And they go through these arguments, and they find venture money to fund the company, and they get very famous people to endorse them, etcetera.
然后他们就这些论证展开讨论,找风险投资,来资助其公司,还找著名人士,来支持他们,等等等等。
They're essentially more risky and more-- regulators have to watch them more because they're standing at higher probability- a monoline--of some major disaster.
单线保险公司风险更大,监管机构对其监管更严,因为他们遇到危机的,可能性更大
These are private companies--insurance companies--they're monoline because they look only at a certain class of risks and not all risks that they insure.
他们是私人保险公司,从事单线业务,因为他们只关注一类特定风险,而不是担保所有的风险
If debt becomes high relative to their revenue stream then the company is in a riskier situation.
如果负债与收入高度相关,则公司的风险性很高
You have to be a big company to do it and if you have a big company you've exhausted the risk of-- never goes away completely.
你的公司得够大才能做保险这项业务,如果你有个大公司你就能减小风险,不太容易被风险击垮
So, the insurance company with one hundred policies would have still substantial risk.
所以签了100份保单的保险公司,仍然面临一定的风险
For companies that we thought had backdated stock options, that we could buy their bonds at what they would trade for without this potential event of default.
对于那些我们认为已经追溯股票期权的公司,我们会在没有潜在违约风险下进行交易的价格,购买他们的债券。
If the insurance company has risk, it's because they've made a mistake.
如果说保险公司有风险的话,那是因为他们犯了一个错误。
They have to contend with something called moral hazard, which is the risk that people will be affected by the fact that they're insured and do something bad.
保险公司必须应对道德风险的问题,也就是说,有些人可能会因为购买了保险,而动了歪念来骗取保费
The more money a company borrows, the more risky the share becomes.
公司负债越多,股票风险越大
Insurers, just like mutual funds, are providing risk pooling for you.
保险公司和共同基金一样,为客户提供风险汇聚服务
When you do these calculations, which I just did for insurance-- I was talking about insurance companies-- assuming that risks are independent, everything's independent and we've got it all figured out.
当你试图去,做保险相关计算时,我指的是保险公司...,假定风险是独立的,事件都是独立的,可以算出一个结果
The other thing is moral hazard -this is that companies, once they borrow money from anybody, a bank or anyone else, they have an obligation, which is fixed in dollar terms.
另一个问题是道德风险,意思是说,一旦公司借了钱,无论是从银行还是其他渠道,他们就背负了一种义务,金钱的义务
When a company becomes leveraged, it then becomes riskier.
当一家公司变得有杠杆性,则风险增大
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