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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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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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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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What I did in this diagram is I computed the efficient portfolio frontier-- now it's the blue line with three assets.
在这张图表中,我计算了有效边界-,蓝色线表示三种资产的组合。
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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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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。
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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, 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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.. 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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You can either have what's called an indexed portfolio, or a managed portfolio.
你可以选择指,数化资产组合，或者代管投资组合。
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I showed them the slide that I just showed you, showing the optimal portfolio, and then I looked at the Norwegian Government's position.
我还给他们展示了刚刚给你们放的幻灯片，就是展示最佳投资组合的那张，然后我查看了挪威政府现在的资产状况。
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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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The pink line takes two assets, one is stocks and the other is bonds, actually government bonds.
粉色线包含两种资产的投资组合，一个股票，另一个是债券，实际上是政府债券。
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The general principle of portfolio management is: you want to include as many assets as you can.
投资组合管理总的原则是：,不同的资产越多则组合越佳。
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But I'm talking here--this is the actually the frontier-- the best possible portfolio consisting of three assets.
但在这里我说的是-,边界表示了三种资产最好的组合。
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The first, asset allocation, basically deals with which assets you have in your portfolio and in which proportion you hold each of those assets.
首先,资产配置主要是指,你的投资组合包括哪些资产,以及每种资产所占的比例
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Now, I want to talk about forming a portfolio where the assets are not independent of each other, but are correlated with each other.
现在我要建立这样的一个投资组合,在这个组合里各项资产并不是相互独立的，而是相互关联的。
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The asset pricing model--and this is critical-- assumes everyone is rational and holds the tangency portfolio.
资本资产定价模型是非常重要的模型-,假设每人是理性的，并持有切线资产组合。
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Portfolio management pools risks in a different way: by assembling a diversified portfolio or a portfolio that's negatively correlated with a risk that someone has.
而投资组合管理采用了不同的方式,多元化的资产配置,或者风险负相关性的,投资组合
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From then on,if you accept the analysis and the assumptions or the estimates that underlie it, then we pretty much know how to construct portfolios.
如果你们理解了整个分析过程,假设前提以及各项资产的有关估算,就能知道该怎样建立一个投资组合
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Are you going to hold the market portfolio, index your assets, match the markets results?
你是应该持有市场投资组合,指数化资产,获取与市场一致的回报率
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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。
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In fact, I have it--suppose we have three assets and we want to compute the efficient portfolio frontier, the mean and variance of the portfolio.
事实上，假如我们拥有三种资产,我们想计算有效边界，及投资组合的均值和方差。
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The best possible portfolio that you can get would be points along this straight line.
你所能得到的最佳资产投资组合,就是这条线上的一系列点。
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.. If you can find assets that all have-- that are all independent of each other, you can reduce the variance of the portfolio very far.
如果你能找到这样的一些资产-,一些相互独立的资产，就能很大程度上缩小这个投资组合的方差。
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I'm not going to tell you what you want to do except to say, you would never pick a point below the minimum variance portfolio, right?
我不是教你怎样去组合，当然了，你不会选择一个,曲线上最小方差点以下的资产组合，对吧？
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A portfolio is the collection of assets that you have financial assets, tangible assets.
一个投资组合就是你拥有的资产的集合,例如金融资产，有形资产。
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So,70% of the portfolio is in absolute return, real assets,private equity, alternatives--broadly defined.
因此资产的70%分布于绝对收益组合,不动产,私募权益等广泛的投资品种中
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That means that you want to pick, ultimately, a point on this-- this line is tangent to the efficient portfolio frontier with all the other assets in it.
那意味着你会最终会在这上面选一个点-,这条直线是与有效边界相切的,后者包含了所有的资产组合。
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The first problem set asked you to manipulate the model that I just presented-- the model of how you form portfolios and the model of the capital asset pricing model.
第一道习题,考察的是你们能否活用我刚刚给出的几个模型-,包括怎样构成投资组合的模型,和资本资产定价模型。
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