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

But, on the other hand, you don't want high variance because that's risk; so, both of those matter.

但另一方面，你不想要高水平的方差,因为它代表风险;,因此这两个参数都很重要。

耶鲁公开课 - 金融市场课程节选

You just say that arbitrarily this group, the reference group, let's say the group with the lowest weights, or the lowest cholesterol or anything, you say their risk is one, and then you look to see how everybody else's risk is compared to that.

可以随意地设定一个群组,作为参照组,我们可以假设是体重最低的一组,或者胆固醇水平最低的一组或者其他,将参照组的风险设为1,然后就可以比较参照组与其他组的风险

耶鲁公开课 - 关于食物的心理学、生物学和政治学课程节选

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

You have to limit your exposure to risky asset classes to a level that allows you to sustain those positions even in the face of terribly adverse market conditions.

你必须把手中持有的风险资产,限制在一个合适的比例水平,并且即使到了最差的市场环境下,你依旧能够承受这些风险资产

耶鲁公开课 - 金融市场课程节选

If some group, let's say you have cholesterol of two hundred and your relative risk is established at one, and then if you have cholesterol two fifty your relative risk is two, that means you have twice the risk, so relative risk of two is twice the risk, three is three times the risk, etc.

比如说有一个组,胆固醇水平200,相对风险设为1,另一个组胆固醇水平是250,相对风险是2,即第二组的相对风险是参照组的两倍,相对风险是2代表两倍风险,3代表三倍风险,如此类推

耶鲁公开课 - 关于食物的心理学、生物学和政治学课程节选

That's not a way that we really think about it, but I do believe that the risk level of the University's portfolio is really quite low in statistical terms -much lower than the risk level that you'd have if you had a traditional portfolio dominated by marketable securities.

这一般不是我们考虑的关键,但我相信,耶鲁投资组合的风险水平,在统计数字上是非常低的,远远低于,持有一个传统的可交易证券主导的,投资组合的beta系数

耶鲁公开课 - 金融市场课程节选