没有任何风险或者风险非常小的资产,具有一定的保障而不承担任何冒险性的固有资产。
接下来,假设存在一种无风险资产。
那么,什么来取代美国国债成为全球性的无风险资产呢?
So what might replace Treasury bonds as the global risk-free asset?
以银行的财政状况为例,许多人利用国债作为无风险资产以实现资本用途。
Many use Treasury bonds as the risk-free asset for capital purposes. As capital Economics points out.
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。
I have stocks, bonds, and oil but I want also to add one more final asset, we'll call it the riskless asset, long-term bonds are somewhat uncertain and variable because they're long-term.
有股票,债券和石油,我还想再增加最后一种资产,我们称之为无风险资产,由于长期债券持有期限很长,存在一定不确定性及风险。
Tangent means that it has the same slope, it just touches the efficient portfolio frontier for risky assets at one point, and the slope of the efficient portfolio frontier, including the riskless asset, is a straight line that goes through the tangency point, here.
相切意味着斜率相同,它与包含风险资产的有效边界,交与一点,而包含无风险资产的,有效边界,则是一条过切点的直线,切点在这里。
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