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。

耶鲁公开课 - 金融市场课程节选

I want now to carry that forward into something a little bit more focused on the portfolio problem.

现在从这个基础上拓展一下,更侧重于投资组合方面的问题。

耶鲁公开课 - 金融市场课程节选

The take-aways are that an equity bias is an absolutely sensible underpinning for investors with long time horizons but that diversification is important.

对于长期投资者来说,股权偏好的存在,是长期投资获利的重要基础,但是分散投资也很重要

耶鲁公开课 - 金融市场课程节选

Of course, the banker isn't going to give you $1 for something that is paying $1 in a year because the banker knows that $1 could be invested at the interest rate.

当然,银行不会因为某些东西,在一年内收益一美元,而给你一美元,因为银行知道一美元能在利率的基础上,用来投资

耶鲁公开课 - 金融市场课程节选

Anybody whose read a basic finance text, as a matter of fact, I think anybody who thinks about investments in a common sense fashion knows that diversification is an important fundamental tenet of portfolio management.

事实上,任何一个读过金融基础教材的人,任何一个,以正常思维来考虑投资问题的人,都知道分散投资是投资管理的,一条重要的基本原则

耶鲁公开课 - 金融市场课程节选