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The fatal flaw in this logic is that investors believed that these companies - enterprises such as Eastman Kodak and Xerox - were so inherently good that they could (and should) be bought at any price. Of course, this is simply not the case.
这一逻辑的致命缺陷就是投资者认为这些公司如柯达公司和施乐太好了，以什么价格都能（而且应该）买入，当然事实并非如此。
Although a stock trading at a high p/e ratio isn't always overpriced, more often than not, a stock trading at a price-to-earnings ratio of 60x is almost assuredly going to generate a rate of return less than that of a so-called "risk-free" U.S. Treasury bond.
虽然以高市盈率交易的股票并非总是价格偏高，但往往以60x的市盈率交易的股票产生的回报率的确会低于所谓的“无风险”美国国债。
What makes this discussion complicated is:
导致这一问题复杂化的因素是：
First, many inexperienced investors fail to realize that, even though companies like Eastman Kodak went bankrupt, long-term investors still should have walked away with a lot more wealth than they had prior to their investment.
首先，很多缺乏经验的投资者没有意识到即使像柯达这样的公司破产了，长期投资者仍然可以带着比投资之前赚到的更多的钱转移资金。
This can be difficult to grasp if you aren't aware of how dividends, spin-offs, split-off, and even tax loss credits work but it is, nevertheless, the case.
如果你不懂股息、剥离、分拆，甚至抵税是如何操作的，那这个很难掌握，但事实仍然并非如此。
Second, for 20 to 30 years after the Nifty Fifty peaked, the basket of stocks, as a whole, underperformed the market.
其次，Nifty Fifty火爆之后的20-30年间，股票篮子整体市场表现不佳。
However, by the time you started getting into the 30 to 40-year range, the underlying businesses were, in fact, so good that they ultimately ended up beating the market as the core economic engines were so superior they burned off the excess valuation.
然而你买了30-40年之后，这个潜在的投资产品其实也很好，最终能战胜股市，因为核心经济引擎太好了，能消耗掉过剩价值。
Not only that, but the Nifty Fifty would have had better tax efficiency than an index fund. When dealing with excellent businesses, the ghost ship approach, historically, has won in the long-run but how many investors are willing to stick with 30 or 40 years of near total passivity in a lifetime that, for most people, will last only 80 years or so? Again, it's an issue for behavioral economics.
不仅如此，Nifty Fifty比指数基金的税收效益更好，从历史角度来看“幽灵船”的方法针对好的投资产品具有长期优势，但有多少投资者愿意一辈子几乎完全被动地等上30或40年呢？大多数人只能活80岁左右。再强调一下，这是行为经济学的问题。
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