大型企业往往在稳定和安全的环境下更舒适地经营，它们的管理机构往往促进现状的发展，抵制变革中隐含的威胁。

Large-scale enterprises tend to operate more comfortably in stable and secure circumstances, and their managerial bureaucracies tend to promote the status quo and resist the threat implicit in change.

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来自租户的现金流比来自股票的更稳定，后者的价值每天都在波动，管理层可能会突然停止发放股息。

The cashflow from tenants is more stable than that from equities, where values zigzag day by day and dividends can suddenly be suspended by the management.

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稀有沙漠动物的捕猎者通过管理所他们捕猎和采集的野生资源来应对干旱，尤其是必须有稳定水供应才能生存的野牛。

The people who hunted the sparse desert animals responded to drought by managing the wild resources they hunted and gathered, especially wild oxen, which had to have regular water supplies to survive.

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All of these banks are really in control of short-term interest rates and these interest rates are used to try to manage and stabilize the economy.

所有国家的中央银行都可以,控制短期利率,通过控制短期率达到,管理和稳定经济的作用

耶鲁公开课 - 金融市场课程节选

Well what it means is that starting in the 1930s we began to think of central banks as managing the money stock to stabilize the economy.

好吧，它意味着从二十世纪三十年代开始,我们就认为中央银行是,为了稳定经济而,管理金融债券的。

耶鲁公开课 - 金融市场课程节选

They have risks that their overhead won't cover their risk is that a steady stream of people won't come and be making a steady stream of bets at which each of them has a slightly negative expectation.

他们的风险是能否支付管理费用,他们的风险是不再有稳定的客流来消费,同时每一个人都怀着一丝消极的期待,下源源不断的赌注。

耶鲁公开课 - 金融市场课程节选