管理人员必须要意识到他们所做的几个决定可能涉及到在短期收益与长期投资中进行抉择，在可能的情况下应该尽量选择后者。

Management must realize that several decisions they make may involve selecting between short-term gains and long-term investment and they should try and choose the latter whenever possible.

youdao

除非利率再一次升高，现在放下短期投资吧。考虑长期投资。

But until rates are high again, put aside short-term thinking. Think long-term.

youdao

我们在处理短期问题的同时，也不应牺牲对未来的长期投资。

We must deal with our short-term problems while not sacrificing our long-term investments in our future. When we have a hurricane, we don't cancel the Air Force.

youdao

But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.

当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊

耶鲁公开课 - 金融市场课程节选