At least in the domestic equity world you've got a pretty stable base that you were looking at ten years ago.

至少对于国内股市来说,当你回顾10年前的收益率,会得到一个非常稳定的基准数字

耶鲁公开课 - 金融市场课程节选

For Jeremy Siegel, in the latest edition of his book, the equity premium is 4% a year since 1802.

杰里米·西格尔在他最新一版的书中讲到,从1802年开始,股权溢价就是每年4%

耶鲁公开课 - 金融市场课程节选

If you're investing with a long time horizon, having an equity bias makes sense; stocks go up in the long run.

如果进行长线投资,且存在股权偏好,那么从长期看,股票是上涨的

耶鲁公开课 - 金融市场课程节选

You also don't know that they'll give them to the equity owners they won't squander in the future.

你也不知道,他们是否能够兑现股票持有者,它们不会挥霍未来。

耶鲁公开课 - 金融市场课程节选

If you looked at the domestic equity return -the average return that was posted in 2000--it was -3.1%.

看看国内证券的收益,2000年公报的平均收益率是负3.1%

耶鲁公开课 - 金融市场课程节选

In every one of these countries, since 1901, there has been a very high equity premium.

从1901年开始，每个这些国家，都有个相当高的股票溢价。

耶鲁公开课 - 金融市场课程节选

it's clipping coupons and he describes his job as figuring out what the coupon is in an equity and if it's high enough he likes it.

就是获得票息,他形容自己的工作就是,发现在股票中的“票息“是什么,以及“票息“是否能够高到让他满意。

耶鲁公开课 - 金融市场课程节选

He created just about the biggest private equity firm from scratch in 1985 and I guess they just went public and they have a huge market cap.

他于1985年白手起家,创建了最大的私募股权公司,后来公司上市,市值相当可观

耶鲁公开课 - 金融市场课程节选

So,70% of the portfolio is in absolute return, real assets,private equity, alternatives--broadly defined.

因此资产的70%分布于绝对收益组合,不动产,私募权益等广泛的投资品种中

耶鲁公开课 - 金融市场课程节选

This is--I'm showing here U.S. data, but Siegel also argues in the latest edition that the equity premium is also high for advanced countries over the whole world.

这就是。。。我在这展示的是美国的数据，但是西格尔在他最新出版的书中讨论道,在世界范围内许多发达国家的,股票溢价同样很高。

耶鲁公开课 - 金融市场课程节选

In the Basel I there were Tier I capital requirements and they defined Tier I capital as capital in a certain form -it's stockholders equity plus preferred stock.

第一次巴塞尔协议提出了一级资本要求,他们将一级资本定义为,一种特定形式的资本金,就是股东权益加上优先股

耶鲁公开课 - 金融市场课程节选

Well, if you look at the annual reports of their asset allocation, in June of 1987, their equity allocation was higher than it had been for fifteen years.

如果你去看看,他们那时候的资产配置年报,1987年6月,权益资产的比重,达到15年来的最高点

耶鲁公开课 - 金融市场课程节选

But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.

当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊

耶鲁公开课 - 金融市场课程节选

First, in terms of equity bias.

第一,股权偏好

耶鲁公开课 - 金融市场课程节选

So 90% of your portfolio is in domestic marketable securities and only 10% is invested in things like real estate or venture capital or private equity -hardly enough to make a difference in terms of the portfolios returns.

于是90%的投资都在本国有价证券中,仅10%用于比如不动产,风险资本或私募股权投资,这一小块几乎对投资回报,没有什么作用

耶鲁公开课 - 金融市场课程节选

The equity orientation drove the returns but the diversification allowed us to deliver those returns in a stable fashion, which is incredibly important for an institution like Yale that requires a steady supply of funds to finance its operations.

股票导向型投资会推动收益率上升,但多元化能让收益更平稳,这对于耶鲁这样的机构极为重要,因为它需要稳定的资金供给,为学校运营提供财务支持

耶鲁公开课 - 金融市场课程节选

When you look at each of those individual asset classes -domestic equities, foreign equities, bonds, real assets, absolute return and private equity -each of those individual asset classes is going to be relatively well-diversified in terms of exposures to individual positions or individual securities.

当你观察每一种资产,比如国内股权,国外股权,债券,不动产,绝对收益和私募股权,这其中每一种,比起单一头寸或单一证券,风险都是相对分散的

耶鲁公开课 - 金融市场课程节选