Or are you going to manage each individual asset class actively, trying to beat the market and generate risk-adjusted excess returns?

还是积极管理每项资产,力求获得市场水平以上的回报率,以及风险调整后的超额收益

耶鲁公开课 - 金融市场课程节选

That would put you out here; you would have very much more return, but you'd have more risk.

那就会落在这个点上;,你可能有非常高的回报，但你的风险也增加了。

耶鲁公开课 - 金融市场课程节选

It would be anywhere from here to here, depending on how much you're afraid of risk and how much you want expected return.

可以选择从这里到这里的任意一点，取决于你对风险的承受能力,和你的期望回报。

耶鲁公开课 - 金融市场课程节选

Now, assuming that we trust the government-- I think the U.S. Government has never defaulted on its debt-- we'd take that as a riskless return.

假设我们信任政府-,假设美国政府从未拖欠债务-,可以把它当作无风险回报。

耶鲁公开课 - 金融市场课程节选

For any given level of return, you can reduce the risk; for any given level of risk, you can increase the return; sounds pretty good.

给定回报率,可以降低风险,给定风险水平,可以提高回报率,听上去不错

耶鲁公开课 - 金融市场课程节选

So 90% of your portfolio is in domestic marketable securities and only 10% is invested in things like real estate or venture capital or private equity -hardly enough to make a difference in terms of the portfolios returns.

于是90%的投资都在本国有价证券中,仅10%用于比如不动产,风险资本或私募股权投资,这一小块几乎对投资回报,没有什么作用

耶鲁公开课 - 金融市场课程节选