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It probably has some risk, but the way we approximate things in finance, we take the government as riskless.
它可能存在一定的风险，但在金融学上，我们忽略其风险，将政府债券看作无风险。
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.. That person-- I should have maybe included that in the diagram-- that person could get 5% return with no risk.
那种人-,我也许该把种情况也包含到图里的-,他能够获得5%的无风险收益。
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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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It's like a fourth asset but we're using a special feature of this asset: that it has no risk.
如同第四种资产,我们将利用这个资产的特性：,即无风险特性。
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.. The equity premium is the-- 2.8% this short-term 2.8% is the riskless return, historically, for a period of almost 200 years.
股权溢价就是-,这个短期无风险投资收益率是，是根据近200年的数据得出的。
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The only risks that are left are risks that everyone shares, so you would see planet-wide risks expressing themselves in consumption, but nothing else.
唯一剩下的风险,就是每人分担的那些风险，所以你会看到全球的市场风险,以消费的形式表现出来，再无其他。
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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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Now, assuming that we trust the government-- I think the U.S. Government has never defaulted on its debt-- we'd take that as a riskless return.
假设我们信任政府-,假设美国政府从未拖欠债务-,可以把它当作无风险回报。
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I have stocks, bonds, and oil but I want also to add one more final asset, we'll call it the riskless asset, long-term bonds are somewhat uncertain and variable because they're long-term.
有股票，债券和石油,我还想再增加最后一种资产，我们称之为无风险资产，由于长期债券持有期限很长,存在一定不确定性及风险。
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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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