the next five years, blah, blah, blah."

等等其他信息
If a new bond comes on the market and you don't know how to

如果一个新债券上市但你无法
price it, and somebody offers a price for it,

评估它有人给出了价格
how do you figure out what it's worth?

但你怎么才能知道它值不值
All you do is you take the cash flows, the Cs that I not very

你所要做的就是把现金流量
cleverly erased, you take the cash flows and

和对应的π相乘有些地方我没
multiply them by the pis.

擦干净
So the correct price P is just whatever the cash flows you're

所以真实价格就是你所预测的现金流量
predicting times these pis that Fisher says is what you should

乘以这些π那就是Fisher所说的
really be finding.

你真正需要的信息
So nothing could be simpler.

它就这么简单
Now why is this the right price?

为什么这才是正确的价格