Picture a bond investor who started his career in the 1960s. Last year, after the bankruptcy of Lehman Brothers, nearly every extra cent he had built up by taking credit risks was wiped out. Now, a year later, most of those “excess returns” – the amount of money made relative to sticking money in government bonds – have actually been gained back.
想像一個從上世紀60年代開始其職業生涯的債券投資者。去年雷曼兄弟(Lehman Brothers)破產之後，他通過承擔債券風險積攢的所有額外財富幾乎損失殆盡。一年之後的今天，這些「超額回報」——相對於將資金投入政府債券而多掙的那些錢——實際上大多數又都賺回來了。
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