Low real long-term rates mean that any long-term asset that pays, say, $100 a year in real terms would have been worth a real $1,429 in 1984, when it yielded 7%, but would have to be worth a real $5,000 now, when it yields just 2%. A decline in long-term rates of such magnitude would thus appear to imply massive price inflation for real assets, justifying the high prices we are in fact seeing.
低实际利率意味着任何长期资产，如果年实际收益为100美金，那么在1984年按收益率7%计算的实际价值是1429美金，但同样的收益按今天仅2%的收益率计算，则其实际价值必须是5000美金。因而如此大幅度的长期利率下跌似乎意味着实际资产的价格膨胀，从而解释了我们现今所见的高价格。