This portfolio, the minimum variance portfolio, is 9% oil, 27% stocks, and 64% bonds and most of the--many choices you can make.

这个最小方差的资产配置是9%的石油，27%的股票和64%的债券,而大部分。。。你可以有许多选择。

耶鲁公开课 - 金融市场课程节选

And one of the best analogies you can think of is the oil rich nations of the world in post-World War Two, in the post-World War Two era, whether it's Saudi Arabia, Iraq and Iran, the Emirates, or Venezuela, name--today Russia.

做个非常恰当的类比,你们可以把棉花想象成,二战后时期的石油,想想沙特阿拉伯,伊拉克,伊朗,阿联酋,委内瑞拉,和今天的俄罗斯吧

耶鲁公开课 - 美国内战与重建课程节选