So, we have this security and a ten-year bond would have twenty coupons attached, each with a date on them.

我们持有这样的证券，是十年期的债券,并附有二十张息票，每一个都有日期在上面。

耶鲁公开课 - 金融市场课程节选

You have closed end funds, trade as a security listed on the stock exchange, but what they do is own other securities.

假如你持有封闭式基金，这种基金在证券交易所作为一种债券进行交易，但是实际上它们做的是持有其他债券。

耶鲁公开课 - 金融市场课程节选

We did have a large,short position in subprime mortgage-backed securities, which has paid off enormously for the University and really helped protect assets in the past nine months or a year.

我们确实曾持有很多,次级抵押担保证券的空头,它们为耶鲁赚了不少钱,并且在过去的9个月或1年间,为资产保值发挥了实在的作用

耶鲁公开课 - 金融市场课程节选

Troubled banks then who have this the problem banks have now is they have these securitized mortgages that they've bought and the homeowners are defaulting on the mortgages now.

于是出于困境中的银行,现在银行的问题在于,他们持有自己买的,证券化按揭贷款,而房屋持有者却,对抵押借款拖欠。

耶鲁公开课 - 金融市场课程节选

Because we hold relatively stable, relatively well-diversified portfolios, security selection turns out not to be an important determinant of returns for most investors and market timing turns out not to be an important determinant of returns.

因为持有相对稳定,和相对分散的投资组合,证券选择不再是,决定投资者回报率的重要因素,而市场时机选择,也不会成为决定回报率的重要因素

耶鲁公开课 - 金融市场课程节选

That's not a way that we really think about it, but I do believe that the risk level of the University's portfolio is really quite low in statistical terms -much lower than the risk level that you'd have if you had a traditional portfolio dominated by marketable securities.

这一般不是我们考虑的关键,但我相信,耶鲁投资组合的风险水平,在统计数字上是非常低的,远远低于,持有一个传统的可交易证券主导的,投资组合的beta系数

耶鲁公开课 - 金融市场课程节选