The last man standing is asset allocation and that tends to drive both institutional returns and individual returns.

能决定回报率的只剩下资产配置,它将决定,机构投资和个人投资的回报率

耶鲁公开课 - 金融市场课程节选

But now, you see there are a lot of possibilities and the outcome of your portfolio choice can be anything along this line.

但是现在你可以看到很多可能的投资组合,你决定的投资组合的结果,可以是这条线上任意一点。

耶鲁公开课 - 金融市场课程节选

So the first critical decision I made is that when I raised the money, $1.2 million, I told our investors that money would last for about six months.

我做的第一个重要决定就是,当拿到120万美元时，我曾对投资人说过,这笔钱能够维持公司运营6个月。

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Because that's true, then asset allocation ends up being the overwhelmingly important determinant of the University's results.

因为在这种情况下,资产配置,是学校投资回报率的,支配性的决定因素

耶鲁公开课 - 金融市场课程节选

They might decide that we have some investment over there we just lost money on and we should take a write off for that.

他们决定说,有几笔投资赔了钱,我们得减掉这些

耶鲁公开课 - 金融市场课程节选

How can asset allocation be responsible for more than 100% of investment returns?

资产配置怎么能决定,100%以上的投资回报

耶鲁公开课 - 金融市场课程节选

Because we hold relatively stable, relatively well-diversified portfolios, security selection turns out not to be an important determinant of returns for most investors and market timing turns out not to be an important determinant of returns.

因为持有相对稳定,和相对分散的投资组合,证券选择不再是,决定投资者回报率的重要因素,而市场时机选择,也不会成为决定回报率的重要因素

耶鲁公开课 - 金融市场课程节选