The earnings, you understand, are kind of a theoretical concept but dividend is the money that we send out.

你们都知道,收益是个理论概念,但股利是我们分发出去的钱

耶鲁公开课 - 金融市场课程节选

That's what this whole theory is about, how to get a lot of expected return without getting a lot of risk.

整个金融理论的中心,就是如何获得高收益,同时降低风险

耶鲁公开课 - 金融市场课程节选

Earnings" is kind of a theoretical concept that accountants work on and it can go up and down depending on adjustments they make.

收益则是一种由会计得出的理论概念,会因不同的调整而上下波动

耶鲁公开课 - 金融市场课程节选

They might say my sample period was off, ... but that's what the theory-- ... using my data for the sample period that I computed-- the expected returns and co-variances says one should do.

他们可能说我的采样周期是有问题的，不过我的结果都是靠理论-,我采用自己收集的数据计算出-,预期收益和协方差可以用来指导我们的投资行为。

耶鲁公开课 - 金融市场课程节选

There's an appendix to one of the chapters in Jeremy Siegel's book where he says that one of the most important applications of this theory is to measure how successful an investor is.

刚才讲的是,杰里米·西格尔书上的附录,他认为这个理论最重要的应用,就是衡量一个投资者的收益

耶鲁公开课 - 金融市场课程节选

Now, underlying our theory is the idea that we measure the outcome of your investment in your portfolio by the mean of the return on the portfolio and the variance of the return on the portfolio.

而理论的基础是,我们通过计算,组合收益率的均值，和组合收益率的方差,来衡量一个投资组合的优劣。

耶鲁公开课 - 金融市场课程节选