If you're investing with a long time horizon, having an equity bias makes sense; stocks go up in the long run.

如果进行长线投资,且存在股权偏好,那么从长期看,股票是上涨的

耶鲁公开课 - 金融市场课程节选

And so there's an upward bias to the stock market, contrary to what you may have seen recently.

所以对股票市场来说是有一种上涨的倾向，这和你们最近看到的情况相反。

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Picking stocks means trying to find a stock that's going to do really well.

挑选股票意味着,发掘一支具有上涨潜力的股票

耶鲁公开课 - 金融市场课程节选

If stock price option -if stock options tend to be issued as announced by the company later, just before stock prices go up, there's no way that that can be right because nobody can know exactly when the stock price is going to go up.

如果股票期权价格...,如果就像公司事后宣称的一样,公司恰好是在股价上涨之前,发行的股票期权,这是不可能做到的,因为没有人可以确切知道,股票价格何时会上涨

耶鲁公开课 - 金融市场课程节选