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So, we have this security and a ten-year bond would have twenty coupons attached, each with a date on them.
我们持有这样的证券，是十年期的债券,并附有二十张息票，每一个都有日期在上面。
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And it turns out-- a little teaser for our security discussion as time passes that a lot of the times when software is compromised and you download Photoshop like a cracked version of Photoshop or something like that.
这对于即将讨论的安全性问题来说,只是一个小插曲，随着科技的发展,很多时候，如果工具受损,你会下载到一个版本不全的,或其他类似的东西。
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And in social security, I thought, we had the right plan for dealing with the long-term crisis that the program is in.
我认为在社会保障项目方面,我们拥有正确的计划应对,这一项目面临的长期危机。
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Suppose that as a kind of back-up security whenever revolution has done is-- produced so much redundancy in the brain that either half of the brain was sufficed.
假设我们有理论支撑,未来的进化-,会使大脑产生很多多余的部分,我们只需要一半大脑就足够了。
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It occured to me yesterday in my class that maybe someday there won't be social security numbers anymore, and on birth everybody will be given an e-mail address.
我昨天上课的时候想到,或许有天大家出生时,得到的将不是社会福利号码,而是一个邮箱地址。
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We've already talked about how security selection is a zero-sum game.
我们已经讨论过,证券选择是个零和博弈
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But in society today, and we'll talk a bit about security topics -- and such throughout the course, for cryptography -- for encrypting things like your credit card information and bank accounts -- you don't use 32 bits, you don't use 64 bits, you generally use 1024 bits, 4,048 bits.
但在当今的社会上，我们将讨论一点安全方面的知识,贯穿整个课程，密码学-,加密一些像信用卡信息,银行账号之类的东西--你不能用32位，你也不能用64位，你通常要使用1024位，4048位。
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Final source of returns--security selection.
最后一个收益来源,证券选择
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Because we hold relatively stable, relatively well-diversified portfolios, security selection turns out not to be an important determinant of returns for most investors and market timing turns out not to be an important determinant of returns.
因为持有相对稳定,和相对分散的投资组合,证券选择不再是,决定投资者回报率的重要因素,而市场时机选择,也不会成为决定回报率的重要因素
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These mortgages were given out to people that couldn't afford them and today you have what you call subprime mortgages--subprime paper They issued against this paper stuff called mortgage-backed security. They securitized them and these things are all floating around now.
我们发放这些抵押贷款给那些买不起房子的人,所以现在你们看到了一种你们叫做,次级抵押贷款的金融工具--次贷票据,他们把这种票据叫做,有抵押证券，他们把有抵押证券证券化,这些证券现在在市场上被多次交易，广为流通。
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When you retire--you can actually get it now, electronically, your entire employment history, all your contributions-- when you retire, there will be a formula-- you can find it on the Social Security system website-- which resembles the formula that they did in 1889.
现在你退休之后可以自动得到，你这一生的工作情况，还有你全部的投保记录-,当你退休的时候-,你可在社会保障体系网站上找到一个公式-,类似于1889年使用的那个公式。
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Huge, and one of the things that I argue in this book and also in the Princeton Projiect on National Security which I co-directed with John Ikenberry over the last three years is we have been singel-mindedly focused on the war on terror.
很大，我在这本书中试图说明一点,在普林斯顿国家安全项目中也试着强调,这一项目在过去3年内由我和约翰伊肯伯里共同负责,那就是我们仅仅盯在了一点上,我们盯着恐怖主义战争不放。
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If security selection is a zero-sum game, the amount by which the winner wins equals the amount by which the loser loses -winners and losers being defined by performance after a security selection that has been made -well, that sounds like a zero-sum game.
如果证券选择是一个零和博弈,赢方赚得的金额,等于输方赔付的金额,谁赢谁输取决于,双方投资在证券选择后的表现,这听起来确实像个零和博弈
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That is, share repurchase can change the units of measurement in a security and companies have to decide how leveraged the stock will be, which changes the stock price--leverage, meaning how much debt the company takes on.
即 股票的购回会改变,已发行股票的单位数量,公司需要决定,股票的杠杆效用是多少,杠杆会改变股价,杠杆指的是公司举债的多少
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It's like you have a social security number or other ID number, which positively--there might be another person with the same name as you, God forbid, but you at least have your own number, which is guaranteed to be unique to you.
就好比社保号,或者其他身份号码,很有可能,有另外一个人,和你重名,希望这不要发生,但你至少有唯一的识别号,用于区分自己和他人
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