为了获得股票收益的安全性，投资者会关注股利保障倍数。
To glean the safety of the income offered by a stock, investors look at dividend cover.
传统上，购买股票就是为了股利。
Traditionally, you buy stocks to get dividends; that's the reason.
我来讲讲这个，公司不愿意支付股利。
I'll talk about this — the company doesn't ever have to pay a dividend.
股利与收益间存在一个逐渐变化的过程。
That means there's a gradual adjustment of dividends to earnings.
回溯19世纪，股利价格比一般为5%。
Back in the late nineteenth century the dividend price ratio was typically 5%.
我买股票是为了股利吗。
这也意味着你不必因发放股利而减少利润。
This means you don't have to dilute profits by paying out dividends.
然后就可以获得，收购方的股利了。
So, then you would be relying on getting dividends from the acquiring company.
如果没钱付股利，那就发股票股利。
If they don't have money to pay dividend they can always do a stock dividend.
每个股东都应得到同等的待遇,这就是发放股利
They have to do it equally to all shareholders; that's called paying a dividend.
自1926以来，股利占市场总收益的42%。
Solid dividend yields. Dividends have accounted for 42% of the total return of the market since 1926.
回到这里，人们习惯于，通过挂号信取得股利支票。
This gets back — People are accustomed to getting dividend checks in the mail.
收益和股利是不同的，收益是公司在某年赚到的钱。
Earnings and dividends are different; earnings is the money that the company made in a given year.
如果他说，是4%，你会觉得少，我想要更高的股利。
And if someone said, it's 4%, you'd say, well that's kind of meager, I want a better dividend than that.
首先，很多人不明确这一基本点，买股票就是为了股利。
First of all, a lot of people don't seem to even grasp that basic point that you buy stocks for the dividends.
当公司进入成熟期，他们就会觉得，到了发股利的时间了。
As a company matures, then they typically feel that it's time to pay a dividend.
这些工具股利cfc将重心从市场力转向暗中勾结。
These tools encouraged the CFC to shift its focus from abuse of market power to collusion.
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？
If they're going to pay stock dividends and try to fool us, what's going to happen?
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？
Then you might ask, why in the world do companies issue stock dividends anyway, what's the point?
如果他们寄钱来，称之为股利，和称之为股票回购是没有区别的。
If they're paying me by sending money and calling it a dividend it's the same as if they say they're repurchasing my shares.
而实际上，这个指数的股利收益在从那以后的五年时间内几乎翻倍。
In fact, the dividend income on the index has almost doubled in the five years since.
同样是5美元股利的支票,但在信中,我们换种方式来说
Why don't we say the same $5 check is included but, in the letter, let's say something different?
偶尔遮羞布会被揭开—在1933年美国公司每股收益低于每股股利。
Occasionally this floor is breached-in 1933 American earnings per share dropped below dividends.
那个时候，一些评论家说这个信号无关紧要，因为股利很有可能会减少。
At the time some commentators said this signal did not matter, since dividends would probably be cut.
有时公司会宣布，他们不发放现金股利，取而代之的是股票股利。
Sometimes companies will announce that they are paying not a cash dividend, but they're paying a stock dividend.
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？
Some people don't even know what a dividend is, they just think of stock as something whose price goes up.
当我开公司时，卡魏施有限公司，并没发放股利，这是年轻公司的通常做法。
When I set up a company — Case Shiller Weiss, Inc. — typical of young start up companies, we didn't pay a dividend.
最后一点,我想讲,我想讲讲约翰·林特纳的分红理论,叫做林特纳股利模型
The last thing, I just wanted to say-- I wanted to mention the theory of dividend payout given by John Lintner; it's called the Lintner Model of Dividends.
股份有限公司的利润是须征双重税，第一是向公司征税，然后是对个人的股利征税。
Profits for an Inc are taxed twice, first for the corporation, and then the dividends are taxed at the individual level.
这里没有可以观察到的每股价格，这些银行也不能做任何事，除了被动地接受股利。
There's no price per share that you can observe and the Banks can't do anything except passively receive the dividend.
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