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一旦中国城镇家庭人均收入由过去高增长期回落到较低增长期,内地楼价便进入下调期。如你在1929年投资美股,到1982年8月为止,53年内投资回报不足300%(每年少于4%)。如你在1982年8月至2007年10月投资美股,25年内投资回报1500%!1982年到2007年,即股价上升15倍的25年,上市公司纯利只上升3倍、美国个人收入只上升1倍!钱从何来?1982年美国人借贷相
Once the per capita income of urban families in China has dropped back to a relatively low growth period from the high growth period in the past, the property prices in the Mainland have entered a downward adjustment period. If you invested in US stocks in 1929, as of August 1982, the investment returns in less than 300% (less than 4% per annum) in 53 years. If you invested in the US stock market from August 1982 to October 2007, the investment return will be 1,500% within 25 years! From 1982 to 2007, that is, the share price rose 15 times in 25 years, the net profit of listed companies only increased 3 times and the U.S. personal income only increased 1X! Where do the money come from? The Americans borrowed in 1982