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

Stocks have paid 4% more a year over this incredibly long time period than short-term bonds.

股票在相当长的一段时间里,每年都比短期债券投资收益率,高出4个百分点。

耶鲁公开课 - 金融市场课程节选

That bond multiple of 72 is just a drag on returns -what's the point?

债券72倍的收益看起来像在拖后腿,为什么还要投资于债券呢

耶鲁公开课 - 金融市场课程节选

What Siegel emphasized--the book is really about this-- he talks about what is the expected return of stocks and what is the expected return of bonds and so on.

西格尔强调的是。。。这书真正讲的是-,他讨论了什么是股票预期投资收益,以及什么是预期投资债券等等内容。

耶鲁公开课 - 金融市场课程节选

But regardless of how you measure it, for a full half-dozen years, in the midst of this bull market, colleges and universities were over-allocated to fixed income relative to where they had been in June of 1987.

但不管你怎么算,整整六年时间,处于牛市之中,大学的基金,由于1987年6月那次崩盘的影响,过度投资于固定收益债券

耶鲁公开课 - 金融市场课程节选