It probably has some risk, but the way we approximate things in finance, we take the government as riskless.

它可能存在一定的风险，但在金融学上，我们忽略其风险，将政府债券看作无风险。

耶鲁公开课 - 金融市场课程节选

Then finally, the final step is to find what is the tangency line that goes through the riskless rate.

在最后，最终的步骤是找出一条,穿过无风险收益率的切线。

耶鲁公开课 - 金融市场课程节选

.. The equity premium is the-- 2.8% this short-term 2.8% is the riskless return, historically, for a period of almost 200 years.

股权溢价就是-,这个短期无风险投资收益率是，是根据近200年的数据得出的。

耶鲁公开课 - 金融市场课程节选

Once you've got them together, then you can compute the efficient portfolio frontier without the riskless asset.

当你明确了这些参数后，就可以算出没有无风险资产情况下的,有效边界了。

耶鲁公开课 - 金融市场课程节选

That was kind of a riskless trade because if they filed on time, we hadn't paid anything.

这是一种冒险的交易,因为如果他们按时发布，我们没有损失。

耶鲁公开课 - 金融市场课程节选

That would be a portfolio where you borrowed at the riskless rate and you put more than 100% of your money into the tangency portfolio.

在这种组合里,你可以以无风险利率借贷到一些资金,从而可以投入比你本金更多的资金,来购买切线投资组合。

耶鲁公开课 - 金融市场课程节选

Somebody who is very risk averse could say, I want to hold only the riskless assets because I just don't like any risk at all.

有些极度惧怕风险的人可能会说，我只想持有那些没有风险的资产,因为我压根就不想跟风险打交道。

耶鲁公开课 - 金融市场课程节选

Now, assuming that we trust the government-- I think the U.S. Government has never defaulted on its debt-- we'd take that as a riskless return.

假设我们信任政府-,假设美国政府从未拖欠债务-,可以把它当作无风险回报。

耶鲁公开课 - 金融市场课程节选

I have stocks, bonds, and oil but I want also to add one more final asset, we'll call it the riskless asset, long-term bonds are somewhat uncertain and variable because they're long-term.

有股票，债券和石油,我还想再增加最后一种资产，我们称之为无风险资产，由于长期债券持有期限很长,存在一定不确定性及风险。

耶鲁公开课 - 金融市场课程节选

If we have an annual return that we're looking at, we can find a completely riskless asset with an annual return-- it would be a government bond that matures in one year.

如果我们可以查看各项资产的年度收益，我们可以找到一个零风险,且达到预期年度收益的资产项目-,也许是一年期的政府债券。

耶鲁公开课 - 金融市场课程节选

Tangent means that it has the same slope, it just touches the efficient portfolio frontier for risky assets at one point, and the slope of the efficient portfolio frontier, including the riskless asset, is a straight line that goes through the tangency point, here.

相切意味着斜率相同，它与包含风险资产的有效边界,交与一点，而包含无风险资产的，有效边界，则是一条过切点的直线，切点在这里。

耶鲁公开课 - 金融市场课程节选