It consists of a promise to pay, usually denominated in currency, and there are both long-term and short-term debt instruments.

是一种付款承诺,通常是货币支付形式,有长期债券,以及短期债券

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