And can a major setback ripple into, let's say, the mainstream bond markets or equity markets?

私人市场出现的重大董畅能否波及到主流债券市场或股票市场？

Politicians have already recognised the damage that regulation can do to the vibrancy of equity markets

政治家已经认识到了，这种监管规则对股市活力会造成的伤害。你不听。

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。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。

And so ultimately, equity markets tend to go up over time.

因此最终，股票市场往往会随着时间的推移而上涨。

But how have SPACs fared in equity markets,   especially for ordinary investors?

但 SPAC 在股票市场上的表现如何，尤其是对普通投资者而言？

And they have moved in a different direction to equity markets.

他们已经朝着不同的方向转向股票市场。

Trouble is, it's been the cheapest equity market on planet Earth for 25 years.

问题是，25 年来它一直是地球上最便宜的股票市场。

So when equity markets have fallen, bonds have gone up.

因此，当股市下跌时， 债券就会上涨。

Money cannot wash in and out of an equity market.

金钱无法在股票市场上进进出出。

The amount of money in an equity market is the same.

股票市场上的资金量是相同的。

Japan is by far the cheapest equity market on planet Earth.

日本是迄今为止地球上最便宜的股票市场。

What is worse, the disastrous dive of equity markets in 2008 may have wiped out all the profits that hedge funds have ever generated for investors.

更可恶的是2008股票市场灾难性跳水可能已经把对冲基金为投资者赚的所有利润都抹杀掉了。

Global equity markets have lost about $3tn in value this month, according to data from Refinitiv.

根据 Refinitiv 的数据， 本月全球股市价值损失了约 3 万亿美元。

Warren Buffett's Berkshire Hathaway sold half its stock in Apple during the second quarter, as part of a scaling back from equity markets and towards short-term bonds.

沃伦·巴菲特的伯克希尔哈撒韦公司在第二季度出售了其在苹果公司的一半股份，这是其从股票市场缩减并转向短期债券的一部分。

The trouble is, for the last 10, 15 years or so, they have tended to move in line with equity markets.

问题是，在过去 10、15 年左右的时间里，它们的走势往往与股市一致。

India's equity markets might be thriving right now, but this is new territory for the country.

印度的股票市场现在可能正在蓬勃发展，但这对该国来说是一个新领域。

By turning more to debt instead of equity markets for financing, for instance, they could increase their interest expenses, which would eat into both their book and taxable incomes.

例如，更多地转向债券市场而不是股票市场融资，可能会增加利息支出，这将侵蚀它们的账面收入和应税收入。

India loosens a lot of those economic restrictions, and that makes equity markets way more accessible to everyone.

印度放松了许多经济限制，这使得每个人都能更轻松地进入股票市场。

The purpose in many ways of the, the equity markets is to allocate capital to companies so they can invest and grow.

在许多方面， 股票市场的目的是将资本分配给公司， 以便它们能够投资和发展。

The markets were kind of falling apart, but it was the point at which the equity markets, the stock markets were falling, falling, falling.

市场有点崩溃了，但那时正是股票市场、证券市场下跌、下跌、下跌的临界点。