Stocks and bonds do well when the realrateofreturn goes positive.
股票和债券走好时,实际的回报率当然是上升。
2
Gold does well when the dollar is under siege and the realrateofreturn goes negative.
当美元贬值时黄金走好,同时实际的回报率下降。
3
If we assume that American dividends grow in line with GDP, that suggests a real growth rateof perhaps 2.5%, and thus a likely total realreturn of around 4.5%.