Underlying this analysis, we have estimates of the expected returns on assets, notably, the expected returns on stocks and bonds.

凭借这个分析，我们可以估算出资产预期投资收益，特别是股票和债券的预期收益。

耶鲁公开课 - 金融市场课程节选

This is the equation that relates the expected return on an asset.

这个等式是关于某一资产的预期收益。

耶鲁公开课 - 金融市场课程节选

I'm going to drop more than the independence assumption, I'm going to assume that the assets don't have the same expected return and they don't have the same expected variance.

我还想做出一些改动，即这些资产的预期收益率,是各不相同的,方差也是不同的。

耶鲁公开课 - 金融市场课程节选

Depending on where the assets expected returns are and the assets' standard deviations, we can see that we might be able to do better than--have a lower variance than either asset.

根据资产的预期收益,以及收益的标准差，可以看到我们有更好的选择,这里的方差值比以上两种方案都要低。

耶鲁公开课 - 金融市场课程节选

If we have an annual return that we're looking at, we can find a completely riskless asset with an annual return-- it would be a government bond that matures in one year.

如果我们可以查看各项资产的年度收益，我们可以找到一个零风险,且达到预期年度收益的资产项目-,也许是一年期的政府债券。

耶鲁公开课 - 金融市场课程节选

r1 Asset 1 has expected return r1.

第一项资产的预期收益率是。

耶鲁公开课 - 金融市场课程节选

The equally-weighted case that I gave a minute ago was one where the two assets had--were at the same-- had the same expected return and the same variance; but this is quite a bit more general.

我刚刚举的相同权重的例子,表示两种资产-,有相同的预期收益和相同的方差;,但这种情况更加普遍一些。

耶鲁公开课 - 金融市场课程节选

Then, once we did that we could plug that into the formula that I gave you last time and get the standard deviation of the portfolio and the expected return on the portfolio.

再将估算出的数值代入到,上节课给你们的公式中,就能得到资产投资组合的标准差,和该投资组合的预期收益率

耶鲁公开课 - 金融市场课程节选