I also have up on the website some questions that I asked investors about what they think about picking stocks.
我在网站上也上传了一些思考题,是我曾经问过一些投资者的问题,他们怎样挑选股票
Now incidentally, that's an interesting question that you bring up, because--should I pay any attention to dividend dates as an investor?
你提出了一个很有趣的问题,投资者应该注意除息日吗
Fortunately, Square is a company 1 that has revenue from day 1 so we can look at constantly building that and we don't have to worry about much investment.
幸运的是,Square是一家,从第一天就有收入的公司1,所以我们可以看到在不断地建设它,而不必担心投资问题。
Now, I wanted to compare it with another question that I--people have this simple idea that there's a best investment.
现在,让我们对比另一个问题,人们总是简单地认为存在一种最佳投资
The problem is even more severe when you look at something that's relatively new, like the hedge fund world.
在相对新鲜的投资领域,你会发现这个问题更加严重,比如在对冲基金领域
I think one of the most pervasive problems in the financial markets is investment with too short a time horizon.
我认为金融市场上,最为普遍的问题,就是投资期限太短
I want now to carry that forward into something a little bit more focused on the portfolio problem.
现在从这个基础上拓展一下,更侧重于投资组合方面的问题。
I'm going to start this lecture with a discussion of how one constructs a portfolio and what are the mathematics of it.
首先我想讲讲,怎样建立一个投资组合,以及与其有关的数学问题。
I'm transferring this to the portfolio management problem and you can see it's the same idea.
如果将保险转化为投资组合管理的问题,你会发现原理是一样的。
Now, the problem is that if you invest in bonds from some state or local government, they might not pay you back; they can just go bankrupt.
现在的问题是如果你投资了,州或者地方政府发行的债券,他们可能无法支付,他们可能会破产
I think the best answer to that is a quote from one of my contemporaries, who I think is one of the best investment managers out there.
我可以用我同行的一句话,来回答这个问题,他在我眼中是最优秀的投资经理
Well,I think one of the questions --the question is how can you successfully invest in a market where,I guess, people say you might catch a falling knife.
其中一个问题,提问是,怎么能够成功地,投资于一个,有所谓抄底行情的市场
My first question is, to what extent can investors like us adopt your strategy of buying cheap ? and expecting the value of a company to go up?
第一个问题是,在什么情况下像我们这样的投资者,才能采纳您“低点买入,期待上涨,高价卖出“的策略呢?
The idea is that people who don't have much money can't afford expensive lawyers and they can't figure it out and they really shouldn't be investing in hedge funds.
那些钱不足以支付昂贵律师费,无法解决资金问题的人,实在不该投资对冲基金
Anybody whose read a basic finance text, as a matter of fact, I think anybody who thinks about investments in a common sense fashion knows that diversification is an important fundamental tenet of portfolio management.
事实上,任何一个读过金融基础教材的人,任何一个,以正常思维来考虑投资问题的人,都知道分散投资是投资管理的,一条重要的基本原则
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
SIPC did a survey of the U.S.population and this is one of the--In 2001, this is one of the questions SIPC asked.
证券投资者保护公司做过全民调查,在2001年,证券投资者保护公司调查问卷的问题之一
Two, what do you think are the best ways an individual ? investor can make the best return in the market these days?
第二个问题,在现在的形势下,你认为个人投资者,怎样才能从市场中获得最大的收益?
But the problem is, I, being a naive investor, could get stuck with the bad stuff.
但问题是,作为一名菜鸟投资者,我就有可能会套在里面
The second part of the question dealt with the changes in our exposure to foreign assets and that's an area that we've been very interested in.
第二个问题是关于,我们在国外资产投资上的变化,这一直是我们很感兴趣的领域
They also have something up here called the investment rate. Yes?
这上面还有一个,叫做投资收益率,有问题吗
Now, part of the problem is that the rating agencies were rating their securities that they were investing in as AAA, in many cases.
同时存在的一个问题是,信用评级机构对他们投资的,大部分债券都给予了AAA的评级
The first question is, what's the beta of the Yale portfolio?
第一个问题是,耶鲁投资组合的beta系数是多少
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