嘉信理财持有大量低息债券，其债券组合收益率为所有大型银行债券组合中最低；它辩称极低的资金成本使这一状况无碍，这一说法是错误的，若把这一点做对，本可为嘉信理财股东带来数十亿美元的价值。
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David Lin 发布 2026-10-21 · 3 段内容
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但还有不少其他规模更大的银行，比如 Charles Schwab、Bank of America，它们都持有了大量这类低票息债券。
but there were a number of other larger banks, Charles Schwab, Bank of America, that hung on to a lot of that low coupon paper.
顺便说一句，Schwab 也是一样。在所有大型银行中，Schwab 债券组合的收益率是最低的。而他们会跟你说：“我们的资金成本非常低，这没问题。”不，这有问题，因为如果他们当初做对了，那对 Schwab 股东来说会值上数十亿、数十亿美元。
Same thing with Schwab, by the way. Schwab has the lowest yield on their bond book of any large bank. And they will tell you, "Well, our cost of funds is very low. It's okay." No, it's not okay cuz if they had gotten this right, it'd be worth billions and billions of dollars to Schwab shareholders.
我曾持有 Schwab 的仓位，后来非常漂亮地退出了。
I had a position in Schwab, which I got out of very nicely.