Investors are adapting to a world of higher interest rates, which reduce the present value of future earnings.

投资者正在适应一个利率上升的世界，利率上升会降低未来收益的现值。

That surplus amounts to $45 billion, in today's money, between 1960 and 2013.

这一方法的假设条件是将差额部分视作一项不用偿的负债。从1960到2013，这一数据换算成现值总计达450亿。

Specifically, the present value of future cash flow, as shown right there.

具体来说 未来现金流量的现值，如那上面所述。

Besides possibly triggering a downturn, they reduce the present value of tech companies' profits, most of which lie far in the future.

除可能引发经济低迷之外，它们会降低科技公司的利润现值，而这些利润大要很长时间才能兑现。

But although higher interest rates hurt asset values, they can also be helpful for pension schemes, because they reduce the present value of future payouts.

但是，尽管较高的利率会损害资产价值，但它们也可能对养老金计划有所帮助， 因为它们会降低未来支出的现值。

This year central banks across the rich world have repeatedly raised interest rates, shrinking the present value of the coupons bonds pay out and causing their prices to sink.

今年，发达国家的中央银行一再提高利率，缩减支付的息票债券的现值并导致其价格下跌。

Now this must be at least equal to the present value of the opportunity to postpone replacement which will result from laying up the equipment; and it may be more.

现在这必须至少等于因搁置设备而推迟更换的机会的现值；而且可能更。

It is buffeting young tech firms particularly hard as the present value of their profits, most of which lie far in the future, are being eroded by rising interest rates.

它对年轻科技公司的打击尤其严重， 因为它们的利润现值（其中大部分是在遥远的未来） 正在被不断上升的利率侵蚀。

'The rate of return over cost', he writes, 'is that rate which, employed in computing the present worth of all the costs and the present worth of all the returns, will make these two equal'.

“成本回报率”，他写道，“是用来计算所有成本的现值和所有回报的现值，使这两者相等的比率”。

The sum has three moving parts: the value of the current investment pot, the discount rate used to calculate the present value of future payouts, and the stream of those expected future payments.

该总和包含三个移动部分： 当前投资底池的价值、用于计算未来支出现值的贴现率， 以及这些预期未来支出的流。

But we should also ask ourselves, had there been a net present value calculation or a cost-benefit analysis done about whether or not to even try to go to the Moon and back again in a generation, we probably wouldn't have started.

是否有过净现值计算或成本效益分析来决定是否要在我们可能不会开始的一代人的时间里尝试去月球再回来。