And what I want to be talking about is modules of one sort, and of course that's because what we're interested in is modularity.
我想要说的是一种类型的模块,当然这是因为我们关注的是程序的可组合性,我们如何处理复杂程序呢?
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。
The same formula extends to more assets.
相同的公式可扩展到多个资产的组合。
You can also go up here, you can go beyond 100% stocks, you can have 150% stocks in your portfolio.
你也可以往上看,You,can,see–,可以取到超过100%的股票,在投资组合里你可拥有150%的股票。
That's not a way that we really think about it, but I do believe that the risk level of the University's portfolio is really quite low in statistical terms -much lower than the risk level that you'd have if you had a traditional portfolio dominated by marketable securities.
这一般不是我们考虑的关键,但我相信,耶鲁投资组合的风险水平,在统计数字上是非常低的,远远低于,持有一个传统的可交易证券主导的,投资组合的beta系数
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