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If you accept my estimates and you accept the capital asset pricing model, that would have to be true.
如果你同意我的估算,而且认同资本资本资产定价模型，那这种投资组合就会带来最大收益。
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Mr. Carl Icahn: Well, it's hard to recommend how to invest at this time without knowing how much capital you have.
伊坎先生：嗯，在当今形势下,如果不知道你有多少资本,那就很难给你投资建议。
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But he invokes it to show that if one really reads it carefully enough, one can see that the lesson to be drawn has nothing whatsoever to do with the due and timely investment of one's talent.
他为了证明如果一个人足够认真的读过，他就可以看出其实这个寓言的意义与,准时和适时投资都没有关系。
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If you will buy stock in an electrical utility which has a guaranteed revenue stream, because no matter how bad the economy gets, a lot of people still use electricity, you don't expect it to fluctuate a lot.
如果你在有着,保障性年收入的电气供应股票投资，因为不管经济变得怎么查，人们还得用电，它不会降多少。
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On the other hand, historically, most institutions do both If you go around the world, are also involved in investment banking.
另一方面，从历史上来说,如果你去全球看看，也做银行投资业务。
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If you're investing with a long time horizon, having an equity bias makes sense; stocks go up in the long run.
如果进行长线投资,且存在股权偏好,那么从长期看,股票是上涨的
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But think about it, if you were investing your money with someone like that, what did you end up with?
但想一下,如果你去投资,收益和这个人一样,你最后能得到什么
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Some people say, well if that's the case I want to invest in nothing more than that one asset.
一些人会说,如果真的如此,我只会投资收益较高的那项资产
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If you're doing early-stage venture investing you're backing entrepreneurs and ideas and they're operating out of their garage.
如果你做的是早期创业投资,你是在支持创业者及其创意,而他们可能正在不起眼的地方白手起家
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So, if interest rates go down, the value goes up, if interest rates go up, the value of your investment goes down.
因此如果利率上扬,它的价值就下跌,如果利率上扬 这份投资的价值就会走低
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So you say, how can I make money beating the market if every quarter I have to tell everybody what I'm doing?
因此你会说,如果我按季度公布所有的投资活动,那我还怎么跑赢市场赚取利润
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Cities go bankrupt and they just can't pay, so you as a buyer of these bonds feel reluctant to invest in them.
如果一市政府破产了,他们将无法支付,因此作为投资人,你可能不想购买它
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If you read his Pioneering Portfolio Management on the syllabus, he really has a preference for equities.
如果你阅读他的著作《开拓投资组合的管理》的摘要,他确实对股票有偏好。
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Now, if you are a private company, you are limited to where you can sell your investments.
如果你的公司是私募性质,在推销投资产品方面会面临许多限制
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If you ask them why it matters, they say, well it's pretty obvious-- it's all their investor psychology that we have to deal with.
如果你问为什么这么重要呢,他们说,这很明显,因为我们要考虑投资者的心理
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I'm transferring this to the portfolio management problem and you can see it's the same idea.
如果将保险转化为投资组合管理的问题,你会发现原理是一样的。
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In the SIV contract, there was some language that implied that if the SIV ever went bankrupt, the bank would come back and rescue them.
结构投资公司的合同中包含着这样的条款,如果结构投资公司破产,银行会拯救他们
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If I'm going to be active in terms of managing my portfolio, should I spend my time and energy trying to beat the bond market?
如果我想主动地管理我的投资组合,是否应投入时间和精力,专注于战胜债券市场呢
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That's because the banker is thinking, if I have this amount right now and I invest it for one year, then what do I have.
那是因为银行认为,如果我现在持有这些钱并将其投资一年,然后我会得到什么
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The question is, if a group of Yalies started a hedge fund, what would they have to do to convince me to invest in them?
提问是,如果一群耶鲁校友创立一个对冲基金,他们如何才能说服我入股投资呢
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If you are--this is a private investment company -let's think before we talk about hedge--think of -suppose you're a public investment company approved by the SEC.
如果你是...这是一种私募投资公司,...在我们讨论对冲基金之前大家想一想,...假设你有一家经证交会认证的公共券商
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Most of the people are -if you're not accredited as an investor it's like the government doesn't respect you; it's like they're treating you like children.
大多数人...,如果你不符合合资格投资者要求,就像是监管机构不尊重你,把你当成小孩
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.. If you can find assets that all have-- that are all independent of each other, you can reduce the variance of the portfolio very far.
如果你能找到这样的一些资产-,一些相互独立的资产，就能很大程度上缩小这个投资组合的方差。
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If you can get away with that then you can do you can conceal maybe some risky investments you've made or some leverage that you've had.
如果能侥幸逃过法眼,就可以隐瞒一些高风险的投资项目,以及一些举债经营的项目
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2% You could say, I think my portfolio has an expected return of 12%-- that would be better than if it had an expected return of 10%.
如果一个投资组合的预期收益率有-,那就比一个只有10%的投资组合要好。
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If you were a Chinese investor in Chinese stocks in 1949, what happened?
如果你是位中国投资者,1949年在股市上投资,结果如何
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Particularly if you have a value orientation, you tend to buy things early.
尤其你如果是个价值导向型投资者,会倾向于早早买入
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So,if we see areas that are particularly interesting, we're more than happy to deploy capital to take advantage of what we think are cheap assets or expensive assets.
如果发现特别有吸引力的投资领域,我们也非常乐意进行资产配置调整,从我们认为的那些便宜的,或昂贵的资产中获利
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It's probably a good impulse to have if you're going into investment.
如果你要去投资的话,拥有这种本性也许是好的
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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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