other decades with financial panics, such as in 1907 and 1893.
市场研究公司Ibbotson Associates首席经济学家甘贝拉表示，过去的10年是一个噩梦，表现真的很差。
'The last 10 years have been a nightmare, really poor,' for U.S. stocks, said Michele Gambera, chief economist at Ibbotson Associates.
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