After that I want to talk about the stock market and I want to--there's a lot to talk about.
在后面我会讲到股票市场,我会讲到很多知识
Now the brokerage industry-- The New York Stock Exchange goes back into the eighteenth century, it's very old.
经纪行业历史悠久...,纽约股票交易所历史悠久,成立于18世纪
Because if the other countries with this fish stock-- let's say the fish stock is the Atlantic-- if the other countries are going to fish as normal, you may as well fish as normal too.
因为如果其他国家拥有这个鱼群,假设这个鱼群在大西洋,如果其他国家打算正常捕捞,你应该也会正常捕捞
well, that's the way Wall Street works or at least a -some people say markets are efficient and stock prices incorporate all information.
华尔街就是这么运作的,一些人认为市场是有效的,股票价格是各种信息的综合体现
In a stock repurchase, if they repurchase everybody's shares-- the same proportion--it doesn't affect that ratio.
股票回购中,若他们购回所有人的股份,相同份额比,那就不会影响比例
They'll tell someone, hurry up and buy this stock because it's going to go ex-dividend.
他们告诉买家,迅速买入这支股票,因为它马上要除息了
Here is the price-earnings ratio for the U.S. stock market from 1881 to the present-- this is also on that spreadsheet that you have on the website.
这是美国股票市场的市盈率,从1881年至今,这份数据也在网站上的电子数据表上
In the Basel I there were Tier I capital requirements and they defined Tier I capital as capital in a certain form -it's stockholders equity plus preferred stock.
第一次巴塞尔协议提出了一级资本要求,他们将一级资本定义为,一种特定形式的资本金,就是股东权益加上优先股
The other thing that a company can do to get money out is share repurchase-- stock repurchase or share repurchase It's perfectly--this sometimes surprises people when they first think about it.
另外一个可以让公司,收回投资的方法是股票回购,股票回购或者股份回购,最初看到这一方法时,人们可能会十分惊讶
One is that -there's a literature in finance about options and stock price performance, which goes back ten years, that shows that something is not quite right with the way companies issue options.
其中之一是,有一部关于期权与股票价格表现,的金融文献,讲述的是十年前,关于公司发行期权的,一些不太正确的做法
In essence, this collapse in stock prices -the one-day collapse in stock prices -I think in the U.S. The price was, depending on which index you were looking at, were down 21-22% in a single day.
实际上,这次股价暴跌,股价一天内的跌幅,当然在美国国内,要看你参考的是哪种股指,但基本上一天之内暴跌21-22%
One is building new houses, another one is building new apartment buildings that's commercial instead of-- but it's still adding to the housing stock and the third one is improvements of existing houses.
一种是新建家庭住宅,另一种是新建公寓,用于商业用途而非...,也是存量住房的一部分,第三种是现房改造
I'm not going to put Yale's entire portfolio in Google stock, I'm not going to go back and take Yale's entire portfolio to day-trade bond futures; in part, because it would be bad for me personally.
我不会用耶鲁的全部资产买谷歌股票,我也不会,用耶鲁的全部资产买债券期货,一方面是因为,这对我个人不利
Then he comes back and says, I managed to get all but one hundred shares and there's this one guy-- this Yale student--who owns one hundred shares of Google stock and I'm having trouble getting him to sell.
然后他回来了,说,就差一手股票就齐了,有一个股东,耶鲁大学的学生,有一百股谷歌股票,他就是不卖
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