Like, for example, Wal-Mart might want to -they pay corporate profits tax.

比如沃尔玛,它需要上缴公司所得税

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Well, that leakage--that 1.5% or 2% that you pay your hedge fund manager- plus the 20% of profits really reduces the amount of return that's available for the owners of capital.

系统的损耗,大约1.5%或2%的管理费率,用来支付给对冲基金经理,加上20%的利润提成,显著减少了资本所有者,可以得到的回报

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There are also survivorship policies that will pay, for example, the second to die-- there would be a policy if a husband and wife get it, then it pays out when the second of them dies.

还有一种叫做生死两全保险,它会向身故受益人赔付直至其死亡,若一对夫妻购买这种保单,且其中一方死亡,那么它会给活着的一方赔付直至其死亡

耶鲁公开课 - 金融市场课程节选