.. The equity premium is the-- 2.8% this short-term 2.8% is the riskless return, historically, for a period of almost 200 years.

股权溢价就是-,这个短期无风险投资收益率是，是根据近200年的数据得出的。

耶鲁公开课 - 金融市场课程节选

If I short the one-period bond it cancels out, so I've made no net purchase in 1925.

卖空一单位一年期债券则刚好抵消,所以我在1925年的净买入为零

耶鲁公开课 - 金融市场课程节选

Stocks have paid 4% more a year over this incredibly long time period than short-term bonds.

股票在相当长的一段时间里,每年都比短期债券投资收益率,高出4个百分点。

耶鲁公开课 - 金融市场课程节选

I'm going to short one one-period bond.

我要卖空一单位一年期债券

耶鲁公开课 - 金融市场课程节选