标致、米其林和松下都是跨国公司，它们希望通过投资于团队的数百万美元获得全球回报。

Peugeot, Michelin and Panasonic are multi-national corporations that want worldwide returns for the millions they invest in teams.

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相比来说，“限制排放与交易许可”机制在降低碳排放的成本的同时也得降低许可的价格和投资者的回报。

Under a cap-and-trade system, in contrast, aninvention that reduced the cost of cutting carbon emissions could itself pushdown the price of permits, reducing investors' returns.

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极低的短期利率也促使投资者寻找更高的回报进而将资金转移至如股票和公司债券的风险资产中。

Very low short-term interest rates also encourage investors to seek higher returns by moving into risky assets such as equities and corporate bonds.

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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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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

耶鲁公开课 - 金融市场课程节选

So, it's not surprising that asset allocation explains more than 100% of returns and that, for the community as a whole, market timing and security selection are costly and lower the community's aggregate investment returns.

因此资产配置能解释100%以上的回报,也不足为奇了,对投资者整体来说,市场时机选择,和证券选择是有代价的,降低了总的投资回报

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