Measuring the price-earnings ratio of share is important for determining the expected holding-period return which can be used as a basis for valuing any portfolio.

测算市盈率对于确定证券组合预期的持有期收益率非常重要，这正是估价任何证券组合的基础。

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It shows the standard deviation of the return on the portfolio as a function of the expected return on the portfolio.

它是投资组合的收益标准差,关于预期收益率的函数图像。

耶鲁公开课 - 金融市场课程节选

Over this time period, that portfolio had an expected return of something like a little over 9% and it had a standard deviation of a little over 9%.

在这个时间段，这个投资组合的预期收益率是,9%多一点%,标准差是9%多一点。

耶鲁公开课 - 金融市场课程节选

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。

耶鲁公开课 - 金融市场课程节选

But if you could build a portfolio where half of the expected return is cash dividends, to which you could depend on buybacks and debt pay downs of another 150 basis points, we now have a 6% yield.

FORBES: Good Returns With Less Risk? High Priest Of Dividends Shows How!