I mean, hypothetically a bond trading at $.60 on the dollar with an 8% coupon, five-year bond that's yielding about 18%.
我的意思是,假设一种债券以0。60美元进行交易,同时有8%的票息,五年期债券收益率在18%左右。
Underlying this analysis, we have estimates of the expected returns on assets, notably, the expected returns on stocks and bonds.
凭借这个分析,我们可以估算出资产预期投资收益,特别是股票和债券的预期收益。
We're going to assume that everybody knows the possible strategies everyone else could choose and everyone knows everyone else's payoffs.
我们假设,每个人都知道其他人可能选择的策略,每个人都知道其他人的收益
Because it represents foreigners investing in United States and that generates rates of return that effectively can generate that growth.
其实这和外国人在美国投资的道理是一样的,投资带来的收益,是由美国来埋单的,因而,实际上也同样导致了美国债务的增长。
If you accept my estimates and you accept the capital asset pricing model, that would have to be true.
如果你同意我的估算,而且认同资本资本资产定价模型,那这种投资组合就会带来最大收益。
One more thing, I said they're not independent, so we have to talk about the covariance between the returns.
还有,我说过它们不是相互独立的,因此我们还需要讨论两个收益率的协方差。
So again, I'm not claiming these are the only other possible payoffs, but just another possibility to look at.
重申一下,我没说只有这几种可能的收益,这只是其中的一种可能罢了
You chose Alpha; I'm assuming these were roughly your payoffs, more or less, you were caring about your grades.
你选择的是α,我想这差不多就是你的收益了吧,你关注自己的成绩
It shows the standard deviation of the return on the portfolio as a function of the expected return on the portfolio.
它是投资组合的收益标准差,关于预期收益率的函数图像。
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。
Then if you fast forward to 2005 and look at the average return that was posted for 2000,it was +1.2%.
如果把时间快进至2005,5年后公报的2000年平均收益,变成了1.2%
So Yale had a 28% return on its portfolio last year, which was number one of all college endowments.
去年耶鲁基金获得了28%的收益,收益率高居全美高校榜首
The earnings is a measure of the value of the company and typically they've been valued at something like fifteen times earnings.
收益是对公司价值的衡量,一般是以,15乘以收益的形式体现的
VAR So, people talk about VAR, value at risk, and lots of people try and build VAR systems.
所以,人们总是讨论,即风险收益,而且有很多人试图建立风险收益系统。
I took the second payoff from that matrix and made it the second payoff in this matrix.
那个矩阵里面的第二个收益就是,这次博弈的矩阵里第二个收益
Or are you going to manage each individual asset class actively, trying to beat the market and generate risk-adjusted excess returns?
还是积极管理每项资产,力求获得市场水平以上的回报率,以及风险调整后的超额收益
sort of takes the cyclicality out of earnings and you can see over history how that multiple has varied.
一定程度上在收益上避免了周期性的,而且你可以看到随着历史的进程,这个倍数发生了多大的变化。
Also, we need to know how much individual stocks are correlated with rm; we measure that by the regression coefficient.
我们必须清楚,有多少个股与市场总体收益率相关;,我们用回归系数,即β系数来表示。
The difference between the average return for colleges and universities and Yale's returns has added $14.4 billion dollars to the University's coffers.
其他高校的平均收益率,与耶鲁的收益率的差距,为耶鲁财政增加了144亿美元
If you looked at the domestic equity return -the average return that was posted in 2000--it was -3.1%.
看看国内证券的收益,2000年公报的平均收益率是负3.1%
Once again the row player is the first payoff and the column player is the other payoff.
这次还是第一个收益是我的,另一个收益是我对手的
We're going to be talking about these in finance in regards to returns because-- generally the idea here is that we want high returns.
接下来我们讨论它们在金融学中的应用,从收益的角度来说,一般我们都渴望高收益
My payoffs are going to be evil-git payoffs, so they come from the matrix up there.
我的收益就是饭桶恶魔的收益,收益和之前的矩阵是一样的
Where's the marginal revenue, what's the marginal revenue look like in this picture on the left?
边际收益是什么样子的,左图中的边际收益图像是什么样的
It's much easier to figure out my own payoffs than to figure out my opponent's payoffs.
弄清自己的收益总是要比,弄清别人的收益要容易
With non-participating--with participating, you are participating in the portfolio outcome that the insurance company is experiencing, so you have some uncertainty about your cash value.
所谓参与式分红保险,是指你的收益来自某个投资组合收益,而这个投资组合是由保险公司来管理的,所以保单的现金价值是不确定的
And the second payoff is the column player's payoff, in this case the indignant angel.
第二个收益的是,愤怒天使的收益
Everyone see how I constructed that? So just to remind you again, the first payoff is the row player's payoff, in this case the evil git.
大家知道我是怎么做的吧,再说一此,第一个收益是饭桶恶魔的收益
The yield-to-maturity on an indexed bond is already in real terms because the coupons are indexed to inflation.
这种债券的到期收益率,就是实际收益率,因为票息已经被通胀指数化了
I mean, do you really--you might wonder, aren't people missing something if the excess return is so high of stocks over short-term bonds?
我是指,你们真的。。。你们也会怀疑,这里是不是少了点什么,如果股票收益率高出短期债券收益率那么多?
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