Second, many people do see the 7% return on stocks as a reasonable expectation, and would jump at the chance to grab it – plus the opportunity of surprises on the upside – but they do not think that they can afford to run the downside risks. Indeed, the world seems a much more risky place than it seemed five or ten years ago.
第二，不少人把这7%的股票回报看得理所当然，加上有带来意外收入的机会，他们还会急切地抓住机会去取得报偿，但他们不认为自己能抵御负面风险。事实上，世界看起来比五年或者十年前的世界存在更多的风险。现有债务的负担沉重，投资者的主要目标是避损失，而不是求利润。