Volatility looks likely to continue across equity markets in 2012. But the risks we typically care about most are large permanent losses, not volatility. There is a strong case that we do not face a plethora of potential large permanent losses from multi-country investing in emerging markets in 2012. We do from investing in the developed world.
2012年，波動性看上去有可能會在全球所有股市繼續存在。但我們一般最關心的風險是大規模永久性虧損，而非波動性。我們有很好的理由認爲，今年，我們不會在投資多個新興市場方面遭遇過多潛在大規模永久性虧損。而如果投資發達國家股市確實會如此。
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