.. I can achieve any combination-- I can achieve any point on that by choosing an allocation of my portfolio.
我可以得到任意组合-,可以任意分配投资组合中,各种投资的比重。
Its name is malloc for memory allocation and what malloc does for us is we say, hmm, the user has typed in a three-letter word.
它为我们分配内存地址,它为用户输入的3个字母单词,分配地址。
The overall conclusions are that, with respect to asset allocation, you want to create an equity-oriented diversified portfolio.
总而言之,在资产配置方面,你要创造一个股权导向的多元化投资组合
Because that's true, then asset allocation ends up being the overwhelmingly important determinant of the University's results.
因为在这种情况下,资产配置,是学校投资回报率的,支配性的决定因素
The first, asset allocation, basically deals with which assets you have in your portfolio and in which proportion you hold each of those assets.
首先,资产配置主要是指,你的投资组合包括哪些资产,以及每种资产所占的比例
The gap in what Morningstar calls the "Conservative allocation fund" is 0.3% per year.
在晨星公司所称的"保守配置型基金"中,每年大约存在0.3%的缺口
Well, if you look at the annual reports of their asset allocation, in June of 1987, their equity allocation was higher than it had been for fifteen years.
如果你去看看,他们那时候的资产配置年报,1987年6月,权益资产的比重,达到15年来的最高点
It took these institutions until 1993--a full six years-- to get their bond allocation back down to where it had been prior to the crash in October 1987.
这些机构直至1993年,整整六年时间,才恢复到1987年10月崩盘之前的,债券投资配置
I think one of the more interesting and even simpler concepts that comes out of his study is that more than 100% of returns are defined by asset allocation.
我认为他的研究中更有意思,也更简明的一个结论是,超过100%的回报,是由资产配置决定的
Let's start out with the first: asset allocation.
让我们从第一点开始,资产配置
He's come to the conclusion that over 90% of the variability of returns in institutional portfolios is attributable to asset allocation and that's the number that I think most people hear cited when they are looking at Roger Ibbotson's work.
他得出结论,机构投资中,超过90%的回报率变动,要归因于资产配置,我想这是罗格·伊博森的文章里面,被人引用得最多的结论
If I went back to my office after speaking with you this morning and took Yale's $22.5 billion dollars and put all of it into Google stock, asset allocation would have very little to say about what Yale's returns would be.
如果我今早下课之后回到办公室,把耶鲁的225亿美元,全部投资于谷歌股票,资产配置在这种情况下,对耶鲁的回报率就没有多少影响了
As a matter of fact, it's so widely believed that asset allocation is the most important tool that I think some people have come to the conclusion that it's some sort of law of finance that asset allocation is the most important tool.
事实上,我们普遍相信,资产配置是最重要的工具,以至有人得出结论,资产配置是最重要的工具,已经算是一条金融学定理了
Alternatively, if I went back to the office and took Yale's $22.5 billion dollars and decided that I was going to day trade bond futures, security selection wouldn't have anything to say about the returns; asset allocation wouldn't have anything to say about the returns.
或者,如果我回到办公室,把耶鲁的225亿美元,投资于即日平仓的债券期货,在这种情况下,证券选择不会影响回报率,资产配置也不会影响回报率
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