It emphasizes the long run performance of the stock market, but it's really a general treatise of financial markets.

虽然这本书着重于股票长期投资,但它其实是一本关于金融市场的综合性著作

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

The take-aways are that an equity bias is an absolutely sensible underpinning for investors with long time horizons but that diversification is important.

对于长期投资者来说,股权偏好的存在,是长期投资获利的重要基础,但是分散投资也很重要

耶鲁公开课 - 金融市场课程节选

The second book that I'm assigning is Jeremy Siegel, Stocks for the Long Run.

第二本指定教材是,杰里米·西格尔所著,《长期股票投资》

耶鲁公开课 - 金融市场课程节选

Two tenets, an equity bias for portfolios with a long time horizon and diversification.

两个原则,长期投资中的股权偏好,以及分散投资

耶鲁公开课 - 金融市场课程节选

Jeremy Siegel, Stocks for the Long Run, says the default should be equities.

杰瑞米·西格尔，在《股票的长期走势》一书中，指出默认的投资方式应该是股票。

耶鲁公开课 - 金融市场课程节选

He wrote a book called Stocks for the Long Run, starting in 1993.

他1993年开始写这本《长期股票投资》

耶鲁公开课 - 金融市场课程节选

The title of the book, Stocks for the Long Run-- stocks always outperform other investments for the long run and he says it's not due to selection bias.

书名是为《股市长线法宝》,长期投资中股票总是比其他资产有更高的收益,他认为他在研究中排除了选择性偏差

耶鲁公开课 - 金融市场课程节选

This would be good luck if you were long and now suddenly you got a huge return that you would not have thought was possible since you've never seen it before.

如果你长期持有这份投资,你就走运了,回报如此之高,你自己都没有料到,可能你也从来没有见过这种情况

耶鲁公开课 - 金融市场课程节选

But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.

当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊

耶鲁公开课 - 金融市场课程节选

They invest in something long-term--notably, subprime loans.

所筹资金用于进行长期投资,例如次级贷款

耶鲁公开课 - 金融市场课程节选