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As you put a dollar in treasury bills, you end up with a nineteen multiple; that sounds pretty good.
比如你用一美元买了短期国库券,最终你的投资会翻19倍,听上去很不错吧
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The problem is even more severe when you look at something that's relatively new, like the hedge fund world.
在相对新鲜的投资领域,你会发现这个问题更加严重,比如在对冲基金领域
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The more you thought other people were going to invest, the more likely that you were going to invest.
你越觉得大家都会投资,你投资的概率就越大
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Let's assume that you've won the lottery, and have serious money that you foolishly wish to invest in the stock market There are two basic strategies to choose from in investing.
让我们假设你赢了彩票，然后又一大笔钱,而你很傻的想要投资到股票中去,有两个投资策略,可以选择。
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The return on an investment is how much you made from the investment as a percent of the money invested.
投资的收益是指,你在整个投资中赚的钱占本金的百分比
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Have they done well? If so, you would say, "Well, they've been investing money over a number of different years.
怎么来评价他做的怎么样,你可能会想,他把钱投资在,不止一年的期间里
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If you're comparing two portfolios with the same expected return, then you want the one with the lower variance.
比较两个有相同预期收益率的投资组合时，你会选择方差小的那一个。
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Now incidentally, that's an interesting question that you bring up, because--should I pay any attention to dividend dates as an investor?
你提出了一个很有趣的问题,投资者应该注意除息日吗
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That being part of a university community is a good thing for investing and you can see some evidence in that.
即,对于一个在校学生来说,经营投资是很有好处的,而且你可以看到一些关于这的证据
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Just by putting money into a broadly diversified portfolio of stocks you would have gotten 3,077 times your money.
仅仅将钱投资于,一个多样化的普通股组合,你就会获得本金的3077倍
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So you say, how can I make money beating the market if every quarter I have to tell everybody what I'm doing?
因此你会说,如果我按季度公布所有的投资活动,那我还怎么跑赢市场赚取利润
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The problem with being a public investment company is you have to file quarterly reports about all the things you've invested in.
而公共券商的困难在于,你必须按季度向证交会报告,公司所有的投资活动
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Two, what do you think are the best ways an individual ? investor can make the best return in the market these days?
第二个问题，在现在的形势下，你认为个人投资者,怎样才能从市场中获得最大的收益？
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Student: How did you regain confidence in your ? investors and people who gave money to you?
学生；，你是如何赢回,投资者或者投给你资金的人的信心的呢？
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That would be a portfolio where you borrowed at the riskless rate and you put more than 100% of your money into the tangency portfolio.
在这种组合里,你可以以无风险利率借贷到一些资金,从而可以投入比你本金更多的资金,来购买切线投资组合。
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If you will buy stock in an electrical utility which has a guaranteed revenue stream, because no matter how bad the economy gets, a lot of people still use electricity, you don't expect it to fluctuate a lot.
如果你在有着,保障性年收入的电气供应股票投资，因为不管经济变得怎么查，人们还得用电，它不会降多少。
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The first and fundamental principle is: you care only about the total portfolio.
第一条也是最基本的一条原则是：,你要关注的是整个投资组合。
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To do well in investing you have to have your own independent view of things and really be thinking about how things work and he is someone who does that.
如果你想要在投资领域中表现出色,你就必须有独立的观点,了解事物的运行规律,而他正是这样一个人
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For many years now, to qualify as an accredited investor, you have to have one million dollars in wealth or income in excess of $200,000 or, if you're married, $300,000 for the couple.
一直以来,可信投资者的要求是,你必须有一百万美元的财产,或者年收入超过20万美元,若已婚,则夫妇年收入要超过30万
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When you add another asset, you do better when you have three assets, you do better than if you just had two because there's more diversification possible with three assets than with two.
当你增加一种资产，有三种资产的时候，投资组合的表现会比两种资产时更好,因为三种资产相比两种资产的情况,可选择的投资组合更多。
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If you look at the behavior of groups of active managers and the dispersion of returns, I think it gives you some idea of what the efficiency is with which assets in these individual assets classes are priced.
如果观察一下主动管理型的基金经理们,和他们的投资收益分布,我想它会告诉你一些信息,哪些资产是有效定价
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So, the optimal thing to do if you live in a world like this n is to get n as large possible and you can reduce the standard deviation of the portfolio very much and there's no cost in terms of expected return.
如果现实中也这样简单的话,那么你就尽量增大,这样就能让投资组合的标准差,就会大大降低,从预期收益率的角度来看,这样做的成本是零。
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One other remark before we leave this, in the game we played last time, in the investment game, one feature of that game was that the more you thought other people were going to invest, the more you wanted to invest.
在继续讲下面的内容前,我再多说几句,上一讲的投资博弈有一个特征,就是如果你越认为大家会投资,你就越想投资
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How would you recommend that investors protect their wealth during this period to ? take advantage of upcoming investment opportunities?
那你对投资者在这段时间内,如何保护他们的财产并且,进一步利用这即将到来的投资机会有什么建议呢？
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Well, you could say it dilutes it but it doesn't lower the price of your investment, in general.
你也可以说这是一种摊薄,但总体上,你的投资价值并没有因此减少
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If you're doing early-stage venture investing you're backing entrepreneurs and ideas and they're operating out of their garage.
如果你做的是早期创业投资,你是在支持创业者及其创意,而他们可能正在不起眼的地方白手起家
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The overall conclusions are that, with respect to asset allocation, you want to create an equity-oriented diversified portfolio.
总而言之,在资产配置方面,你要创造一个股权导向的多元化投资组合
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If you had $1 to invest you can borrow $.50 and invest in a $1.50 worth of stocks.
比如你有1美元进行投资,你可以透支0。5美元,投资价值1。5美元的股票。
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When you look at the returns for institutions, you see exactly what it is that you'd expect.
当你看到金融机构的投资回报率时,你看到的就是你所期望的
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