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When we brought US$1.2 million back to China, it was like peanuts comparing to a lot of other Internet startups in China.
当我们成功融资120万美元回到中国,相比其他新兴互联网公司,这些钱简直就是九牛一毛。
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I think it may be just the function of the way those agencies are run.
可能是这些公司运营方式的作用。
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But they constantly show up and they say, "We've brought our team of people, and we want to learn."
经常会有这些公司找到我们说，我们带来了自己的团队，想向你们学习“
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So, why don't we set up a company that creates a portfolio like that and investors can buy into that portfolio.
那么，为什么我们不设立一家公司,专门创造这样的投资组合,然后投资者们再将这些投资组合买进呢。
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Now to make that lower-of-the-two-prices comment a little bit more rigorous, let's figure out what the demand actually is for these firms.
为了说明两者价格较低者,具体是什么意思,先来解决这些公司真正的需求量是什么
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And then the American government said, "No, here is a company that invested research and created this drug.
然后美国政府又说了，不行，这些都是美国公司花巨资研制出的药品。
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I have to know an awful a lot more about the intricacies of those particular firms to say.
我得知道更多,关于这些公司的复杂的事情,才能发表意见。
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But you guys know, because you have MIT degrees, and you've, later, 60 and you've taken 5.60, that can't be the case, and you're not going to get fooled into investing money into these companies.
但是你们知道，因为你们有的学位，你们以后会有的，你们已经选择了5。,这是不可能的，因此你们不会上当,去投资这些公司。
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I'm going to show you slogans from food companies and you guys tell me what foods they're affiliated with, what foods they're associated with.
我给你们放几个食品公司的广告语,大家要告诉我这些广告语源自哪里,是关于什么食品的
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And the telephone companies in the United State, generally about 200 billion dollars a year carrying long distance telephone conversations and they thought this conversations might be carried for free over the internet was quite shocking to them. Of course free is very low price, and they are not like it to be free.
美国的各电话公司，一般大约有每年2千亿美元,来自长途电话会话，他们认为,这些会话有可能通过互联网免费传输,对他们来说是相当震惊的，当然了,免费是很低的价格了，他们不希望它免费。
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I mean, that's amazing. These companies were not existing 10 years ago.
我的意思是，太惊人了。这些公司10年前还都不存在呢。
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Now unfortunately, the same companies are not around-- the companies that we had in 1871, hardly any of them even exist anymore.
不幸的是,与1871年的那些公司同类的公司,已经不存在了,这些公司几乎都不存在了
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The idea of dividing a company up into shares and selling them off, but in practice it involves a lot of complexities.
把公司按照股份进行分割,并且出售这些股份,实际上,这里面大有玄机
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So, reporters start calling the other rating agencies-- Standard & Poor's and Moody's and others--and say, are you going to down-rate these guys?
于是记者们开始询问其他的评级机构,像是标准普尔和穆迪,问他们,你们打算给这些公司降级吗
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But the company generally doesn't give to charity; it doesn't contribute to political campaigns; it shouldn't be, ideally, doing any of those things.
但是公司一般不给慈善机构捐款,也不向政治团体投资,理想的情况就是不掺和这些事
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An insider is someone who is privy to the secret information of a company and the secret information could be used to trade.
局内人掌握着公司内幕信息,这些内幕信息可以助你在交易中获利
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The S&P 500 is 500 companies, who are major companies, so these tend to be mature companies and they tend to be in the dividend-paying stage.
标准普尔500指数包括500家大公司,这些一般都是成熟期的公司,他们一般都处于需要支付股利的阶段
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As it's evolved in modern times, the corporation has a charter or bylaws.
而如今,这些关系得到了改进,公司有了许可证和规章制度
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So firms, as before, are going to set prices.
这些公司,像之前一样,将设定价格
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The partners were dependent for their retirement on the prosperity of the firms they left behind and the customs and culture they left behind, and the places were much more responsible and honorable.
合伙人的退休金取决于,他们留下的公司的繁荣程度,以及他们给公司带来的制度和文化，这些公司是非常,负责任而且受人尊敬的。
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So, you're watching over the company.
所以要盯紧这些公司
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And they go through these arguments, and they find venture money to fund the company, and they get very famous people to endorse them, etcetera.
然后他们就这些论证展开讨论，找风险投资,来资助其公司，还找著名人士,来支持他们，等等等等。
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But because they have such a good reputation, on the bases of ratings and other kinds of securities, people just took them as they were.
但是这些评级公司有着良好声誉，基于他们传统的评级,和对其他保险的评级，人们自然相信他们。
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Suppose you are a naive investor and you say, okay I'm going to invest in companies' paper, which is their promise to pay --their IOU.
假如你是一个菜鸟投资者,想投资于这些公司的债券,债券就是他们的偿还凭证或者说欠条
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Now, it raises lots of interesting issues if a company does that and then boasts about it on the packaging or in marketing, because then people could overestimate how good those products are for them, so a lot of consumer education has to be done.
现在如果一个公司改进之后,在其包装,或市场上大肆宣扬,会引发许多争议,因为人们可能因此高估了,这些食品对其健康起到的作用,可见消费者应该对此有更多了解
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Once they're investigated, their stock prices and their bond prices are going to fall.
一旦这些公司被调查,他们的股票价格和他们的债券价格就会下跌
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Now people are suspecting that these are going to get down-rated.
现在人们开始怀疑这些公司都要被降级了
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The debt of a company is the amount of money it owes either to banks, or to bond holders, or to note holders, or commercial paper holders; these are fixed incomes.
公司的债务是指一笔借来的钱,不管债权人是银行还是股东,或债券所有人,或者商业票据所有人,这些都是固定收益
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When we think about the theory of dividend or debt we end up with irrelevance-- it doesn't mean anything-- but the companies' boards talk about it incessantly and it seems to matter a lot to them.
我们一讲到股利或者负债理论,最后都是不相关的,没有什么意义,但是公司的董事们不停的提起这些,看起来又对他们很重要
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