What I think the mutual fund industry has turned into, largely, is a stock picking industry, not a portfolio diversification industry.
我认为,共同基金行业在很大程度上,已经演变成选股行业,而非投资组合多样化行业
A society based simply on the mutual calculation of interests could not be a real political society for Aristotle.
一个建构在双方相互算计利益的社会,对亚里士多德而言,并不是一个真正的政治社会。
The ideal thing would be that the mutual fund does these calculations and it puts it all together for you.
最理想的事情是,共同基金会做一些这样的计算,再为你们把这些数据综合起来。
In other words, Iser is no more an historicist than Gadamer is but insists rather on the mutual exchange of prejudice between the two horizons in question.
换句话说就是,伊瑟尔并不比葛达玛更历史主义,但他相反却坚持在两个有争执的视域中,偏见的互换。
So the Mosaic covenant is neither unilateral-- this is now a bilateral covenant, mutual, reciprocal obligations--nor is it unconditional like the other two.
所以摩西契约不是单边同意的-,是双边契约,包含了平等和互惠的责任,这个契约也不像其他两个是无条件的。
So again, they both know that someone in the room has a pink hat on their head: it is mutual knowledge that there's a pink hat in the room.
但是他们都知道,至少有一个人戴着粉色帽子,至少有一顶粉色帽子是相互知识
The mutual fund theory that we gave last time said, no the mutual fund is just supposed to be diversifying for you.
但上节课讲到的共同基金定理认为,共同基金的目的是分散投资
The mutual fund industry is supposedly, and according to theory, doing this for you.
共同基金产业据称,理应为人们完成如上的这些计算。
I want to say one more thing about the diversification and the mutual fund.
我想谈谈,证券业多元化和共同基金
The large polyglot, multiethnic communities of today would not, on Aristotle's account, allow for sufficient mutual trust and friendship to count as a healthy political community.
大量精通数种语言者,今日的多民族小区,在亚里士多德看来,将无法提供足够的相互信任与友爱,因此无法被认作是健康的政治社群。
This is true whether you look at the universe of the mutual fund managers that we might have available to us as individuals or whether it's institutional data, such as those that I just cited; that concept is survivorship bias.
的确如此,不论你在观察,可接触到的基金经理个人,还是观察一些机构数据,就像我刚引用过的那些,这个现象就是生存偏差
Or the insurance company could be a mutual insurance company, in which case the insurance company is owned by the insured.
保险公司也可以是互助保险公司,也就是保险公司的股东就是被保险人
Finally, I just want to say that I've been talking mainly about the U.S., but mutual funds have been growing in importance around the world.
总之,我想要说的是,虽然我们谈的主要是美国,但在全世界,共同基金的重要性在日益增强
In Unconventional Success, I did a study of individual behavior in their mutual fund purchases and sales around the collapse of the Internet bubble in March of 2000.
在这本书里,我对2000年3月,网络股暴跌时,共同基金购买,和销售中的个体行为做了研究
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。
I have one final question, just about the mutual fund industry.
我最后还有个问题,是关于共同基金产业。
It will be about the securities market line, about the beta, about the mutual fund theorem, and it will also be about institutions that we have--about investment companies and their management.
证券市场的风险线,beta系数,共同基金定律,还有当下的一些金融机构,包括投资公司,以及他们的管理
There were seventeen categories of equity mutual funds and they compared the dollar-weighted to the time-weighted returns.
其中一共是17种股权共同基金,将它们的货币加权回报率,和时间加权回报率进行比较
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