and equities have earnings

而股票的未来收益
in the future that you don't know.

我们是不知道的
You also don't know that

你也不知道
they'll give them to the equity owners and to management and not to

把收入给了大股东和管理层以后
they won't squander in the future.

他们会不会乱花掉
But to Buffet it's sort of same thing

不过对巴菲特而言是一样的
-it's clipping coupons

都是剪息票
and he describes his job

他说他的工作只是
as figuring out what the coupon is in an equity

发现股票当中的息票收益
and if it's high enough he likes it.

收益足够高的股票才合他的胃口
The first sort of principle to me is clipping coupons.

所以我的第一个原则就是获得息票收益
The second is that risk is primarily about

第二原则所谓风险是指