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

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

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