事后证明，庞茨事实上并未四处购买邮政息券，而这完全是一个巨大的骗局。

It turned out that Ponzi had never actually got around to buying many postal coupons and that it was all a colossal hoax.

youdao

既有成功的票息剪券投资者，也有成功的债券经销商，他们倾向于从其他阶层不成功的人们身上赚钱。

There are successful coupon clippers and successful securities resellers and they tend to make their money off of the unsuccessful people in the other class.

youdao

所以，这被称为票息剪券。

So, that was called coupon clipping.

youdao

What is the present value of that? Well, the first-- each payment we'll call a coupon-- so it pays one pound one year from now.

那么它的现值又是多少呢,首先,每一次支付的数额称为一个券息,从现在开始每一年都要支付一英镑

耶鲁公开课 - 金融市场课程节选

There are successful coupon clippers and there are successful securities resellers and they tend to make their money off of the unsuccessful people in the other class.

既有成功的票息剪券投资者,也有成功的债券经销商,他们希望从其他阶层,不太成功的投资者身上赚钱。

耶鲁公开课 - 金融市场课程节选

If you have a bond with an interest rate of 4.375% -that's not an easy one to divide by two but you would get half of that every six months until maturity.

如果你持有一种利率为4.375%的债券,这个数除以2有点难算,而在债券到期前,每半年你能得到4.375%一半的券息

耶鲁公开课 - 金融市场课程节选