By issuing debt in exchange for stock, managers bond their promise to pay out future cash flows in a way that simple dividend increases do not.

通过发行股票冲销债务，管理层以一种简单分红所不具备的方式兑现了他们对于未来现金流的承诺。

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In the stock market, regarding the investor, the risk simple said will be to the future income uncertainty.

在证券市场中，对于投资者来说，风险简单的说就是对未来收益的不确定性。

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However, evidence from simple tests suggest the forecast is a mildly (not materially) contrarian indicator of future U.S. stock market behavior.

FORBES: Bear Markets Lead to Bearish Forecasts