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What I think the mutual fund industry has turned into, largely, is a stock picking industry, not a portfolio diversification industry.
我认为,共同基金行业在很大程度上,已经演变成选股行业,而非投资组合多样化行业
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What I did was I took the ten best-performing Internet funds and looked at the returns from 1997 to 2002.
我选了十个表现最好的投资网络的基金,分析它们1997至2002年的收益情况
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Currently, i am the chair of the medical advisory committee.
现在我是这个基金会的,医学顾问委员会主席。
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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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Let's take an example of an important kind of private company, called a hedge fund.
我举个例子,一种重要的私募券商,叫做对冲基金
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When I started in 1985, the distribution to the operating budget was $45 million.
我1985年开始管理耶鲁基金时,运营预算是4千5百万美元
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I think more and more that'll be a part of what hedge funds do.
我认为会越来越成为,对冲基金的业务之一。
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In Unconventional Success, I did a study of individual behavior in their mutual fund purchases and sales around the collapse of the Internet bubble in March of 2000.
在这本书里,我对2000年3月,网络股暴跌时,共同基金购买,和销售中的个体行为做了研究
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I'm talking about four-week Treasury bills; 2.25% the Federal Funds Rate is still at 2.25% but at least the more prominent three-month T-bill rate is at the end.
我在谈论月国库券；,联邦基金利率仍在%,但是至少显著地,季度国库券利率还在最低端。
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Why would it be that somebody else is allowed to invest in a hedge fund and I'm not?
为什么允许其他人投资对冲基金,而我却不能呢
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I think it's a trend around the world that we're going to see more and more mutual funds and I think it's a good thing.
我认为共同基金,在全世界范围内的普及是个趋势,而且我觉得这也是件好事
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I want to say one more thing about the diversification and the mutual fund.
我想谈谈,证券业多元化和共同基金
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This is a year of financial crises, so I'm warning you ahead that -don't expect a 28% return on the Yale portfolio for the coming year.
金融危机爆发,所以我先提前给大家打预防针,别期望今年耶鲁基金,能延续28%的收益
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I'm going to the Russian Stabilization Fund in-- I think I've got an arrangement to meet with them in Moscow in March-- that would be during the semester.
我还要去俄罗斯平准基金一趟-,我想我跟他们已经就,三月在莫斯科会面达成了共识-,就是这个学期的事情。
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This government pension fund, I guess, in dollars, is about $200 billion.
这部分政府养老基金，换算成美元，我估计大概值2000亿。
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I have one final question, just about the mutual fund industry.
我最后还有个问题，是关于共同基金产业。
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Wal-Mart, after the 1960 Act of Congress, would say, hey we're a real estate investment trust, we own real estate--all these stores -but that's not what the intent of this bill was.
国会通过这部法案后,沃尔玛说我也是房地产投资信托基金,我也持有房地产,所有店铺都是房地产,但这并不是这部法案的本意
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Now, I haven't defined mutual fund yet.
现在我还没有给共同基金下一个定义。
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But then I asked another question, do you think trying to pick mutual funds, trying to find a mutual fund that will beat the market is a smart thing to do or not a smart thing to do?
但是接着我又问了另一个问题,你们认为选择共同基金,选择一种强于市场表现的共同基金,是不是明智之举呢
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If you look at the behavior of groups of active managers and the dispersion of returns, I think it gives you some idea of what the efficiency is with which assets in these individual assets classes are priced.
如果观察一下主动管理型的基金经理们,和他们的投资收益分布,我想它会告诉你一些信息,哪些资产是有效定价
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