This is the equation that relates the expected return on an asset.

这个等式是关于某一资产的预期收益。

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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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r1 Asset 1 has expected return r1.

第一项资产的预期收益率是。

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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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With the government expected return, we want to make that expected return as a fourth asset-- rf we could call it r4 but I'll call it rf-- it's a special asset.

根据政府的期望收益率，我们将其作为第四种资产-,可以称之为r4，我们写成-,这是个特殊的资产。

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Again, I'm not going to spend much time on this, of the ith asset is the regression coefficient when you regress the return on the ith asset on the return of the market portfolio.

再强调一次，我不打算花太多时间在这个等式上面，但要注意的是当你想将市场组合收益，but，the，β,回归到第i资产收益中去,第i资产β系数是线性回归方程的,回归系数。

耶鲁公开课 - 金融市场课程节选