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Now Milton explains that he has nothing now, of course, to show for his father's investment, but he will.
弥尔顿是在说他现在没有可以证明，他父亲投资的东西，但是他会证明的。
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That's a little less popular now, but.
不过，现在，投资银行不那么热门了。
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Now, I wanted to compare it with another question that I--people have this simple idea that there's a best investment.
现在,让我们对比另一个问题,人们总是简单地认为存在一种最佳投资
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So now I'd like to shift to talking about the Merril Lynch-Angelo investment course.
所以现在我想谈谈,美林-安杰罗投资课程。
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In our investing experiment that it was come with a puisne at Northwestern, she's now an assistent professor there people saw 3 options, two Stocks and a Bond.
在我们的投资试验中,试验是在西北大学一名晚辈的帮助下完成的，她现在是助理教授,受试者会看到三个选择，其中两个是股票，一个是债券。
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I don't necessarily think that you should do that now because it could theoretically turn in this country.
我觉得你没必要现在就投资于货币市场,因为理论上货币最终还得被归还到国内。
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What really matters to you as an investor is how much you have to pay today to get $100 in sixty days.
对于一个投资者来说,重要的是,现在你需要支付多少钱,才能在60天后获得100美元
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I want now to carry that forward into something a little bit more focused on the portfolio problem.
现在从这个基础上拓展一下,更侧重于投资组合方面的问题。
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But now, you see there are a lot of possibilities and the outcome of your portfolio choice can be anything along this line.
但是现在你可以看到很多可能的投资组合,你决定的投资组合的结果,可以是这条线上任意一点。
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I showed them the slide that I just showed you, showing the optimal portfolio, and then I looked at the Norwegian Government's position.
我还给他们展示了刚刚给你们放的幻灯片，就是展示最佳投资组合的那张，然后我查看了挪威政府现在的资产状况。
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Two, what do you think are the best ways an individual ? investor can make the best return in the market these days?
第二个问题，在现在的形势下，你认为个人投资者,怎样才能从市场中获得最大的收益？
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Now, I want to talk about forming a portfolio where the assets are not independent of each other, but are correlated with each other.
现在我要建立这样的一个投资组合,在这个组合里各项资产并不是相互独立的，而是相互关联的。
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That term was actually coined by economists, Prescott and Mehra; it's now in general use. That is, it just seems that stocks so much outperform other investments.
这个术语是由经济学家,普雷斯科特和梅拉提出,现在被广泛引用,这表明股票收益远超其他投资
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Now, the problem is that if you invest in bonds from some state or local government, they might not pay you back; they can just go bankrupt.
现在的问题是如果你投资了,州或者地方政府发行的债券,他们可能无法支付,他们可能会破产
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There's a very important principle that finally comes out here, it is that you always want to reduce the variance of your portfolio as much as you can.
现在这里有一个非常重要的原则，即你总是想要降低你投资组合的方差,降得越低越好。
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What we want to do now is compute the mean and variance of the portfolio-- or the mean and standard deviation, since standard deviation is the square root of the variance-- for different combinations of the portfolios.
我们现在要做的是,计算这个投资组合的均值和方差-,或者均值和标准差，因为标准差的平方就等于方差-,这对任何投资组合都是一样的。
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What Hicks said--this is the coffee hour conversation at The London School of Economics he said, it's right now 1925 but if you want to invest or borrow in 1926 I can do it for you.
希克斯在伦敦政经学院的那次,咖啡时间中谈到,现在是1925年,但如果你想在1926年投资或贷款,我可以帮你实现
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The second question was about China and there was a special report in the recent Economist talking about the ravenous appetite that China has for natural resources right now. I was curious what you ? thought the effect that would have on global financial ? markets and your investing strategy?
第二个问题是有关于中国的,在最近的《经济学人》杂志上有一篇特别报道,该报道是关于现在中国对自然资源的极度渴望,我非常想知道您个人认为,他们这种情况对全球金融市场会有什么影响呢,对您的投资策略又有什么影响呢？
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That's because the banker is thinking, if I have this amount right now and I invest it for one year, then what do I have.
那是因为银行认为,如果我现在持有这些钱并将其投资一年,然后我会得到什么
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Suppose we had a lot of different stocks that we could put into a portfolio, and suppose they're all independent of each other-- that means there's no correlation.
假设我们现在有很多只不同的股票,可以放进我们的投资组合里，同时假设它们都是相互独立的-,也就是说它们之间没有相关性。
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The hedge fund world is 7.1% first to third quartile, real estate 9.3% per annum, leveraged buyouts 13.7% per annum this is over a ten-year period, so now we're starting to talk about some pretty significant dispersion.
在对冲基金中,这个差距有7.1%,不动产投资中的差距是9.3%,杠杆收购中是每年13.7%,以上都是十年期收益,我们现在谈的是,一些显著的差距
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In 2006--I mentioned this before -in 2006, the SEC proposed raising the definition to make it harder to be an accredited investor, but they haven't done that yet; so, it remains at one million dollars to do it.
我之前讲过,2006年美国证券交易委员会曾提议,抬高可信投资者的门槛,但他们仍未付诸实施,所以现在的门槛仍为一百万美元
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We have democratized -Now, REITs are a rapidly growing force in investing and now we have substantially democratized real estate holdings so it's not exclusively DPPs that are holding -not primarily--we have a lot of REITs now.
房地产投资已经公众化了,投资领域中的REITs正蓬勃发展,使得房产投资从根本上来说,公众化了,而不像DPP具有排他性,现在REITs数量众多
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These DPPs go back a long time but there began to be complaints about them because people said, well why is it, because I'm not an accredited investor, I can't get into real estate like these other people do?
PP由来已久,但现在人们开始抱怨,他们说,我不是可信投资者,为什么仅凭此门槛,而不让我像别人一样投资商业地产呢
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In other words, if you had an account at a brokerage and you thought you had a hundred shares of IBM and now the broker is going bankrupt -the broker won't answer your email anymore and he's just gone you go to SIPC and say, I had these hundred shares.
换句话说,如果你在一家经纪公司,设有账户,其中有IBM的100股股份,现在经纪行破产了,经纪行不再回复你的邮件,消失了,你告诉证券投资者保护公司,我有100股IBM的股票
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