🎓原文：Why the American stockmarket reigns supreme｜带音频👀来源：经济学人 20241019期
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IF YOU had invested $10,000 in
the American stockmarketat the end of the year 2000 you would have had about $27,000, after adjusting for inflation,
by the end of 2023. If you had invested in global equities excluding America, you would have had only about $16,000. Wall Street’s outperformance
this century has propelled America’s stockmarket to a 61% share of global market capitalisation. ![]()
That has not surpassed the all-time high reached during the 1960s, but it is
close (see chart). And it is close even though America dominates the real
economy far less than it did half a century ago, before the rise of Asian emerging-market giants and the fall of the Soviet Union. America’s share of the global stockmarketis 2.3 times its share of GDP—a ratio that has never been higher.v. 不包括，把…排斥在外
Include：包括
Emerging-market：新兴市场
Emerge：出现，浮现，显露
What accounts for the boom? In part it continues a
long-running phenomenon.
In the 20th century American equities produced a real dollar return of 7% per
year, versus 4.9% in the rest of the world, according to Elroy Dimson of
Cambridge University and Paul Marsh and Mike Staunton of London Business
School. That gap may sound small, but such is the power of compound interest that an investor in only American stocks would haveended the century more than seven times richer
than an investor only in stocks elsewhere.
phenomenon：[fəˈnɑːmɪnən]
n.现象
Such
that：是这样……以至
Such is the power of compound
interest that……，是倒装用法，当such至于句首要到装
High returns are not unique to
America: over the very long run Australian stocks rival American ones. Some
small countries with a few very big companies—such as Denmark, home of the drugmaker Novo Nordisk—can
boast a higher ratio of stockmarketcapitalisationto GDP. What makes America’s stockmarketunique is its combination of enormous size and high returns. Still more striking, its return advantage
over the rest of the world has grown over time.Novo
Nordisk：诺和诺德。丹麦世界领先的生物制药公司，2022年总收入1769.54亿丹麦克朗，同比增长26%，在用于糖尿病治疗的胰岛素开发和生产方面居世界领先地位。
combination：联合，组合
There are two ways for a stockmarketto outperform its rivals, setting aside ephemeral ups and downs (and America’s stockmarketis no more volatile than those of other major economies). One source of high
returns is if the companies comprising the market make more profits. The other is for investors to value those profits
more highly. America’s recent stellar record reflects primarily the latter effect. In a paper last year Cliff Asness,
Antti Ilmanenand Dan Villalonof AQR Capital Management compared the American market with a currency-hedged
index of large-and mid-cap stocks
in other developed countries. They found that once the effect
of rising valuation multiples was stripped out America’s outperformance fell by
nearly three-quarters and became statistically insignificant. Today America’s valuations are
unmatched: the US market trades at 24 times forward earnings, compared with 14
in Europe and 22 in Japan.
adj. 短暂的，瞬息的
Transient：短暂的，转瞬即逝的
comprise：[kəmˈpraɪz]
v. 组成，构成
stellar：[ˈstelər]
adj. 优秀的，杰出的，恒星的。表杰出的词很多了，有outstanding，remarkable，excellent，brilliant等
Large cap：大盘。一般指综合指数，如上证指数
Strip out：剔除，剥除
insignificant：[ˌɪnsɪɡˈnɪfɪkənt]
微不足道的，不足轻重的。
Significant：重要的，极为重要的
“Europeans are so granolaThere are logical reasons for
America’s high multiples. It is home to the world’s “magnificent seven”
technology titans including Apple, Amazon, Meta and Nvidia, making the market
overall much more weighted towards growth stocks—shares in firms that are expected
to be more profitable tomorrow than today, and so naturally are valued at
higher multiples. Europe does have its own group of stockmarketgiants—the so-called “GRANOLA” group, which includes GSK, Roche, Nestle and
Louis Vuitton—but they are mostly consumer-focused companies. Their growth
prospects are not as good as those of the tech giants, at least if optimists
about AI are to be believed. The same goes for Japan’s dominant companies.
Consumer-focused：以消费者为中心的
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