Asset Prices: The bull market in everything 资产价格：全面牛市

Prices are high across a range of assets. Is it time to worry? 纵观各类资产，价格已经高高在上。到了担心的时候了吗？

In his classic, “The Intelligent Investor”, first published in 1949,  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”. 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）。

The price paid for a stock or a bond should allow for human error, bad luck or, indeed, many things going wrong at once. 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. 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。

Yet rarely have so many asset classes—from stocks to bonds to property to bitcoins—exhibited such a sense of invulnerability. 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. 昂贵的资产几乎不是亢奋的产物。

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”,  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. 甚或是上世纪90年代末互联网狂热的回响。

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. 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. 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。

And rarely have property prices around the world towered so high. 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. 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。

Those in Britain are well above it. 英国的房地产价格也远在此之上。

And in Canada and Australia, they are in the stratosphere. 而且，在加拿大和澳大利亚，它们正在同温层之中。

Add to this the craze for exotica, such as cryptocurrencies, and the world is in the throes of a bull market in everything. 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。