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So, we have this security and a ten-year bond would have twenty coupons attached, each with a date on them.
我们持有这样的证券，是十年期的债券,并附有二十张息票，每一个都有日期在上面。
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When the date came, you would cut the coupon off and go to the bank and get your interest payment.
到息日到了以后，你就可以剪下这张息票拿到银行,去兑换利息。
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The ones that are beautiful for framing are the ones that failed, so you can see all the coupons.
那些用来陈列的债券,其实都是违约的,因此你们才能看到息票
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I mean, hypothetically a bond trading at $.60 on the dollar with an 8% coupon, five-year bond that's yielding about 18%.
我的意思是，假设一种债券以0。60美元进行交易,同时有8%的票息，五年期债券收益率在18%左右。
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So, for companies that could pay you back, but their bonds are trading below par, probably because they have a low coupon.
因此，公司也许可以支付你，但是它们的债券只能以低于票面价值交易，很可能是因为他们的票息很低。
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The yield-to-maturity on an indexed bond is already in real terms because the coupons are indexed to inflation.
这种债券的到期收益率,就是实际收益率,因为票息已经被通胀指数化了
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You know what that means when they're framed there on the wall with their coupons still attached?
你知道吗,当债券陈列在墙上,而息票还贴在上面的时候
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So, if a bond was issued when interest rates were lower, they might have a 4% coupon when the prevailing rate is 6%.
所以，如果一只债券在利率很低的时候发行，在汇率为6%的的时候，它们可能有一个4%的票息。
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we'll recover something and, in the meantime, we get this 8% coupon that we get to clip.
我们能够回收一些东西，同时，我们得到8%的票息。
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So, we still call them coupons, but now we don't do it-- we do things electronically.
所以,我们仍然称当期债券利息为"票息",只不过现在我们不这样做了,现在电子化了
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It means the company went bankrupt and never paid; otherwise, the coupons would have been clipped.
这意味着那家公司破产了,无法兑现,否则,息票肯定会被剪掉
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The coupon is expressed as an annual amount; you get half of it every six months.
票息是以年为单位计算的,每六个月获得一半
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If it was a twenty-year bond, there would be forty coupons, one for each six-month period, and each one would have a date on it.
假如是20年债券,会有40张息票,每六个月一张,并且上面会有日期
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We try to be--I think investing is about clipping coupons, about getting cash flow and getting and controlling cash flow, but there are good resellers.
我们试图-我认为投资就是关于获得票息，关于得到现金流,和控制现金流，但是我们也有好的经销商。
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it's clipping coupons and he describes his job as figuring out what the coupon is in an equity and if it's high enough he likes it.
就是获得票息,他形容自己的工作就是,发现在股票中的“票息“是什么,以及“票息“是否能够高到让他满意。
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Some of them have some of the coupons clipped and then they stop and you know that it was bad news when they stopped clipping them.
一些息票被剪下来并兑现了,而随即又停止,当他们停止剪票,这可是坏消息
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There are successful coupon clippers and there are successful securities resellers and they tend to make their money off of the unsuccessful people in the other class.
既有成功的票息剪券投资者,也有成功的债券经销商,他们希望从其他阶层,不太成功的投资者身上赚钱。
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Finally, I just want to say that we have also a kind of bond called an indexed bond, which is a bond whose coupons are indexed to inflation.
最后一点是,一种叫物价指数债券的债券,这种债券的票息被通胀指数化了
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They carry what's called a coupon.
中期国债带有所谓的"息票"
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You don't have to clip coupons anymore.
不必再剪息票了
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he says, all investing is about coupon clipping and the difference between equities and bonds are that bonds come with a coupon that's known and equities have earnings in the future that you don't know.
他说，所有的投资都是关于票息剪券的,股票和债券的区别是,债券有确定的票息,而股票的收益发生在未来,你是无法确定的。
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So, that was called coupon clipping.
所以，这被称为票息剪券。
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If you want to see bonds as they used to look, with their coupons, there are a number of them at the International Center for Finance down the street here with their coupons still attached.
如果你想看传统带有息票的债券,还有很多在,沿着路走就到的,国际金融中心,那还有许多贴有息票的债券
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We still call them coupons.
我们仍把当期债券利息叫做"票息"
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What you used to do is, every six months you'd pull out your bonds and you'd clip the coupons with a pair of scissors; you take them to a bank and they would give you cash for your coupons.
过去,你每六个月从你的债券上,用剪刀剪下息票,把它拿到银行,用息票兑换现金
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We try to clip coupons.
我们试图获得票息。
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Now, there's the other side of the stock going up and we have to think about how much that can cost us and whether our coupons are enough and whether the difference between the $.60 that we paid is apt to cover that.
现在，如果相反，股票价格上升,那么我们必须考虑这会花费我们多少,以及我们的票息,和我们付出的0。60美元的价格和,是否能够恰好冲抵它。
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Now, you have to understand that when you buy a bond, if you buy it at issue, you get the first coupon in six months, the second coupon in one year, the third coupon in eighteen months, and the last coupon you get at the maturity date.
你们需要了解,如果在发行时就购入债券,六个月后会得到第一笔票息,一年后第二笔,18个月后第三笔,到期时得到最后一笔票息
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The reason they call them coupons is that, in the old days, you used to actually--when you bought a bond, there would be a piece of paper and the piece of paper would have attached to it a lot of little coupons that you would clip.
这里被称作"票息"的原因是,在过去,当你买了债券的时候,会有一张纸,那张纸上附带了许多,你能剪下来的小纸票
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Now, another Wall Street tradition is that bonds pay a coupon; they pay C/2 every six months.
另一个华尔街的传统是,长期债券要支付票息,每六个月支付C/2
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