You're on the phone with this guy all the time and you sniff something out, you can maybe stop it.

如果你和某人经常通话联系,并且嗅出了问题,你也许就不会借钱给他们了

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选