-
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。
-
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。
-
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
-
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。
-
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。
-
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
-
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。
-
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
-
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。
-
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
-
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
-
.. 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。
-
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。
-
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
-
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
-
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%
-
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%
-
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。
-
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
-
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。
-
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
-
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%
-
The return he got from 1996 to 2006 was 17% a year on investments.
从1996到2006,他的个人投资收益率为一年17%
-
To calculate the expected utility of your wealth, you might also have to look at the expected return, or the geometric expected return, or the standard deviation.
要计算你财富的期望效用,你也许还要研究预期收益曲线,或几何预期收益率,或是标准差
-
2% You could say, I think my portfolio has an expected return of 12%-- that would be better than if it had an expected return of 10%.
如果一个投资组合的预期收益率有-,那就比一个只有10%的投资组合要好。
-
We often assume in finance that random variables, such as returns,are normally distributed.
金融学中我们常假设随机变量,例如收益率,是服从正态分布的
-
So, that's how you go from the discount rate to the investment rate.
这就是从折扣率到投资收益率的换算过程
-
Last year the return on the Yale portfolio was 28% in one year.
去年耶鲁大学投资组合的收益率,是28%
-
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。
-
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
应用推荐