The difference between the average return for colleges and universities and Yale's returns has added $14.4 billion dollars to the University's coffers.
其他高校的平均收益率,与耶鲁的收益率的差距,为耶鲁财政增加了144亿美元
And then the only other difference is obviously, it's a function I need to return a value.
然后还剩下一点明显的区别,对于方法我要有返回值。
The thing that is very interesting that he finds is the difference, 4%, between the historical real return on stocks and the historical real return on bonds.
非常有趣的是,他发现历史实际股票收益,和历史实际债券收益之间,存在4%的差异。
Two ways of measuring how this happened and what difference it made is to realize, to return to what I said earlier, that big state structures involve bureaucracies.
如果要弄懂贵族如何获利,以及贵族获利所引起的改变,我们必须意识到大国必须建立官僚机构,我在前面曾提到过这一点
And one claim, which we're going to return to briefly next class when we talk about language, is that there's a very, very big difference between a creature that doesn't have language and a creature that does.
我们下节课讲述语言时,会简单地讲述一个观点,也就是在未掌握语言的生物,与掌握语言的生物之间,存在着巨大的差异
Where even if you can find somebody who's going to be a first quartile manager, there's almost no difference between the first quartile return and the third quartile return.
即使你能找到一位,一流的经理人,但在债券市场收益中,第一和第三个四分位数之间几乎没有区别
The other thing that I mentioned last time was that there seems to be a really big difference between the expected return on the stock market and the expected return on short-term debt.
上节课提到的另一条内容是,股票市场的预期收益,与短期债券的预期收益,存在着巨大差异
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