Once the motivation tide begins to shift, that's when you get the real returns off resources and tools.

一旦动力的浪潮开始涌动，你才能真正获得来自资源与工具的回报。

So for investors, this means you can get a high real return by owning the assets in these regions.

所以对于投资者来说，这意味着你可以通过拥有这些地区的资产来获得很高的实际回报率。

The real returns on bank deposits were negative.

银行存款的实际回报率为负数。

But they say they favour writing down bank debt, slightly higher inflation and “financial repression” (imposing lower real returns on creditors) over immediate austerity.

不过，与立即采取紧缩正常相比，他们更倾向于减记银行借债、适度的通货膨胀以及“财政压制”（从而为债权人带来较低的实际收益）。

And if you are in an environment where inflation is going up, the real return on that bond will go down.

如果你处于通货膨胀上升的环境中，该债券的实际回报将会下降。

If you think you're only gonna get 6 and 7 per cent real return, that's a big chunk of your annual return.

如果你认为你只会获得 6% 和 7% 的实际回报，那将是你年回报的很大一部分。

They show that globally, between 1900 and 2022, both stocks and bonds beat inflation handily, posting annualised real returns of 5% and 1.7% respectively.

他们表明，在全球范围内， 从 1900 年到 2022 年， 股票和债券都轻松战胜了通胀，年化实际回报率分别为 5% 和 1.7%。

I still have a few lingering worries about the valuation of stocks, I now get a real return on a credit risk-free treasury bond portfolio.

我对股票的估值仍有一些挥之不去的担忧，我现在从无信用风险的国债投资组合中获得了真正的回报。

If you're in Riyadh and you look at your portfolio of relationships in the past, you know, four, five decades going from Pakistan to North Africa, what you see is that there is no real return on investment.

如果你在利雅得，看看你过去的关系组合，你知道，从巴基斯坦到北非有四、五年的时间，你看到的是没有真正的投资回报.