金融市场资产不断贬值的根源在于人们缴纳房屋贷款、保住他们房屋的能力不断恶化。

The deteriorating assets in the financial markets are rooted in the deterioration of people being able to pay their mortgages and stay in their homes.

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不过，新兴市场资产不久后进一步贬值的风险依然很高。这在很大程度上要看美联储和中国采取如何动作。

But the risks remain high that emerging markets assets will soon be cheaper still. That will depend largely on the Fed, and on China.

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斯坦纳德表示，来自美联储的大量流动性，造成了新兴市场资产的膨胀，并推高了大宗商品价格和与大宗商品相关货币的汇率。

He says the flood of liquidity from the Fed has been responsible for inflating emerging market assets, and lifting commodities prices and commodity-linked currencies.

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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

耶鲁公开课 - 金融市场课程节选

So, for every dollar that you had at the peak, at the trough you had $.10 left.

于是,市场峰值时价值一美元的资产,到32年谷底时就只剩10美分了

耶鲁公开课 - 金融市场课程节选

The second, market timing, deals with short-term deviations from the long-term asset allocations that you establish.

第二,市场时机选择涉及,偏离长期资产配置的短期操作

耶鲁公开课 - 金融市场课程节选