What they do is they're pricing a portfolio up here and they keep substituting in new ones.
他们的工作是为一个投资组合定价,不停的用新股票进行替代
That's not vicarious. You're not substituting. It's literal.
这不是替代,你并没有进行替换,它是遵循原义的。
You see, you can keep the operations the same whether or not you pay a dividend, if choosing not to pay a dividend means substituting stock repurchase for dividend.
不管你是否支付股利,你公司的运转都不会发生变化,如果不发放股利,那就意味着,以股票回购代替股利分配
I'm just substituting in.
我就是在不停地替代。
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