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Somebody else might say, well I want to just hold this point, I want to hold the tangency portfolio.
而另外的某些人可能会说，我就想按这个点的比例来持有投资，我想持有切线投资组合。
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Then finally, the final step is to find what is the tangency line that goes through the riskless rate.
在最后，最终的步骤是找出一条,穿过无风险收益率的切线。
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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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In my diagram, I said that the tangency portfolio-- I estimated that the tangency portfolio is 9% oil, 27% stocks, and 64% bonds.
在我的曲线图里我有提到切线资产组合-,我估算出切线资产组合是9%的石油，27%的股票和64%的债券。
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The asset pricing model--and this is critical-- assumes everyone is rational and holds the tangency portfolio.
资本资产定价模型是非常重要的模型-,假设每人是理性的，并持有切线资产组合。
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That would be a portfolio where you borrowed at the riskless rate and you put more than 100% of your money into the tangency portfolio.
在这种组合里,你可以以无风险利率借贷到一些资金,从而可以投入比你本金更多的资金,来购买切线投资组合。
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The theory of mutual funds is: nobody is supposed to be holding anything other than-- ... the ideal theory of mutual funds--is holding something other than this tangency portfolio.
共同基金定理是指：,所有人都应该持有-,理想的共同基金定理说,都应该持有这种切线投资组合。
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The tangency portfolio is the portfolio that one should hold.
切点投资组合就是我们应该持有的投资组合。
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That would mean that everybody is holding that same portfolio of risky assets and nobody is different, they're only different in how-- what proportions they hold the risky-- the tangency portfolio.
这就意味着每个人,都持有相同风险资产投资组合,每人都是一样的，他们唯一的不同在于-,他们所持有风险资产的比例-,也就是切线资产组合。
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Then everyone should be holding the tangency portfolio.
所有人都应该持有切线投资组合。
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What is the tangency portfolio in this case?
这个案例中的切线投资组合又是什么呢？
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If you agree with my estimates, then you should do this as an investor, you should hold only some mixture of this tangency portfolio, which is 9% oil, 27% stocks, and 64% bonds.
如果你赞同我的估计值，那么作为一个投资者的话你应该这么做，你应该只持有,符合这个切线投资组合比例的投资，即9%的石油，27%的股票，和64%的债券。
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They have lots of maybe good-- maybe it's not because they're irrational, it's that they're political or they're constrained by tradition or laws or regulations, all sorts of things; but, they're not holding the tangency portfolio.
他们有很多好的原因-,也许并不是因为他们不够理性，而是由于他们有自己政治上的考虑,或者是他们本身被传统,法律以及规则等一系列的因素，所限制;,因此他们不会持有切线资产组合。
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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。
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