There's a very important principle that finally comes out here, it is that you always want to reduce the variance of your portfolio as much as you can.

现在这里有一个非常重要的原则，即你总是想要降低你投资组合的方差,降得越低越好。

耶鲁公开课 - 金融市场课程节选

Last year, the SEC put out a proposal that -it's getting too easy to be an accredited investor -so they put out a proposal that we raise the wealth level to $2.5 million.

去年证交会发布了一项提议,鉴于合格投资者的门槛较低,因此他们提议,把准入门槛提高到250万美元

耶鲁公开课 - 金融市场课程节选

The reason it's low is that we do have,what I think is, superior diversification and that really lowers the University's risk.

我认为耶鲁beta系数低的原因是,我们有卓越的多元化投资,这确实降低了耶鲁资产的风险

耶鲁公开课 - 金融市场课程节选

That's not a way that we really think about it, but I do believe that the risk level of the University's portfolio is really quite low in statistical terms -much lower than the risk level that you'd have if you had a traditional portfolio dominated by marketable securities.

这一般不是我们考虑的关键,但我相信,耶鲁投资组合的风险水平,在统计数字上是非常低的,远远低于,持有一个传统的可交易证券主导的,投资组合的beta系数

耶鲁公开课 - 金融市场课程节选