figuring out there is no such thing as a free lunch but Markowitz tells us that diversification is a free lunch.
知道世上没有免费的午餐这回事,但马科维茨称分散投资是免费的午餐
The mutual fund theory that we gave last time said, no the mutual fund is just supposed to be diversifying for you.
但上节课讲到的共同基金定理认为,共同基金的目的是分散投资
The take-aways are that an equity bias is an absolutely sensible underpinning for investors with long time horizons but that diversification is important.
对于长期投资者来说,股权偏好的存在,是长期投资获利的重要基础,但是分散投资也很重要
The other thing that I think would come out of the discussions is that diversification is important.
另一个需要讨论的话题是,分散投资很重要
Most mutual funds are providing some diversification service and they're also trying to beat the market.
大多数共同基金不仅提供分散投资服务,同时他们也试图获利
Two tenets, an equity bias for portfolios with a long time horizon and diversification.
两个原则,长期投资中的股权偏好,以及分散投资
There are a lot of human hardships that can be solved by diversifying portfolios.
很多生活上的困难,都可以通过分散投资来解决。
As a matter of fact, Harry Markowitz called diversification a "Free lunch."
事实上,哈里·马科维茨,就把分散投资喻为"免费的午餐"
It almost makes you wonder whether this diversification thing makes any sense.
这种差距会让你怀疑,分散投资是否有意义
That's the basic principle of portfolio diversification.
这就是投资分散化的基本原则。
Anybody whose read a basic finance text, as a matter of fact, I think anybody who thinks about investments in a common sense fashion knows that diversification is an important fundamental tenet of portfolio management.
事实上,任何一个读过金融基础教材的人,任何一个,以正常思维来考虑投资问题的人,都知道分散投资是投资管理的,一条重要的基本原则
Because we hold relatively stable, relatively well-diversified portfolios, security selection turns out not to be an important determinant of returns for most investors and market timing turns out not to be an important determinant of returns.
因为持有相对稳定,和相对分散的投资组合,证券选择不再是,决定投资者回报率的重要因素,而市场时机选择,也不会成为决定回报率的重要因素
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