For example, we might have--this is asset 1-- and we might have something here--this could be asset 2.

例如，这个点表示一号资产-,这里这个点表示二号资产。

耶鲁公开课 - 金融市场课程节选

How can asset allocation be responsible for more than 100% of investment returns?

资产配置怎么能决定,100%以上的投资回报

耶鲁公开课 - 金融市场课程节选

She doesn't spend her bodily wealth and fulfill the terms of nature's loan And so for Comus, the Lady is hoarding the natural asset of her physical beauty.

她不花费自己的身体财富和不履行自然的贷款条件,对于Comus来说，小姐在囤积自然给她的美貌资产。

耶鲁公开课 - 弥尔顿课程节选

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

耶鲁公开课 - 金融市场课程节选

Jeremy Siegel, in his book, which is assigned for this course, is really emphasizing this capital asset pricing model, emphasizing the kind of efficient portfolio frontier calculations that I've done.

杰里米·西格尔的著作，是本课的指定书目，书中着重讲述了资本资产定价模型，以及有效边界等的计算方法,这部分我已经讲完了。

耶鲁公开课 - 金融市场课程节选

So, it's not surprising that asset allocation explains more than 100% of returns and that, for the community as a whole, market timing and security selection are costly and lower the community's aggregate investment returns.

因此资产配置能解释100%以上的回报,也不足为奇了,对投资者整体来说,市场时机选择,和证券选择是有代价的,降低了总的投资回报

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

You want to spend your time and energy pursuing the most inefficiently priced asset classes because there's an enormous reward for identifying the top quartile venture capitalist and almost no reward for being in the top quartile of the high- quality bond universe.

你应该投入所有的时间和精力,去追逐最不能有效定价的资产,因为在那里才能通过一流的风投经理人,获得巨额的投资回报,而在债券市场,即使债券优质,经理人一流,回报微乎甚微

耶鲁公开课 - 金融市场课程节选