I mean, do you really--you might wonder, aren't people missing something if the excess return is so high of stocks over short-term bonds?

我是指，你们真的。。。你们也会怀疑，这里是不是少了点什么,如果股票收益率高出短期债券收益率那么多？

耶鲁公开课 - 金融市场课程节选

I computed the average return on stocks over that time period and I computed the average return on bonds over that time period.

我计算了那个时间段的股票平均收益率,和债券平均收益率。

耶鲁公开课 - 金融市场课程节选

This is the return on stocks for a period of almost 200 years.

这个是200年内股票的投资收益率。

耶鲁公开课 - 金融市场课程节选

It went--that's that famous minus 100% return, right, which dominates everything.

答案是负100%的收益率,整个股票市场收益率皆如此

耶鲁公开课 - 金融市场课程节选

What most people are doing when they go into a mutual fund is they're trying to find smart people who will beat the market-- who will pick those stocks that will do well.

大多数人投资共同基金,实际是在寻找聪明之辈,来帮助他们获取更高收益率...,来挑选表现最为优异的股票

耶鲁公开课 - 金融市场课程节选

The equity orientation drove the returns but the diversification allowed us to deliver those returns in a stable fashion, which is incredibly important for an institution like Yale that requires a steady supply of funds to finance its operations.

股票导向型投资会推动收益率上升,但多元化能让收益更平稳,这对于耶鲁这样的机构极为重要,因为它需要稳定的资金供给,为学校运营提供财务支持

耶鲁公开课 - 金融市场课程节选

I computed the returns on the stocks, bonds, and oil for every year from 1983 and I computed the average returns, which I take as the expected returns, I took the standard deviations, and I took the covariance.

我计算了从1983年以来每年的股票,债券和石油的收益，从而得出平均收益率，这些平均收益率作为预期收益率，然后算得标准差及协方差。

耶鲁公开课 - 金融市场课程节选

So, ownership of stocks absolutely crushes buying bonds -almost 16,000 times your money or more than 3,000 times your money in the stock market as opposed to 72 times your money or 19 times your money in the bond market or the bill market.

股票的收益率远远超过债券,小盘股的收益差不多16000倍于本金,而大盘收益也翻了300倍以上,相比长期债券的72倍,和短期债券的19倍

耶鲁公开课 - 金融市场课程节选