Some people don't even know what a dividend is, they just think of stock as something whose price goes up.
有些人甚至都不知道股利是什么,他们仅仅把股票想象为一种会升值的玩意
Because the first time I wrote the program, I didn't have anything like that here and a stock could go to and then recover.
因为我第一次写这个程序的时候,我什么也没有,一只股票可以等于0然后再恢复。
That's misleading because it really doesn't matter when you buy the stock, so you're not supposed to, as a broker, sell dividends.
这是误导,什么时候买股票都没区别,所以作为券商,不应以股利为卖点
I mean, do you really--you might wonder, aren't people missing something if the excess return is so high of stocks over short-term bonds?
我是指,你们真的。。。你们也会怀疑,这里是不是少了点什么,如果股票收益率高出短期债券收益率那么多?
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
Then you might ask, why in the world do companies issue stock dividends anyway, what's the point?
你可能要问,那公司发放股票股利到底是为了什么呢,意义何在
Interestingly enough, the percentage moves are not much different between cheap stocks and expensive stocks.
很有趣的是,百分比的移动量在便宜股票和贵股票之间,没有什么区别。
If they're going to pay stock dividends and try to fool us, what's going to happen?
如果发股票股利只是为了愚弄我们的话,接下来会发生什么呢
They build them, they do what if games, they play with them, and then they try and adjust them to get them right The nice thing here is, you can decide whether you believe momentum and see what it would mean, or not mean, etc.
他们实现建立程序,他们去做“要是“游戏,他们不断尝试,然后他们不断调整最终得到正确结果,最好的一件事就是,你可以决定你是否相信这个股票势头,看看它到底意味着什么或根本没有意义。
And it takes the set of stocks to simulate, a fig, figure number, this is going to print a bunch of graphs, and I want to say what graph it is, fig mo and whether or not I believe in big mo.
我们需要一些股票才能进行模拟,很多很多的股票,我们会打印一些图,然后我会告诉你们这些图是什么意思,或者我们看到这个。
it's clipping coupons and he describes his job as figuring out what the coupon is in an equity and if it's high enough he likes it.
就是获得票息,他形容自己的工作就是,发现在股票中的“票息“是什么,以及“票息“是否能够高到让他满意。
If I own one thousand shares in a company, what does that mean?
如果我有一千股该公司的股票,这意味着什么
So even if, on average, the stock is expected to not move at all from where it starts, some stocks will be expected to just trundle along without much change, not very volatile.
所以即使平均而言,股票应该是不会,和开盘的时候有什么区别,有一些股票可能会,没什么变化,不是很反复无常。
What Siegel emphasized--the book is really about this-- he talks about what is the expected return of stocks and what is the expected return of bonds and so on.
西格尔强调的是。。。这书真正讲的是-,他讨论了什么是股票预期投资收益,以及什么是预期投资债券等等内容。
Well, you should be absolutely unexcited because it doesn't mean anything; if they were giving you extra shares and just you alone, that would be great--that would be good.
你根本不应该感到高兴,因为这没有什么意义,如果他们只给你一人发放股票,这就是件好事
What are stocks?
什么是股票
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