Next, assume that there is a risk-free asset.
接下来，假设存在一种无风险资产。
Since America is the world's largest economy, has the most liquid financial markets and operates the world's premier reserve currency, the Treasury bond has been seen as the global risk-free asset.
美国是全球最大的经济体，拥有流动性最强的金融市场，管理着全球最重要的储备货币，因此，美国国债已经被视为一项全球性的无风险资产。
So what might replace Treasury bonds as the global risk-free asset?
那么，什么来取代美国国债成为全球性的无风险资产呢？
Dollars are the world's primary reserve currency, and Treasuries are the world's preferred "risk-free" asset.
美元是世界的主要储备货币，国债也是直接普遍选择的“零风险”资产。
The inevitable levering of asset structures to double or quadruple returns relative to risk-free assets?
资产结构无可避免应加入杠杆操作，以便将报酬率相对于无风险报酬率放大两倍或四倍？
In the end, the world's insatiable demand for the "risk-free" reserve asset will make that asset anything but risk-free.
最后全球范围内对“无风险”资产的贪求将使得这些资产有风险了。
U.S. Treasury bills are the textbook definition of a safe haven asset, historically one of the most risk-free assets you can buy next to precious metals.
美国国库债券是资产的安全避险天堂，这是教科书般的定义。 在历史上，除贵金属之外，它也是你可以买到的最没有风险的资产之一。
A sudden loss of confidence in all sovereign debt, and especially in American Treasuries, the world's benchmark "risk-free" asset, would have calamitous consequences in a still-fragile recovery.
对所有主权债突然的的信心丧失，特别是被当作世界无风险债券标竿的美国公债，将在仍然脆弱的经济复苏中造成灾难性的后果。
But in more exotic asset classes, the long-term expected return may be zero, or at least less than the risk-free rate.
但是在那些奇特的金融产品中，长长期望后的回报可能是零，或者最终低于无风险利率。
Many use Treasury bonds as the risk-free asset for capital purposes. As capital Economics points out.
以银行的财政状况为例，许多人利用国债作为无风险资产以实现资本用途。
Risk Free Rate of Return The quoted rate on an asset that has virtually no risk.
无风险回报率基本上没有风险的资产的利率。
Asset pricing is considered as the core of modern finance; it involves puzzles such as the equity premium puzzle and the risk-free rate puzzle, which have attracted an extensive research interest.
资产定价既是现代金融的核心，也是许多困惑之所在，其中最著名的就是股权溢价之谜和无风险利率之谜。
Bottom line: There's no free lunch on Wall Street and just about every asset class carries its own form of idiosyncratic risk.
结论：华尔街没有免费午餐，几乎每种资产都有独特的风险。
Bottom line: There's no free lunch on Wall Street and just about every asset class carries its own form of idiosyncratic risk.
结论：华尔街没有免费午餐，几乎每种资产都有独特的风险。
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