来源：雪球App，作者： 王冠亚，（https://xueqiu.com/4525540121/313481397）
巴菲特致股东的信原文精读Day530：
原文：One distressing footnote: The cost of the zero-coupon folly will not be borne solely by the direct participants. Certain savings and loan associations were heavy buyers of such bonds, using cash that came from FSLIC-insured deposits. Straining to show splendid earnings, these buyers recorded—but did not receive—ultra-high interest income on these issues. Many of these associations are now in major trouble. Had their loans to shaky credits worked, the owners of the associations would have pocketed the profits. In the many cases in which the loans will fail, the taxpayer will pick up the bill. To paraphrase Jackie Mason, at these associations it was the managers who should have been wearing the ski masks.（1989）
释义：1.“footnote”意为“脚注”；
2.“FSLIC”意为“联邦储蓄与贷款保险公司（Federal Savings and Loan Insurance Corporation）”；
3.“shaky”意为“不稳固的”；
4.“paraphrase”意为“解释”。
精译：一个令人痛心的事实是：利用零息债券从事愚蠢行为的成本，不会仅仅由直接参与者承担。某些储贷协会是此类债券的大买家，他们使用来自联邦储蓄与贷款保险公司的保险存款现金。这些买家努力展示出色的收益，在这些业务上记录了超高的利息收入，但并没有收到这笔钱。现在有很多储贷协会都遇到了大麻烦。如果他们能收回问题贷款，那么股东就会大获其利。如果贷款成了坏账，就会由纳税人买单。套用杰基·梅森的话说，在这些协会里，经理人是真正的蒙面劫匪。（1989年）
心得：储贷协会买入了很多零息债券，在报表上记录了大量的应计利息，但实际上根本收不到这笔钱。对于储贷协会的股东而言，他们迟早要承担这笔损失。
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