So, why don't we set up a company that creates a portfolio like that and investors can buy into that portfolio.
那么,为什么我们不设立一家公司,专门创造这样的投资组合,然后投资者们再将这些投资组合买进呢。
That's a little less popular now, but.
不过,现在,投资银行不那么热门了。
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。
Well there actually was a stock market in Russia before 1918 and in China before 1949, so what happened to investors?
实际上,俄罗斯在1918年前,中国在1949年前设有股票市场,那么投资者会得到怎样的回报呢
If you're investing with a long time horizon, having an equity bias makes sense; stocks go up in the long run.
如果进行长线投资,且存在股权偏好,那么从长期看,股票是上涨的
I think it was because people were overselling investments and saying, there's no limit to this investment but the blue sky above.
我想这是因为,当时人们过度宣传投资产品,并宣称,投资收益无止境,如头顶的蓝天那么遥远
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。
Suppose you are interested in investing in debt of companies, then you as an investor are subject to the problem that you might end up with the worst stuff if you don't watch out.
假设你有兴趣投资于公司债权,那么作为投资人你会面临这样一个问题,如果不谨慎,投资有可能会血本无归
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。
I would be looking at this--at the debt areas Student: You mentioned about the U.S. dollar falling in value recently. What kind of foreign currency vehicles or trading would you recommend to kind of hedge a bet against a dollar assuming that it continues to fall?
我会考虑这方面的投资--债务市场方面的机会,学生:你刚才提到美元,最近贬值的问题,那么哪些品种的外汇金融工具,或者外汇交易在你看来可以用来,对冲美元贬值的风险,如果我们假设美元还会将继续贬值?
If banks get in trouble and they can't pay out -if one bank gets in trouble and can't pay out on its deposits, then that can bring the whole system down because it can cause a panic among investors -among depositors and banks -and create a run on a bank.
如果银行出现问题而且他们无法支付...,如果一家银行出现问题,并且无法支付提取的存款,那么这就会使得整个系统崩溃,因为这会在投资者中引起恐慌...,在存款人和银行中引起恐慌,并且造成银行挤兑
We think that the more interesting investment opportunities are kind of outside of the mainstream with more entrepreneurial firms and ones that might have less traditional backgrounds.
我们觉得回报更佳的投资机会,并不在那些已经饱和的,主流投资领域中,而可能在那些不那么传统的新兴领域
It may have to do with the fact that people today don't seem to be as focused on dividends and so that means that companies are more able to reinvest earnings and not pay.
这跟当下人们不再那么,关注股利有关,这意味着公司,可以更多地将收益再投资,而不是支付股利
So, the optimal thing to do if you live in a world like this n is to get n as large possible and you can reduce the standard deviation of the portfolio very much and there's no cost in terms of expected return.
如果现实中也这样简单的话,那么你就尽量增大,这样就能让投资组合的标准差,就会大大降低,从预期收益率的角度来看,这样做的成本是零。
You get nineteen times your money over eighty-one years, but then if you take into account the inflation consumes a multiple of eleven and you're an institution like Yale that consumes only after inflation returns, putting your money into treasury bills really didn't get you very much.
1年后你的钱翻了19倍,但是如果考虑通货膨胀,在此期间侵蚀了11倍的收益,而且如果你是像耶鲁这样,减去通货膨胀调整到实际回报后再论支出,那么将钱投资于短期国库券,不会让你赚得多
The Tax Reform Act of 1986 made DPPs much less valuable to investors, and so a lot of wealthy people switched from DPPs to REITs.
986年的税制改革法案,使得DPP对投资者不再那么有价值,所以很多富人从DPP转向REITs
Since it's available only to accredited investors, you can't be advertising because everyone would see it; that's why the financing of a lot of this real estate is something of a mystery, because they can't talk openly about it.
由于DPP仅仅面向可信投资者,如果做广告的话,便人尽皆知,这就是为什么很多商业地产的金融活动,那么神秘,原因就是,人们不能公开谈论它
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