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1·The main aim of this essay discusses is about how to actually get the hurdle rate.

本文关注的是如何估计出项目的必要收益率。

2·This rate of return is often referred to asthe discount rate, hurdle rate, or opportunity cost of capital.

这个回报率通常指贴现因子、最低预期资本收益率或者资本的机会成本。

3·Munger: The concept of a hurdle rate makes nothing but sense, but a lot of people using this make terrible errors.

查理·芒格：要求回报率这个概念有意义但是没用，很多人都错用了这个东西。

4·Munger: : The concept of a hurdle rate makes nothing but sense, but a lot of people using this make terrible errors.

查理芒格：要求回报率这个概念有意义但是没用，很多人都错用了这个东西。

5·NPV is the most important method in capital budgeting, an important input variable it needs is the hurdle rate of a project.

净现值法是在资本预算最为重要的一种方法，它需要的一个重要输入变量是项目的必要收益率。

6·NPV is the most important method in capital budgeting, and an important input variable it needs is the hurdle rate of a project.

净现值法是资本预算中最为重要的一种方法，它需要的一个重要输入变量是项目的必要收益率。

7·Here's where low interest rates come in: the beneficiary gets all the appreciation minus a tax, known as the hurdle rate, which is tied to current interest rates.

这儿就要提到利率了：受益人可以得到所有的税后增值收益，也称最低预期资本回收率，这个收益率与现行利率相挂钩。

8·As an extra precaution against an ongoing down market, Narayanan suggests building in a margin of safety : a 3 to 5 percent premium over the target hurdle rate.

作为对持续下跌的市场的额外预防措施，Narayanan建议建立“安全系数”：一个超过最低预期资本回收率3% - 5%的溢价。

9·Two typical ways around this are to use a pure play proxy for the division, or to use subjective adjustments of the overall firm hurdle rate based on the perceived risk of the division.

鉴于此解决的方法要么是采用单一业务法代替，要么根据对部门风险的判断对公司的总体障碍比率做一主观的调整。

10·This hurdle rate the return on equity that must be achieved by a corporation in order to produce any real return for its individual owners - has increased dramatically in recent years.

这个资本回报率的最低门槛，即企业给个人拥有者产生任何真实回报所必须取得的最低资本回报率，在最近几年显著上升。