The last man standing is asset allocation and that tends to drive both institutional returns and individual returns.

能决定回报率的只剩下资产配置,它将决定,机构投资和个人投资的回报率

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

Are you going to hold the market portfolio, index your assets, match the markets results?

你是应该持有市场投资组合,指数化资产,获取与市场一致的回报率

耶鲁公开课 - 金融市场课程节选

How can asset allocation be responsible for more than 100% of investment returns?

资产配置怎么能决定,100%以上的投资回报

耶鲁公开课 - 金融市场课程节选