Well, those hedge funds charge enormously more than what a standard manager of marketable securities' charges.

那些对冲基金经理的收费,远比证券投资经理的收费高

耶鲁公开课 - 金融市场课程节选

Our current portfolio has 11% allocated to domestic equities, 15% to foreign equities,and 4% to bonds, so traditional marketable securities account for 30% of assets.

我们当前的投资组合中11%是国内股,15%是国外股,4%是债券,所以传统有价证券占总资产的30%

耶鲁公开课 - 金融市场课程节选

So 90% of your portfolio is in domestic marketable securities and only 10% is invested in things like real estate or venture capital or private equity -hardly enough to make a difference in terms of the portfolios returns.

于是90%的投资都在本国有价证券中,仅10%用于比如不动产,风险资本或私募股权投资,这一小块几乎对投资回报,没有什么作用

耶鲁公开课 - 金融市场课程节选

That's not a way that we really think about it, but I do believe that the risk level of the University's portfolio is really quite low in statistical terms -much lower than the risk level that you'd have if you had a traditional portfolio dominated by marketable securities.

这一般不是我们考虑的关键,但我相信,耶鲁投资组合的风险水平,在统计数字上是非常低的,远远低于,持有一个传统的可交易证券主导的,投资组合的beta系数

耶鲁公开课 - 金融市场课程节选