仅进行股票债券的存托与结算已远远不够。

Storing and settling stocks and bonds is no longer enough.

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自从银行将他们持有的股票债券计入资本，低的股价开始是个问题。

Lower share prices may start to matter, since Banks count their big equity holdings towards capital.

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这些证券可能包括股票、债券、共同基金或衍生工具如期权和期货。

These securities may include stocks, bonds, mutual funds, or derivatives such as options and futures.

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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。

耶鲁公开课 - 金融市场课程节选

But if I would confine myself just to stocks and bonds, then I would get a much higher standard deviation.

但若组合里只有股票和债券，我的标准差会高得多。

耶鲁公开课 - 金融市场课程节选

That's got the lowest possible standard deviation of expected return and that's 25% stocks and 75% bonds with this sample period.

这个组合预期回报的标准差最小,在这一点上，投资组合,由25%的股票和75%的债券构成。

耶鲁公开课 - 金融市场课程节选