Suppose you could find 10,000 independent assets, then you could drive the uncertainty about the portfolio practically to 0.

假设你能找到一万项相互独立的资产，那么你就可以将这个投资组合的风险,降到几乎为零。

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

If you would have stepped further out of the risk spectrum and put your money into a portfolio of small stocks you would have gotten 15,922 times your money.

如果你愿承担更多的风险,将钱投资于小盘股组合,你就能获得本金的15922倍

耶鲁公开课 - 金融市场课程节选

That would mean that everybody is holding that same portfolio of risky assets and nobody is different, they're only different in how-- what proportions they hold the risky-- the tangency portfolio.

这就意味着每个人,都持有相同风险资产投资组合,每人都是一样的，他们唯一的不同在于-,他们所持有风险资产的比例-,也就是切线资产组合。

耶鲁公开课 - 金融市场课程节选

The minimum variance portfolio is down here.

风险最小的投资组合在这一点取到。

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