So, SIPC was set up in 1970 and SIPC insures cash accounts up to $100,000 and securities accounts up to $500,000.
证券投资者保护公司于1970年成立,其对现金账户的保护金额高达10万美元,对证券账户的保护金额高达50万
If they're sending out money, the value of the company has to go down by whatever they sent out.
如果他们发放现金的话,公司的价值将降低相同数量,不管是以什么方式
the speed of the money circulation of economy fell to the lowest level in fifty years.
现金流转的速度,降到了50年来的最低点。
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。
Now Mr. Milton took some risks when he separated himself from his cash and lent money to his clients, or lent more money to his clients than the collateral, the gold, was actually worth. And the motive for that risk, of course, the motive for that investment, was the expectation of a profit.
但是弥尔顿先生却冒着把自己和他的现金,也丢了的风险,或者借出去的钱比担保财产还要多,他这么投资的动机是,希望获得收益。
I'm going to see if I have enough money to do this in class When we played this game in the old days, during the dot com boom with the MBA students, you had to put fifty dollars on the table to get them interested.
我看看我有没有足够的现金,在之前和MBA学生做这个游戏的时候,那时候正赶上互联网大繁荣,你得拿出来50美元他们才有兴趣
It turns out that if you make them forfeit their cash value on canceling, then they won't cancel.
但是如果你规定保单的现金价值,会随保单的取消而消失,他们就不会这么干了
Sometimes companies will announce that they are paying not a cash dividend, but they're paying a stock dividend.
有时公司会宣布,他们不发放现金股利,取而代之的是股票股利
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
The problem is, if your brokerage firm fails you could lose a lot; you could lose your cash account and your security account.
可问题是,一旦经纪公司破产,你可能损失惨重,赔光你现金账户和证券账户上所有的资金
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。
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。
and then it looked like the people who had money and shares in them would lose.
看起来好像在该经纪行,存有现金和股票的公众要遭受损失了
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
Capital is the money that they have to pay out should there be a -its assets that they can quickly liquefy and pay out should there be a run on the bank.
资本金就是他们可以,用作偿付的现金,当...,这是当出现挤兑时,银行可以迅速,变现并且用作支付款项的资产
What he invented was an insurance policy that had a cash value and that's another-- it's a cash value on the insurance policy.
他创造了一种保单,这种保单具有现金价值,指带有储蓄性质的保单所具有的价值
That's one way that a--but often, when companies are bought out, they don't give them cash they give them shares in the acquiring company.
但当公司的全部股份被买下时,他们不是通过现金支付,他们会以收购方的股票支付
With non-participating--with participating, you are participating in the portfolio outcome that the insurance company is experiencing, so you have some uncertainty about your cash value.
所谓参与式分红保险,是指你的收益来自某个投资组合收益,而这个投资组合是由保险公司来管理的,所以保单的现金价值是不确定的
I don't emphasize this cash sale of a company, but it does happen sometimes.
我没有强调公司间的现金买卖,但它是实际存在的
Professor Shiller, in his books, he's got current multiple of trailing ten-year earnings.
席勒教授在他的书里,讲到他已经获得了比过去十年多几倍的现金收入。
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
You can pay more into the cash value in one year and less in another year, as long as you keep paying a minimum amount.
你可以在某一年支付更多的现金,而在另一年支付少一些,只要投保人满足最低缴费要求就行
This is what they actually send out-- this is cash sent out to shareholders.
这是他们实际发放的,实际发放给股东的现金
Both of these were ideas that were copied all over the world-- that's the way inventions are-- so a lot of insurance policies today have cash values.
以上两个点子后来在全世界被广泛使用,这就是创新,所以现在的很多保单都是有现金价值的
Because in your mind you're putting tickets and cash in different mental accounts, the mental account "Tickets" generates an emotional feeling and it changes my action-- that I lost in that account.
因为在你的心里,你会把票和现金,归为两个不同的心理账户,票的那个账户“,产生了一种感性的情绪,这种情绪改变了我的行为-,让我觉得迷惑。
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