and then rates that go up after two years

然后利率在两年之后升高

like the Treasury bill rate.

比如国库券利率

Polaroid to begin with was basically a research driven company,

宝利来本来是个研发型公司

was that Polaroid is a research driven company,

现在宝利来还是个研发型公司

because the ballet of Stravinsky was a kind of watershed,a touchstone,

因为斯特拉文斯基的芭蕾舞剧就是

and against which it can be measured.

是现代主义时期的判断标准

This is incredibly important because,when you look at this number

这极其重要 因为当你看这些数字时

but net of fees the managers on average

但是主动管理型基金经理人的平均净利润

so you can better picture this,

你们就比较能够想象得到了

as we go through the talk.

你们可以把它作为一个主要话题