????不過，居安思危，考慮一下可能會有什么變化以及最近一波股市上漲會不會戛然而止，這樣做并沒有什么不好。格羅斯說，過去提振市場的因素將開始轉為不利因素，在這一點上他是對的。但這并不意味著市場回報率將長期陷入低迷。利率和通脹的上升往往與經濟加速增長相關，并可能拉動盈利和股市。高通脹時期，股票的表現往往好于債券和其他資產。還記得漂亮50（Nifty 50）股票嗎？它們就出現在上世紀70年代。

????譯者：老榆木

??? Yet, it is plausible to think that is all about to change, and that the market's recent bull run should be coming to the end. Gross is right to say that the things that have boosted the market for so long are about to go against us. But that doesn't mean that we have to have a prolonged period of poor market performance. Rising interest rates and rising inflation are also usually correlated with a faster growing economy, which could also be good for earnings and stocks. Stock do tend to outperform bonds and other assets in times of higher inflation. Remember the Nifty 50. That happened in the 1970s.