I don't think the housing industry, in general,is a good place to be because of its, sometimes,violent cyclicality.

我认为总的来说住房工业,不是一个好的投资品种,因为它时常有着强烈的周期性

耶鲁公开课 - 金融市场课程节选

So,70% of the portfolio is in absolute return, real assets,private equity, alternatives--broadly defined.

因此资产的70%分布于绝对收益组合,不动产,私募权益等广泛的投资品种中

耶鲁公开课 - 金融市场课程节选