Or are you going to manage each individual asset class actively, trying to beat the market and generate risk-adjusted excess returns?

还是积极管理每项资产,力求获得市场水平以上的回报率,以及风险调整后的超额收益

耶鲁公开课 - 金融市场课程节选

Well there actually was a stock market in Russia before 1918 and in China before 1949, so what happened to investors?

实际上,俄罗斯在1918年前,中国在1949年前设有股票市场,那么投资者会得到怎样的回报呢

耶鲁公开课 - 金融市场课程节选

Well, it can only be true if security selection and market timing detract from institutional returns or individual returns in the aggregate.

唯一的可能性就是证券选择,和市场时机选择,给机构和个人带来的是负的回报

耶鲁公开课 - 金融市场课程节选

The returns would be attributable solely to my ability to market time the bond futures market.

回报率仅仅取决于,我选择买卖期货的市场时机的能力

耶鲁公开课 - 金融市场课程节选

Are you going to hold the market portfolio, index your assets, match the markets results?

你是应该持有市场投资组合,指数化资产,获取与市场一致的回报率

耶鲁公开课 - 金融市场课程节选

He's a PhD candidate now in Economics and he's doing his doctoral dissertation on stock analysts' recommendations and the relation to returns in the stock market.

他正在攻读经济学博士学位,他的博士论文方向是,股票分析师的建议,和其与股票市场回报的关系

耶鲁公开课 - 金融市场课程节选

The numbers that Jeremy Siegel produces seem implausibly high for the stock market.

杰里米·西格尔所提供的数据似乎表明,股票市场有难以置信的高回报率

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

Because we hold relatively stable, relatively well-diversified portfolios, security selection turns out not to be an important determinant of returns for most investors and market timing turns out not to be an important determinant of returns.

因为持有相对稳定,和相对分散的投资组合,证券选择不再是,决定投资者回报率的重要因素,而市场时机选择,也不会成为决定回报率的重要因素

耶鲁公开课 - 金融市场课程节选

So, it's not surprising that asset allocation explains more than 100% of returns and that, for the community as a whole, market timing and security selection are costly and lower the community's aggregate investment returns.

因此资产配置能解释100%以上的回报,也不足为奇了,对投资者整体来说,市场时机选择,和证券选择是有代价的,降低了总的投资回报

耶鲁公开课 - 金融市场课程节选

Now, that's not a huge number but, obviously, when you're hoping to beat the market by a point or two losing by 0.3% per year because of your market timing inability is a bad thing.

看起来这不是个巨大的数字,明显地,当你希望获得,高于市场水平一到两个百分点的回报率,却由于抓不住市场时机而每年亏个0.3%,就很糟糕了

耶鲁公开课 - 金融市场课程节选

You want to spend your time and energy pursuing the most inefficiently priced asset classes because there's an enormous reward for identifying the top quartile venture capitalist and almost no reward for being in the top quartile of the high- quality bond universe.

你应该投入所有的时间和精力,去追逐最不能有效定价的资产,因为在那里才能通过一流的风投经理人,获得巨额的投资回报,而在债券市场,即使债券优质,经理人一流,回报微乎甚微

耶鲁公开课 - 金融市场课程节选