• They define four credit risk categories and they define a formula involving the amount of assets in each of the categories.

    他们定义了四个风险等级,然后根据每个风险等级下的资产额,定义了一个资产总额的计算公式

    耶鲁公开课 - 金融市场课程节选

  • In fact, the assets that the Norwegian Government owns is about two-thirds oil and one-third government pension fund assets.

    实际上,挪威政府所持有的资产中,大概有三分之二的石油,和三分之一的政府养老基金。

    耶鲁公开课 - 金融市场课程节选

  • But the Hobbesian point, the paradox being that the Hobbesian bourgeois cannot entirely dispense with the barbarian, even in its own midst.

    这就是霍布斯的悖论,他的资产阶级不可能完全免于野蛮人的挑战,甚至这挑战就来自于资产阶级的内部。

    耶鲁公开课 - 政治哲学导论课程节选

  • How do you look at the balance sheet to the Federal Reserve? It has ballooned.

    你是怎么看待美联储的资产负债表的,它正像气球一样膨胀。

    斯坦福公开课 - 经济学课程节选

  • In terms of diversification, there are half a dozen asset classes with weights that range between 4% and 28%.

    投资多元化方面,投资于六中不同的资产类别,权重从4%至28%不等

    耶鲁公开课 - 金融市场课程节选

  • Oil is a very important asset, ... so we want to compute what that-- so now we have lots of inputs.

    石油是一种重要的资产,我们想计算-,现在我们有许多参数。

    耶鲁公开课 - 金融市场课程节选

  • What I have up there on the diagram are calculations I made for the efficient portfolio frontier with three assets.

    上面的图形是我已经算好的,三种资产的有效投资组合边界。

    耶鲁公开课 - 金融市场课程节选

  • I'm going to generalize from our simple story even more by saying that, let's not assume that we have equally-weighted.

    我要将我们刚才的简单特例,变得更普遍适用一些,现在我们假设这两项资产的权重并不相等。

    耶鲁公开课 - 金融市场课程节选

  • It's like a fourth asset but we're using a special feature of this asset: that it has no risk.

    如同第四种资产,我们将利用这个资产的特性:,即无风险特性。

    耶鲁公开课 - 金融市场课程节选

  • This is a special case, though, because I've assumed that the assets are independent of each other, which isn't usually the case.

    这是一个特例,因为我假设了,这个投资组合里的资产是相互独立的,但现实中通常都不是这样的。

    耶鲁公开课 - 金融市场课程节选

  • If an asset class has constituents that are efficiently priced, then it's very hard to generate excess returns.

    如果某种资产的构成都是有效定价的,那么就很难产生超额回报

    耶鲁公开课 - 金融市场课程节选

  • Here's how you become an accredited investor: you have $1 million dollars in investable -that's not including your house, it's in investable assets.

    怎样算是合资格投资者,首先,拥有100万美元的投资资金,不包括房产,必须是可供投资的资产

    耶鲁公开课 - 金融市场课程节选

  • The collateral could be a number of things including mortgages--securitized mortgages that are risky and dangerous assets.

    抵押品可是很多种东西,包括抵押贷款-证券化按揭贷款,这种有风险的,危险的资产

    耶鲁公开课 - 金融市场课程节选

  • The general principle of portfolio management is: you want to include as many assets as you can.

    投资组合管理总的原则是:,不同的资产越多则组合越佳。

    耶鲁公开课 - 金融市场课程节选

  • So, for every dollar that you had at the peak, at the trough you had $.10 left.

    于是,市场峰值时价值一美元的资产,到32年谷底时就只剩10美分了

    耶鲁公开课 - 金融市场课程节选

  • In my diagram, I said that the tangency portfolio-- I estimated that the tangency portfolio is 9% oil, 27% stocks, and 64% bonds.

    在我的曲线图里我有提到切线资产组合-,我估算出切线资产组合是9%的石油,27%的股票和64%的债券。

    耶鲁公开课 - 金融市场课程节选

  • 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。

    耶鲁公开课 - 金融市场课程节选

  • Then you have to ask, well how are the financial assets going to behave over time?

    之后你还得追问,这些金融资产的,未来表现如何?

    耶鲁公开课 - 金融市场课程节选

  • Let's suppose that all of them are the same-- they all have the same standard deviation.

    我们假设这些资产的收益率标准差-,均相等。

    耶鲁公开课 - 金融市场课程节选

  • Suppose you could find 10,000 independent assets, then you could drive the uncertainty about the portfolio practically to 0.

    假设你能找到一万项相互独立的资产,那么你就可以将这个投资组合的风险,降到几乎为零。

    耶鲁公开课 - 金融市场课程节选

  • Those are institutions that arrange for or manage the buying and selling of financial assets, such as the New York Stock Exchange.

    经纪机构是指那些安排或,管理买卖的,金融资产的机构,比如说纽约股票交易所

    耶鲁公开课 - 金融市场课程节选

  • This portfolio, the minimum variance portfolio, is 9% oil, 27% stocks, and 64% bonds and most of the--many choices you can make.

    这个最小方差的资产配置是9%的石油,27%的股票和64%的债券,而大部分。。。你可以有许多选择。

    耶鲁公开课 - 金融市场课程节选

  • And the third, securities selection, speaks to how it is you manage each of your individual asset classes.

    第三,证券选择,说的是如何管理,每个单独的资产类别

    耶鲁公开课 - 金融市场课程节选

  • So you have some asset that nobody trusts the U.S. Federal Reserve will take it on.

    所以,我们有了一些没有人信任的资产,美联储将其承担下来。

    耶鲁公开课 - 金融市场课程节选

  • Now, he's using a much longer sample than I did, so he's not going to get this tangency portfolio that I did.

    他的样本跨度比我的要大多了,所以他得出的切线资产组合会和我的不同。

    耶鲁公开课 - 金融市场课程节选

  • I showed them the slide that I just showed you, showing the optimal portfolio, and then I looked at the Norwegian Government's position.

    我还给他们展示了刚刚给你们放的幻灯片,就是展示最佳投资组合的那张,然后我查看了挪威政府现在的资产状况。

    耶鲁公开课 - 金融市场课程节选

  • I think the estimate sheet that I got yesterday morning said that we've got about $22.5 billion dollars; so that's been a nice run.

    昨天上午我拿到的估算报告称,我们的资产已达225亿美元,不错的业绩

    耶鲁公开课 - 金融市场课程节选

  • As opposed to rationally stepping up when something appears relatively attractive and overweighting and then leaning against the wind by selling something that's performed well.

    对比理性行事,适度增持有吸引力的资产,而后逆风而行,将资产卖出,即使资产业绩良好

    耶鲁公开课 - 金融市场课程节选

  • Somebody who is very risk averse could say, I want to hold only the riskless assets because I just don't like any risk at all.

    有些极度惧怕风险的人可能会说,我只想持有那些没有风险的资产,因为我压根就不想跟风险打交道。

    耶鲁公开课 - 金融市场课程节选

  • How are managers going to behave in an asset class where things are efficiently priced?

    在面对有效定价的资产时,基金经理会怎么做呢

    耶鲁公开课 - 金融市场课程节选

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