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One day in 1985 P. J. O'Rourke, an American humourist, invited a few friends to his home to take ecstasy. He wrote about the experience for Rolling Stone.
1985年的某天美國幽默家奧羅克邀請了幾位朋友去他家嗑藥。他將此次經(jīng)歷寫下來交給了滾石樂隊。
For a veteran of the Age of Aquarius, the side-effects of recreational drugs—
對于和平時代的一名老兵而言，軟性毒品的副作用—
the frequent toilet trips; the grimy feeling on the skin; the fitful sleep later on—were familiar. It was all rather underwhelming.
尿頻；感覺身上臟兮兮的；然后時睡時醒—大同小異。都相當(dāng)無趣。
"Drugs are a one-man birthday party," he explained. "You don't get any presents you didn't bring."
“毒品是只有一個人參加的生日派對，”他解釋道。“你不帶就沒有禮物。”
Those who make a living navigating financial markets might understandably be reaching for the happy pills, or at least a couple of painkillers.
以操縱金融市場為生的那些人或許會拿一些逍遙丸，或者至少是要兩三片止疼藥。
For them, 2018 was a rotten year. Stockmarket losses were spread widely across the globe.
對他們來說，2018年是糟糕的一年。股票市場損失蔓延全球。
The total return—capital gains or losses plus dividends—from the S&P 500 index of leading American shares was negative for the first time in a decade.
根據(jù)標(biāo)準普爾500指數(shù)，今年美國股市總收益（資本收益或損失加上股息）首次呈負數(shù)。
Other markets were worse, notably China's, where the Shanghai index fell by a quarter. Safe assets eclipsed risky assets.
其他市場更糟糕，尤其是中國股市，上證指數(shù)下跌四分之一。安全性資產(chǎn)使風(fēng)險資產(chǎn)黯然失色。
Treasury bonds outperformed stocks. There were worse places to be than in gold, and few better than in cash.
國庫債券表現(xiàn)優(yōu)于股票。還有比黃金表現(xiàn)糟糕的市場，很少有市場的表現(xiàn)優(yōu)于現(xiàn)金。
The source of much of the red ink is concern about the world economy.
赤字的源頭關(guān)乎世界經(jīng)濟。
China's economy is weaker; there are growing fears of a recession in America this year.
中國經(jīng)濟更加疲弱；今年對美國衰退的恐懼日益增長。
Yet the truly far-sighted investor can see through such ups and downs.
但真正有遠見的投資者可以識破這些起起伏伏。
Indeed for people with a long-term saving goal, such as retirement or children's college fees, there is an upside to falling stock prices.
確實，對于那些有長期儲蓄目標(biāo)（如退休或孩子的大學(xué)學(xué)費）的人來說，股票下跌有一個優(yōu)勢。
Over the business cycle, stockmarket returns are also like Mr O'Rourke's one-person birthday party.
在商業(yè)周期中，股市收益也像是奧羅克先生一個人的生日聚會。
Bad returns today imply better returns in the future and vice versa.
今天的不良收益暗示著未來更好的回報，反之亦然。
For those looking to build their stockholdings through recessions and recoveries, falling asset prices are good news.
對于那些指望通過經(jīng)濟衰退和恢復(fù)持股的人來說，資產(chǎn)價格下跌是個好消息。
That is not everyone. If your job is to manage other people's money, you have probably just had a terrible 12 months.
這并不適合每一個人。如果你的工作是管理別人的錢，那么這12個月你或許過得很煎熬。
It is not just that fund-management fees are typically a fixed proportion of asset values and so lower prices mean lower earnings (though there is that).
不僅僅是因為資金管理費用占資產(chǎn)價值的固定比例，因此更低的價格意味著更低的收入（雖然確實如此）。
There is also the sense of futility. Such professionals give a lot of thought to asset allocation—
還有一種無助的感覺。這些專業(yè)人員給出了很多關(guān)于資產(chǎn)配置建議—
how much should go into stocks or bonds; how much in America or elsewhere.
買多少股票或債券；在美國或其他地方投多少。
For all that effort, vanishingly few allocations did better than your grandmother's bank account.
付出所有努力之后，你的大部分配置款還沒有你祖母的銀行存款多。
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