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If I wanted every stock to have the same volatility, I could just do that, if you will, at the time I wrote my program.
如果我希望每只股票的浮动值都相同，在我编写程序的时候，如果你愿意的话，我会这么做。
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and you failed to invest in that stock right before it took off through the charts.
你却没来得及在这只股票大涨之前及时投资。
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I'm gonna keep as part of each stock, it's history of prices, which we can initialize, well, I've initialized it as empty, but that's probably the wrong thing, right?
我会把股票的历史价格，作为每只股票的一部分，我们可以先对它的历史价格进行赋值，好了，我先给它赋了空值，但是这样做可能不对，是吗？
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The pink line here is the efficient portfolio frontier when we have only stocks and bonds to invest.
这条粉色曲线就是有效边界,这个投资组合只包括了股票和债券。
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If you buy stock in a company the most you can lose is the money you put up, so that's called limited liability.
如果你买了一个公司的股票,你最多只会赔掉投进去的钱,所以这叫做有限责任
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So we're going to assign to each stock, when we create it, a distribution.
所以我们在创建每只股票时，要给它们指定一中概率分布。
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I talked about a company as having only shares outstanding, but they also have debt outstanding.
我曾提过只发行股票的公司,他们还会有负债
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Starting with 20 stocks, 100 days.
一开始是20只股票，100天。
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Suppose we had a lot of different stocks that we could put into a portfolio, and suppose they're all independent of each other-- that means there's no correlation.
假设我们现在有很多只不同的股票,可以放进我们的投资组合里，同时假设它们都是相互独立的-,也就是说它们之间没有相关性。
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I'll draw something from the distribution, so this is interesting, distribution I'm now calling self dot distribution, and remember this will be different for each stock.
我会从分布中读取一个值，这就是有趣的部分，我现在会调用self。,请记住每只股票都是不一样的。
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Well, you should be absolutely unexcited because it doesn't mean anything; if they were giving you extra shares and just you alone, that would be great--that would be good.
你根本不应该感到高兴,因为这没有什么意义,如果他们只给你一人发放股票,这就是件好事
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How would you model individual stocks if you believe this hypothesis?
如果你们相信这个,假设你们应该怎样去对每只股票建模呢？
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That could be investor only in bonds or an investor only in stocks, but I also show on here what some other returns are that are available.
表示投资者只投资了债券或者只投资了股票，同时我在这里也展示了,其它可能性组合的收益。
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