“Even very risky human capital is more bondlike than stocklike, ” Mr. Gordon said. “The question is really, are you more like a junk bond or a Treasury?”

“即使风险非常大的人力资本，也更像债券，而不像股票，”戈登先生说，“实际上的问题是，垃圾债券或国库债券相比，你更像那一种？”

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“Even very risky human capital is more bondlike than stocklike, ” Mr. Gordon said. “The question is really, are you more like a junk bond or a Treasury?”

“即使风险非常大的人力资本，也更像债券，而不像股票，”戈登先生说，“实际上的问题是，垃圾债券或国库债券相比，你更像那一种？”

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