The bond king says stocks are dead.
债券之王"说，股市已死。
Bill Gross, Pimco's co-founder and co-chief investment officer, says stock investors should think again about the age-old 'buy-and-hold' investing mantra. He says consistent, annual returns are a thing of the past.
太平洋投资管理公司(Pimco)联合创始人、联合首席投资长格罗斯(Bill Gross)说，股票投资者应反思"买入并持有"这一古老的投资信条。他说，年年获得收益的时代已经成为过去。
'The cult of equity is dying,' Bill Gross wrote in his August Investment Outlook. 'Like a once bright green aspen turning to subtle shades of yellow then red in the Colorado fall, investors' impressions of 'stocks for the long run' or any run have mellowed as well.'
格罗斯在8月份投资展望报告中写道，投资者对股票的崇拜正在消失；就像在科罗拉多的秋天，翠绿的山杨叶子在不知不觉中变黄然后变红一样，投资者心目中"股票适合长期持有"或不管什么期持有的印象也已减弱。
Gross points out stocks have averaged a 6.6% annual gain on an inflation-adjusted basis since 1912. But he labels that rate of return as an 'historical freak' that isn't likely to be duplicated anytime soon, due to slowing economic growth around the globe. From Gross:
格罗斯指出，1912年以来，股市经通胀因素调整后的年平均回报率为6.6%。但他将这一回报率称为"历史异象"，由于全球经济放缓，这一异象短期内不太可能再次出现。格罗斯认为：
'The 6.6% real return belied a commonsensical flaw much like that of a chain letter or yes
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