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They define four credit risk categories and they define a formula involving the amount of assets in each of the categories.
他们定义了四个风险等级,然后根据每个风险等级下的资产额,定义了一个资产总额的计算公式
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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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Indexed portfolios, you basically say, I want to own all of the stocks that there are, and if the stock market goes up, I make money, if the stock market goes down, I lose money.
指数化资产组合，使之我拥有这些股票，如果股市走高，那么我就赚钱，如果股市走低我就赔钱。
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But the Hobbesian point, the paradox being that the Hobbesian bourgeois cannot entirely dispense with the barbarian, even in its own midst.
这就是霍布斯的悖论,他的资产阶级不可能完全免于野蛮人的挑战,甚至这挑战就来自于资产阶级的内部。
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In fact, the assets that the Norwegian Government owns is about two-thirds oil and one-third government pension fund assets.
实际上，挪威政府所持有的资产中,大概有三分之二的石油,和三分之一的政府养老基金。
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He has a new name for it -I think it's called Home Equity Protection Corporation -but almost the same idea.
他已经想出了一个新名字,我想应该是叫做住房资产保护公司,但是这几乎跟房主贷款公司是一样的
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So, if you're a small college with only $20 million in a portfolio you don't come across as a qualified purchaser.
因此,如果是一个,只有2000万资产组合的小学院,是不能通过合格购买者的审核程序的
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What I have up there on the diagram are calculations I made for the efficient portfolio frontier with three assets.
上面的图形是我已经算好的,三种资产的有效投资组合边界。
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Oil is a very important asset, ... so we want to compute what that-- so now we have lots of inputs.
石油是一种重要的资产，我们想计算-,现在我们有许多参数。
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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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Suppose you could find 10,000 independent assets, then you could drive the uncertainty about the portfolio practically to 0.
假设你能找到一万项相互独立的资产，那么你就可以将这个投资组合的风险,降到几乎为零。
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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
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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。
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This is a formula that applies to-- what if an asset pays a fixed amount every period and then stops?
这个公式应用于...,如果一份资产在每段时期都给与支付,然后突然停止了怎么办
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That will lead us into the capital asset pricing model, which is the cornerstone of a lot of thinking in finance.
然后引出资本资产定价模型，这个模型是很多金融思想的基础。
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If you put a property up as collateral, then the lender knows that they can get the money back from you.
如果你以资产作抵押,贷方就知道债务偿还有了保障
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Some people say, well if that's the case I want to invest in nothing more than that one asset.
一些人会说,如果真的如此,我只会投资收益较高的那项资产
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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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He founded Whitebox Advisors in 2000 -so that's eight years ago -and it is now up to $1.8 billion assets under management.
他于2000年创立了白盒顾问,也就是8年前,现在这家公司成长为,资产管理规模高达18亿的公司
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Those are institutions that arrange for or manage the buying and selling of financial assets, such as the New York Stock Exchange.
经纪机构是指那些安排或,管理买卖的,金融资产的机构,比如说纽约股票交易所
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The last man standing is asset allocation and that tends to drive both institutional returns and individual returns.
能决定回报率的只剩下资产配置,它将决定,机构投资和个人投资的回报率
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Now, he's using a much longer sample than I did, so he's not going to get this tangency portfolio that I did.
他的样本跨度比我的要大多了，所以他得出的切线资产组合会和我的不同。
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That means that if you fail to pay on the loan, the property is taken by the lender to satisfy your debts.
这意味着如果你不能偿付贷款,这项资产会归债权人所有以清偿你的债务
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.. You want to get it-- if you keep adding assets, you can do better and better on your portfolio standard deviation.
你想得到-,如果不断增加资产,组合的标准差就会越来越小。
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For example, we might have--this is asset 1-- and we might have something here--this could be asset 2.
例如，这个点表示一号资产-,这里这个点表示二号资产。
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This is a special case, though, because I've assumed that the assets are independent of each other, which isn't usually the case.
这是一个特例，因为我假设了,这个投资组合里的资产是相互独立的，但现实中通常都不是这样的。
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.. Now, once you have more than three-- more than two assets-- it might be possible to get points inside the frontier.
现在，一旦你有超过三种-,超过两种资产-,就有可能取到边界里面的点。
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If an asset class has constituents that are efficiently priced, then it's very hard to generate excess returns.
如果某种资产的构成都是有效定价的,那么就很难产生超额回报
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And the third, securities selection, speaks to how it is you manage each of your individual asset classes.
第三,证券选择,说的是如何管理,每个单独的资产类别
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So you have some asset that nobody trusts the U.S. Federal Reserve will take it on.
所以，我们有了一些没有人信任的资产,美联储将其承担下来。
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