You might imagine that a low ratio was nothing to worry about: add in capital gains-the savings a rising asset market bestows-and the ratio looks healthier.

• 你可能认为一个比较低的比率无需大惊小怪：把资本利得（注5）加进去--资本牛市带来的储蓄--这样这个比率看起来就漂亮多了。