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"She was the one who guided me toward continuing my portfolio.
VOA: special.2011.05.27
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.. I computed the efficient portfolio frontier for various-- it's the efficient portfolio frontier using the formula I just gave you.
我计算了来自不同组合有效边界-,这一条有效投资组合边界,就是用刚刚给出的公式算出来的。
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So, why don't we set up a company that creates a portfolio like that and investors can buy into that portfolio.
那么，为什么我们不设立一家公司,专门创造这样的投资组合,然后投资者们再将这些投资组合买进呢。
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You can either have what's called an indexed portfolio, or a managed portfolio.
你可以选择指,数化资产组合，或者代管投资组合。
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There's no correlation between them ... and that means that the variance-- and I want to talk about equally-weighted portfolio.
它们之间没有相关性,也就是说。。。方差-,我想讲一下,权重相等的投资组合。
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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。
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Suppose you could find 10,000 independent assets, then you could drive the uncertainty about the portfolio practically to 0.
假设你能找到一万项相互独立的资产，那么你就可以将这个投资组合的风险,降到几乎为零。
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Probably a more important test of the portfolio was what happened around the collapse of the Internet bubble in 2000.
对这个组合更严峻的考验可能是,2000年那场互联网泡沫的破裂
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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。
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Now, he's using a much longer sample than I did, so he's not going to get this tangency portfolio that I did.
他的样本跨度比我的要大多了，所以他得出的切线资产组合会和我的不同。
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I'm going to start this lecture with a discussion of how one constructs a portfolio and what are the mathematics of it.
首先我想讲讲,怎样建立一个投资组合,以及与其有关的数学问题。
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.. You want to get it-- if you keep adding assets, you can do better and better on your portfolio standard deviation.
你想得到-,如果不断增加资产,组合的标准差就会越来越小。
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The pink line here is the efficient portfolio frontier when we have only stocks and bonds to invest.
这条粉色曲线就是有效边界,这个投资组合只包括了股票和债券。
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I want now to carry that forward into something a little bit more focused on the portfolio problem.
现在从这个基础上拓展一下,更侧重于投资组合方面的问题。
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So, if you're a small college with only $20 million in a portfolio you don't come across as a qualified purchaser.
因此,如果是一个,只有2000万资产组合的小学院,是不能通过合格购买者的审核程序的
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What I did in this diagram is I computed the efficient portfolio frontier-- now it's the blue line with three assets.
在这张图表中,我计算了有效边界-,蓝色线表示三种资产的组合。
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.. 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。
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It's the world portfolio, it's everything and we compute the expected return on that portfolio, rm that's rm.
这就产生了世界投资组合,然后我们在此基础上计算出预期收益，所得值就是。
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Such a person might pick a point up here and that would be a portfolio with--a leveraged portfolio.
那样的人可能会在这里选一个点来投资,那就是一个有。。。这是个杠杆投资组合。
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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
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I showed them the slide that I just showed you, showing the optimal portfolio, and then I looked at the Norwegian Government's position.
我还给他们展示了刚刚给你们放的幻灯片，就是展示最佳投资组合的那张，然后我查看了挪威政府现在的资产状况。
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But now, you see there are a lot of possibilities and the outcome of your portfolio choice can be anything along this line.
但是现在你可以看到很多可能的投资组合,你决定的投资组合的结果,可以是这条线上任意一点。
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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。
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It's actually kind of a crusade of mine-- I believe that the world needs more portfolio diversification.
事实上，这是我长期研究的一个方向-,我认为，世界需要更多元化的投资组合。
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If you read his Pioneering Portfolio Management on the syllabus, he really has a preference for equities.
如果你阅读他的著作《开拓投资组合的管理》的摘要,他确实对股票有偏好。
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You could always find a portfolio that had a higher expected return for the same standard deviation.
你总是可以找到一个投资组合,具有较高的预期回报,而标准差不变。
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Now, I want to talk about forming a portfolio where the assets are not independent of each other, but are correlated with each other.
现在我要建立这样的一个投资组合,在这个组合里各项资产并不是相互独立的，而是相互关联的。
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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
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I'm transferring this to the portfolio management problem and you can see it's the same idea.
如果将保险转化为投资组合管理的问题,你会发现原理是一样的。
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But, I don't know what you were thinking, we got a 28% portfolio return last year.
不知道你们觉得如何,我们去年获得了28%的收益
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