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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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Most of our real estate exposure is institutional -acquisitions of office buildings -largely in major markets-- central business districts.
我们大多数不动产投资是机构性的,比如主要是在商业中心地区,大量收购写字楼
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There was sort of an economic takeoff in the 1850s and '60s in Paris because the State banks are in Paris, the State financial institutions are in Paris, and they can make or break investment in all these places.
在十九世纪五十至六十年代的巴黎,有了一次经济的腾飞,因为国家银行设在了巴黎,国家金融机构在巴黎,这些机构可以设立或取消全国的投资
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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
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So, I gleaned here a list of some of the charities that-- Stephen Schwarzman is a major philanthropist.
这里我列出了一些慈善机构,史蒂芬·施瓦茨曼是它们的主要投资者
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But the company generally doesn't give to charity; it doesn't contribute to political campaigns; it shouldn't be, ideally, doing any of those things.
但是公司一般不给慈善机构捐款,也不向政治团体投资,理想的情况就是不掺和这些事
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I'm not just going to pick on individual investors, I'm going to pick on institutional investors too.
我不仅在批评个人投资者,我也要批评机构投资者
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When you look at the returns for institutions, you see exactly what it is that you'd expect.
当你看到金融机构的投资回报率时,你看到的就是你所期望的
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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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Instead it deals with financial institutions and it gets involved in underwriting securities for financial institutions.
投资银行的业务对象是金融机构,业务涉及,金融机构的证券包销
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An investment bank, if it's doing a pure investment banking business is not a depository institution.
如果投行只做投资业务的话,不能称作为一个储蓄机构。
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John Geanakoplos is actually Chief Economist for a large investment company called Ellington Capital in Greenwich, Connecticut, which you'll see a lot in the news.
约翰·吉纳科普洛斯为一家,位于康涅狄格州格林威治的,名为埃林顿基金的大型投资机构,做首席经济学家,这家公司的大名经常见诸报端
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Unencumbered by, I guess, the conventional wisdom, we started out at Yale on a path that I think is--fundamentally that changed the way that institutions manage portfolios.
抛开惯常思维和传统做法,我们在耶鲁开创了一条新路,一条我认为,从根本上,改变了机构投资管理方式的新路
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One of the studies that I did for my first book, Pioneering Portfolio Management, looked at the behavior of endowments and foundations around the crash in October 1987.
我为第一本书《机构投资的创新之路》,所做的其中一个研究,是关于1987年10月那次股灾前后,各种捐赠和基金的表现
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A few years ago, I wrote a book called Pioneering Portfolio Management.
几年前,我写了《机构投资的创新之路》一书
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Then I will move to portfolio diversification and supporting financial institutions.
再之后我会讲讲投资组合的多元化,和辅助的金融机构
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An investment bank is a different kind of bank.
投资银行是有别于一般银行的金融机构
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And of course, that's what the overwhelming portion of the investment community did in the 1930s, and in the 1940s, and in the 1950s.
当然,绝大部分投资机构,在上个世纪30年代,以及40和50年代就是这么做的
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I'm going to start out by talking about commercial real estate and the kind of vehicles that we use to invest in commercial real estate.
接着我会讲一下商业地产,以及投资于商业地产的,一类金融机构
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The respondents were asked to identify the organization that insures you against losing money in the stock market or as the result of investment fraud.
被调查者被问到是否知晓,在股票市场或者在投资欺诈案中,保护他们的资金不受损失的机构
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Most of the people are -if you're not accredited as an investor it's like the government doesn't respect you; it's like they're treating you like children.
大多数人...,如果你不符合合资格投资者要求,就像是监管机构不尊重你,把你当成小孩
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Today's lecture is about portfolio diversification and about supporting financial institutions, notably mutual funds.
今天这堂课的内容是投资组合多样化,以及辅助性金融机构，特别是共同基金。
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I was just yesterday-- I gave a talk in Montreal at the Caisse de Dep?t,et Placement du Quebec, which is the big wealth management fund for the Province of Quebec.
昨天，我刚在蒙特利的魁北克储蓄投资集团,做了一个讲演，这个投资集团是魁北克省的,一所大型财产管理基金机构。
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He's come to the conclusion that over 90% of the variability of returns in institutional portfolios is attributable to asset allocation and that's the number that I think most people hear cited when they are looking at Roger Ibbotson's work.
他得出结论,机构投资中,超过90%的回报率变动,要归因于资产配置,我想这是罗格·伊博森的文章里面,被人引用得最多的结论
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Compound that 13.4% over ten years and there's just an enormous gap between those mutual fund numbers that are in the prospectus and in the advertisement--the time-weighted returns and the dollar-weighted returns that talk about the actual experience of the investment community.
按13.4%复利算一下10年期的结果,你会发现在招股说明书和广告里给出的,用来反映投资机构实际业绩水平的,时间加权回报率,和货币加权回报率数字之间,有着巨大的差异
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Then later on,whenever you want, you can take your money out Meanwhile, they invest the deposits some way or another at a higher interest rate than they pay on the deposits and they make the difference and that's how they make a profit.
然后你什么时候需要你就可以把钱取出来,同时储蓄机构以比给你的利息,更高的利息储蓄,或者投资，这就出现了差价,这就是储蓄机构盈利的方法。
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Now, part of the problem is that the rating agencies were rating their securities that they were investing in as AAA, in many cases.
同时存在的一个问题是,信用评级机构对他们投资的,大部分债券都给予了AAA的评级
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Banks have been creating something called Structured Investment Vehicles in recent years.
银行近年来设立了一类,从事结构化投资的机构,即SIV
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It will be about the securities market line, about the beta, about the mutual fund theorem, and it will also be about institutions that we have--about investment companies and their management.
证券市场的风险线,beta系数,共同基金定律,还有当下的一些金融机构,包括投资公司,以及他们的管理
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