Suppose you had placed a long-term bet on financial equities in 1900, along with a short bet on general equities – in effect a gamble on whether the UK financial sector would outperform the market. For the first 85 years, this would have been a very uninteresting gamble, generating an average return of only around 2% a year.
假设你在1900年对金融类股票投下了长期赌注，同时对一般股票下了短期赌注——实际上这就成了一场关于英国金融产业能否比市场其他行业表现得更为出色的赌博。在起初的八十五年间，这场赌博会显得索然无味，年平均回报率仅在2%左右。