The goldsmith in your town writes out a note saying, I will pay to the bearer of this note so much gold, and then the bearer could be anyone.

你居住城镇的金匠写下票据并承诺,我会付给持票人这么多数量的金子,任何人都可以是持票人

耶鲁公开课 - 金融市场课程节选

It's simple whether that you walk to work, or you take 20 minutes during your lunch break to walk around the gorgeous campus or town that we are live in.

这很容易做到，无论你是走路上班，还是每天午休时花上二十分钟,在美丽的校园,或是你所在的城市转一转。

普林斯顿公开课 - 人性课程节选

You can't stick your bad paper to the banker who knows everybody in the town; he'll figure it out and that's the -and so that's the problem that's solved by bankers.

你休想把垃圾债权随便卖给银行家,因为他对这个圈子了如指掌,他定会识破的,因此银行家们就解决了逆向选择问题

耶鲁公开课 - 金融市场课程节选