The difference is their profit; that's how they make money.

这其中的利差就是银行的利润,他们就是这样赚钱的

耶鲁公开课 - 金融市场课程节选

That's a brilliant market timing device that-- I think enlightened people thought that those prices were getting high-- and also made some play on credit spreads and now on real estate, he said.

这个决策的市场时机非常正确,有见识的人都觉得,那时网络股的价格太高了,他们也参与了信用利差交易,现在又转向了房地产

耶鲁公开课 - 金融市场课程节选