What these do is they insure the bond-- they insure the investor against the municipality failing to pay on the bond.

他们的业务是为市政债券保险,他们确保政府当局,有能力向投资者进行赔付

耶鲁公开课 - 金融市场课程节选

I showed them the slide that I just showed you, showing the optimal portfolio, and then I looked at the Norwegian Government's position.

我还给他们展示了刚刚给你们放的幻灯片，就是展示最佳投资组合的那张，然后我查看了挪威政府现在的资产状况。

耶鲁公开课 - 金融市场课程节选

The principle is that you have to require that the information be given to the investor.

关键在于政府必须要求,确保这些信息告知投资者

耶鲁公开课 - 金融市场课程节选

Now, the problem is that if you invest in bonds from some state or local government, they might not pay you back; they can just go bankrupt.

现在的问题是如果你投资了,州或者地方政府发行的债券,他们可能无法支付,他们可能会破产

耶鲁公开课 - 金融市场课程节选

We went to Norway to discuss the--with the Norwegian Government-- their portfolio.

我们去挪威与挪威政府-,讨论他们的投资组合。

耶鲁公开课 - 金融市场课程节选

Another way of putting it, the government is effectively saying that unaccredited investors are free to invest in corporations that invest in real estate and they're subject to the corporate profits tax.

换句话说,实际上政府允许,非可信投资者自由投资,那些投资房地产的公司,只是他们必须上缴公司所得税

耶鲁公开课 - 金融市场课程节选

But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.

当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊

耶鲁公开课 - 金融市场课程节选

You don't see advertisements for participation in commercial real estate like this because the government would be on their backs if they did it.

你不会看到,投资商业地产DPP的广告,因为如果这样,政府会陷入困境

耶鲁公开课 - 金融市场课程节选