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

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

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。

耶鲁公开课 - 金融市场课程节选

Remember, this thing only runs for sixty days and you could compute your sixty-day return, but people like to compare annual returns-- once again, a tradition we have.

注意,这个债券期限只有60天,当然你可以计算60天的收益率,但是人们往往喜欢用年收益率进行比较,这也是一种传统

耶鲁公开课 - 金融市场课程节选

My favorite way to measure the results is actually to compare what Yale achieved with what we would have had if we would have just experienced average returns over the past twenty years.

在衡量成绩时,我喜欢的做法是,将过去20年耶鲁模式下获得的资产,与市场平均收益率计算的资产,进行比较

耶鲁公开课 - 金融市场课程节选

Now, underlying our theory is the idea that we measure the outcome of your investment in your portfolio by the mean of the return on the portfolio and the variance of the return on the portfolio.

而理论的基础是,我们通过计算,组合收益率的均值，和组合收益率的方差,来衡量一个投资组合的优劣。

耶鲁公开课 - 金融市场课程节选