So,after taking into account the market impact, and the commissions,and the fees, this zero-sum game becomes a negative-sum game.

所以,考虑到市场冲击,佣金,规费,这一零和博弈变成了负和博弈

耶鲁公开课 - 金融市场课程节选

The trading commissions will eat up all of your profits and professionals know that, so it's bad behavior.

交易佣金会吃掉你所有的利润,内行人知道这点,这是不道德的行为

耶鲁公开课 - 金融市场课程节选

As I say, when the NAIC decides on some regulation, it's only a recommendation to the separate state regulatory commissions.

如前述,当NAIC就某项监管做出决议,对于各个州管理委员会而言,这只是一种建议

耶鲁公开课 - 金融市场课程节选