Somebody else might say, well I want to just hold this point, I want to hold the tangency portfolio.
而另外的某些人可能会说,我就想按这个点的比例来持有投资,我想持有切线投资组合。
Freud's mistake, and it's--although I'm picking on Freud, it's not only Freud that runs this sort of argument.
弗洛伊德是错的,虽然我选择他做例子,不仅是弗洛伊德一个人持有这种论点。
This is the present value of $1 in one time period, which I'm taking to be a year.
这就是一美元在一段时期内的现值,我只是将一美元持有一年
Somebody who is very risk averse could say, I want to hold only the riskless assets because I just don't like any risk at all.
有些极度惧怕风险的人可能会说,我只想持有那些没有风险的资产,因为我压根就不想跟风险打交道。
That's because the banker is thinking, if I have this amount right now and I invest it for one year, then what do I have.
那是因为银行认为,如果我现在持有这些钱并将其投资一年,然后我会得到什么
From a logical point of view, I suppose you might have a third possible view.
从逻辑角度而言,我想你们可能会持有第三种观点
At some point, when your dollars were turning into dimes, you'd say, forget this, this is ridiculous, it doesn't make any sense for me to own these risky small-cap stocks.
当一块钱变成一毛钱,你会说,得了吧,这太荒谬,持有这些高风险的小盘股,对我而言没什么好处
Wal-Mart, after the 1960 Act of Congress, would say, hey we're a real estate investment trust, we own real estate--all these stores -but that's not what the intent of this bill was.
国会通过这部法案后,沃尔玛说我也是房地产投资信托基金,我也持有房地产,所有店铺都是房地产,但这并不是这部法案的本意
Well after that, the bond price went up because people saw that as a sign that the company was tightening its belt and doing things right to have money to pay off the bondholders; so it was self-interested, I suppose--maybe you can ask him about this.
在这之后,债券的价格升高了,因为人们认为降低红利是一个信号,说明公司开始紧缩开支走向正轨,并且去偿付债券持有人,莱德利夫通过这种做法达到利己的目的,我想你们可以就此事向莱德利夫提问
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