Suppose you step out in the risk spectrum and put a dollar into the bond market.

假设你愿承担更多风险,将一美元投资于债券市场

耶鲁公开课 - 金融市场课程节选

That would be a portfolio where you borrowed at the riskless rate and you put more than 100% of your money into the tangency portfolio.

在这种组合里,你可以以无风险利率借贷到一些资金,从而可以投入比你本金更多的资金,来购买切线投资组合。

耶鲁公开课 - 金融市场课程节选

If you would have stepped further out of the risk spectrum and put your money into a portfolio of small stocks you would have gotten 15,922 times your money.

如果你愿承担更多的风险,将钱投资于小盘股组合,你就能获得本金的15922倍

耶鲁公开课 - 金融市场课程节选

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

It may have to do with the fact that people today don't seem to be as focused on dividends and so that means that companies are more able to reinvest earnings and not pay.

这跟当下人们不再那么,关注股利有关,这意味着公司,可以更多地将收益再投资,而不是支付股利

耶鲁公开课 - 金融市场课程节选