When there was an excess return Teppergaveit back to his investors.

当有超额回报时， Teppergaveit回到了他的投资者。

To see why, start with their excess return over cash-like Treasury bills.

要了解原因，请从它们相对于现金类国库券的超额回报开始。

Best of all for an investor fearing high inflation and low growth, commodity futures had an average excess return of 10% in stagflationary years.

对于担心高通胀和低增长的投资者来说， 最重要的是，商品期货在滞胀年份的平均超额回报率为 10%。