and next period everybody forecast that the values were going to go to PV_1,

后一个时期大家预测值将是PV_1
and so it can't be that you're, you know--

所以这不可能是你知道的
this was an investment you made.

这是一个你所做的投资
You put your money in. You bought this bond.

你把你的钱买了这种债券
You could sell the bond now at time 1 after having obtained the cash flows.

你可以在时间1获得现金流后卖掉债券
It better be that your rate of return is the market interest rate of return

你的回报率应该就是市场的回报率
otherwise there'd be some arbitrage,

否则会出现一些套利
and in fact it is.

实际上正是这样
So if you can compute all the present values properly,

所以如果你能正确计算的现值
the only fair thing to do--

唯一公平的事是
this is not a great investment.

这不是一个伟大的投资
Even if C (1) is a huge amount of money

C (1)即使是金额巨大