I wrote my first book--I already talked about that, Pioneering Portfolio Management--that deals with the challenges that face institutional investors.

我写的第一本书,我已经提到过了,《机构投资的创新之路》,讨论了机构投资者所面临的挑战

耶鲁公开课 - 金融市场课程节选

If you read his Pioneering Portfolio Management on the syllabus, he really has a preference for equities.

如果你阅读他的著作《开拓投资组合的管理》的摘要,他确实对股票有偏好。

耶鲁公开课 - 金融市场课程节选

The general principle of portfolio management is: you want to include as many assets as you can.

投资组合管理总的原则是：,不同的资产越多则组合越佳。

耶鲁公开课 - 金融市场课程节选

I'm transferring this to the portfolio management problem and you can see it's the same idea.

如果将保险转化为投资组合管理的问题,你会发现原理是一样的。

耶鲁公开课 - 金融市场课程节选

Portfolio management pools risks in a different way: by assembling a diversified portfolio or a portfolio that's negatively correlated with a risk that someone has.

而投资组合管理采用了不同的方式,多元化的资产配置,或者风险负相关性的,投资组合

耶鲁公开课 - 金融市场课程节选

Here I was, back at Yale, with a billion dollar portfolio -it seemed like a lot of money at the time no portfolio management experience.

那时我在耶鲁,要管理上十亿美元的投资组合,在当时,那是笔巨款,而我却没有任何投资组合管理经验

耶鲁公开课 - 金融市场课程节选

So, when we say portfolio management, we mean managing everything that gives you economic benefit.

所以，当谈到管理投资组合的时候，我们管理的是,能够带来经济利益的一切大小事物。

耶鲁公开课 - 金融市场课程节选

One of the studies that I did for my first book, Pioneering Portfolio Management, looked at the behavior of endowments and foundations around the crash in October 1987.

我为第一本书《机构投资的创新之路》,所做的其中一个研究,是关于1987年10月那次股灾前后,各种捐赠和基金的表现

耶鲁公开课 - 金融市场课程节选

What I have shown here is how you calculate your portfolio management.

我之前讲到的内容,是怎样对你的资产管理精打细算。

耶鲁公开课 - 金融市场课程节选

A few years ago, I wrote a book called Pioneering Portfolio Management.

几年前,我写了《机构投资的创新之路》一书

耶鲁公开课 - 金融市场课程节选

Bob mentioned in his introduction that I showed up at Yale in 1985, after having spent six years on Wall Street, and I was totally unencumbered by any portfolio management experience.

鲍勃在介绍中提到,我1985年刚来耶鲁时,已经在华尔街待了六年,完全没有任何,投资组合管理的经验

耶鲁公开课 - 金融市场课程节选

Anybody whose read a basic finance text, as a matter of fact, I think anybody who thinks about investments in a common sense fashion knows that diversification is an important fundamental tenet of portfolio management.

事实上,任何一个读过金融基础教材的人,任何一个,以正常思维来考虑投资问题的人,都知道分散投资是投资管理的,一条重要的基本原则

耶鲁公开课 - 金融市场课程节选

Finally, I just want to say, next lecture is January twenty-eighth and we're going to talk about portfolio diversification, which is one very important application of the fundamental principle of risk management, as applied to securities.

最后，我想说下一讲是在1月28日,到时我们会谈谈资产组合多样化，这是风险管理基本原则中,对证券投资来说，这是非常重要的一项应用。

耶鲁公开课 - 金融市场课程节选