before you shift into the 5 percents which is worse and worse.

然后再转移到5% 这是更差了
So what's going to happen is you're going to get a positive cash flow at the beginning,

所以要发生的是你要在开始获得正现金流
it looks like positive profits right at the beginning.

开始时它看起来像是正利润
That C(1), the net C(1) looks really good,

1时期的现金流净现金流看起来不错
but right after that,

但之后
the value of your assets is going to plummet compared to your liabilities,

与负债相比你的资产价值将会暴跌
because now all of a sudden you're discounting this at 5 percent

因为突然的你在用5％折现
and this thing is still,

而这个折现率是不变的
you know, it's only got 1 year left where the interest rate is still 2 percent

债券只剩下1年而那时的利率仍是2％
and the rest of this is discounted at 5 percent so it's starting to go down in value.

其余是在5％的折现所以价值会下降
So if you didn't have to mark to market what would you do?

所以如果没有以市值计价你会怎么做
If you didn't have to declare to the world what your present value of your remaining assets are,

如果你无需申报你的剩余资产的现值