As two thousand nine ended, the nation's biggest banks rushed to repay money from the Troubled Asset Relief Program,or TARP.
VOA: special.2010.01.01
It's like a fourth asset but we're using a special feature of this asset: that it has no risk.
如同第四种资产,我们将利用这个资产的特性:,即无风险特性。
Some people say, well if that's the case I want to invest in nothing more than that one asset.
一些人会说,如果真的如此,我只会投资收益较高的那项资产
TARP was the Bush administration's Troubled Asset Relief Program.
VOA: special.2009.02.13
But in 1860 American slaves, as a financial asset, were worth approximately three and a half billion dollars that's just as property.
但在1860年,美国奴隶作为财产所有,市值约35亿美元,只是作为财产而言
President Obama says Clapper's no-nonsense style will be an asset in his new job.
VOA: standard.2010.06.05
She doesn't spend her bodily wealth and fulfill the terms of nature's loan And so for Comus, the Lady is hoarding the natural asset of her physical beauty.
她不花费自己的身体财富和不履行自然的贷款条件,对于Comus来说,小姐在囤积自然给她的美貌资产。
Coming after a week of almost-universally upbeat economic data that buoyed U.S.markets, Wednesday's more-somber news is a reality-check, according to Alan Brown of Schroders, an asset management company.
VOA: standard.2009.08.05
If an asset class has constituents that are efficiently priced, then it's very hard to generate excess returns.
如果某种资产的构成都是有效定价的,那么就很难产生超额回报
So you have some asset that nobody trusts the U.S. Federal Reserve will take it on.
所以,我们有了一些没有人信任的资产,美联储将其承担下来。
Because that's true, then asset allocation ends up being the overwhelmingly important determinant of the University's results.
因为在这种情况下,资产配置,是学校投资回报率的,支配性的决定因素
I think it's pretty widely known that asset allocation is far and away the most important tool that we have available to us as investors.
我认为,人尽皆知,资产配置是,投资者可用的工具中,最重要的工具
You have half of your assets in one single asset class: U.S. Common stocks.
你将半数资产,投资于单一类别,美国普通股
It turns out that it's not a financial law that asset allocation takes center stage; it really is more a description of how it is that we behave.
事实上,资产配置的核心地位,还称不上是金融学定理,但它确实已不仅仅是对我们行为的描述
In 1860 slaves as an asset were worth more than all of America's manufacturing, all of the railroads, all of the productive capacity of the United States put together.
860年,奴隶作为财产的产值超过了,美国所有的制造业,所有的铁路,和所有产业的产值总和
We're going to call asset one stocks in the U.S.
我们把美国的股票设作资产一。
So, it's not surprising that asset allocation explains more than 100% of returns and that, for the community as a whole, market timing and security selection are costly and lower the community's aggregate investment returns.
因此资产配置能解释100%以上的回报,也不足为奇了,对投资者整体来说,市场时机选择,和证券选择是有代价的,降低了总的投资回报
I'm going to--let's do the two-asset case.
我们来分析一个包括两项资产的投资组合。
He's come to the conclusion that over 90% of the variability of returns in institutional portfolios is attributable to asset allocation and that's the number that I think most people hear cited when they are looking at Roger Ibbotson's work.
他得出结论,机构投资中,超过90%的回报率变动,要归因于资产配置,我想这是罗格·伊博森的文章里面,被人引用得最多的结论
As a matter of fact, it's so widely believed that asset allocation is the most important tool that I think some people have come to the conclusion that it's some sort of law of finance that asset allocation is the most important tool.
事实上,我们普遍相信,资产配置是最重要的工具,以至有人得出结论,资产配置是最重要的工具,已经算是一条金融学定理了
It's actually the biggest and most important asset class.
事实上这是最大也是最重要的一种资产
Let's start out with the first: asset allocation.
让我们从第一点开始,资产配置
It's so called capital asset pricing model.
这个称作是资本资产定价模型。
You want to spend your time and energy pursuing the most inefficiently priced asset classes because there's an enormous reward for identifying the top quartile venture capitalist and almost no reward for being in the top quartile of the high- quality bond universe.
你应该投入所有的时间和精力,去追逐最不能有效定价的资产,因为在那里才能通过一流的风投经理人,获得巨额的投资回报,而在债券市场,即使债券优质,经理人一流,回报微乎甚微
If I went back to my office after speaking with you this morning and took Yale's $22.5 billion dollars and put all of it into Google stock, asset allocation would have very little to say about what Yale's returns would be.
如果我今早下课之后回到办公室,把耶鲁的225亿美元,全部投资于谷歌股票,资产配置在这种情况下,对耶鲁的回报率就没有多少影响了
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。
An SIV is a company of a sort that invests in assets and they issue something like asset-backed commercial paper, but it's not a real company because it only exists as an organization sponsored by some bank.
IV类似从事资产投资的公司,同时也发行类似资产担保商业票据的证券,但它不是一家真正的公司,因为它只是由某家银行建立的一个组织
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