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This portfolio, the minimum variance portfolio, is 9% oil, 27% stocks, and 64% bonds and most of the--many choices you can make.
这个最小方差的资产配置是9%的石油，27%的股票和64%的债券,而大部分。。。你可以有许多选择。
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In my diagram, I said that the tangency portfolio-- I estimated that the tangency portfolio is 9% oil, 27% stocks, and 64% bonds.
在我的曲线图里我有提到切线资产组合-,我估算出切线资产组合是9%的石油，27%的股票和64%的债券。
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This is a portfolio, which has all oil and stocks and it has no bonds.
这个投资组合，包括有石油，股票，没有债券。
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Oil, bonds, and stocks are all independent-- somewhat independent--they're not perfectly independent, but they're somewhat independent and, to the extent that they are, it lowers the variance.
石油，债券和股票都是互相独立-,一定程度上独立，不是绝对的独立，但一定程度上独立，可以使方差值变小，降低风险。
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What you could do is, say, borrow $.50 on your $1 and put $1.50 into a portfolio, which consisted of 9% oil, 27% stocks, and 64% bonds.
你所做的就是，这么说吧，你用手上的1美元借来了50美分1,然后以这1。5美元购买投资组合，其中包含9%的石油，27%的股票和64%的债券。
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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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If you agree with my estimates, then you should do this as an investor, you should hold only some mixture of this tangency portfolio, which is 9% oil, 27% stocks, and 64% bonds.
如果你赞同我的估计值，那么作为一个投资者的话你应该这么做，你应该只持有,符合这个切线投资组合比例的投资，即9%的石油，27%的股票，和64%的债券。
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The market portfolio is, if you took all the stocks and bonds, and oil, and real estate, anything that's available to invest in, in the whole world, put them all together in one portfolio.
市场组合则是，假设你在全世界范围内购买了所有，能够投资的股票，债券，石油和房地产，将他们放在同一个投资组合里。
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So, for example, at an annual expected return of 12% if I have a portfolio of stocks, bonds, and oil I can get a standard deviation of something like 8% on my portfolio.
例如，在年预期收益12%的情况下%,我有股票，债券和石油的投资组合,在这个组合里,我的投资组合可以取到8%的标准差。
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It's 12% oil, 36% stocks, and 52% bonds.
是12%的石油，36%的股票，和52%的债券。
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I computed the returns on the stocks, bonds, and oil for every year from 1983 and I computed the average returns, which I take as the expected returns, I took the standard deviations, and I took the covariance.
我计算了从1983年以来每年的股票,债券和石油的收益，从而得出平均收益率，这些平均收益率作为预期收益率，然后算得标准差及协方差。
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If we're all holding the same portfolio, that has to be the total, so that would mean that 9% of all wealth is oil, 9% of all--is oil 27% of all wealth is stocks, and 64% is bonds.
如果我们全都持有相同投资组合，总的投资组合就是如此，那就意味着9%的资产投资石油，市场总体的投资组合就是9%是石油,27%投资股票以及64%投资债券。
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So, now we have n = 3 and in the chart are stocks, bonds, and oil.
图表里n=3表示,股票，债券和石油这三类资产。
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