An investment of ¥1,000 in Japan’s Nikkei index would have grown to ¥1,270 over the past 30 years. Meanwhile, $1,000 invested in the US’s S&P 500 would now be worth $8,600. Visit both countries and you might be puzzled that the share price performance of companies could be so mediocre in one and so successful in the other. I am not advocating the state of a country’s public transport system as a reliable investment guide. But the efficiency and cleanliness of Narita airport and the trains into Tokyo contrast dramatically with the shambles of New York’s Newark airport and the city’s oft-vandalised subway.
向日本日经指数(Nikkei)投资1000日元，在过去30年里会增值到1270日元。与此同时，若向美国标准普尔500指数(S&P 500)投资1000美元，现在将价值8600美元。访问这两个国家，你可能会感到困惑，为什么一个国家的公司股价表现如此平庸，而另一个国家的表现却如此成功。我并不是提倡将一个国家的公共交通系统状况作为可靠的投资指南。但成田机场和通往东京的列车的效率和清洁，与纽约纽瓦克机场的混乱和经常被破坏的地铁形成了鲜明的对比。