It affects portfolio decisions. It has led to a dramatic shift away from risky assets to riskless assets, or at least assets perceived as riskless.

它影响着资产组合决策，导致了从风险资产到零风险资产或至少是被理解为零风险资产这一戏剧性的转变。

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This induced Banks that were obliged to hold riskless assets in order to meet their liquidity requirements to earn a few extra basis points by loading up on the weaker countries' sovereign debt.

这就使得必须持有无风险资产以满足流动性要求的银行们松了口气，因为这意味着它们可以持有较疲软国家的主权债务。

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The information affects not only the proportion of capital allocation in the riskless asset to that in risky ones, but also composition of risky assets.

信息不仅影响投资者在无风险资产和风险资产之间的资金分配比例，而且影响风险资产组合。

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Somebody who is very risk averse could say, I want to hold only the riskless assets because I just don't like any risk at all.

有些极度惧怕风险的人可能会说，我只想持有那些没有风险的资产,因为我压根就不想跟风险打交道。

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

We may quibble that those are anything but riskless assets for the banks, but what national bank regulators are going to downgrade and mark down their own sovereign debt to fail their own banks?

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In fact, optimists pointed out, so long as equities are held for the long term, they can be safer investments than supposedly riskless assets such as government bonds, whose value can be wiped out by inflation.

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People perceive these as risks rather than opportunities, which cause some to engage in self-destructive behavior by buying overvalued supposed riskless assets, such as US Treasuries, and selling incredibly profitable, yet highly discounted dividend paying blue chip stocks, which provide safety and income at bargain prices.

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