You have closed end funds, trade as a security listed on the stock exchange, but what they do is own other securities.
假如你持有封闭式基金,这种基金在证券交易所作为一种债券进行交易,但是实际上它们做的是持有其他债券。
In the more advanced countries, there is more trust in the securities markets, so we don't need this relationship banking as much.
在更加发达的国家中,证券市场拥有更高的信誉,所以我们不需要如此依赖银行
I remember when interest rate swap accounting was done on a different market security basis.
我记得利率会换记账法,在不同的证券市场施行时。
SIPC did a survey of the U.S.population and this is one of the--In 2001, this is one of the questions SIPC asked.
证券投资者保护公司做过全民调查,在2001年,证券投资者保护公司调查问卷的问题之一
They're not trading in securities, although they would deal in securities as a part of the underwriting process.
他们不买卖证券,虽然在经营证券,是他们承销的一个环节。
So, you'd have a whole bunch of people selling securities down there and they could vacate quickly if the authorities challenged you.
接下来,你雇了一群人,在这间地下室里帮你出售证券,如果政府想要发难,他们可以快速撤离
Before I begin, I want to just give some more thoughts about the diversification through securities and that will lead us into insurance.
在我讲课之前,我想让大家思考下,证券业的多元化,以便引入保险这一课题
In these books he talked about his moral commitment to honest rating of securities.
在那些书中,他谈到了有关,诚信进行证券评级的道德信念
Before that, as I said before, insurance is really the same thing as securities.
在这之前,正如我前面所说,保险实际上和证券是一回事
Merrill Lynch is a big retail broker they're right down here on the Green.
比如美林证券,一家大证券零售商,就在学校对过的中心绿地
you wouldn't go to a pure investment bank either and say I want to buy a hundred shares of Ford Motor Company, ? where is your stockbroker?
你不能去一个真正的投行然后说,我想买几百股福特汽车的股票,你的证券公司在哪里?
As a matter of fact, security selection would absolutely dominate the results.
事实上,在这种情况下,证券选择将决定回报率
We did have a large,short position in subprime mortgage-backed securities, which has paid off enormously for the University and really helped protect assets in the past nine months or a year.
我们确实曾持有很多,次级抵押担保证券的空头,它们为耶鲁赚了不少钱,并且在过去的9个月或1年间,为资产保值发挥了实在的作用
According to the research of Ulrike Malmendier at Stanford, she thinks that the stock market in ancient Rome was done on the street-- on the Roman Forum--and she can tell you where.
根据斯坦福大学乌尔丽克克·马尔门迪尔的研究,她认为在古罗马,证券交易就在街边,或城市广场上促成,她能告诉你在哪
It's one of the most rapidly changing, hard to keep up with areas because someone can set up an electronic exchange overnight and suddenly become a base for trading trillions of dollars of securities.
经纪业是一个变化最快的行业之一,人们很难跟上它的步伐,因为人们可以在头一天晚上,设置一个电子交易,一夜之间,他就能在证券市场赚到千亿美金
There's maybe about three trillion dollars worth of stuff backed by mortgages out there Well, as you've seen, these have produced crisis of confidence and I don't think we've heard the last of it.
现在大概有价值三万亿美元的有抵押证券,在市场上流通,就像你所看到的那样,这些证券已经导致了,市场信心的丧失,而且我个人认为这还完全没有结束。
So there's a panic in the market for securitized mortgages - and the price is often very low or if it's they're very hard to market and hard to sell.
所以,在市场上,证券化按揭贷款引起了恐慌,并且价格通常很低或者说如果它,他们很那出售而且对市场不利。
So 90% of your portfolio is in domestic marketable securities and only 10% is invested in things like real estate or venture capital or private equity -hardly enough to make a difference in terms of the portfolios returns.
于是90%的投资都在本国有价证券中,仅10%用于比如不动产,风险资本或私募股权投资,这一小块几乎对投资回报,没有什么作用
These mortgages were given out to people that couldn't afford them and today you have what you call subprime mortgages--subprime paper They issued against this paper stuff called mortgage-backed security. They securitized them and these things are all floating around now.
我们发放这些抵押贷款给那些买不起房子的人,所以现在你们看到了一种你们叫做,次级抵押贷款的金融工具--次贷票据,他们把这种票据叫做,有抵押证券,他们把有抵押证券证券化,这些证券现在在市场上被多次交易,广为流通。
If security selection is a zero-sum game, the amount by which the winner wins equals the amount by which the loser loses -winners and losers being defined by performance after a security selection that has been made -well, that sounds like a zero-sum game.
如果证券选择是一个零和博弈,赢方赚得的金额,等于输方赔付的金额,谁赢谁输取决于,双方投资在证券选择后的表现,这听起来确实像个零和博弈
Alternatively, if I went back to the office and took Yale's $22.5 billion dollars and decided that I was going to day trade bond futures, security selection wouldn't have anything to say about the returns; asset allocation wouldn't have anything to say about the returns.
或者,如果我回到办公室,把耶鲁的225亿美元,投资于即日平仓的债券期货,在这种情况下,证券选择不会影响回报率,资产配置也不会影响回报率
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