来源：雪球App，作者： 王冠亚，（https://xueqiu.com/4525540121/312865834）
巴菲特致股东的信原文精读Day525：
原文：Professor Galbraith astutely pointed out that this sum should be added to the National Wealth so that we might know the Psychic National Wealth. Logically, a society that wanted to feel enormously prosperous would both encourage its citizens to embezzle and try not to detect the crime. By this means, “wealth” would balloon though not an erg of productive work had been done.
The satirical nonsense of the bezzle is dwarfed by the real-world nonsense of the zero-coupon bond. With zeros, one party to a contract can experience “income” without his opposite experiencing the pain of expenditure. In our illustration, a company capable of earning only $100 million dollars annually—and therefore capable of paying only that much in interest—magically creates “earnings” for bondholders of $150 million. As long as major investors willingly don their Peter Pan wings and repeatedly say “I believe,” there is no limit to how much “income” can be created by the zero-coupon bond.（1989）
释义：1.“astutely”意为“巧妙地”；“psychic”意为“心灵的”；
2.“erg”意为“功或能量单位”；
3.“satirical”意为“讽刺的”；“dwarfed”意为“使……相形见绌”；
4.“Peter Pan”意为“小飞侠彼得潘”。
精译：加尔布雷斯教授敏锐地指出，这笔被侵吞的钱应当加到国民财富中，这样我们才能知道国民心理财富。从逻辑上讲，一个社会如果想要国民感受到繁荣昌盛，既要鼓励公民侵吞财富，又要尽量不去发现犯罪。通过这种方式，尽管没有在生产上花费气力，“财富”也会膨胀。
与现实世界中的零息债券相比，这种讽刺性的胡说八道简直相形见绌。有了零息债券，合同的一方可以享受“收入”的喜悦，而另一方则不会经历支出的痛苦。在我们的例子中，一家年收入仅为1亿美元的公司（因此最多只能支付1亿美元的利息），神奇地为债券持有人创造了1.5亿美元的“收益”。只要大多数投资者心甘情愿地插上他们的彼得潘翅膀，反复说“我相信”，零息债券可以创造多少“收入”就没有限制。（1989年）
心得：有了零息债券，发行人可以暂时不掏钱来支付利息，而持有人则获得了账面上的预期收益，可谓是皆大欢喜。然而，我们知道，财富不是凭空变出来的，发行人最终还是要为到期的本息买单。出来混，都是要还的。
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