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
it's only huge because pV_1 is a low amount of money.

这是巨大的因为pV_1是低额的
Because it has to be that the profit every period, the rate of profit,

因为每一个时期的利润利润率
is exactly equal to the interest rate,

恰好等于利率
because everything is always priced at its present value.

因为一切都在其现值定价
So it's a simple concept

所以这是一个简单的概念
which somehow takes a long time to grasp.

有时需要很长的时间掌握
It just seems to people that--here's the money that's come in.

对人们来说这里是得来的钱
That's the cash you can count in your hands.

这是你手中的现金