Now, the interest rate in Irving Fisher's world has to equate supply and demand in the market for debt.
在费雪的理论里,利率必须与,债券市场的供需关系保持平衡
So there's a panic in the market for securitized mortgages - and the price is often very low or if it's they're very hard to market and hard to sell.
所以,在市场上,证券化按揭贷款引起了恐慌,并且价格通常很低或者说如果它,他们很那出售而且对市场不利。
A managed portfolio, you find somebody you think is really smart and you pay them a fair amount of money and in return they assert that they will pick winners for you, and in fact, you will outperform the stock market.
而代管投资组合就是说,你找一个你觉得很聪明的人,给他们一些钱,然后他们会说一定会帮你选出,赚钱的股票,实际上你会比股市整体表现要好。
Just has indicates the New deal, the new deal, most of the key people in new deal were for big government intervention, long before there was a stock market crash.
就像新政所证明的一样,大多数起草新政的关键人物,都赞成大规模政府监管,早在股票市场崩盘之前他们就这样想了。
The futures contracts were invented in Japan in the 1600s at Osaka and they were developed for the rice market in Japan.
期货交易合同发明于,16世纪的日本大阪,并在日本的大米市场得到发展
For every dollar that you had in small stocks at the peak of the market, by the end of 1929, you lost 54% of your money.
崩盘前市场达到峰值时,投在小盘股里的每一分钱,到了1929年底,都会损失54%
This is the plot that I created for the second edition of my book, Irrational Exuberance, that shows the real estate market in the United States since 1890.
这是我的书的第二版中,我所撰写的内容之一,"非理性繁荣",那里描述了自1890年以来的,美国的房地产市场
We had an extraordinarily high price-to-earnings ratio representing a lot of optimism in the '20s for the stock market and then it corrected and went abruptly downward-- that was The Great Depression.
在二十年代,市盈率高得离奇,表现了当时人们对股票市场的乐观,当其得到修正并突然下跌时,大萧条便开始了
But regardless of how you measure it, for a full half-dozen years, in the midst of this bull market, colleges and universities were over-allocated to fixed income relative to where they had been in June of 1987.
但不管你怎么算,整整六年时间,处于牛市之中,大学的基金,由于1987年6月那次崩盘的影响,过度投资于固定收益债券
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