它就是大家都喜欢用的服务示例,即股票报价服务。
The example is everyone's favorite service example, a stock quote service. To jazz it up a little, I make the following three types of information available.
其规模已违背了某牛市论据,即股票正处于史上最低点。
Its scale has hurt one bullish argument for shares: that they are historically cheap.
施密特、佩奇和布林这三人拥有全部带超级投票权的股票,即所谓的B级股,它们每股带有10票投票权。
Schmidt, Page and Brin together own all of a super-voting class of stock, designated class B, that carries 10 votes for each share.
So, that's the basic insight in Modigliani and Miller, that share repurchase and dividend are really interchangeable; it's just all a conceptual difference.
这即是莫迪利阿尼和米勒命题的内涵,股票回购和分红彼此是可替代的,只是概念上有所不同
As a result, people invest in banks -the stock of banks -because they understand that these people have a long-term relationship with business and they are immune from the adverse selection.
结果呢,人们就会投资于银行,即购买银行的股票,因为他们知道,银行家和企业界保持着长期的关系,他们可以免受逆向选择之害
If you agree with my estimates, then you should do this as an investor, you should hold only some mixture of this tangency portfolio, which is 9% oil, 27% stocks, and 64% bonds.
如果你赞同我的估计值,那么作为一个投资者的话你应该这么做,你应该只持有,符合这个切线投资组合比例的投资,即9%的石油,27%的股票,和64%的债券。
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