Bond allocations had increased by more than could be explained by the increase in bond prices over the course of the year.

同时资产配置中的债券投资比重,以高于当年债券价格上涨的速度,有了显著增加

耶鲁公开课 - 金融市场课程节选

Of course, the money had to come from somewhere, so bond allocations were at a fifteen-year low.

当然投资股票的钱不是凭空变出来的,于是债券投资所占比例跌至15年来最低

耶鲁公开课 - 金融市场课程节选

The second, market timing, deals with short-term deviations from the long-term asset allocations that you establish.

第二,市场时机选择涉及,偏离长期资产配置的短期操作

耶鲁公开课 - 金融市场课程节选

We were five years into this bull market and people were getting excited about the fact that stocks were going up and equity allocations were at a fifteen-year high.

历经五年牛市,人们越来越兴奋起来,股市持续攀升,权益投资达到了15年来的最高点

耶鲁公开课 - 金融市场课程节选