Now, I wanted to compare it with another question that I--people have this simple idea that there's a best investment.
现在,让我们对比另一个问题,人们总是简单地认为存在一种最佳投资
Some people think that buying artwork is a form of investment. What do you think of that?
有的人觉得购买艺术品是一种投资。你有什么看法?
As you put a dollar in treasury bills, you end up with a nineteen multiple; that sounds pretty good.
比如你用一美元买了短期国库券,最终你的投资会翻19倍,听上去很不错吧
One other remark before we leave this, in the game we played last time, in the investment game, one feature of that game was that the more you thought other people were going to invest, the more you wanted to invest.
在继续讲下面的内容前,我再多说几句,上一讲的投资博弈有一个特征,就是如果你越认为大家会投资,你就越想投资
For example, maybe you have a friend who told you to invest in a specific stock
例如,也许你有个朋友告诉你应该投资某一股票。
Let's assume that you've won the lottery, and have serious money that you foolishly wish to invest in the stock market There are two basic strategies to choose from in investing.
让我们假设你赢了彩票,然后又一大笔钱,而你很傻的想要投资到股票中去,有两个投资策略,可以选择。
In our investing experiment that it was come with a puisne at Northwestern, she's now an assistent professor there people saw 3 options, two Stocks and a Bond.
在我们的投资试验中,试验是在西北大学一名晚辈的帮助下完成的,她现在是助理教授,受试者会看到三个选择,其中两个是股票,一个是债券。
In addition to commercial banks--well, I'm not going to talk about investment banks here; that's another lecture.
除了商业银行之外...,我不会在这里讨论投资银行,这是另一节课的知识
Well, you could say it dilutes it but it doesn't lower the price of your investment, in general.
你也可以说这是一种摊薄,但总体上,你的投资价值并没有因此减少
Stocks have paid 4% more a year over this incredibly long time period than short-term bonds.
股票在相当长的一段时间里,每年都比短期债券投资收益率,高出4个百分点。
Suppose you step out in the risk spectrum and put a dollar into the bond market.
假设你愿承担更多风险,将一美元投资于债券市场
You know that buying gold coins from some newspaper ad is not a smart investment, but they know that there will be people out there.
你们明白购买报纸广告上宣传的金币,是一种不明智的投资选择,但销售商知道总会有人上钩
Now the other thing is, there are other ways to get money out of a company without paying a dividend and one of them is stock repurchase.
另一件方面是,除了股利,还有其他收回投资的方法,比如股票回购
It's a huge amount of money that they're managing, but I was trying to convince them that they should do something to manage their oil risks because they're way over-invested in oil.
他们管理着一大笔钱,不过我试图说服他们,采取一些措施来应对他们手里石油的风险,因为他们过于侧重在石油上的投资。
That's an incredibly important distinction because, think about it,if what you want to do is get rich, you can put together a reasonable investment record and then raise staggering amounts of money.
这点非常重要,仔细想想,如果你只想着赚钱,你可以拼凑一份合理出色的投资记录,然后募集到巨额资金
Today I want to talk about banking and this ties in somewhat to my previous lecture, which was on real estate, because banks are major real estate lenders and investors in real estate securities.
今天我想谈一谈银行业,这与我的前一讲紧密相联,即有关房地产的内容,因为银行是房地产行最主要的资金贷方,和房地产证券投资方
I'm sure you're familiar with the drill -you put a dollar into various asset classes, in this case, at the end of 1925 and hold those asset classes for, in this case, eighty-one years; the numbers go through the end of 2006.
相信大家很熟悉以下计算,如果你在1925年底,把一美元投资于各种资产,然后持续持有这种资产,比如,81年时间,直到2006年底
One of the things that we've done over the years has been open-minded about backing groups that don't have traditional investment credentials.
多年来我们一直做的一件事情,就是开放思维去支持那些,传统投资者不会涉足的领域
All right, so last time we were talking about the Investor Game and this was a coordination game, and we learned some things.
上一讲我们讲到了投资者博弈,这属于协调博弈,从中我们学到了不少东西
Cities go bankrupt and they just can't pay, so you as a buyer of these bonds feel reluctant to invest in them.
如果一市政府破产了,他们将无法支付,因此作为投资人,你可能不想购买它
In the case of the Investor Game last week, every player preferred one equilibrium to the other.
比如上一讲投资博弈中,每个参与人都偏好同一个均衡
But the problem is, I, being a naive investor, could get stuck with the bad stuff.
但问题是,作为一名菜鸟投资者,我就有可能会套在里面
It's the model of investment and profit that characterized so many of Milton's own early writings, including that promise, you'll remember, to his fellow Englishmen that he would one day produce a work of literature that his countrymen would not willingly let die.
这是一种投资模式和带有很多弥尔顿早期写作特征的收益,它包括了那个诺言,你们应该记得,那个诺言指他说有一天要为自己的追随者们写一篇文学作品,他的同胞们不希望这个诺言落空。
If you are--this is a private investment company -let's think before we talk about hedge--think of -suppose you're a public investment company approved by the SEC.
如果你是...这是一种私募投资公司,...在我们讨论对冲基金之前大家想一想,...假设你有一家经证交会认证的公共券商
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。
There's something called "variable life," which refers to a life insurance policy where the policyholder can make decisions about the investment of the money in the whole life policy.
有种保单叫做"可变寿险",作为终身寿险的一种,投保人可以自主选择,在终身寿险上进行多少投资
When you add another asset, you do better when you have three assets, you do better than if you just had two because there's more diversification possible with three assets than with two.
当你增加一种资产,有三种资产的时候,投资组合的表现会比两种资产时更好,因为三种资产相比两种资产的情况,可选择的投资组合更多。
There's a temptation to oversell investments.
有一种诱惑会导致过度投资
Although, in some sense, it wasn't really disintermediation because you could say a REIT is a different kind of intermediary between the individual and the investment.
某种意义上这不是真正的去中介化,因为你也可以说REITs是另一种,个人投资中介
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