That would be a portfolio where you borrowed at the riskless rate and you put more than 100% of your money into the tangency portfolio.
在这种组合里,你可以以无风险利率借贷到一些资金,从而可以投入比你本金更多的资金,来购买切线投资组合。
You have to pick and choose what you do according to some funds that you have.
你必须根据你有的一些资金来选择要干什么。
During the war the government needs resources; it's in trouble; it raises taxes to try to pay for the war but then it finds it unable to collect taxes well.
在战争期间,政府需要资源;,它处于困境之中;,它通过提高税收来为战争支付开销,但是它又会发现自己不能够很好的得到税收资金。
And then next week, if they come back, maybe they'll have more money,
然后,到下一周,如果他们再来买的话,
可能他们资金比较充裕,
It's just hard to raise money by taxing.
通过税收来募集资金很难。
You have to discount something that's one period in the future by dividing it by 1+r.
你必须把未来一段时间内的资金通过,除以1+r来贴现
What they did instead of just-remember the Federal Funds Rate is a target interest rate that the Fed attempts to hit through buying and selling treasury bills in the U.S. or in other countries buying and selling government bonds to affect the market.
他们真正做的事-记住,联邦资金利率是,美联储试图通过在美国,买进和卖出国库券,或在其他国家买进和卖出政府债券,来影响市场的目标利率。
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