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

he says, all investing is about coupon clipping and the difference between equities and bonds are that bonds come with a coupon that's known and equities have earnings in the future that you don't know.

他说，所有的投资都是关于票息剪券的,股票和债券的区别是,债券有确定的票息,而股票的收益发生在未来,你是无法确定的。

耶鲁公开课 - 金融市场课程节选

So, that was called coupon clipping.

所以，这被称为票息剪券。

耶鲁公开课 - 金融市场课程节选