What is the present value of that? Well, the first-- each payment we'll call a coupon-- so it pays one pound one year from now.

那么它的现值又是多少呢,首先,每一次支付的数额称为一个券息,从现在开始每一年都要支付一英镑

耶鲁公开课 - 金融市场课程节选

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。

耶鲁公开课 - 金融市场课程节选

We've centralized the note issue in the United States starting in 1913 with the Federal Reserve Board so your notes that you see are called Federal Reserve Notes.

我们在1913年通过联邦储备金监察小组,集中了美国发行的钞票,所以你看到的钞票,叫做联邦储备券。

耶鲁公开课 - 金融市场课程节选

If you have a bond with an interest rate of 4.375% -that's not an easy one to divide by two but you would get half of that every six months until maturity.

如果你持有一种利率为4.375%的债券,这个数除以2有点难算,而在债券到期前,每半年你能得到4.375%一半的券息

耶鲁公开课 - 金融市场课程节选

So, that was called coupon clipping.

所以，这被称为票息剪券。

耶鲁公开课 - 金融市场课程节选

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。

耶鲁公开课 - 金融市场课程节选

It's not forever because it terminates after 2T periods of six-month interval each.

债券不是永续的,券息每六个月为一期,共支付2T期

耶鲁公开课 - 金融市场课程节选

You want to subtract off the value of a perpetuity that starts after 2T, six-month intervals, so this is the present value of the perpetuity that starts after 2T, six-month intervals.

所以就要从永续债券价格里减去,2T期以后,每六月一期券息的贴现值,这部分是永久债券从第2T期后,每半年一期券息的现值

耶鲁公开课 - 金融市场课程节选