So, they are selling widgets or whatever and making money-- the value of the company is the present value of that cash flow.

不管通过什么方式赚钱,即便卖小商品...,公司的价值等于现金流的现值

耶鲁公开课 - 金融市场课程节选

After we took some from these guys, we decided that it is OK to go a few months in cash flow negative while... But very barely cash flow.

当风险投资资金到位之后，有几个月现金流出现负值也可以接受,但其实没有什么现金流。

斯坦福公开课 - 扎克伯格谈Facebook创业过程课程节选

But the very, sort of, nature of being an institution constrains almost everybody whether it's, in our case, all our investors have thirty-day liquidity.

但是，投资机构的本质在一定程度上束缚了,它所处市场里的每一个人，在我们的案例中，我们所有的投资者都拥有强大的现金流。

耶鲁公开课 - 金融市场课程节选

They can--in mutual funds, it's daily liquidity, but their investors tend not to be as wide-awake.

他们可以-在共同基金中，保证日常的现金流，但是它们的投资者似乎不愿意一直保持清醒。

耶鲁公开课 - 金融市场课程节选

We try to be--I think investing is about clipping coupons, about getting cash flow and getting and controlling cash flow, but there are good resellers.

我们试图-我认为投资就是关于获得票息，关于得到现金流,和控制现金流，但是我们也有好的经销商。

耶鲁公开课 - 金融市场课程节选

You might see them on the site and we just keep our operating expenses low so far and by doing that, we've been able to stay cash flow positive for basically the entire existence of the company.

在网站上可以看到,我们一直保持低成本运营，这样可以使得现金流的流入大于流出,自公司创办以来都是这样做的。

斯坦福公开课 - 扎克伯格谈Facebook创业过程课程节选

What happens then in--that's in 1925, so there's no cash flow at all.

之后1925年会发生什么呢,没有任何现金流

耶鲁公开课 - 金融市场课程节选

How do you ever get a hold of cash flow?

你怎么能够拿到现金流？

耶鲁公开课 - 金融市场课程节选

So that means what is the stream of payments?

这引出下个问题,债券收益的现金流是怎样的

耶鲁公开课 - 金融市场课程节选

The price is just the present value of that stream, discounted at the interest rate.

债券的价格就是这些现金流,以利率r为贴现率算出的贴现值

耶鲁公开课 - 金融市场课程节选