We can know this information even if we just knew that the bond was stronger, we wouldn't need to look at a graph here, because it turns out that if you have a stronger bond, -- that also means that you have a shorter bond -- those two are correlated.
我们依然可以得到上面的信息,即使我们所知道仅仅是这个键更强,我们不需要去看这个图,因为事实上如果你有一个更强的键,这也就意味着你有一个更短的键-,这两点是互相关联的。
If I short the one-period bond it cancels out, so I've made no net purchase in 1925.
卖空一单位一年期债券则刚好抵消,所以我在1925年的净买入为零
Well, in '26, the-- i've shorted the one-period bond and so I have to pay out one dollar, but that's exactly what I wanted to do.
6年 我卖空的一年期债券到期了,我需要偿还一美元,不过这恰是我要做的
Remember, I said I'm doing this because I expect to have a hundred pounds-- I said one dollar-- I'm going to have to pay out a hundred pounds because this one-period bond, worth one hundred pounds principal, is coming due so I have to pay it out.
回想一下,我说过我会这么做,是因为我会得到一百英镑,我口误说成了一美元,我将要偿还的数额是一百英镑,因为这张一年期,一百英镑面值的债券即将到期,于是我不得不将其支付
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