SCHRAGER: So the most basic one is saving for retirement, right?

SCHRAGER：所以最基本的是为退休储蓄， 对吧？

SCHRAGER: Well, I think it's both right.

施拉格：嗯，我认为两者都对。

SCHRAGER: Well, because the point of investing is moving money through time, right?

SCHRAGER：好吧， 因为投资的目的是让钱随时间流动， 对吧？

SCHRAGER: It is until it grows into a really mangy cat.

施拉格：直到它长成一只非常脏的猫。

SCHRAGER: Well, you own a little piece of Microsoft, so you have a claim on all their future profits.

施拉格：嗯， 你拥有微软的一小部分股份，所以你对他们未来的所有利润都有权利要求。

SCHRAGER: Yes, I'd agree. Buy an index fund.

施拉格：是的，我同意。买一只指数基金。

SCHRAGER: Well, they're compensated for this, so I wouldn't feel too bad for them.

施拉格：好吧，他们为此得到了补偿，所以我不会为他们感到难过。

SCHRAGER: I'm surprised it's that high.

施拉格：我很惊讶它这么高。

SCHRAGER: I mean, it - you can't overstate it because we've been saying all along, no risk, no reward.

SCHRAGER：我的意思是， 它 - 你不能夸大它， 因为我们一直在说，没有风险，就没有回报。

SCHRAGER: And not only that, it makes it a lot easier to buy stock.

施拉格：不仅如此， 它还使购买股票变得更加容易。

SCHRAGER: 'Cause what you need for these prices to have any meaning is they have to incorporate information in the market.

施拉格：因为要让这些价格具有任何意义， 你需要的是它们必须包含市场信息。

SCHRAGER: No, never. I mean, maybe if you're already retired.

施拉格：不，从来没有。我的意思是，也许如果你已经退休了。

SCHRAGER: Well, it is and it isn't a problem.

SCHRAGER：嗯， 是的，这不是问题。

SCHRAGER: Well, roughly, it just says that all the information that's out there is going to already be incorporated in the stock price.

施拉格：嗯， 粗略地说，它只是说所有的信息都已经被纳入股票价格。

SCHRAGER: So when I teach students, they're always shocked when I tell them that, you know, they're poor, they're in debt.

施拉格：所以当我教学生时， 当我告诉他们， 他们总是很震惊，你知道，他们很穷，他们负债累累。

SCHRAGER: You know, all my research as well has always found that people have this way of trying to consumption-smooth no matter what sort of banking they have access to.

SCHRAGER：你知道， 我所有的研究也总是发现， 无论他们使用哪种银行服务， 人们都有这种尝试平滑消费的方式。

SCHRAGER: Well, 'cause you have a marketplace where all these different people are bidding on stocks based on how much they think it's worth, and you do converge to this price.

施拉格：嗯， 因为你有一个市场， 所有这些不同的人都根据他们认为股票的价值来竞标股票，而你确实会收敛到这个价格。

SCHRAGER: So it starts when you're born, and you're building up human capital through education, and, you know, you might have to borrow against that, or maybe someone else is making an investment in you.

施拉格：所以它从你出生的时候就开始了，你正在通过教育建立人力资本，而且，你知道，你可能不得不借钱做抵押，或者其他人可能正在对你进行投资。