Leaders Asset Prices: The bull market in everything
领导者 资产价格：全面牛市
Prices are high across a range of assets. Is it time to worry? In his classic, "The Intelligent Investor", first published in 1949,
纵观各类资产，价格已经高高在上。到了担心的时候了吗？在他初版于1949年的经典著作《聪明的投资者》中，
Benjamin Graham, a Wall Street sage, distilled what he called his secret of sound investment into three words: "margin of safety". The price paid for a stock or a bond should allow for human error, bad luck or, indeed, many things going wrong at once.
华尔街圣人本杰明·格林汉姆把他称之为是他的坚实投资之秘密的东西浓缩成了四个字：安全边际（margin of safety 在英语中是三个字，转换为汉语是四个字）。付给股票或者债券的价格应当考虑到人为的错误、糟糕的运气，说白了就是祸不单行。
In a troubled world of trade tiffs and nuclear braggadocio, such advice should be especially worth heeding. Yet rarely have so many asset classes-from stocks to bonds to property to bitcoins-exhibited such a sense of invulnerability.
在一个贸易争端与核武口水战的乱世中，这类建议应当尤其值得听从。然而，还从没有这么多的资产类别——从股票，到债券，到房地产，再到比特币——展示出一种如此不为所动的感觉。
Dear assets are hardly the product of euphoria. No one would mistake the bloodless run-up in global stockmarkets, credit and property over the past eight years for a reprise of the "roaring 20s",
昂贵的资产几乎不是亢奋的产物。无人会把全球股市、信贷和房地产在过去8年中的这种不流血的上涨误认为是"咆哮的20年代"的再现，
or even an echo of the dotcom mania of the late 1990s. Yet only at the peak of those two bubbles has America's S&P 500 been higher as a multiple of earnings measured over a ten-year cycle.
甚或是上世纪90年代末互联网狂热的回响。然而，只有在那两次泡沫的高点上，作为一个以10年期来衡量的盈利倍数，美国的标普500才是更高的。
Rarely have creditors demanded so little insurance against default, even on the riskiest "junk" bonds. And rarely have property prices around the world towered so high.
几乎没有债权人对违约，甚至是在风险最大的"垃圾"债券上，要求了这么少的保障。同时，世界各地的房地产价格也几乎没有这么高过。
American house prices have bounced back since the financial crisis and are above their long-term average relative to rents. Those in Britain are well above it.
自金融危机以来，美国的房地产价格一直在反弹，相对于租金，已经高于其长期平均水平。英国的房地产价格也远在此之上。
And in Canada and Australia, they are in the stratosphere. Add to this the craze for exotica, such as cryptocurrencies, and the world is in the throes of a bull market in everything.
而且，在加拿大和澳大利亚，它们正在同温层之中。再加上对于各种加密货币等新鲜事物的狂热，世界正处于全面牛市的最终阵痛之中。