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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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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。
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She doesn't spend her bodily wealth and fulfill the terms of nature's loan And so for Comus, the Lady is hoarding the natural asset of her physical beauty.
她不花费自己的身体财富和不履行自然的贷款条件,对于Comus来说，小姐在囤积自然给她的美貌资产。
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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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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
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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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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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The balance sheet of a company has two columns; it has assets and it has liabilities.
资产负债表有两栏,资产和负债
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In fact, I have it--suppose we have three assets and we want to compute the efficient portfolio frontier, the mean and variance of the portfolio.
事实上，假如我们拥有三种资产,我们想计算有效边界，及投资组合的均值和方差。
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In 2007, third quarter, they were $1.868 trillion -that's almost 2 trillion dollars, so they're much smaller -savings banks and savings and loans--than the commercial banks.
007年第三季度,它们的总资产合计1.868万亿美元,接近2万亿美元,所以它们要小得多,储蓄银行和储贷协会要比商业银行小得多
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But banks and broker-dealers are in trouble because their assets are collapsing under them.
但是银行和经纪自营商正处于困境中,因为它们的资产正在它们之中崩塌。
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But, in between, if some other number, it'll be some blend of the--mean and variance of--the portfolio will be some blend of the mean and variance of the two assets.
但如果是在0和1之间的其他数值，这个投资组合的均值和方差将会是,两项资产各自的均值和方差的综合结果。
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Those three tools are asset allocation, market timing, and security selection.
这些工具是,资产配置,市场时机选择和证券选择
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The first problem set asked you to manipulate the model that I just presented-- the model of how you form portfolios and the model of the capital asset pricing model.
第一道习题,考察的是你们能否活用我刚刚给出的几个模型-,包括怎样构成投资组合的模型,和资本资产定价模型。
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We'll look at things--sectors say they're cheap or expensive and exploit the opportunity; but at least in terms of how I define market timing, it wouldn't be included in that definition.
关注研究资产和行业的细节,看它们是便宜了还是贵了,来发掘投资的机会,但至少在我所定义的市场时机选择方面,并不包括这些
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I have stocks, bonds, and oil but I want also to add one more final asset, we'll call it the riskless asset, long-term bonds are somewhat uncertain and variable because they're long-term.
有股票，债券和石油,我还想再增加最后一种资产，我们称之为无风险资产，由于长期债券持有期限很长,存在一定不确定性及风险。
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Turns out that 50% of endowment assets in the mid-1980s were invested in common stocks, 40% of endowment assets were in U.S. Bonds and U.S. Cash, and 10% in a smattering of alternatives.
结论是19世纪80年代中期的捐赠资产,50%用于普通股投资,40%用于美国债券和美元现金投资,10%用于其他投资
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So, it's not surprising that asset allocation explains more than 100% of returns and that, for the community as a whole, market timing and security selection are costly and lower the community's aggregate investment returns.
因此资产配置能解释100%以上的回报,也不足为奇了,对投资者整体来说,市场时机选择,和证券选择是有代价的,降低了总的投资回报
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If you look at the behavior of groups of active managers and the dispersion of returns, I think it gives you some idea of what the efficiency is with which assets in these individual assets classes are priced.
如果观察一下主动管理型的基金经理们,和他们的投资收益分布,我想它会告诉你一些信息,哪些资产是有效定价
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When you look at each of those individual asset classes -domestic equities, foreign equities, bonds, real assets, absolute return and private equity -each of those individual asset classes is going to be relatively well-diversified in terms of exposures to individual positions or individual securities.
当你观察每一种资产,比如国内股权,国外股权,债券,不动产,绝对收益和私募股权,这其中每一种,比起单一头寸或单一证券,风险都是相对分散的
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So, now we have n = 3 and in the chart are stocks, bonds, and oil.
图表里n=3表示,股票，债券和石油这三类资产。
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You take all the risky assets ... and you analyze them first to get their-- you have to do a statistical analysis to get their expected returns, their variances, and their covariances.
你需要对所有的风险资产进行分析,首先要得到它们的-,你必须要做一个统计分析,算出它们的预期收益率，方差，和它们的协方差。
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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
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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。
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The way you would go about it, if you're a portfolio manager, is you have to come up with estimates of the inputs to these formulas-- that means the expected returns, the standard deviations, and the covariances.
你所要做的，如果你是一个资产经理，你要做的事情就是,对公式里面的一些参数进行估计-,那些参数包括预期收益，标准差，和协方差。
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You want to spend your time and energy pursuing the most inefficiently priced asset classes because there's an enormous reward for identifying the top quartile venture capitalist and almost no reward for being in the top quartile of the high- quality bond universe.
你应该投入所有的时间和精力,去追逐最不能有效定价的资产,因为在那里才能通过一流的风投经理人,获得巨额的投资回报,而在债券市场,即使债券优质,经理人一流,回报微乎甚微
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x1 The portfolio mean and variance will depend on x1 x1=1 in the way that if you put--if you made x1 = 1, it would be asset 1 x1=0 and if you made x1 = 0, then it would be the same as asset 2 returns.
投资组合的均值和方差取决于1,如果你令，投资组合的均值方差就与第一项资产相等1,如果你令，那么它们就会与第二项资产的参数相等。
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