Suppose you are a naive investor and you say, okay I'm going to invest in companies' paper, which is their promise to pay --their IOU.

假如你是一个菜鸟投资者,想投资于这些公司的债券,债券就是他们的偿还凭证或者说欠条

耶鲁公开课 - 金融市场课程节选

Well, in '26, the-- i've shorted the one-period bond and so I have to pay out one dollar, but that's exactly what I wanted to do.

6年 我卖空的一年期债券到期了,我需要偿还一美元,不过这恰是我要做的

耶鲁公开课 - 金融市场课程节选