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Most of our real estate exposure is institutional -acquisitions of office buildings -largely in major markets-- central business districts.
我们大多数不动产投资是机构性的,比如主要是在商业中心地区,大量收购写字楼
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On Fifth Avenue when you get to the museum section, I can't think of any businesses.
在第五大道，走进博物馆区，我不会想到任何商业机构。
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Let me start by--the way-- the kind of institution that you probably know relatively little about -or commercial real estate.
首先我要,讲一种,你们不太熟悉的金融机构,或者叫商业地产
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but there you actually have like a collection of all these businesses in one place.
但是你又感觉这像一个商业机构的运营。
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All of the businesses are in Madison Avenue, one block away, parallel.
商业机构都在隔这儿一个街区的麦迪逊大道，它跟这条街是平行的。
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a lot of institutional work where you do music for commercials.
很多机构性的工作，你做音乐只是为了达到商业目的。
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Whenever possible, an ownership vehicle for commercial real estate will have the form of a DPP.
只要有可能,那就用DPP的形式来设立,商业地产的所有权代理机构
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You'd have to be an authorized participant, but if you become an institution you can get authorized to trade in the auction.
只有授权参与商才可以参加,如果你是一个商业机构,你可以获得授权参与交易
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So I'd say, the farther north you go, there's no businesses.
所以我说，你越往北走，就越看不到商业机构了。
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I think that what Paulson and Nason want to do is to create a separate business conduct agency that is aimed at consumer protection.
我认为鲍尔森和内森想做的,就是建立一个独立的商业行为监管机构,来保护消费者。
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So if you want to see businesses on Fifth Avenue,
如果你想在第五大道上看到商业机构，
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They go back to ancient times, but I'm going to talk about some of our modern institutions and I'm going to talk first about discount bonds.
它能追溯到远古时代,不过今天要讲的是现代商业机构的利率,首先要讲的是贴现债券
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There's also commercial real estate, which is smaller than owner-occupied homes, but we own that indirectly too, as a people, through the stocks that we own and through the institutions we participate in.
除此之外还有商业地产市场,它比自有住房市场要小,但人们也可以间接持有商业房产,人们可以通过持有股份,及参加一些机构的方式来持有商业地产
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It doesn't really have commercial businesses.
这里还真没有商业机构。
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I'm going to start out by talking about commercial real estate and the kind of vehicles that we use to invest in commercial real estate.
接着我会讲一下商业地产,以及投资于商业地产的,一类金融机构
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