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But that's the sort of the thing we do and it's coupon clipping and it's risk mitigation or risk elimination--fairly short.
但这似乎就是我们正在做的事情,那就是定期得到收益,同时也是风险弱化或者风险消除-的确很短。
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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
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Now Mr. Milton took some risks when he separated himself from his cash and lent money to his clients, or lent more money to his clients than the collateral, the gold, was actually worth. And the motive for that risk, of course, the motive for that investment, was the expectation of a profit.
但是弥尔顿先生却冒着把自己和他的现金,也丢了的风险，或者借出去的钱比担保财产还要多，他这么投资的动机是，希望获得收益。
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.. That person-- I should have maybe included that in the diagram-- that person could get 5% return with no risk.
那种人-,我也许该把种情况也包含到图里的-,他能够获得5%的无风险收益。
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Then finally, the final step is to find what is the tangency line that goes through the riskless rate.
在最后，最终的步骤是找出一条,穿过无风险收益率的切线。
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That's what this whole theory is about, how to get a lot of expected return without getting a lot of risk.
整个金融理论的中心,就是如何获得高收益,同时降低风险
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.. The equity premium is the-- 2.8% this short-term 2.8% is the riskless return, historically, for a period of almost 200 years.
股权溢价就是-,这个短期无风险投资收益率是，是根据近200年的数据得出的。
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Other people might say, well you know, I'm really an adventurer--I don't care too much about risk-- I want the much higher return.
其他的人可能会说，你知道的，我就是一个投机商我不怎么在乎风险-,我只想要更高的收益。
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When you look at this theory, you realize that it suggests a very important technology for improving human welfare and by spreading risks.
这一理论，提出了一个重要的技术,即可以通过分散风险，提高收益。
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I actually believe in the history of the planet, there are very, very few instances of people getting paid for taking risk; they get paid for eliminating it.
我一直相信在人类的历史上，有非常少的例子来证明人们,因为承担风险而获得了收益；,他们是因为规避了风险而收益。
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You'd have a higher expected return with no more variance.
你的预期收益率提高了，但风险没有增加。
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If we have an annual return that we're looking at, we can find a completely riskless asset with an annual return-- it would be a government bond that matures in one year.
如果我们可以查看各项资产的年度收益，我们可以找到一个零风险,且达到预期年度收益的资产项目-,也许是一年期的政府债券。
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VAR So, people talk about VAR, value at risk, and lots of people try and build VAR systems.
所以，人们总是讨论，即风险收益，而且有很多人试图建立风险收益系统。
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In fact, different people might make different choices about how much risk they're willing to bear to get a higher expected return.
事实上，为了获得高的预期收益率,人们愿意承受的风险,也会不同。
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You take all the risky assets ... and you analyze them first to get their-- you have to do a statistical analysis to get their expected returns, their variances, and their covariances.
你需要对所有的风险资产进行分析,首先要得到它们的-,你必须要做一个统计分析,算出它们的预期收益率，方差，和它们的协方差。
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That's coupon clipping and risk mitigation.
这就是定期获得收益和风险规避。
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When you look at each of those individual asset classes -domestic equities, foreign equities, bonds, real assets, absolute return and private equity -each of those individual asset classes is going to be relatively well-diversified in terms of exposures to individual positions or individual securities.
当你观察每一种资产,比如国内股权,国外股权,债券,不动产,绝对收益和私募股权,这其中每一种,比起单一头寸或单一证券,风险都是相对分散的
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of a stock is how much it reacts to movements in the market portfolio.
一只股票风险指标β系数直接反应出，The，β,市场组合变动与投资收益的相关性。
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