The payoffs are lower, Okay. So here's an abbreviated version of that, I mean it's perhaps a little bit longer.

回报较低,我有一个比较简约的说法,我是说可能有点长

耶鲁公开课 - 博弈论课程节选

That would put you out here; you would have very much more return, but you'd have more risk.

那就会落在这个点上;,你可能有非常高的回报，但你的风险也增加了。

耶鲁公开课 - 金融市场课程节选

to high rewards in heaven as a virgin and as a poet.

作为一个有童贞的人和一个诗人在天堂的回报。

耶鲁公开课 - 弥尔顿课程节选

When you buy high and sell low it's really hard to generate returns, even if you do it with great enthusiasm and great volume.

当你高价买入低价卖出时,是很难产生回报的,不管你有多大交易热情或有多大交易量

耶鲁公开课 - 金融市场课程节选

The numbers that Jeremy Siegel produces seem implausibly high for the stock market.

杰里米·西格尔所提供的数据似乎表明,股票市场有难以置信的高回报率

耶鲁公开课 - 金融市场课程节选

But you can also have an incredibly bad return.

但你也有可能获得糟糕得难以置信的回报

耶鲁公开课 - 金融市场课程节选

Suppose someone is investing your money and he announces, I have had very good returns. I have invested and I've produced 20% a year for nine out of the last ten years.

假设一个人帮你投资,而且他声称,我投资回报很高,我过去的十年中有九年的收益都是20%

耶鲁公开课 - 金融市场课程节选

So, you probably don't want to pick any point down here, because you're not getting anything by picking a point down there because you could have a better point by just moving it up here.

你不会选择这里以下的任意一点，因为你的回报不是最优的,上面这一点会使你有更好的回报。

耶鲁公开课 - 金融市场课程节选

So, it's not surprising that asset allocation explains more than 100% of returns and that, for the community as a whole, market timing and security selection are costly and lower the community's aggregate investment returns.

因此资产配置能解释100%以上的回报,也不足为奇了,对投资者整体来说,市场时机选择,和证券选择是有代价的,降低了总的投资回报

耶鲁公开课 - 金融市场课程节选