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。

耶鲁公开课 - 金融市场课程节选

This is a portfolio, which has all oil and stocks and it has no bonds.

这个投资组合，包括有石油，股票，没有债券。

耶鲁公开课 - 金融市场课程节选

I set up a theoretical framework here ... and I wanted to give you-- I mentioned oil because it seems to make it, to me, so clear what we're talking about here.

我建立了个理论框架,然后我想讲给你们听-,我之前提到石油是因为它适用于这个框架，非常清晰阐述我们所谈到的内容。

耶鲁公开课 - 金融市场课程节选

If you agree with my estimates, then you should do this as an investor, you should hold only some mixture of this tangency portfolio, which is 9% oil, 27% stocks, and 64% bonds.

如果你赞同我的估计值，那么作为一个投资者的话你应该这么做，你应该只持有,符合这个切线投资组合比例的投资，即9%的石油，27%的股票，和64%的债券。

耶鲁公开课 - 金融市场课程节选

So, for example, at an annual expected return of 12% if I have a portfolio of stocks, bonds, and oil I can get a standard deviation of something like 8% on my portfolio.

例如，在年预期收益12%的情况下%,我有股票，债券和石油的投资组合,在这个组合里,我的投资组合可以取到8%的标准差。

耶鲁公开课 - 金融市场课程节选