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I wrote my first book--I already talked about that, Pioneering Portfolio Management--that deals with the challenges that face institutional investors.
我写的第一本书,我已经提到过了,《机构投资的创新之路》,讨论了机构投资者所面临的挑战
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They also grow more in countries that have institutional structures that encourage investing in mutual funds, such as pension plans.
此外,在那些,建立了鼓励投资共同基金制度结构,比如养老基金计划的国家,共同基金的发展也比较快
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We had a lot of arguments within the management, within the board, and among the investors, and I finally decided that's the way to go.
当时在管理层内发生了许多争论，在董事会以及投资方方面也是如此，但我决心要走这条路。
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And too many companies can actually hang on for almost too long with too much money because there has been so much money funding these ideas.
而太多公司吊死在投资这棵树上了,浪费了大量时间和金钱,因为投入的金钱实在是过于多了。
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I would argue that it was pluperfect obviously disabled the banks and the major investment banks.
我认为很明显对银行和主要投资银行,产生了阻碍作用。
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And another five, or seven, or eight years went by, and the treasurer job became even too big of a job, and he became in charge of investor relations.
几年以后，财务主管负责的工作也很多了，他就开始负责投资关系。
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The Aynak copper mines have billion dollars but they going to make 8 billion dollars.
在阿富汗艾娜克铜矿投资了十亿多,但也能够赚到八十亿。
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I think David Swensen has had a big hand in doing that because we have the money that makes it possible.
我认为大卫·斯文森在投资上很有一手,因为有了钱,这一切才成为可能
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The investment rate is telling you how much money you're really making on an annualized basis, so it's very simple.
投资收益率反映了基于一年来看,你实际赚了多少钱,非常简单
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The pink line here is the efficient portfolio frontier when we have only stocks and bonds to invest.
这条粉色曲线就是有效边界,这个投资组合只包括了股票和债券。
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Many of the VCs passed on that opportunity.
多数投资商都放弃了这个机会。
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I also have up on the website some questions that I asked investors about what they think about picking stocks.
我在网站上也上传了一些思考题,是我曾经问过一些投资者的问题,他们怎样挑选股票
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.. I computed the efficient portfolio frontier for various-- it's the efficient portfolio frontier using the formula I just gave you.
我计算了来自不同组合有效边界-,这一条有效投资组合边界,就是用刚刚给出的公式算出来的。
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It's the world portfolio, it's everything and we compute the expected return on that portfolio, rm that's rm.
这就产生了世界投资组合,然后我们在此基础上计算出预期收益，所得值就是。
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Bond allocations had increased by more than could be explained by the increase in bond prices over the course of the year.
同时资产配置中的债券投资比重,以高于当年债券价格上涨的速度,有了显著增加
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I mean,there's no way that you can expect somebody quarter in and quarter out or month in and month out to produce superior returns.
我的意思是,你无法,靠只持续了一季度的投资,或月进月出的方式来获得巨额收益
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Portfolio management pools risks in a different way: by assembling a diversified portfolio or a portfolio that's negatively correlated with a risk that someone has.
而投资组合管理采用了不同的方式,多元化的资产配置,或者风险负相关性的,投资组合
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That could be investor only in bonds or an investor only in stocks, but I also show on here what some other returns are that are available.
表示投资者只投资了债券或者只投资了股票，同时我在这里也展示了,其它可能性组合的收益。
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Now, the problem is that if you invest in bonds from some state or local government, they might not pay you back; they can just go bankrupt.
现在的问题是如果你投资了,州或者地方政府发行的债券,他们可能无法支付,他们可能会破产
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We were five years into this bull market and people were getting excited about the fact that stocks were going up and equity allocations were at a fifteen-year high.
历经五年牛市,人们越来越兴奋起来,股市持续攀升,权益投资达到了15年来的最高点
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We'll look at things--sectors say they're cheap or expensive and exploit the opportunity; but at least in terms of how I define market timing, it wouldn't be included in that definition.
关注研究资产和行业的细节,看它们是便宜了还是贵了,来发掘投资的机会,但至少在我所定义的市场时机选择方面,并不包括这些
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You might have--it would be incorrect, I think, in listening to what he said and conclude that he just says diversify because he's obviously done something very different from that.
如果你们听课以后觉得他的秘诀,只是投资多样化,那可不太全面,显然他还做了不少其他的事情
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I also like investment banking because I created one.
我喜欢银行投资业还有一个原因，因为我建立了一个银行。
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The market portfolio is, if you took all the stocks and bonds, and oil, and real estate, anything that's available to invest in, in the whole world, put them all together in one portfolio.
市场组合则是，假设你在全世界范围内购买了所有，能够投资的股票，债券，石油和房地产，将他们放在同一个投资组合里。
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And...so those issues added up is a democratic context which you can't be certain of what the policies will be, so all of these make it sort of somewhat trickier than a place like China.
所以，所有因素加起来,就造成了投资者的困惑,你无法确定,下一秒会出台什么政策,这就使得在印度投资比在中国,这样的国家来说棘手多了。
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I showed them the slide that I just showed you, showing the optimal portfolio, and then I looked at the Norwegian Government's position.
我还给他们展示了刚刚给你们放的幻灯片，就是展示最佳投资组合的那张，然后我查看了挪威政府现在的资产状况。
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They think, I'm really a smart investor, I figured it out,; it can reinforce the behavior until they get to maybe some terrible end.
他们会想我真是个聪明的投资人,我制定了如此有效的投资策略,这种想法使他们的自我膨胀加剧,直到他们遇到挫折或打击
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The Morningstar study is incredibly damning in terms of the market timing abilities of individual investors.
晨星公司这一研究结果,谴责了个体投资者的市场时机选择能力
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But the very, sort of, nature of being an institution constrains almost everybody whether it's, in our case, all our investors have thirty-day liquidity.
但是，投资机构的本质在一定程度上束缚了,它所处市场里的每一个人，在我们的案例中，我们所有的投资者都拥有强大的现金流。
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So, these insurance companies have reserves on hand and they invest these reserves in something.
这些保险公司存有准备金,他们把这些准备金进行了投资
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