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let the Street make deals at prices no longer limited by actual earning power。 The result； obviously； would be more transactions： Silly prices will always attract sellers。 And； as Jesse Unruh might have put it； transactions are the mother's milk of finance。
华尔街以热情拥抱这项新的发明，后知后觉的人可能就准备等着卷铺盖走路，终于在这里大家找到一个可以不必理会公司实际获利能力的融资方法，结果很明显，当然就会有更多的生意上门，离谱的价格一定有卖家愿意出，就像Jesse Unruh可能会说的一句话，交易就像是金融世界的母奶。
The zero…coupon or PIK bond possesses one additional attraction for the promoter and investment banker； which is that the time elapsing between folly and failure can be stretched out。 This is no small benefit。 If the period before all costs must be faced is long； promoters can create a string of foolish deals … and take in lots of fees … before any chickens e home to roost from their earlier ventures。
此外零息与PIK债券还有一项特点使得支持者与银行家更愿意推行，就是东窗事发的时间可以再延长，这点可是相当的重要，如果交易所衍生的后果要很长一段时间才会浮现，那么支持者就可以在这段期间做更多的交易，从中赚取更多的手续费，直到事件东窗事发之前。
But in the end； alchemy； whether it is metallurgical or financial； fails。 A base business can not be transformed into a golden business by tricks of accounting or capital structure。 The man claiming to be a financial alchemist may bee rich。 But gullible investors rather than business achievements will usually be the source of his wealth。
不过到最后，炼金术，不管是冶金的或是财务上的，终究是会落空，一个烂公司不可能只靠着会计或财务技巧而摇身一变成为好公司，那个宣称会炼金术的财务专业人士或许会发大财，但他靠的却是容易上当的投资人而不是企业经营。
Whatever their weaknesses； we should add； many zero…coupon and PIK bonds will not default。 We have in fact owned some and may buy more if their market bees sufficiently distressed。 （We've not； however； even considered buying a new issue from a weak credit。） No financial instrument is evil per se； it's just that some variations have far more potential for mischief than others。
不过这些债券有多少缺点，但我们却必须承认许多零息与PIK债券应该不会还不出钱来，事实上我们自己也投资了一些，而且若是债券市场情况再变差一点，我们可能还会买的更多，（当然我们从来就不会考虑去买那些新发行债信又差的垃圾债券），就本质而言，没有一项财务工具是不对的，只是有一些含有相当高程度的可能伤害在里面。
The blue ribbon for mischief…making should go to the zero…coupon issuer unable to make its interest payments on a current basis。 Our advice： Whenever an investment banker starts talking about EBDIT … or whenever someone creates a capital structure that does not allow all interest； both payable and accrued； to be fortably met out of current cash flow net of ample capital expenditures … zip up your wallet。 Turn the tables by suggesting that the promoter and his high…priced entourage accept zero…coupon fees； deferring their take until the zero…coupon bonds have been paid in full。 See then how much enthusiasm for the deal endures。
所有的罪过应该归咎于债券发行者没有办法在现在就立即支付利息，我们的建议是当任何投资银行家在开始提到EBDIT之前，或是任何人在对你提议一项可以不必支付任何利息的金融工具时，为了你自己的现金流量着想，赶快把你的荷包看紧，换个角度建议这些推销者是否也能接受等这些零息债券真正偿还本金之后，再缴交手续费，看看这些人的热情还能支撑多久。
Our ments about investment bankers may seem harsh。 But Charlie and I … in our hopelessly old…fashioned way … believe that they should perform a gatekeeping role； guarding investors against the promoter's propensity to indulge in excess。 Promoters； after all； have throughout time exercised the same judgment and restraint in accepting money that alcoholics have exercised in accepting liquor。 At a minimum； therefore； the banker's conduct should rise to that of a responsible bartender who； when necessary； refuses the profit from the next drink to avoid sending a drunk out on the highway。 In recent years； unfortunately； many leading investment firms have found bartender morality to be an intolerably restrictive standard。 Lately； those who have traveled the high road in Wall Street have not encountered heavy traffic。
我们对于这些投资银行家的批判或许是激烈了一点，但查理跟我以我们这种无可救药的保守作风，相信他们确实应该要做好把关的工作，保护投资人免于这些推销者过度的引诱，因为推销者对于佣金的饥渴就像是酗酒者对于酒精的沉溺一样，最低限度，投资银行家也要肩负起吧台调酒师的角色，必要的时候，就算少赚一杯酒钱，也要劝客户少喝一点，不幸的是最近几年来，许多大型的投资银行都认为这样的基本道德规范是一项很严重的限制，因为其它很多大胆的业者，可以更自由的大行其道。
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 ine 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。
最后还有一个令人不平的附带说明，零息债券的代价并不只由直接参与者自己承担而已，一些储贷机构由于是这些垃圾债券的大买家，利用由联邦政府所保险的人民储蓄存款来投资，为了尽量美化帐面盈余数字，这些单位将这些即使还没有收到的超高利息收入全部认列，许多储贷机构现在却因此面临严重的问题，若是他们那些债信不佳的债务人付出本金，当然状况就可以顺利解决，但问题是通常他们都付不出本金，到最后还是必须由整体纳税义务人来买单，套句Jackie Mason的话，应该是由这些储贷机构的经理人来戴区棍球面罩。
Mistakes of the First Twenty…five Years （A Condensed Version）
头25年所犯的错误（浓缩版）
To quote Robert Benchley； 〃Having a dog teaches a boy fidelity； perseverance； and to turn around three times before lying down。〃 Such are the shortings of experience。 Nevertheless； it's a good idea to review past mistakes before mitting new ones。 So let's take a quick look at the last 25 years。
套用Robert Benchley的名言：「要一只狗教小孩子忠诚、忍�