I wrote this book in 2000 right at the peak of-- fortunately right at the peak of the stock market.
我2000年写这本书的时候,当时希勒教授在书中提醒投资者注意泡沫风险 股市正处于最高点 2个月后此预言果然应验
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
This is the stock quotes. This is an anti-virus software.
这是股票报价信息表,这是一个杀毒软件。
This is since 1802-- now how many countries do you think have uninterrupted stock market data since 1802?
西格尔使用的数据始于1802年...,你们想想现在有多少的国家,存有从1802年以来,股票市场的完整数据呢
Builders were doing extremely well until a couple of years ago their stock was soaring--now all of a sudden they're in crisis.
直至前几年建造商们的表现一直非常优异,本来股票大涨,忽然就陷入了危机
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
For example, the stock market crash of 1929 is repeatedly re-expected even though it only happened once; it's just prominent in our thinking.
929年股市崩盘,就被反复提及,尽管这只发生过一次,但是人们对它影响深刻
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
So, you don't care what the letter says-- whether it says dividend or stock repurchase.
所以你不必在意信上怎么写,不管它说是分红还是股票回购
The stock market--I was going to talk about stock dividends, but I better talk about dividends first.
股票市场...我想讲下股票股利,但最好还是先解释下什么是股利
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
The stock market is the best investment for long-term holders who can just buy and hold through the ups and down of the market."
对于那些能在股票市场的跌宕起伏中,一直持股的长线投资者而言,股票市场是最佳的投资
In terms of just general investing culture-- and we're behavioral in our attitude-- it was clearer that you bought a stock to get a dividend.
在一个投资性文化中,我们更偏向于行动派,人们为了得到分红而购买股票的意图愈加明显
Funny thing -the stock price soared right between August and December when they announced it.
有意思的是,在八月与他们发布消息的十二月之间,正巧股票价格飞涨
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
I think the 2001--if you want to have a story about it the 2001 recession was caused by the end of the stock market boom.
我认为2001年-如果你想听听它的故事,2001年的经济衰退时由于,股票市场繁荣昌盛的结束引发的。
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