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