That's got the lowest possible standard deviation of expected return and that's 25% stocks and 75% bonds with this sample period.
这个组合预期回报的标准差最小,在这一点上,投资组合,由25%的股票和75%的债券构成。
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。
Underlying this analysis, we have estimates of the expected returns on assets, notably, the expected returns on stocks and bonds.
凭借这个分析,我们可以估算出资产预期投资收益,特别是股票和债券的预期收益。
There are people who don't believe that, and instead argue t hat there is this notion called momentum.
有的人不相信这种说法,并且说,有一个叫做股票势头投资的东西。
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。
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 at the point of maximum opportunity people were at the point of maximum bearishness about the equity markets.
就在最好的投资机会来临的时候,人们对股票市场看空的程度,却刚好达到顶峰
The pink line here is the efficient portfolio frontier when we have only stocks and bonds to invest.
这条粉色曲线就是有效边界,这个投资组合只包括了股票和债券。
If you read his Pioneering Portfolio Management on the syllabus, he really has a preference for equities.
如果你阅读他的著作《开拓投资组合的管理》的摘要,他确实对股票有偏好。
The stock market is the best investment for long-term holders who can just buy and hold through the ups and down of the market."
对于那些能在股票市场的跌宕起伏中,一直持股的长线投资者而言,股票市场是最佳的投资
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
But beyond that, if you were confined to just stocks and bonds, it would be a matter of taste where along this frontier you would be.
进一步,若仅限于投资股票和债券的组合,选择哪个组合,取决于个人的兴趣。
The second book that I'm assigning is Jeremy Siegel, Stocks for the Long Run.
第二本指定教材是,杰里米·西格尔所著,《长期股票投资》
What this is is the price of a portfolio of shares in U.S. companies.
这是美国公司的股票投资组合的价格
Jeremy Siegel, Stocks for the Long Run, says the default should be equities.
杰瑞米·西格尔,在《股票的长期走势》一书中,指出默认的投资方式应该是股票。
That term was actually coined by economists, Prescott and Mehra; it's now in general use. That is, it just seems that stocks so much outperform other investments.
这个术语是由经济学家,普雷斯科特和梅拉提出,现在被广泛引用,这表明股票收益远超其他投资
This is the return on stocks for a period of almost 200 years.
这个是200年内股票的投资收益率。
The title of the book, Stocks for the Long Run-- stocks always outperform other investments for the long run and he says it's not due to selection bias.
书名是为《股市长线法宝》,长期投资中股票总是比其他资产有更高的收益,他认为他在研究中排除了选择性偏差
For him, the optimal portfolio should be very heavily into stocks.
以他的计算结果,最佳投资组合应该是大量投资股票。
A managed portfolio, you find somebody you think is really smart and you pay them a fair amount of money and in return they assert that they will pick winners for you, and in fact, you will outperform the stock market.
而代管投资组合就是说,你找一个你觉得很聪明的人,给他们一些钱,然后他们会说一定会帮你选出,赚钱的股票,实际上你会比股市整体表现要好。
The other thing that a company can do to get money out is share repurchase-- stock repurchase or share repurchase It's perfectly--this sometimes surprises people when they first think about it.
另外一个可以让公司,收回投资的方法是股票回购,股票回购或者股份回购,最初看到这一方法时,人们可能会十分惊讶
If you agree with my estimates, then you should do this as an investor, you should hold only some mixture of this tangency portfolio, which is 9% oil, 27% stocks, and 64% bonds.
如果你赞同我的估计值,那么作为一个投资者的话你应该这么做,你应该只持有,符合这个切线投资组合比例的投资,即9%的石油,27%的股票,和64%的债券。
he says, all investing is about coupon clipping and the difference between equities and bonds are that bonds come with a coupon that's known and equities have earnings in the future that you don't know.
他说,所有的投资都是关于票息剪券的,股票和债券的区别是,债券有确定的票息,而股票的收益发生在未来,你是无法确定的。
What most people are doing when they go into a mutual fund is they're trying to find smart people who will beat the market-- who will pick those stocks that will do well.
大多数人投资共同基金,实际是在寻找聪明之辈,来帮助他们获取更高收益率...,来挑选表现最为优异的股票
If you're investing with a long time horizon, having an equity bias makes sense; stocks go up in the long run.
如果进行长线投资,且存在股权偏好,那么从长期看,股票是上涨的
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。
Now ultimately, the purpose of investing in a share is to get the dividends; that's the whole named purpose of the corporation.
股票投资是为了取得股利,这也是公司明确的目标
What they do is they're pricing a portfolio up here and they keep substituting in new ones.
他们的工作是为一个投资组合定价,不停的用新股票进行替代
People don't usually know how many shares are outstanding in the company that they invest in.
人们通常不知道,他们所投资的公司到底发行了多少股票
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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