So, why don't we set up a company that creates a portfolio like that and investors can buy into that portfolio.
那么,为什么我们不设立一家公司,专门创造这样的投资组合,然后投资者们再将这些投资组合买进呢。
But if they default, you can buy them at $90 and if they can't file their financial statements, you're entitled to par.
但是如果他们违约了,你可以在90美元买进0,但是如果他们没有发布他们的财务报表,你有权以票面价值购进。
That if people thought that the stock was underpriced well people would buy more of it in the price would have risen already.
如果人们认为股票的价格较低,人们就会买进股票,价格就会增高。
spent a lot of time and effort kind of figuring out what is it that people will want to buy next week.
他花费了很多的时间和精力来研究,人们想要在下个星期买进什么。
The costs were huge -not just the immediate costs in terms of the move from stocks to bonds.
代价是巨大的,不仅仅是卖掉股票,和买进债券的直接交易成本
It's a little different if they buy-- suppose you own a hundred shares and they declare a 5% cash dividend,then you get $5.
但又有些不同,如果他们买进...,假设你有一百股股票,他们宣布发放5%股利,你拿到五美元
You, as an individual, can call up your broker and say, I want to buy Google shares.
你作为个人,可以给经纪人打电话说,我想买进谷歌的股份
Buying them tends to push up the price; that tends to influence the yield down so it encourages a lower level of interest rate.
买进它们,导致价格上升;,导致参数降低,所以它鼓励一个低的利率水平。
Systematically, investors are buying after things have gone up, selling after they've gone down, and the problem is most severe in those funds that show the greatest volatility.
投资者都一窝蜂似的,上涨之后才买进,下跌之后才卖出,对于波动最大的那些基金,问题更严重
You might say, well how can Google buy Google?
你可能会问,谷歌可以买进谷歌吗
But Larry Paige at Google can call up a broker-- he better get the board's permission-- somebody at Google can call up a broker and make the same statement: we want to buy Google shares.
但是谷歌的拉里·佩奇也给经纪人打电话,当然要经过董事会允许,谷歌的某个雇员可以给经纪人打电话,然后做出同样的买入要求,我们想买进谷歌的股份
What they did instead of just-remember the Federal Funds Rate is a target interest rate that the Fed attempts to hit through buying and selling treasury bills in the U.S. or in other countries buying and selling government bonds to affect the market.
他们真正做的事-记住,联邦资金利率是,美联储试图通过在美国,买进和卖出国库券,或在其他国家买进和卖出政府债券,来影响市场的目标利率。
for the most part, if stocks have done much better if you've bought them at a point that looks cheap on that graph than one that looks expensive.
如果你做得很糟糕的话-多半情况下,you've,done,poorly,if—,如果你通过市场曲线图,在看上去比另外一个时间点便宜的时候买进它们,而股票又表现得非常好。
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