The costs were huge -not just the immediate costs in terms of the move from stocks to bonds.

代价是巨大的,不仅仅是卖掉股票,和买进债券的直接交易成本

耶鲁公开课 - 金融市场课程节选

It's measured by subsequent performance in the amount by which the winner wins equals the amount by which the loser loses, but it costs a lot to play the game.

之后的业绩表现可判输赢,而且赢方赚的钱,就等于输方赔的钱,但是交易本身会产生巨大的成本

耶鲁公开课 - 金融市场课程节选

I bought a number of two-period bonds such that the value of my purchase exactly equals the proceeds that I get from shorting the one period bond, so I've made a zero wealth transaction.

我买入了一定数量的两年期债券,其成本刚好等于我卖空,一单位一年期债券获得的资金,我做的是零成本交易

耶鲁公开课 - 金融市场课程节选