财税茶座

经济学人： Y oung investors , as well as everyone starting to save, have no shortage of lessons to learn. The main ones are classics. Begin early to give the magic of compounding time to work. Cut costs to stop that magic from being undone. Diversify. Do not try to time the market unless it is your job to do so. Stick to your strategy even when prices plummet and the sky seems to be falling in. Do not ruin it by chasing hot assets when the market is soaring, others are getting rich and you are getting jealous. 年轻的投资者以及每个开始储蓄的人都不乏值得学习的教训。主要的都是经典。尽早开始，以发挥复利工作时间的魔力。削减成本以防止这一魔力被破坏。多样化。不要试图把握市场时机，除非这是你的工作。即使价格暴跌、天塌下来，也要坚持你的策略。不要在市场飞涨、别人发财、你嫉妒的时候追逐热门资产，毁了你的策略。 To this time-worn list, add an altogether more dispiriting lesson specific to today’s youngsters: you will not enjoy anything like the returns your parents made. Even accounting for the global financial crisis of 2007-09, the four decades to 2021 were a golden age for investors. A broad index of global shares posted an annualised real retur

  I n 1790 america’s   finances were in a precarious state: debt-servicing costs were higher than revenues and government bonds traded at 20 cents on the dollar. Alexander Hamilton, the country’s first treasury secretary, wanted a deep and liquid market for safe government debt. He understood the importance of investor confidence, so proposed honouring all debts, including those of states, and offering to swap old debt, at par, for new bonds with a lower interest rate. This was controversial. Shouldn’t speculators who picked up cheap debt in secondary markets be paid less? Yet Hamilton could not be swayed: “When the credit of a country is in any degree questionable, it never fails to give an extravagant premium, in one shape or another, upon all the loans it has occasion to make.” 1790 年，美国的财政状况岌岌可危：偿债成本高于收入，政府债券的交易价格为 20 美分。该国第一任财政部长亚历山大·汉密尔顿希望为安全的政府债务建立一个有深度且流动性强的市场。他了解投资者信心的重要性，因此提议兑现所有债务，包括各州的债务，并提出将旧债务按面值换成利率较低的新债券。这是有争议的。在二级市场获得廉价债务的投机者不应该得到更少的报酬吗？然而汉密尔顿无法动摇：“当一个国家的信用出现任何程度的问题时，它