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上世纪70年代美国市场上的漂亮50现象在投资界引起的争议在当时以及现在都让人深思。不同的投资者从不同的角度寻找证据,以期为投资提供方向。也许时间能够给出结论,但是时间也会混淆结论,不同时代的研究者给出完全不同的结论。我们试图翻译几种完全相反的研究结论,供投资者参考,兼听则明。这篇文章是否定性的文章,是针对JeremySiegel教授“TheNifty-FiftyRevisited:DoGrowthStockUltimatelyJustifyTheirPrice?”的文章(注:已于上期刊登)。实际上,否定漂亮50的文章远远超过肯定的文章,否定的文章充斥了上世纪70、80年代的学术以及大众刊物,然而自从JeremySiegel教授的学术文章发表之后,否定漂亮50的文章渐渐销声匿迹,但是2002年加州的Pomona大学经济学系JeffFesenmaier与GarySmith发表了TheNifty-FiftyRe-Revisited,针对JeremySiegel教授的结论提出了质疑。
The controversy caused by the investment community in the beautiful 1950s in the US market in the 1970s was both contemporaneous and present-day. Different investors look for evidence from different perspectives in order to provide direction for investment. Time may give conclusions, but time can confuse conclusions, and researchers of different ages give radically different conclusions. We try to translate several completely opposite conclusions for investors’ reference, and listen carefully. This article is a negative article, directed at Jeremy Siegel professor “TheNifty-FiftyRevisited: DoGrowthStockUltimatelyJustifyTheirPrice?” Article (Note: published in the last issue). In fact, the article deny the beautiful 50 goes far beyond the affirmative. The negative article is full of academic and mass publications in the 1970s and 1980s. However, since the publication of Professor Jeremy Siegel’s scholarly article, the denial of a beautiful 50 article has gradually disappeared, But in 2002, TheNifty-FiftyRe-Revisited, published by Jeff Fesenmaier and Gary Smith in the economics department of Pomona University in California, challenged the conclusion of Professor Jeremy Siegel.