Инфляция и инвестиции - текст из Investopedia с русскоязычными эквивалентами сложных фраз

When it comes to inflation, the question on many investors' minds is: "How will it affect my investments?"

The impact of inflation on your portfolio depends on the type of securities (ценных бумаг) you hold. If you invest only in stocks (акции), worrying about inflation shouldn't keep you up at night. Over the long run, a company's revenue (выручка) and earnings (здесь: фактический доход) should increase at the same pace (такими же темпами) as inflation. The exception (исключением) to this is stagflation. The combination of a bad economy with an increase in costs is bad for stocks. Also, a company is in the same situation as a normal consumer - the more cash it carries, the more its purchasing power decreases with increases in inflation.

The main problem with stocks and inflation is that a company's returns tend to be overstated (прибыль обычно преувеличивается/завышается). In times of high inflation, a company may look like it's prospering (процветающей), when really inflation is the reason behind the growth. When analyzing financial statements (финансовую отчетность), it's also important to remember that inflation can wreak havoc (нанести серьезный ущерб) on earnings depending on what technique (методы) the company is using to value inventory (для оценки товарно-материальных запасов).

Fixed-income investors are the hardest hit by inflation (по инвесторам, вкладывающим в инструменты с фиксированным доходом инфляция ударяет больше всего). Suppose that a year ago you invested $1,000 in a Treasury bill (казначейский вексель) with a 10% yield (доходностью). Now that you are about to collect the $1,100 owed to you (должны будете забрать причитающиеся вам 1100), is your $100 (10%) return real? Of course not! Assuming (исходя из того, что) inflation was positive for the year, your purchasing power has fallen and, therefore, so has your real return. We have to take into account (принимать в расчет) the chunk ([ту] часть, [которую]) inflation has taken out of your return. If inflation was 4%, then your return is really 6%.

This example highlights (ставит акцент на/обращает внимание на) the difference between nominal interest rates and real interest rates. The nominal interest rate is the growth rate of your money, while the real interest rate is the growth of your purchasing power. In other words (иными словами), the real rate of interest is the nominal rate reduced by (уменьшенная на) the rate of inflation. In our example, the nominal rate is 10% and the real rate is 6% (10% - 4% = 6%).

As an investor, you must look at your real rate of return. Unfortunately, investors often look only at the nominal return and forget about their purchasing power altogether.