Here are some things we know. We know that long-term stock market returns are utterly unrelated to economic growth. Instead, they are related to the price at which you buy your stake. Buy when it is cheap and history tells us you will make good long-term returns. Buy when it is expensive and history tells us you won’t.
我們知道幾件事情。我們知道，股市的長期回報率跟經濟增長之間沒有絲毫關系。相反，真正有關系的是買入價。歷史表明，在股價便宜時買入，將收獲豐厚的長期回報；在價格昂貴時買入，回報就沒有那么高了。
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