She wants to put some of her meager savings in a bank to take back to the village when she returns, but she has been unable to open an account.

VOA: standard.2009.09.24

There's a very important phenomenon that you need to take into account when you look at these histories of returns that are generated by active managers.

当查阅这些主动管理型基金经理,留下的历史收益记录时,有个很重要的现象

耶鲁公开课 - 金融市场课程节选

But, I've dropped that assumption and now I'm going on to assuming that they're taking account of their dependence on each other, taking account of their different expected returns, and taking account of their different covariances and variances; so that's what we've got.

不过我已经放弃了那个假定,我现在假定,我们需要考虑它们彼此间的相关性，它们有着不同期望收益，不同的协方差和方差;,这是我们所学到的。

耶鲁公开课 - 金融市场课程节选

You get nineteen times your money over eighty-one years, but then if you take into account the inflation consumes a multiple of eleven and you're an institution like Yale that consumes only after inflation returns, putting your money into treasury bills really didn't get you very much.

1年后你的钱翻了19倍,但是如果考虑通货膨胀,在此期间侵蚀了11倍的收益,而且如果你是像耶鲁这样,减去通货膨胀调整到实际回报后再论支出,那么将钱投资于短期国库券,不会让你赚得多

耶鲁公开课 - 金融市场课程节选