Or are you going to manage each individual asset class actively, trying to beat the market and generate risk-adjusted excess returns?

还是积极管理每项资产,力求获得市场水平以上的回报率,以及风险调整后的超额收益

耶鲁公开课 - 金融市场课程节选

If an asset class has constituents that are efficiently priced, then it's very hard to generate excess returns.

如果某种资产的构成都是有效定价的,那么就很难产生超额回报

耶鲁公开课 - 金融市场课程节选

So, there had to be more to it than just identifying the high-risk asset class and putting your assets there and letting it rip.

因此,投资远不仅仅是,识别高风险资产,投资其中,然后就放任自流

耶鲁公开课 - 金融市场课程节选

How are managers going to behave in an asset class where things are efficiently priced?

在面对有效定价的资产时,基金经理会怎么做呢

耶鲁公开课 - 金融市场课程节选

You have half of your assets in one single asset class: U.S. Common stocks.

你将半数资产,投资于单一类别,美国普通股

耶鲁公开课 - 金融市场课程节选

I want to start out by talking about real estate as an asset class.

我们开始讲,房地产这类资产

耶鲁公开课 - 金融市场课程节选

That was pretty compelling as an asset class and worked really well.

作为一个投资组合，那是非常诱人的,而且运转得也非常好。

耶鲁公开课 - 金融市场课程节选

It's actually the biggest and most important asset class.

事实上这是最大也是最重要的一种资产

耶鲁公开课 - 金融市场课程节选

It became a more interesting and diverse asset class.

它成为了一种更有趣更多样化的资产类别

耶鲁公开课 - 金融市场课程节选

Well,that's going to inflate the numbers too because the only managers that kind of raise their hand and say, hey I've got this interesting new approach to managing domestic equities--or whatever the asset class is -are the ones that have succeeded.

当然是会让指数起点偏高,因为经理人倾向于提供那些,举手说找到有趣的新方法,来管理国内股权投资,或其他投资的,成功的历史数据

耶鲁公开课 - 金融市场课程节选