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。

耶鲁公开课 - 金融市场课程节选

But ultimately, everyone agrees I-- that's the premise here, that for the-- if you're comparing two portfolios with the same variance, then you want the one with the higher expected return.

但归根结底大家都会同意这一点-,这是一个前提-,当你比较两个有相同方差的投资组合时，你会选择预期收益率高的那一个。

耶鲁公开课 - 金融市场课程节选

It could be that in thinking about the nature of the combination we're led to see that in certain ways the combination-- the interaction effects--are negative, are bad ones.

可能在考虑这种组合的本质时,我们看到了再某些方面这种组合-,相互影响，是负面的，是不好的。

耶鲁公开课 - 死亡课程节选

When you add another asset, you do better when you have three assets, you do better than if you just had two because there's more diversification possible with three assets than with two.

当你增加一种资产，有三种资产的时候，投资组合的表现会比两种资产时更好,因为三种资产相比两种资产的情况,可选择的投资组合更多。

耶鲁公开课 - 金融市场课程节选

1, 10% it means that if the market portfolio goes up 10% in value 10% then this asset also goes up 10% in value.

当β等于1时，If，β,表明若市场组合增值,该资产也同时增值。

耶鲁公开课 - 金融市场课程节选

is two, 10% it means that if the market goes up 10% in value, the stock tends to go up 20% in value and so on.

当β值等于2时，If，β,表明若市场组合增值，股票价值就增长了20%，以此类推。

耶鲁公开课 - 金融市场课程节选