Stocks and bonds do well when the real rate of return goes positive.

股票和债券走好时，实际的回报率当然是上升。

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Gold does well when the dollar is under siege and the real rate of return goes negative.

当美元贬值时黄金走好，同时实际的回报率下降。

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If we assume that American dividends grow in line with GDP, that suggests a real growth rate of perhaps 2.5%, and thus a likely total real return of around 4.5%.

如果我们假设美国股息收益率会和GDP同样速度增加，那么实质增长率可能达到2.5%，因此总体实质回报会在4.5%左右。

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Those born right after World War II will earn, on average, a 2.4% real rate of return.

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T-bills yield a negative real rate of return now and 10-year Treasuries yielding 4% don't light my fire.

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T-bills normally yield a 1% real rate of return.

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