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What I think the mutual fund industry has turned into, largely, is a stock picking industry, not a portfolio diversification industry.
我认为,共同基金行业在很大程度上,已经演变成选股行业,而非投资组合多样化行业
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lyrics come to my head and I have a beat that I put together,
歌词不断在脑海中冒出来，还有节奏，把它们组合在一起，
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That's got the lowest possible standard deviation of expected return and that's 25% stocks and 75% bonds with this sample period.
这个组合预期回报的标准差最小,在这一点上，投资组合,由25%的股票和75%的债券构成。
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Now, language is not the only thing in culture or nature that has this sort of combinatorial system.
语言并不是在文化或自然中,唯一拥有这种组合系统的事物
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Where we put our whole program together, and we say does the whole thing work?
也就是把我们的整个程序组合起来，然后看看它们在一起能不能正常运行？
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In the meantime, what Saussure is doing with this relationship above and below the line is, he is saying that there is an arbitrary relationship between the concept and the sound image.
同时，索绪尔觉得这组关系,也就是线上和线下的这个组合，他说，这是一个任意的组合,在事物和声音形象之间。
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They'll be coordinated by this one cohesive unit outside.
它们会被一整个宏大的体系,联系组合在一起。
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That's because to suggest -- just think of it - to suggest that Milton is relying on his memory as he composes so allusively and so dependently, in a lot of ways, so much of Paradise Lost - to say that is simply to say that the poem has been generated by Milton and not by God.
让我们来设想一下其中的原因吧,假设弥尔顿全靠着他的记忆,正如他隐晦而连续地在《失乐园》中引经据典，并将这些以多种方式组合，这在《失乐园》中随处可见,以至于人们可以简单地说这部诗,是出自弥尔顿而非上帝的创作。
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And an important thing to remember when we talk about resonance hybrids is that the structure it's not 1/2 the time this structure, and 1/2 of the time this structure, it's actually some combination or some average between the two structures.
而当我们讨论共振杂化的时候,有一件重要的事情需要牢记,那就是这种结构并不是,一半时间处于这种结构的状态，而另外一半时间又变成了这种结构的状态，它实际上是两种结构在,一定程度上的组合或者平均。
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It could be that in thinking about the nature of the combination we're led to see that in certain ways the combination-- the interaction effects--are negative, are bad ones.
可能在考虑这种组合的本质时,我们看到了再某些方面这种组合-,相互影响，是负面的，是不好的。
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This graph shows some of it as well, but in this case for children, in the left hand side you see the ideal composition of the diet according to government recommendations that the diet should be partitioned in this way.
这个图表也揭示了一些类似的事实,不过是在儿童饮食中的情况,在左边你看到的是理想的饮食组合,按照政府的推荐食谱,食物应该这样搭配
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They serve Spanish food, they serve Asian food. It's a great mix, great price.
他们在那里供应西班牙菜，亚洲菜，是个很好的组合，价格也便宜。
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They might have come from two completely different places, from two completely different species from different parts of the world, and they're put together in a new way and that's why it's called recombinant DNA.
它们也许来自两个完全不同的地方,来自世界上不同地区的两个完全不同的物种,以新的方式组合在一起,所以它被称作重组DNA
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It's the world portfolio, it's everything and we compute the expected return on that portfolio, rm that's rm.
这就产生了世界投资组合,然后我们在此基础上计算出预期收益，所得值就是。
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In my diagram, I said that the tangency portfolio-- I estimated that the tangency portfolio is 9% oil, 27% stocks, and 64% bonds.
在我的曲线图里我有提到切线资产组合-,我估算出切线资产组合是9%的石油，27%的股票和64%的债券。
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That's the way the story is put together, how the overcoat is made, and so on.
是故事被组合的方式，就像在，外套，中一样。
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All you had to know is the word "Dog" and the plural morpheme 's' and you could put them together to create a word.
你只需知道"狗"这个词以,及复数语素'们',你可以将它们组合在一起来创造出一个词
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So, "Dogs" and "Complained" are one word, but two morphemes and what this means is that you make the word by putting together two morphemes.
因此,"狗狗们"和"抱怨的",都是由两个语素组成的单一词,这也就意味着,你将两个语素组合在一起成为了一个词
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But I'm talking here--this is the actually the frontier-- the best possible portfolio consisting of three assets.
但在这里我说的是-,边界表示了三种资产最好的组合。
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That would be a portfolio where you borrowed at the riskless rate and you put more than 100% of your money into the tangency portfolio.
在这种组合里,你可以以无风险利率借贷到一些资金,从而可以投入比你本金更多的资金,来购买切线投资组合。
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Over this time period, that portfolio had an expected return of something like a little over 9% and it had a standard deviation of a little over 9%.
在这个时间段，这个投资组合的预期收益率是,9%多一点%,标准差是9%多一点。
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Bob mentioned in his introduction that I showed up at Yale in 1985, after having spent six years on Wall Street, and I was totally unencumbered by any portfolio management experience.
鲍勃在介绍中提到,我1985年刚来耶鲁时,已经在华尔街待了六年,完全没有任何,投资组合管理的经验
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So, for example, at an annual expected return of 12% if I have a portfolio of stocks, bonds, and oil I can get a standard deviation of something like 8% on my portfolio.
例如，在年预期收益12%的情况下%,我有股票，债券和石油的投资组合,在这个组合里,我的投资组合可以取到8%的标准差。
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If we want to add that asset to the portfolio, what it does is it produces an efficient portfolio frontier that is now a straight line; I show that on the diagram.
如果我们将其加入到投资组合中去，则会生成一条资产组合的有效边界,即一条直线;,我在图里把它画出来了。
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It is very interesting to me because it's a discrete invention that happened in a point of time in response to information technology.
我觉得很有意思,因为它由许多组成部分构成,这些部分组合在了一起,而且都和信息技术有关。
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Piaget had a rich theoretical framework, pulling together all sorts of observations in different ways, wrote many, many books and articles and articulated his theory very richly.
通过将各种观察结果,以不同的方式组合在一起,皮亚杰的理论内容变得十分丰富,他写了大量的书籍和论文,丰富了他的理论
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There's not two bonds, that's one pi bond, and the reason is because it's 2 p orbitals coming together, and remember p orbitals have electron density above and below the axis, so when they come together, it kind of looks like one bonds, but essentially what we have here is one pi bond.
这不是两个键，这是一个π键，因为这是两个2p轨道组合而成的，记住p轨道在键轴之上,和键轴之下都有电子密度，当它们靠近时，这看着很像两个键，但本质上它是一个π键。
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Again, I'm not going to spend much time on this, of the ith asset is the regression coefficient when you regress the return on the ith asset on the return of the market portfolio.
再强调一次，我不打算花太多时间在这个等式上面，但要注意的是当你想将市场组合收益，but，the，β,回归到第i资产收益中去,第i资产β系数是线性回归方程的,回归系数。
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Now, I want to talk about forming a portfolio where the assets are not independent of each other, but are correlated with each other.
现在我要建立这样的一个投资组合,在这个组合里各项资产并不是相互独立的，而是相互关联的。
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So, what it means then is that the optimal portfolio should not be the one I show there, but should be one that's very heavily into stocks.
他所想提出的观点是,最佳投资组合并不是我在这讲的那个，而是把大量资金都投资到股票市场中。
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