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您的投资组合并非百年神奇复利机器

现实世界中投资者的真实体验，是需要应对税收、费用和消费需求的重重考验。

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    • 尽管在1926年至1986年间，理论上的标准普尔500指数能将1美元增值至333美元，但在同一时期，一只共同基金的实际回报可能仅为137美元。
    • 尽管在1926年至1986年间，理论上的标准普尔500指数能将1美元增值至333美元，但在同一时期，一只共同基金的实际回报可能仅为137美元。 图片来源：BLOOMBERG

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    Kenneth Gan

    Published Sat, Mar 14, 2026 · 07:00 AM

    本文由AI辅助翻译

    查看原文

    看一眼美国股市的长期走势图，您可能会希望自己出生在几个世纪前，特别是因为在1871年投资的1美元，到今天已增值至50万美元。

    如果“复利魔法”真如宣传的那样有效，为什么如今的乌节路上没有挤满Raffles时代那些忘记自己持有几股股票的投资者的后代呢？

    答案很简单：金融教科书中的回报率在很大程度上只是数学幻想。CFA协会研究基金会最近发布的一份题为《重探长期股票投资》的报告，将这些神话般的收益形容为“无人能及的回报”。

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