And he defined the average in terms of not the sum divided by two, but he chose the geometric mean.

鲍林定义平均并不是,简单相加在除以二，他选择几何平均。

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If we add one to the return, then you've got a number that's never negative and we can then use geometric returns.

然后加上1,你永远也得不到一个负数,然后我们对这个值求几何平均

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Because very often,if we only study the average, we only see the average,we only see the geometric shapes and completely missed the children on the bus.

因为很多时候，如果我们只研究平均水平，那就只会看到平均的结果，只看到几何形状,完全忽略了汽车上的孩子。

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Jeremy says in the text that the geometric return is always lower than the arithmetic return unless all the numbers are the same.

杰里米在书里说几何平均,总是比算术平均小,当然如果所有数字都一样,两个均值相等

耶鲁公开课 - 金融市场课程节选

What he says you should do instead is to take the geometric average of gross returns.

他认为应该,对每年的收益求几何平均

耶鲁公开课 - 金融市场课程节选

Jeremy Siegel says that in finance we should be using geometric and not arithmetic averages.

杰里米·西格尔认为在金融上应该用几何平均,而不是算术平均

耶鲁公开课 - 金融市场课程节选

This is called the geometric average and it's used only for positive numbers.

这种平均叫几何平均,只能用于正的数值

耶鲁公开课 - 金融市场课程节选

The other kind of average is called the geometric average.

这种均值叫做几何平均

耶鲁公开课 - 金融市场课程节选

So, we should use that, but people in finance resist using that because it's a lower number and when you're advertising your return you want to make it look as big as possible.

所以我们应该用这个指标,但金融界反感使用几何平均,因为它比其他平均数都来得小,他们为自己的收益率做广告时,当然希望数字越大越好

耶鲁公开课 - 金融市场课程节选

It's a less optimistic version.

几何平均相比算术平均更加严谨

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