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Also, if your patron wanted to run for a city office, your patron would expect you to be loyal and vote for him.
作为回报，如果庇护人要竞选官职，就会要求你投他一票。
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because you’ve got to, you've got to survive even though you're not gonna be rewarded financially.
因为即使你不能得到太多金钱上的回报，你还是得靠此生存，
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And so it's usually the case that you can get a higher return if you're willing to take more risk.
同样很常见的例子是,所以如果你愿意冒高风险,你可能就会有高回报。
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That would put you out here; you would have very much more return, but you'd have more risk.
那就会落在这个点上;,你可能有非常高的回报，但你的风险也增加了。
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But John Milton is also recompensed and, by the weird sacrificial logic that Saint Peter has already sketched out for us, you can see a really disturbing way in which Milton has benefited as well.
但是在圣彼得铺陈开来的诡异的牺牲逻辑下,弥尔顿也得到了回报，你会看到弥尔顿从中得益的方式,确实非常让人困惑。
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How do these various vocations, what are you feeding and what is being fed.
这些职业，你所感兴趣的事，你所付出和回报的都是什么呢？
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Like, you can't take the government's services and then not give them anything in return.
比如，你不能享受了政府的服务,却不给任何回报。
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You are giving me a brand new Jaguar and you don't want anything.
你给我一辆崭新的捷豹但不要回报。
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I mean, there's plenty of rewards in architecture
我的意思是，建筑学会给你带来很多回报，
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When you look at the returns for institutions, you see exactly what it is that you'd expect.
当你看到金融机构的投资回报率时,你看到的就是你所期望的
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When you buy high and sell low it's really hard to generate returns, even if you do it with great enthusiasm and great volume.
当你高价买入低价卖出时,是很难产生回报的,不管你有多大交易热情或有多大交易量
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But if you look at the tech fund category, the difference between the dollar-weighted and the time-weighted returns--this is over a ten-year period -is 13.4% per annum; that's stunning.
但是如果你关注科技投资基金,十年间,货币加权回报率,和时间加权回报率间的差距,是每年13.4%,这是非常夸张的
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This would be good luck if you were long and now suddenly you got a huge return that you would not have thought was possible since you've never seen it before.
如果你长期持有这份投资,你就走运了,回报如此之高,你自己都没有料到,可能你也从来没有见过这种情况
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But you can also have an incredibly bad return.
但你也有可能获得糟糕得难以置信的回报
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Suppose someone is investing your money and he announces, I have had very good returns. I have invested and I've produced 20% a year for nine out of the last ten years.
假设一个人帮你投资,而且他声称,我投资回报很高,我过去的十年中有九年的收益都是20%
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But it's positive 1.5% per year, time-weighted--that's the number that you see in the prospectus or the number that you see in the advertisements so you say, what's the big deal, no harm no foul.
但算下来回报率每年还是正的1.5%,时间加权回报率,是你在招股说明书中,或是在广告中会看到的数字,你会说,没什么大不了,既没损失,也不违法
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But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.
当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊
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So, you probably don't want to pick any point down here, because you're not getting anything by picking a point down there because you could have a better point by just moving it up here.
你不会选择这里以下的任意一点，因为你的回报不是最优的,上面这一点会使你有更好的回报。
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It would be anywhere from here to here, depending on how much you're afraid of risk and how much you want expected return.
可以选择从这里到这里的任意一点，取决于你对风险的承受能力,和你的期望回报。
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You get nineteen times your money over eighty-one years, but then if you take into account the inflation consumes a multiple of eleven and you're an institution like Yale that consumes only after inflation returns, putting your money into treasury bills really didn't get you very much.
1年后你的钱翻了19倍,但是如果考虑通货膨胀,在此期间侵蚀了11倍的收益,而且如果你是像耶鲁这样,减去通货膨胀调整到实际回报后再论支出,那么将钱投资于短期国库券,不会让你赚得多
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