There were seventeen categories of equity mutual funds and they compared the dollar-weighted to the time-weighted returns.

其中一共是17种股权共同基金,将它们的货币加权回报率,和时间加权回报率进行比较

耶鲁公开课 - 金融市场课程节选

But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.

当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊

耶鲁公开课 - 金融市场课程节选

The equity orientation drove the returns but the diversification allowed us to deliver those returns in a stable fashion, which is incredibly important for an institution like Yale that requires a steady supply of funds to finance its operations.

股票导向型投资会推动收益率上升,但多元化能让收益更平稳,这对于耶鲁这样的机构极为重要,因为它需要稳定的资金供给,为学校运营提供财务支持

耶鲁公开课 - 金融市场课程节选

So 90% of your portfolio is in domestic marketable securities and only 10% is invested in things like real estate or venture capital or private equity -hardly enough to make a difference in terms of the portfolios returns.

于是90%的投资都在本国有价证券中,仅10%用于比如不动产,风险资本或私募股权投资,这一小块几乎对投资回报,没有什么作用

耶鲁公开课 - 金融市场课程节选