In fact, the assets that the Norwegian Government owns is about two-thirds oil and one-third government pension fund assets.

实际上，挪威政府所持有的资产中,大概有三分之二的石油,和三分之一的政府养老基金。

耶鲁公开课 - 金融市场课程节选

The asset pricing model--and this is critical-- assumes everyone is rational and holds the tangency portfolio.

资本资产定价模型是非常重要的模型-,假设每人是理性的，并持有切线资产组合。

耶鲁公开课 - 金融市场课程节选

As opposed to rationally stepping up when something appears relatively attractive and overweighting and then leaning against the wind by selling something that's performed well.

对比理性行事,适度增持有吸引力的资产,而后逆风而行,将资产卖出,即使资产业绩良好

耶鲁公开课 - 金融市场课程节选

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。

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Are you going to hold the market portfolio, index your assets, match the markets results?

你是应该持有市场投资组合,指数化资产,获取与市场一致的回报率

耶鲁公开课 - 金融市场课程节选

Well, we don't have much oil relative to the size of our portfolio.

考虑到资产总额的话,我们其实持有的石油其实不多。

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You have to limit your exposure to risky asset classes to a level that allows you to sustain those positions even in the face of terribly adverse market conditions.

你必须把手中持有的风险资产,限制在一个合适的比例水平,并且即使到了最差的市场环境下,你依旧能够承受这些风险资产

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。

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I have stocks, bonds, and oil but I want also to add one more final asset, we'll call it the riskless asset, long-term bonds are somewhat uncertain and variable because they're long-term.

有股票，债券和石油,我还想再增加最后一种资产，我们称之为无风险资产，由于长期债券持有期限很长,存在一定不确定性及风险。

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They have lots of maybe good-- maybe it's not because they're irrational, it's that they're political or they're constrained by tradition or laws or regulations, all sorts of things; but, they're not holding the tangency portfolio.

他们有很多好的原因-,也许并不是因为他们不够理性，而是由于他们有自己政治上的考虑,或者是他们本身被传统,法律以及规则等一系列的因素，所限制;,因此他们不会持有切线资产组合。

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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

耶鲁公开课 - 金融市场课程节选