Although, I said, insurance was effectively discovered or invented in the 1600s, it has been slow to grow because they didn't have the well-defined-- all of the inventions yet.

尽管我说过，保险实际上,是在17世纪的时候被发现或者发明的，但它的发展非常缓慢,因为人们无法确切定义-,这种被发明出的东西。

耶鲁公开课 - 金融市场课程节选

If security selection is a zero-sum game, the amount by which the winner wins equals the amount by which the loser loses -winners and losers being defined by performance after a security selection that has been made -well, that sounds like a zero-sum game.

如果证券选择是一个零和博弈,赢方赚得的金额,等于输方赔付的金额,谁赢谁输取决于,双方投资在证券选择后的表现,这听起来确实像个零和博弈

耶鲁公开课 - 金融市场课程节选

You realize it's very subtle, because the very first thing in that equation, which is m, has not yet been defined.

你会觉得这很微妙,因为方程里最基本的量 也就是 m,还没有人给它下定义

耶鲁公开课 - 基础物理课程节选