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I mean, hypothetically a bond trading at $.60 on the dollar with an 8% coupon, five-year bond that's yielding about 18%.
我的意思是，假设一种债券以0。60美元进行交易,同时有8%的票息，五年期债券收益率在18%左右。
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One more thing, I said they're not independent, so we have to talk about the covariance between the returns.
还有，我说过它们不是相互独立的，因此我们还需要讨论两个收益率的协方差。
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It shows the standard deviation of the return on the portfolio as a function of the expected return on the portfolio.
它是投资组合的收益标准差,关于预期收益率的函数图像。
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Also, we need to know how much individual stocks are correlated with rm; we measure that by the regression coefficient.
我们必须清楚,有多少个股与市场总体收益率相关;,我们用回归系数，即β系数来表示。
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So, if it's a four-year bond, it would trade at about $90, 6% so it would be yielding 6%.
所以，如果这是四年期的债券，那么它可能在大约90美元左右进行交易，因此它的收益率大约在。
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At least in the domestic equity world you've got a pretty stable base that you were looking at ten years ago.
至少对于国内股市来说,当你回顾10年前的收益率,会得到一个非常稳定的基准数字
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They like to--when they're computing the investment yield, they want to be completely honest and not use any rules of thumb.
当他们计算投资收益率的时候,他们需要完全精确,而非用经验公式
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The investment rate is telling you how much money you're really making on an annualized basis, so it's very simple.
投资收益率反映了基于一年来看,你实际赚了多少钱,非常简单
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Then finally, the final step is to find what is the tangency line that goes through the riskless rate.
在最后，最终的步骤是找出一条,穿过无风险收益率的切线。
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So Yale had a 28% return on its portfolio last year, which was number one of all college endowments.
去年耶鲁基金获得了28%的收益,收益率高居全美高校榜首
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Moreover, it's had a 17.8% average return for the last ten years, which is number one among university endowments.
甚至,过去十年中,耶鲁基金的年均收益率高达17.8%,依然高居全美高校榜首
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If you're comparing two portfolios with the same expected return, then you want the one with the lower variance.
比较两个有相同预期收益率的投资组合时，你会选择方差小的那一个。
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The difference between the average return for colleges and universities and Yale's returns has added $14.4 billion dollars to the University's coffers.
其他高校的平均收益率,与耶鲁的收益率的差距,为耶鲁财政增加了144亿美元
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In fact, different people might make different choices about how much risk they're willing to bear to get a higher expected return.
事实上，为了获得高的预期收益率,人们愿意承受的风险,也会不同。
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The yield-to-maturity on an indexed bond is already in real terms because the coupons are indexed to inflation.
这种债券的到期收益率,就是实际收益率,因为票息已经被通胀指数化了
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So, I've got here a term structure; well, the term structure is the plot of yield-to-maturity against time-to-maturity.
我这有一张期限结构图,期限结构其实是,到期收益率与到期期限之间的关系图
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If you looked at the domestic equity return -the average return that was posted in 2000--it was -3.1%.
看看国内证券的收益,2000年公报的平均收益率是负3.1%
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.. The equity premium is the-- 2.8% this short-term 2.8% is the riskless return, historically, for a period of almost 200 years.
股权溢价就是-,这个短期无风险投资收益率是，是根据近200年的数据得出的。
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Also, they don't have to actually--in the old days, they didn't actually have to compute the investment rate.
其实在过去人们不必,真正计算投资收益率
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Now I don't know how impressed you are, the year before that it was 22% in one year.
我不知道给你们是否被震撼到了,前年的收益率是22%
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I computed the average return on stocks over that time period and I computed the average return on bonds over that time period.
我计算了那个时间段的股票平均收益率,和债券平均收益率。
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I mean, do you really--you might wonder, aren't people missing something if the excess return is so high of stocks over short-term bonds?
我是指，你们真的。。。你们也会怀疑，这里是不是少了点什么,如果股票收益率高出短期债券收益率那么多？
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So,the combination of survivorship bias and backfill bias for that one year made 4.3 percentage points difference.
因此在生存偏差和回填偏差的共同作用下,造成了两个收益率之间4.3%的差值
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You look at the returns that are reported for hedge funds in aggregate--they're generally 12%,13%,14% per year for the last five or ten years.
看一下过去5到10年间,公报中的对冲基金年平均收益率,普遍来说是12%,13%,14%
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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。
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Let's suppose that all of them are the same-- they all have the same standard deviation.
我们假设这些资产的收益率标准差-,均相等。
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When you ask for the investment rate, you want to know the truth-- how much am I really getting so they don't monkey around here.
当你问投资收益率时,你要知道,我到底能赚多少,所以他们不再偷懒
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The fact that people look at quarterly returns of mutual funds is incredibly dysfunctional.
只关注基金的季度收益率,是相当不妥当的的
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That is, promise that they will do well-- you see this all the time.
例如他们承诺能够获得高额收益率,你时常能听到这种论调
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So, that is not--your return is actually higher than 2.51% on an annualized basis.
所以,你的实际年收益率,应该高于2.51%
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