来源：雪球App，作者： 王冠亚，（https://xueqiu.com/4525540121/310937277）
巴菲特致股东的信原文精读Day514：
原文：If you’re my age you bought your first zero-coupon bonds during World War II, by purchasing the famous Series E U. S. Savings Bond, the most widely-sold bond issue in history. (After the war, these bonds were held by one out of two U. S. households.) Nobody, of course, called the Series E a zero-coupon bond, a term in fact that I doubt had been invented. But that’s precisely what the Series E was.
These bonds came in denominations as small as $18.75. That amount purchased a $25 obligation of the United States government due in 10 years, terms that gave the buyer a compounded annual return of 2.9%. At the time, this was an attractive offer: the 2.9% rate was higher than that generally available on Government bonds and the holder faced no market-fluctuation risk, since he could at any time cash in his bonds with only a minor reduction in interest.（1989）
释义：1.“obligation”意为“义务”；“due in”意为“期限”；
2.“market-fluctuation”意为“市场波动”。
精译：如果你跟我同龄，在二战期间应该就首次买过零息债券，也就是著名的E系列美国储蓄债券，这是历史上销售最广的债券。（战后，有一半的美国家庭持有这种债券。）当然，没有人把E系列债券称为零息债券，我怀疑当时还没有这个名词。但E系列债券其实就是零息债券。
这些债券面值最小的只有18.75美元。持有人可在10年到期后获得美国政府偿还的25美元。也就是说，持有人的复合年化回报率为2.9%。当时，这样的价格很有吸引力：2.9%的利率高于一般政府债券的利率，且持有人不必面临市场波动风险，因为他只须稍稍降点利息，就可以随时将债券变现。（1989年）
心得：E系列债券是美国的一种储蓄债券，1935年首次发行。E系列债券的到期面额为25美元至1万美元，以面额75%的价格出售，随着时间的推移而增值，增值部分为偿还的利息。
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