These are long-term government bonds and I--now these are--since they're long-term, they have some uncertainty and variability to them.

这些是长期政府债券,由于它们是长期的，就存在不确定性和变化性。

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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

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The U.S. Government also issues small denomination debt to individuals to help them called savings bonds, but we aren't talking about those.

美国政府也发行小面值债券,用于面向个人,叫做长期储蓄债券,我们今天不涉及这些

耶鲁公开课 - 金融市场课程节选

Of course, there would be larger denominations than $100, but by tradition, we speak of them as if they were bonds that you paid $100 to get.

当然,面额肯定大于100美元,但是按照传统,我们在讨论长期债券的时候,就假设你支付了100美元

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They also have government-issued notes and that's from one to ten years and bonds this is just jargon- these are ten or more, well actually more than ten.

中期债券期限通常是,一年至十年,这些都是行话,长期债券期限,在十年以上

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Also, they've paid much more than long-term-- well it's not so different.

同样地，股票也比长期债券回报率高-,但不像短期那样差那么多。

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There have also been one hundred-year bonds and there have also been perpetuities that-- in the UK, for example, the British Consoles-- have no expiration date and they have infinite maturity.

还有更长期的一百年债券,还有一种永续年金,比如说英国的大英统一公债,没有过期日,永不到期

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I have stocks, bonds, and oil but I want also to add one more final asset, we'll call it the riskless asset, long-term bonds are somewhat uncertain and variable because they're long-term.

有股票，债券和石油,我还想再增加最后一种资产，我们称之为无风险资产，由于长期债券持有期限很长,存在一定不确定性及风险。

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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

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there are comparatively fewer of bonds.

而长期债券则相对较少

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So, let's talk about a bond.

下面,我们来讨论一下长期债券

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And then we have the bonds.

然后是长期债券

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So, ownership of stocks absolutely crushes buying bonds -almost 16,000 times your money or more than 3,000 times your money in the stock market as opposed to 72 times your money or 19 times your money in the bond market or the bill market.

股票的收益率远远超过债券,小盘股的收益差不多16000倍于本金,而大盘收益也翻了300倍以上,相比长期债券的72倍,和短期债券的19倍

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Now, another Wall Street tradition is that bonds pay a coupon; they pay C/2 every six months.

另一个华尔街的传统是,长期债券要支付票息,每六个月支付C/2

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