I mean, hypothetically a bond trading at $.60 on the dollar with an 8% coupon, five-year bond that's yielding about 18%.
我的意思是,假设一种债券以0。60美元进行交易,同时有8%的票息,五年期债券收益率在18%左右。
So, for example, down here I wrote that it was n 2 and that it was h 2, but when I re-wrote the molecules up here, you saw that it's an h h single bond where it's a nitrogen-nitrogen triple bond.
比如,在这下面我写的是氮分子2,而这个是氢分子,但我在上面把这些分子的形式改写了,大家可以看到,这是一个氢与氢之间的单键,含一个氮与氮之间的三键。
As we see a little bit later, I could talk about the carbon-hydrogen bond in methane where there is a plurality of bonds. In this case, there is only the one bond but I just want to get the formulas.
因为我们后来看到一点点,我能讨论甲烷中的碳氢共价键,那有许多共价键,这种情况下,这只有一条共价键,但我想得到氟。
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
Now I want to ask, what's the nature of the carbon-hydrogen bond?
现在我想问问,碳氢键的本质是什么?
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
I'm going to short one one-period bond.
我要卖空一单位一年期债券
I'm not going to put Yale's entire portfolio in Google stock, I'm not going to go back and take Yale's entire portfolio to day-trade bond futures; in part, because it would be bad for me personally.
我不会用耶鲁的全部资产买谷歌股票,我也不会,用耶鲁的全部资产买债券期货,一方面是因为,这对我个人不利
Just as I foreshadowed, if you look at the difference between the first and third quartile in the bond market -these are active returns over a ten-year period again ending June 30,2005 -and the fixed income market, the difference between first and third quartile is a half a percent per annum.
如我之前所示,如果观察,债券市场中的第一和第三个四分位数,四分位数即统计学中,把所有数值由小到大排列并分成四等份三个分割点位置分别就是三个四分位数 考虑十年期的主动型的收益,截止于2005年6月30日,在债券这个固定收益市场,第一和第三个四分位数,每年只差0.5%
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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