There are also some hotel investments,retail properties, smattering of industrial properties not a lot of exposure to individual houses.
也有一些酒店和商场物业投资,以及一些零散的工业物业,没有太多地投资于个人住宅
They tend to sort of invest in entertainment
他们倾向于在娱乐业里投资,
It emphasizes the long run performance of the stock market, but it's really a general treatise of financial markets.
虽然这本书着重于股票长期投资,但它其实是一本关于金融市场的综合性著作
Just by putting money into a broadly diversified portfolio of stocks you would have gotten 3,077 times your money.
仅仅将钱投资于,一个多样化的普通股组合,你就会获得本金的3077倍
In terms of diversification, there are half a dozen asset classes with weights that range between 4% and 28%.
投资多元化方面,投资于六中不同的资产类别,权重从4%至28%不等
So, SIPC was set up in 1970 and SIPC insures cash accounts up to $100,000 and securities accounts up to $500,000.
证券投资者保护公司于1970年成立,其对现金账户的保护金额高达10万美元,对证券账户的保护金额高达50万
I don't necessarily think that you should do that now because it could theoretically turn in this country.
我觉得你没必要现在就投资于货币市场,因为理论上货币最终还得被归还到国内。
That requires a theory of capital and they're going to have to invest the reserves in financial assets.
这需要借助于资本理论,并且还要将储备资金,投资于金融资产。
I want now to carry that forward into something a little bit more focused on the portfolio problem.
现在从这个基础上拓展一下,更侧重于投资组合方面的问题。
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
In terms of just general investing culture-- and we're behavioral in our attitude-- it was clearer that you bought a stock to get a dividend.
在一个投资性文化中,我们更偏向于行动派,人们为了得到分红而购买股票的意图愈加明显
Suppose you are a naive investor and you say, okay I'm going to invest in companies' paper, which is their promise to pay --their IOU.
假如你是一个菜鸟投资者,想投资于这些公司的债券,债券就是他们的偿还凭证或者说欠条
If I'm going to be active in terms of managing my portfolio, should I spend my time and energy trying to beat the bond market?
如果我想主动地管理我的投资组合,是否应投入时间和精力,专注于战胜债券市场呢
We want people who are maniacally focused on beating the markets, generating superior investment returns.
我们需要能完全专注于战胜市场的人,来产生卓越的投资收益
That bond multiple of 72 is just a drag on returns -what's the point?
债券72倍的收益看起来像在拖后腿,为什么还要投资于债券呢
You have half of your assets in one single asset class: U.S. Common stocks.
你将半数资产,投资于单一类别,美国普通股
Well,I think one of the questions --the question is how can you successfully invest in a market where,I guess, people say you might catch a falling knife.
其中一个问题,提问是,怎么能够成功地,投资于一个,有所谓抄底行情的市场
I did it in 1925, but I've got it set up so that I will pay a hundred pounds in 1926 and I'll get this in 1927.
在25年进行投资操作,并通过安排,在26年投资一百英镑后,于27年收回以上回报
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
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
I think reselling is an element of things like venture capital.
我想经销是类似于,风险投资之类的组成部分。
It's not just taking what's given by the insurance company.
而不局限于保险公司的既定投资计划
Obviously you don't invest in every company, so I was wondering what factors you look for in identifying companies that you want to invest in and ? that you think are especially poorly managed?
很明显你不会投资于所有的公司,所以我想知道当你考察你想投资的公司时,或者是管理情况很糟糕的公司时,你都会考虑哪些因素呢?
By extending your time horizon to three years, or four years,or five years, it opens up a whole host of investment opportunities that aren't available to people that are playing this silly,short-term game.
只有通过将投资延长至三年,四年乃至五年,才会出现大量的获利机会,沉迷于愚蠢的短线操作,是无法得到这些机会的
So, investors will have a tendency to try to hide -or people who sell investments will try to channel the good investments to their friends and dump the bad stuff on other people.
所以,投资者倾向于掩盖,或者说是投资产品的销售者会试图,把好的投资产品卖给自己的朋友,而把那些差的留给外人
Suppose you are interested in investing in debt of companies, then you as an investor are subject to the problem that you might end up with the worst stuff if you don't watch out.
假设你有兴趣投资于公司债权,那么作为投资人你会面临这样一个问题,如果不谨慎,投资有可能会血本无归
But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.
当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊
If I went back to my office after speaking with you this morning and took Yale's $22.5 billion dollars and put all of it into Google stock, asset allocation would have very little to say about what Yale's returns would be.
如果我今早下课之后回到办公室,把耶鲁的225亿美元,全部投资于谷歌股票,资产配置在这种情况下,对耶鲁的回报率就没有多少影响了
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
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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