来源：雪球App，作者： 王冠亚，（https://xueqiu.com/4525540121/311306722）
巴菲特致股东的信原文精读Day516：
原文：Enter some ingenious and, in this case, highly useful investment bankers (led, I’m happy to say, by Salomon Brothers). They created the instrument desired by “stripping” the semi-annual coupons from standard Government issues. Each coupon, once detached, takes on the essential character of a Savings Bond since it represents a single sum due sometime in the future. For example, if you strip the 40 semi-annual coupons from a U. S. Government Bond due in the year 2010, you will have 40 zero-coupon bonds, with maturities from six months to 20 years, each of which can then be bundled with other coupons of like maturity and marketed. If current interest rates are, say, 10% for all maturities, the six-month issue will sell for 95.24% of maturity value and the 20-year issue will sell for 14.20%. The purchaser of any given maturity is thus guaranteed a compounded rate of 10% for his entire holding period. Stripping of government bonds has occurred on a large scale in recent years, as long-term investors, ranging from pension funds to individual IRA accounts, recognized these high-grade, zero-coupon issues to be well suited to their needs.（1989）
释义：1.“ingenious”意为“巧妙的”；
2.“stripping”意为“剥离”；
3.“detached”意为“分开”；
4.“bundled”意为“捆绑的”。
精译：在这种情况下，高度灵活的投资银行家适时出现（我很乐意告诉大家，领风气之先的正是所罗门兄弟公司）。他们将标准政府债券每半年的息票“拆开”，创造了新的金融工具。每张息票一旦拆开，就具有储蓄债券的基本特征，因为它代表了未来某个时候到期的一笔款项。例如，如果你从2010年到期的美国政府债券中拆出40张半年期息票，你将获得40张零息债券，期限从6个月到20年不等，每张债券都可以与其他类似期限的息票捆绑营销。假设目前所有到期日的利率为10%，那么六个月期的债券将以面值的95.24%出售，而二十年期的债券将以面值的14.20%出售。因此，任何给定到期日的购买者，在其整个持有期内都能保证获得10%的复合收益率。近年来，政府债券的拆分规模很大，因为从养老基金到个人IRA账户的长期投资者都认识到，这些高等级的零息债券非常适合他们的需求。（1989）
心得：今天依然是小学数学题，哦，不，是初中数学题：
0.1420*（1+10%/2）^40=1；
0.9524*（1+10%/2）=1，
你学会了么？
手抄：
朗读：大家请自由发挥，哈哈哈！大家的手抄原文，也可以在评论区上传打卡。
