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Because that's true, then asset allocation ends up being the overwhelmingly important determinant of the University's results.
因为在这种情况下,资产配置,是学校投资回报率的,支配性的决定因素
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Once you've got them together, then you can compute the efficient portfolio frontier without the riskless asset.
当你明确了这些参数后，就可以算出没有无风险资产情况下的,有效边界了。
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Unfortunately, what we've seen recently is a kind of a bank run on the asset-backed commercial paper.
不幸的是,最近的情况是,有些银行开始运作资产担保商业票据
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Now, we can also move to three assets and, in fact, to any number of assets.
现在，我们再看看三种资产的情形,当然还可以有超过三种资产的情况。
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What he does as you know is takes over a company and shakes them up and in some cases is accused of stripping their assets.
就像你们知道的那样，他所做的,就是接管一个公司然后将其整顿改组，同时,在有些情况下，剥削它的资产。
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It seems like a logical extension of that formula to three assets and you can easily see how to extend it to four or more assets, it's just the logical extension of that.
这样就将前个公式推导为三个资产的情况,显而易见,你们可以将其运用到四个乃至更多资产的情况下，这只是对原始公式一个推导罢了。
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When you add another asset, you do better when you have three assets, you do better than if you just had two because there's more diversification possible with three assets than with two.
当你增加一种资产，有三种资产的时候，投资组合的表现会比两种资产时更好,因为三种资产相比两种资产的情况,可选择的投资组合更多。
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Alternatively, if I went back to the office and took Yale's $22.5 billion dollars and decided that I was going to day trade bond futures, security selection wouldn't have anything to say about the returns; asset allocation wouldn't have anything to say about the returns.
或者,如果我回到办公室,把耶鲁的225亿美元,投资于即日平仓的债券期货,在这种情况下,证券选择不会影响回报率,资产配置也不会影响回报率
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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
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