And he defined the average in terms of not the sum divided by two, but he chose the geometric mean.
鲍林定义平均并不是,简单相加在除以二,他选择几何平均。
If we add one to the return, then you've got a number that's never negative and we can then use geometric returns.
然后加上1,你永远也得不到一个负数,然后我们对这个值求几何平均
Because very often,if we only study the average, we only see the average,we only see the geometric shapes and completely missed the children on the bus.
因为很多时候,如果我们只研究平均水平,那就只会看到平均的结果,只看到几何形状,完全忽略了汽车上的孩子。
What he says you should do instead is to take the geometric average of gross returns.
他认为应该,对每年的收益求几何平均
This is called the geometric average and it's used only for positive numbers.
这种平均叫几何平均,只能用于正的数值
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