I think that going forward, both the rating agencies and the banks will be very important in our society.
我认为这会有效果,信用评级机构和银行,都将会在我们的社会中扮演很重要的角色
that you can contact directly instead of having to go through the bureaucracy of the big university.
你可以直接和他们联系,而不用通过耶鲁大学的官僚机构。
To build a set of alliances and institutions that guarantee that we're still the power we need to be.
建立一系列联盟和机构,能够保证我们,所需要的国际地位。
I'll just mention--I want to mention a couple other institutions that are very important in real estate and those are Fannie and Freddie.
我想介绍一下,在房地产行业中非常重要的,两个机构,房利美和房地美
Religious and political institutions and beliefs have been thoroughly intertwined as a mutually supportive unified structure.
政府机构和信仰,渐渐成为统一体,相互支撑,不可分割
So for instance, institutions like mental institutions and some prisons have installed token economies where there's rewards for good behavior, often poker chips of a sort.
比如像精神病院和监狱这样的机构,都引入了代币法,来奖励良好行为,这些代币通常是扑克筹码一类的东西。
And it doesn't actually work in court or that doesn't actually purport to be a law firm,
你不会在法院内工作,那些机构也和律师事务所不相关,
Will you be able to do a lot of good in a for-profit organization,not for profit organization, on the board of your previous school, with your money,with your time?
你们能够做善事吗,在一个非营利机构里行善,在你母校的董事会,贡献金钱和时间?
So the institution, the accounts remain, they remain alive.
所以机构和账户得以保存,现在还在运行。
The Greek polis, which is simply the Greek word for city, had several institutions that are very important, and they'll become important for early Christianity and for Judaism.
希腊城邦,Polis就是希腊语城市的意思,有许多重要的公共机构,对早期基督教和犹太教影响巨大。
So that's where stronger countries and global institutions like the UN could come in and inure.
就在这些方面强国和国际机构比如联合国应该管一管。
and it gives it some credibility and it gives it some public appeal.
这就增加了这个慈善机构的可信度和对公众的吸引力。
So everyone in this field is trying to look ahead And decide even the strengths and weaknesses of Their organization what small subsets of the entire Range of possibilities should they pursue.
所以这个领域的每个人都试着向前看,根据自己机构的长处和弱点,来决定应该追求何种,小的分目标和可能性。
But many, particularly two-- bureaucracies and powerful standing military forces-- are characteristics of modern states.
这些变革,尤其是官僚机构和强大的军队,这两方面是现代国家的特征
The last man standing is asset allocation and that tends to drive both institutional returns and individual returns.
能决定回报率的只剩下资产配置,它将决定,机构投资和个人投资的回报率
We've been building a kind of, like an organization, like a Marshall plan, but thinking about how do we reach out to other countries and build an energy community.
我们在建立一种,一种组织机构,就像马歇尔计划,考虑我们应该怎样,和其他国家建立联系,从而建立能源共同体。
Diversification and pooling are really the same thing but we had a separate set of institutions.
分摊和汇聚实质上是一回事,只是我们有不同的机构
That's Depository Institution's Deregulation and Monetary Control Act; what that did was, it eliminated ceilings on interest rates --on deposits, it allowed banks to pay high interest rates.
存款机构放松管制和货币控制法案,所做的就是,取消了存款利率的上限,准许银行支付高额利率
Reagan was a big believer in free markets; we had a law that actually passed, it's called the Depository Institution's Deregulation and Monetary Control Act of 1980--that's actually before Reagan.
里根是自由市场的崇信者,那时其实通过了一项法律,称为,1980年存款机构放松管制和货币控制法案,该方案是在里根执政之前通过的
Then I will move to portfolio diversification and supporting financial institutions.
再之后我会讲讲投资组合的多元化,和辅助的金融机构
Fraternities and med schools and other organizations haze people.
兄弟会,医学院和其实会欺负新人的机构。
Compound that 13.4% over ten years and there's just an enormous gap between those mutual fund numbers that are in the prospectus and in the advertisement--the time-weighted returns and the dollar-weighted returns that talk about the actual experience of the investment community.
按13.4%复利算一下10年期的结果,你会发现在招股说明书和广告里给出的,用来反映投资机构实际业绩水平的,时间加权回报率,和货币加权回报率数字之间,有着巨大的差异
Well, it can only be true if security selection and market timing detract from institutional returns or individual returns in the aggregate.
唯一的可能性就是证券选择,和市场时机选择,给机构和个人带来的是负的回报
So, reporters start calling the other rating agencies-- Standard & Poor's and Moody's and others--and say, are you going to down-rate these guys?
于是记者们开始询问其他的评级机构,像是标准普尔和穆迪,问他们,你们打算给这些公司降级吗
Philosophers and psychologists who fall under the constrained vision create them, philosophies and psychologies and institutions and systems to channel our flawed and imperfect nature.
执有这种观点的,哲学家和心理学家创造了它们,创建了人生哲学,心理学,各种机构和体系,来引导我们有缺点的不完美的人性。
And of course, that's what the overwhelming portion of the investment community did in the 1930s, and in the 1940s, and in the 1950s.
当然,绝大部分投资机构,在上个世纪30年代,以及40和50年代就是这么做的
So, he was going after himself, finding out all the companies that were backdating options, trying to beat the SEC and the regulatory authorities to the conclusion.
所以他自己一路研究下去,找出了所有用倒签期权欺诈的公司,然后试图用这个结论,与证券交易委员会和监管机构抗衡
The SEC and other regulators have to watch for this.
但证交会和其它监管机构监督此举
If you look at John Geanakoplos's course on Financial Theory, his mathematical concepts are central to his outline of the course; but this being a Financial Markets course, I'm dividing it up more in terms of markets and institutions.
如果你们听约翰·吉纳科普洛斯的,金融理论课,他的大纲中心部分,是金融学中的数学概念,而我们这是金融市场课,于是我从金融市场和,金融机构的角度来划分这一课
In the Savings and Loan crisis it was a certain segment of the banking community--the S&L's that seemed to be in trouble but it didn't seem to be then a house of cards that could spread around the country and around the world.
在储贷危机中,只是银行机构中的,一个特定部分-储蓄和存款,陷入了困境,但是这似乎不是一个,能够延伸至整个国家,和整个世界的不切实际的无法实现的计划。
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