中英文本

In place where it has been long absent, it is hard to remember what a curse inflation is. In other places, it is hard to forget it. Take Zimbabwe.
在长期没有通货膨胀的地方，很难记得通货膨胀诅咒是什么p3K0SP+WaHaY。在其他地方，则很难忘记+U[-^!!2DS。例如，津巴布韦fr~fpOyPQ.YpP。
In 2008 it suffered an inflation rate in the squillions. Prices doubled every few weeks, then every few days.
在2008年，津巴布韦遭遇巨额通货膨胀2ZfcEl6eb1.+!2xAt。每隔几周价格就翻一番，然后是每隔几天!a#8YiXviCU*aWNp。
Banknotes were so much confetti. Some people turned to equities as a store of value. A share purchased on Monday might be sold on Friday.
钞票就像是五彩纸屑9K-mW-mPWo4cRQ+!z2G。有些人转而把股票做为一种价值储存手段Z])hMXrprRezi9W-4。周一买进的股票，可能在周五就被卖掉KZnN]=k^WT*jrMbh#Y=a。
Harare's stock exchange was almost like a cash machine.
哈拉雷的证券交易所几乎就像是一台自动提款机n@iW1qz-uy。
In principle, equities are a good hedge against inflation. Business revenues should track consumer prices; and shares are claims on that revenue.
原则上，股票是一种很好的对冲通货膨胀的手段0W91Rs^u3SOulZM。企业收入应该遵循消费价格；股票是对该收入的索赔DHfH%;ZH;7。
In some cases, they may be the only available hedge. Iran, for instance, has had one of the better performing stockmarkets,
在一些情况中，它们可能是唯一可用的对冲手段_AvxJ9FK~(wa[6ZkqE&u。例如，伊朗拥有表现较好的股票市场之一，
because locals have sought protection from inflation. Sanctions make it dangerous to keep money offshore.
因为当地居民从通货膨胀中寻求保护uKEfHkWFqTx~6%qeq[-e。制裁使得将资金存放海外变得危险65s%pSoc4mGN!。
Rich-country investors have a different sort of headache. Though the immediate outlook is for inflation to stay low, it could plausibly pick up later on.
富裕国家的投资者则有另一种头疼的问题b2yRs960e)zsgqmuN。尽管当下的前景是通货膨胀保持在低位，但它很有可能会在随后回升z=cZOB]RXylF0。

If it does, edge cases like Zimbabwe or Iran are a bad guide. The link between inflation and equity returns is not straightforward.
如果回升，那么像津巴布韦或伊朗这样的极端例子就会成为一个糟糕的导向HI5)Q0,%.ycfYz。通货膨胀和股权收益之间的关系并不简单s!1o+Z+uQK96&Nej。
Stocks are a decent inflation hedge in the long run. But over shorter horizons, there is an inverse relationship.
从长远来看，股票是一种不错的通货膨胀对冲工具Xo1tx,ewxrM。但在较短时间内，呈相反关系~cEHd#A_W^J。
Rising inflation is associated with falling stock prices, and vice versa.
通货膨胀上升与股价下跌相关，反之亦然-O0H#tSGRS[5R。
Start with the evidence that stocks beat inflation over the long haul. In the most recent Credit Suisse global investment returns yearbook,
第一个证据是，从长远来看，股票表现优于通货膨胀B5v4gcgUTt。 在瑞士信贷集团近期的长期调查《全球投资回报年鉴》中，
a long-running survey, Elroy Dimson, Paul Marsh and Mike Staunton show that global equities have returned an average 5.2% a year above inflation since 1900.
Elroy Dimson、Paul Marsh以及Mike Staunton发现，自1900年以来，扣除通胀因素，全球股市平均每年的回报率为5.2%amg|^D[zMxj=7ZN。
You may quibble that the survey covers the sorts of stable places that have had a long run of stock prices in the first place, such as Britain and America.
你或许会辩称，这项调查涵盖了那些股票价格长期稳定的国家，比如英国和美国QRwU0A7dQitr_X^3.2。
Even so, the finding fits with intuition. When you buy the equity market, you buy a cross-section of a country's real assets.
即便如此这一发现符合直觉%E)k8nE4tjQ9)oEKx=QK。当你购买股票市场时，你购买的是一个国家实际资产的一个截面)-+!RY%RZ#CkSXr=。
Yet stock investors still need to be mindful of inflation.
但股票投资者仍需要警惕通货膨胀upB1xro_]W*I。
Markets tend to put a lower value on a stream of cash flows when inflation rises; and a higher price on cash flows when it falls.
当通货膨胀上升时，市场倾向于降低现金流的价值；当通胀下降时，则会抬高现金流价值zxhsf)7.G&#.7。

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词语解释

1.straightforward 简单的

All of these things are very straightforward.
所有这些都很简单8pKpRZeYZVK。

2.vice versa 反之亦然

I saw China embracing the world and vice versa.
我看到中国在拥抱这个世界，而世界也进一步的接受中国UQ1x4yr^bWNlyUo2。