Shoulders stooped, broad back Bent with weighted expectations from Umi,Khaltu,Fatima and Baba Eagerly awaiting your return, the Conquering hero With Big Macs And blue jeans For all They tricked us.

VOA: special.2009.04.17

I'm going to generalize from our simple story even more by saying that, let's not assume that we have equally-weighted.

我要将我们刚才的简单特例,变得更普遍适用一些，现在我们假设这两项资产的权重并不相等。

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There were seventeen categories of equity mutual funds and they compared the dollar-weighted to the time-weighted returns.

其中一共是17种股权共同基金,将它们的货币加权回报率,和时间加权回报率进行比较

耶鲁公开课 - 金融市场课程节选

Okay, so there was some irony built into it because the program itself was weighted so heavily toward processed packaged foods and eating out.

好的,所以这个项目的讽刺之处在于,项目本身侧重于加工好的,精包装的食品以及餐馆里的食品

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In every one of those seventeen categories, the dollar-weighted returns were less than the time-weighted returns.

发现这17种基金中的每一种,货币加权回报率,都是低于时间加权回报率的

耶鲁公开课 - 金融市场课程节选

I've made a very special case that this is the case of an equally-weighted portfolio.

在这里我假设了一个特例,即一个各项资产权重相等的投资组合。

耶鲁公开课 - 金融市场课程节选

.. I started out with the equally-weighted-- I was talking about stocks-- about n stocks that all have the same variance and are all independent of each other.

开始的时候我讲了等权重的-,我开始时讲了股票-,几支拥有相同方差的股票,彼此间相互独立。

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But if you look at the tech fund category, the difference between the dollar-weighted and the time-weighted returns--this is over a ten-year period -is 13.4% per annum; that's stunning.

但是如果你关注科技投资基金,十年间,货币加权回报率,和时间加权回报率间的差距,是每年13.4%,这是非常夸张的

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If you look at the ten best-performing Internet funds from 1997 to 2002, the time-weighted return is 1.5% per year positive, so the funds went way up and then they went way down.

这十个表现最好的网络投资基金,从1997年到2002年,时间加权回报率是每年1.5%,基金一路涨涨跌跌

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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

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