Because it's--repurchasing my shares,

因为如果回购股票
if they do it for everybody, doesn't mean anything.

如果每个人都如此就没什么区别了
I'm getting--we're all lowering--

我们的分子都在降低
all of our shares are going down by the same amount.

我们的股票都降低了相同数量
So, that's the basic insight in Modigliani and Miller,

这即是莫迪利阿尼和米勒命题的内涵
that share repurchase and dividend are really interchangeable;

股票回购和分红彼此是可替代的
it's just all a conceptual difference.

只是概念上有所不同
This kind of took people by surprise.

这一点可能让人很惊讶
It's kind of--it should be obvious, I'm making it so simple.

这很明显我讲得这么简单了
I could write some mathematics to try and--

我也可以写些公式来讲
but I think it's so simple and obvious.

但我觉得已经够清晰明了了
You just have to keep remembering that all that matters for a company--

你只需要记住公司在意的只是