the present value of all these things."

和现值相比较
So of course, to do that, you'd have to know,

显然你要想知道现值
what is the market rate of interest with which to compute

就必须要知道市场利率才能
the present value?

得出现值
So Fisher would say, "It's ridiculous to

所以Fisher认为仅仅通过观察
evaluate how good an investment opportunity is just by looking

现金流量就能判断一个投资优劣的
at the cash flows.

想法是十分可笑的
You're throwing away too much information."

你忽视了太多的信息
You know what the market is doing, you know what the

你知道市场运作情况你知道
interest rates are.

市场利率是多少
Use the market interest rates and figure out what the present

用市场利率你就可以计算出所有现金流量
value of all the cash flows is.

的现值是多少