The investment rate is telling you how much money you're really making on an annualized basis, so it's very simple.

投资收益率反映了基于一年来看,你实际赚了多少钱,非常简单

耶鲁公开课 - 金融市场课程节选

What most people are doing when they go into a mutual fund is they're trying to find smart people who will beat the market-- who will pick those stocks that will do well.

大多数人投资共同基金,实际是在寻找聪明之辈,来帮助他们获取更高收益率...,来挑选表现最为优异的股票

耶鲁公开课 - 金融市场课程节选

Compound that 13.4% over ten years and there's just an enormous gap between those mutual fund numbers that are in the prospectus and in the advertisement--the time-weighted returns and the dollar-weighted returns that talk about the actual experience of the investment community.

按13.4%复利算一下10年期的结果,你会发现在招股说明书和广告里给出的,用来反映投资机构实际业绩水平的,时间加权回报率,和货币加权回报率数字之间,有着巨大的差异

耶鲁公开课 - 金融市场课程节选

You get nineteen times your money over eighty-one years, but then if you take into account the inflation consumes a multiple of eleven and you're an institution like Yale that consumes only after inflation returns, putting your money into treasury bills really didn't get you very much.

1年后你的钱翻了19倍,但是如果考虑通货膨胀,在此期间侵蚀了11倍的收益,而且如果你是像耶鲁这样,减去通货膨胀调整到实际回报后再论支出,那么将钱投资于短期国库券,不会让你赚得多

耶鲁公开课 - 金融市场课程节选

We have--my colleagues and I founded an investment bank called Macro Markets and I'm not actually running it, I'm co-found--it's named after a book Macro Markets I wrote called Marco Markets.

在我大学时代我们建立了一个投资银行,叫做Macro，Markets，我并没有实际经营它，这个投行以我写过的一本书来命名,我写的那本书就叫做。

耶鲁公开课 - 金融市场课程节选