Measuring this extra expected return is difficult, but a proxy is given by comparing the stockmarket's earnings yield (expected earnings per share, divided by share price) with the yield on safer government bonds.

衡量这种额外的预期收益很困难，但有一个替代办法：比较股票市场的收益率(预期每股的收益除以股价)和更稳妥的政府债券的收益率。

The first is the entrepreneur's or borrower's risk and arises out of doubts in his own mind as to the probability of his actually earning the prospective yield for which he hopes.

第一个是企业家或借款人的风险， 是由于他自己对他实际获得他希望的预期收益的可能性的怀疑而产生的。