Today's lecture is about portfolio diversification and about supporting financial institutions, notably mutual funds.

今天这堂课的内容是投资组合多样化,以及辅助性金融机构，特别是共同基金。

耶鲁公开课 - 金融市场课程节选

Finally, I just want to say, next lecture is January twenty-eighth and we're going to talk about portfolio diversification, which is one very important application of the fundamental principle of risk management, as applied to securities.

最后，我想说下一讲是在1月28日,到时我们会谈谈资产组合多样化，这是风险管理基本原则中,对证券投资来说，这是非常重要的一项应用。

耶鲁公开课 - 金融市场课程节选

I wrote my first book--I already talked about that, Pioneering Portfolio Management--that deals with the challenges that face institutional investors.

我写的第一本书,我已经提到过了,《机构投资的创新之路》,讨论了机构投资者所面临的挑战

耶鲁公开课 - 金融市场课程节选

Suppose you could find 10,000 independent assets, then you could drive the uncertainty about the portfolio practically to 0.

假设你能找到一万项相互独立的资产，那么你就可以将这个投资组合的风险,降到几乎为零。

耶鲁公开课 - 金融市场课程节选

There's no correlation between them ... and that means that the variance-- and I want to talk about equally-weighted portfolio.

它们之间没有相关性,也就是说。。。方差-,我想讲一下,权重相等的投资组合。

耶鲁公开课 - 金融市场课程节选

Now, I want to talk about forming a portfolio where the assets are not independent of each other, but are correlated with each other.

现在我要建立这样的一个投资组合,在这个组合里各项资产并不是相互独立的，而是相互关联的。

耶鲁公开课 - 金融市场课程节选

With non-participating--with participating, you are participating in the portfolio outcome that the insurance company is experiencing, so you have some uncertainty about your cash value.

所谓参与式分红保险,是指你的收益来自某个投资组合收益,而这个投资组合是由保险公司来管理的,所以保单的现金价值是不确定的

耶鲁公开课 - 金融市场课程节选

The first and fundamental principle is: you care only about the total portfolio.

第一条也是最基本的一条原则是：,你要关注的是整个投资组合。

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

The way you would go about it, if you're a portfolio manager, is you have to come up with estimates of the inputs to these formulas-- that means the expected returns, the standard deviations, and the covariances.

你所要做的，如果你是一个资产经理，你要做的事情就是,对公式里面的一些参数进行估计-,那些参数包括预期收益，标准差，和协方差。

耶鲁公开课 - 金融市场课程节选

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