We made a big bet against Internet stocks in 1999 and 2000 that was very profitable for the University.
999年和2000年我们大幅做空互联网股票,为学校赚得了很多利润
They'll buy stocks because they think price is going to go up and make them a lot of money.
购买股票,是因为他们认为股价会上升,从而可以赚很多钱
So in fact, it is the case, if you look at data, and by the way, that's the way I ended up setting a lot of these parameters and playing with it, was comparing what my simulation said to historical stock data.
所以实际上,在这个例子中,如果你看到数据,顺便说一下,这就是我设置很多变量,然后编程的方式,也就是把我的仿真程序得到的结果,和历史股票数据进行比较。
After that I want to talk about the stock market and I want to--there's a lot to talk about.
在后面我会讲到股票市场,我会讲到很多知识
It surprises many people that stocks have paid such an enormous premium over the return on short-term debt.
很多人没有想到的是,股票相比短期债券而言,存在一个巨大的溢价。
First of all, a lot of people don't seem to even grasp that basic point that you buy stocks for the dividends.
首先,很多人不明确这一基本点,买股票就是为了股利
Even if the expected value is the same, they'd move around a lot.
即使股票的价格是一样的,但是它们的价格经历很多改变。
Suppose we had a lot of different stocks that we could put into a portfolio, and suppose they're all independent of each other-- that means there's no correlation.
假设我们现在有很多只不同的股票,可以放进我们的投资组合里,同时假设它们都是相互独立的-,也就是说它们之间没有相关性。
And it takes the set of stocks to simulate, a fig, figure number, this is going to print a bunch of graphs, and I want to say what graph it is, fig mo and whether or not I believe in big mo.
我们需要一些股票才能进行模拟,很多很多的股票,我们会打印一些图,然后我会告诉你们这些图是什么意思,或者我们看到这个。
In the 1920s, a lot of bogus stuff was sold -a lot of people were cheated -so after the stock market crash of 1929, it led to a movement for regulation.
在上世纪20年代,很多不合规的股票流入市场,很多人受骗,所以1929年的股市大崩盘,促使政府采取了一系列加强金融监管的行动
A lot of people think, I will buy stocks.
很多人想,我要买股票
I don't care what happens to Citigroup or IBM, except for the fact that there are all those stockholders out there and they're of all different situations.
我不关心花旗集团或者IBM的事,但是由于,很多人持有它们的股票,那就是另一回事了。
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