来自《耶鲁大学开放课程：金融市场 第5集 第5集》
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What we call this is the--I want to emphasize it,我们称之为...我想强调一下 -
I'll write this again--the equity premium puzzle.我再写一次 股权溢价之谜 -
That term was actually coined by economists,这个术语是由经济学家 -
Prescott and Mehra;普雷斯科特和梅拉提出 -
it's now in general use. That is,现在被广泛引用 -
it just seems that stocks so much outperform other investments.这表明股票收益远超其他投资 -
For Jeremy Siegel, in the latest edition of his book,杰里米·西格尔在他最新一版的书中讲到 -
the equity premium is 4% a year since 1802.从1802年开始 股权溢价就是每年4% -
That's almost--no that's more than 100--that's 206 years.那将近 不 超过100年 有206年 -
Why would that be and can you believe that?为什么会是这样 你们相信吗 -
One question that comes up is that maybe--这又产生了一个新问题 -
this is for the U.S. data--这是采用美国市场的数据得出的结果