He's more likely to be someone who plays by the rules, avoids dangers, and bets on the sure thing.

他们只会循规守据,只做自己有把握的事情，绝不做任何有风险的事。

耶鲁公开课 - 政治哲学导论课程节选

I mean, to the extent that you're making these short-term bets against your long-term policy, it requires trading and trading is expensive.

我的意思是,在长期策略下进行短期操作,就需要进行交易,而交易是昂贵的

耶鲁公开课 - 金融市场课程节选

If they do make big bets maybe they get lucky once, or twice,or three times, but ultimately their luck is going to run out.

搏大了,可能会侥幸那么一次,两次或三次,但最终运气是会用完的

耶鲁公开课 - 金融市场课程节选

having a lot at sort of independent sort of bets.

同时下多种类别而又相互独立的赌注。

耶鲁公开课 - 金融市场课程节选

Well,they're not going to make big bets,right?

当然,他们就不会搏得太大

耶鲁公开课 - 金融市场课程节选

So,we will make valuation bets.

为此,我们会做价值评估

耶鲁公开课 - 金融市场课程节选

They have risks that their overhead won't cover their risk is that a steady stream of people won't come and be making a steady stream of bets at which each of them has a slightly negative expectation.

他们的风险是能否支付管理费用,他们的风险是不再有稳定的客流来消费,同时每一个人都怀着一丝消极的期待,下源源不断的赌注。

耶鲁公开课 - 金融市场课程节选

As a matter of fact,if things were perfectly efficiently priced, there wouldn't be any opportunity to generate excess returns and if you make active bets--if you make bets against the market -then whether you win or lose has to do with luck.

事实上,如果资产都是有效定价的,那么根本不可能获得任何超额收益,如果你主动一搏,要从市场中获利,那么无论得失都只能靠运气了

耶鲁公开课 - 金融市场课程节选