I think that these countries are somewhat trying to manage this oil risk but they can't yet get onto the frontier.
我想这些国家或多或少,都试着控制石油风险,但他们根本无法达到有效边界。
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。
So, their diet is a little bit of that-- some of their protein from that, then bread, olive oil, fruit, vegetables, cheese, milk, those kinds of things they can do.
因此他们日常饮食是一点点肉,一些肉质蛋白,然后是面包,橄榄油,水果,蔬菜,奶酪,牛奶,还有些他们可以生产的东西
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
You can blame it on other things like the oil crisis of 1979 nothing is completely simple.
你也可以将其归于另外的原因,比如说1979年的石油危机9,但是没有任何事是完全单纯的。
We can now see the price of oil going out years into the future.
现在我们就可以看得到,未来几年石油的价格
So, for example, at an annual expected return of 12% if I have a portfolio of stocks, bonds, and oil I can get a standard deviation of something like 8% on my portfolio.
例如,在年预期收益12%的情况下%,我有股票,债券和石油的投资组合,在这个组合里,我的投资组合可以取到8%的标准差。
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