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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
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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。
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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。
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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。
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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
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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。
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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。
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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。
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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。
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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。
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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
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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
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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。
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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。
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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
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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。
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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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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？
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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。
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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。
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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
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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。
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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
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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。
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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。
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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。
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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
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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
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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。
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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
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