Because the first time I wrote the program, I didn't have anything like that here and a stock could go to and then recover.
因为我第一次写这个程序的时候,我什么也没有,一只股票可以等于0然后再恢复。
We might or might not have time to come back to that But more generally, the point is, that each stock actually behaves a little bit differently.
我们可能没有时间讲这些问题了,但是一般来说,这里的问题是,每一只股票的表现,都是不一样的。
In '98, I forget which way, but one of the share classes 20% was at a 20% discount to the other and that persisted for several years, so you have economically identical things trading at different prices.
在98年,我不记得是为什么,一支这种类型的股票,比另一只股票便宜,而且这种现象持续了好几年的时间,因此你拥有经济意义上完全相同,但是却以不同价格进行交易的东西。
And when I ran that it, I got weird results, 300 because we know that a Google priced at, say, 300, is much more likely to move by 10 points in a day than a stock that's priced at $0.50.
当运行这个程序的时我得到很奇怪的答案,因为我们知道一只谷歌的股价大概是,对一个0。5美元的股票来讲,每天改变10个点才比较正常。
of a stock is how much it reacts to movements in the market portfolio.
一只股票风险指标β系数直接反应出,The,β,市场组合变动与投资收益的相关性。
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