Apparently unfazed by disappointing growth in both advanced and emerging economies, or by surging geopolitical tensions in Eastern Europe and the Middle East, equity markets have set record after record this year. This impressive rally has ignored a host of historical relationships, including the long-established correlation between the performance of stocks and government bonds.
即便发达国家和新兴经济体的增长都不如人意，即便东欧和中东的地缘政治危机不断升温，股票市场却似乎不闻不问地屡创新高。这一令人瞩目的走势甚至无视了许多历史性关联，比如股票市场与政府债券两者表现之间的长期关联。事实上，多种不同金融资产类别之间的相关性也呈现出一种非典型，甚至有时不稳定的走势。