巴菲特：通货膨胀是如何欺骗股票投资者的(原文how inflation swindles the equity investor).pdfVIP

How Inflation Swindles the Equity Investor The central problem in the stock market is that the return on capital hasn´t risen with inflation. It seems to be stuck at 12 percent. by Warren E. Buffett, FORTUNE May 1977 It is no longer a secret that stocks, like bonds, do poorly in an inflationary environment. We have been in such an environment for most of the past decade, and it has indeed been a time of troubles for stocks. But the reasons for the stock markets problems in this period are still