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

耶鲁公开课 - 金融市场课程节选

In this case, we have an example that even markets, human institutions as they are messed up right?

在这种情况下，我们有一个例子即使在市场经济中，他们也是人为的金融机构也会出错,是这样吗？

斯坦福公开课 - 经济学课程节选

They're not part of the government, but they were created by the government and they are massive supporters of the housing market.

他们不是政府机构,但他们却由政府创办,并且他们是房地产市场的支柱

耶鲁公开课 - 金融市场课程节选

I think the enlightened view is that these things are absolutely essential to trust in the market.

长远来看,监管机构对于构建市场诚信极为重要

耶鲁公开课 - 金融市场课程节选

But the very, sort of, nature of being an institution constrains almost everybody whether it's, in our case, all our investors have thirty-day liquidity.

但是，投资机构的本质在一定程度上束缚了,它所处市场里的每一个人，在我们的案例中，我们所有的投资者都拥有强大的现金流。

耶鲁公开课 - 金融市场课程节选

The Securities and Exchange Commission, from the beginning, had it as its mission to make financial markets work properly; that is a wonderful story.

从成立那天起,证券交易委员会,就肩负着确保金融市场良好运作的使命,这是个利民的机构

耶鲁公开课 - 金融市场课程节选

Basically, what it did was it made it feel that people wouldn't get cheated; the SEC was a strong regulator and it really did restore confidence in the financial markets in this country.

证券交易委员会的辛勤付出,使人们感到不会受骗,证券交易委员会是一个强大的监管机构,它也重塑了,这个国家对金融市场的信心

耶鲁公开课 - 金融市场课程节选

Governments establish regulators who set down rules for participants in financial markets and these rules may be perceived as onerous and costly to people in the financial community, but ultimately it's their salvation and it's what makes everything possible.

政府设立监管机构,监管机构为金融市场的参与者,制定法规条令,这些规则对金融界,有着极其严格的约束,但这些规则最终使得金融界运作良好,免遭灭顶之灾

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

I want to talk first about institutions and then move to what I think is, myself, more interesting, which is the real estate boom and the kind of fluctuations we've seen in real estate over the years.

我首先会讲讲这些机构,然后讲一下我更感兴趣的,房地产市场繁荣,及这些年里,我们经历的波动

耶鲁公开课 - 金融市场课程节选