It emphasizes the long run performance of the stock market, but it's really a general treatise of financial markets.

虽然这本书着重于股票长期投资,但它其实是一本关于金融市场的综合性著作

耶鲁公开课 - 金融市场课程节选

And indeed it is the case that the price of the stock the amount of move, tends to be proportional to the price of the stock.

实际上它就是股票的价格,移动量，它们都倾向于和股票价格成正比。

麻省理工公开课 - 计算机科学及编程导论课程节选

Now the brokerage industry-- The New York Stock Exchange goes back into the eighteenth century, it's very old.

经纪行业历史悠久...,纽约股票交易所历史悠久,成立于18世纪

耶鲁公开课 - 金融市场课程节选

In terms of just general investing culture-- and we're behavioral in our attitude-- it was clearer that you bought a stock to get a dividend.

在一个投资性文化中,我们更偏向于行动派,人们为了得到分红而购买股票的意图愈加明显

耶鲁公开课 - 金融市场课程节选

As a result, people invest in banks -the stock of banks -because they understand that these people have a long-term relationship with business and they are immune from the adverse selection.

结果呢,人们就会投资于银行,即购买银行的股票,因为他们知道,银行家和企业界保持着长期的关系,他们可以免受逆向选择之害

耶鲁公开课 - 金融市场课程节选

But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.

当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊

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

If I went back to my office after speaking with you this morning and took Yale's $22.5 billion dollars and put all of it into Google stock, asset allocation would have very little to say about what Yale's returns would be.

如果我今早下课之后回到办公室,把耶鲁的225亿美元,全部投资于谷歌股票,资产配置在这种情况下,对耶鲁的回报率就没有多少影响了

耶鲁公开课 - 金融市场课程节选