来自《耶鲁大学开放课程：金融理论 第5集 第5集》

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  by paying a quarter today you're getting 2 dividends.
  你花了1/4
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  So by paying a quarter today you're getting 2 dividends.
  未来你得到2个利息
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  If you paid to get 1 dividend
  未来要得到1个红利
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  you'd have to pay an eighth today.
  今天就要付出1/8
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  So the price P_2 would be an eighth in that case.
  那样的话P_2就是1/8
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  So by piercing through the veil of the stock market you can
  透过股市的面纱
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  always figure out what you're effectively paying today in
  我们就可以有效的计算出
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  order to get an apple next period.
  你现在要为明天的苹果付出的代价
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  And that price which was just computed would be the same
  这个价格是固定的
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  whether we looked at it from the point of view of going through
  不管我们是通过
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  stock beta, or through stock alpha,
  股票α还是股票β
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  or through the nominal bond.
  还是任何债券来计算