来自《耶鲁大学开放课程：金融市场 第6集 第6集》

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  or they would be a fool themselves.
  要么他们自己就是傻瓜
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  This theory says that the value--if Warren Buffett--of course,
  这个理论表示 如果沃伦·巴菲特
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  he can't even say this, but let's somehow say
  当然他不会这么说 假设他说
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  the company could say, we will never pay a dividend.
  我们公司永远不会支付股利
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  This company is going to give itself away to charity someday
  我们会将公司所有的钱都捐给慈善事业
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  and you won't get a penny as a stockholder.
  即使是公司股东 你一个子儿都拿不到
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  Well, if that happened the price should be zero.
  如果真是这样那么股价就会变成零
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  It would convert into a non-profit, like Yale University.
  它会变成耶鲁大学一样的非盈利机构
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  So what's the price of a share in Yale University?
  你们认为耶鲁大学的股票值多少
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  I mean, it's undefined--I its guess zero, right?
  假设有这个股票 那股价应该是零 对吧
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  Because Yale is not paying--
  因为耶鲁不支付股利
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  I'll write a piece of paper for you and say this is a share.
  我写张纸给你 说这是张股票券