The payoffs are lower, Okay. So here's an abbreviated version of that, I mean it's perhaps a little bit longer.
回报较低,我有一个比较简约的说法,我是说可能有点长
because, in return, I always got the healthiest one.
因为作为回报,我总能获得最健康的东西。
You can see that by doing this transaction I have locked in a return between 1926 and 1927.
你们可以发现,通过以上交易,我确定了26到27年间的回报
They provided a service to society and society responded by somehow they got their wealth, so I think that -- So be concrete.
他们为社会提供了服务,作为回报,社会让他们以某种方式变富,所以我认为-,所以具体来说。
You are giving me a brand new Jaguar and you don't want anything.
你给我一辆崭新的捷豹但不要回报。
I mean, there's plenty of rewards in architecture
我的意思是,建筑学会给你带来很多回报,
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
I mean, you certainly could make a fortune buying them I mean, I'm certainly not telling you it's not going to work, but I think it's all risk-reward.
我的意思是,你很可能会通过它们赚很多钱,我是说,我肯定不会告诉你说,那一点也行不通,但我觉得高风险才有高回报。
I think that that's how he paid his debt to society.
我认为,这就是他回报社会的方式。
Suppose someone is investing your money and he announces, I have had very good returns. I have invested and I've produced 20% a year for nine out of the last ten years.
假设一个人帮你投资,而且他声称,我投资回报很高,我过去的十年中有九年的收益都是20%
Roger Ibbotson, who is a colleague of Bob Shiller's and mine at the School of Management, has done a fair amount of work, studying the relative importance of these sources of returns.
罗格·伊博森是,我和希勒在管理学院的同事,他在对回报率来源的研究上,做了大量的工作
He's come to the conclusion that over 90% of the variability of returns in institutional portfolios is attributable to asset allocation and that's the number that I think most people hear cited when they are looking at Roger Ibbotson's work.
他得出结论,机构投资中,超过90%的回报率变动,要归因于资产配置,我想这是罗格·伊博森的文章里面,被人引用得最多的结论
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