Then I want to talk about mortgages, which is the way that we finance both commercial and owner-occupied real estate.

然后再讲一下抵押贷款,它可以为,商业地产和自住房产提供融资

耶鲁公开课 - 金融市场课程节选

Now, I think that ultimately--interestingly enough, Los Angeles had a real estate boom and bust in the 1880s; that's hard to believe.

现在,我认为这非常有意思,19世纪80年代洛杉矶经历了房地产的,繁荣和萧条,这难以置信

耶鲁公开课 - 金融市场课程节选

It is an insight that Modigliani and Miller are offering the corporations that I think they often don't see that the real issue in the dividend-- both the dividend and the debt policies-- are really taxes and nothing else.

这是MM法则给予公司的建议,但是他们常常看不到,股利政策中最重要的是,不管是在股利还是负债政策中,只有税负才是关键

耶鲁公开课 - 金融市场课程节选