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And this is when you know that Franny really does benefit from Seymour and Buddy's religious education in the same way that Zooey has.
当你们知道弗兰尼已经受益于,西莫和巴蒂的宗教教育,左伊也是这样。
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So this book, Fabozzi, et al.-- Fabozzi, Modigliani, Jones and Ferri-- is a very solid book about financial markets.
所以这本由法博齐等人,包括法博齐,莫迪利亚尼,琼斯以及费里,这是一本关于金融市场的非常完备的书
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Seymour and Buddy want Franny and Zooey to rest at that origin, undistracted by the manifestations of the creation, and know some kind of consciousness of God in that place.
西莫和巴蒂希望弗兰尼和左伊在开端休息一下，不被造物的现象所影响，并且在那个地方知道上帝的意识。
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Modigliani and Miller wrote a famous article arguing that-- what I just said--I just tried to say it in very intuitive terms.
莫迪利阿尼和米勒有一篇非常著名的文章是讲...,刚提过的,我想用直观的词汇来描述
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So, that's the basic insight in Modigliani and Miller, that share repurchase and dividend are really interchangeable; it's just all a conceptual difference.
这即是莫迪利阿尼和米勒命题的内涵,股票回购和分红彼此是可替代的,只是概念上有所不同
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Modigliani and Miller said, we don't care what you do, do whatever you want--it doesn't matter.
莫迪利阿尼和米勒说,怎么做都没关系,想借多少借多少,没有关系
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The other thing that I want to say about Modigliani and Miller is about corporate debt.
我想讲的另一个问题是,莫迪利阿尼和米勒还谈到了公司债务
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The other author, Franco Modigliani--in the book, the second author--was my teacher at MIT.
这本书的另一位作者,弗兰克·莫迪利阿尼,是第二作者,他是我在麻省理工大学的老师
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When Modigliani and Miller wrote, there was a differential tax rate between dividends and capital gains.
莫迪利阿尼和米勒写到,如果在股利和资本收益间,有一个随其他因素变化的税率
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I think the simplest way to understand Modigliani-Miller proposition is the following: imagine that we, as a board, decided to pay a dividend of $5 a share.
理解莫迪利阿尼和米勒命题,最简单的方式是,假设我们构成了一个董事会,决定以每股5美元的比例发放股利
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Well, Modigliani and Miller are leaving the room; they say it doesn't matter.
这里莫迪利阿尼和米勒没有给出解释,他们说这不重要
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They call in Modigliani and Miller and ask, how much should we borrow?
他们给莫迪利阿尼和米勒打电话问,我们该借多少钱呢
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What Modigliani and Miller said, if it's pure dividend policy, then it is totally irrelevant; it means nothing, so companies can do whatever they please-- I don't care.
莫迪利阿尼和米勒的观点是,如果是单纯的股利政策,则与之完全不相关,它没有意义,所以公司可以任意施为,我不在乎
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Modigliani is one of the authors of your textbook along with Fabozzi.
莫迪利阿尼是你们课本的作者之一,另一个是法伯兹
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When Modigliani--this sounds like a very strong proposition about dividend irrelevance.
当莫迪利阿尼...他对股利无关性的表述,听起来有些绝对
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It was--Modigliani and Miller said back then-- this was thirty or forty years ago-- that companies should really not pay dividends because dividends were then taxed at a higher rate than capital gains.
莫迪利阿尼和米勒说在那时候,大概30或40年前,公司不应分配股利,因为对股利征税的税率比对资本收益高
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