"Every one of them is going to encourage them, 'Go, go,get an education, get a job.'" Then when they have their university degree, he says there is no reason to return.
VOA: special.2011.07.01
And so it's usually the case that you can get a higher return if you're willing to take more risk.
同样很常见的例子是,所以如果你愿意冒高风险,你可能就会有高回报。
That's what this whole theory is about, how to get a lot of expected return without getting a lot of risk.
整个金融理论的中心,就是如何获得高收益,同时降低风险
In fact, different people might make different choices about how much risk they're willing to bear to get a higher expected return.
事实上,为了获得高的预期收益率,人们愿意承受的风险,也会不同。
So you buy it at a discount and the return you get is of course a hundred minus--the return you get is the discount.
所以以折价买入,并且回报等于,100减去,回报等于折扣差价
So, for example, at an annual expected return of 12% if I have a portfolio of stocks, bonds, and oil I can get a standard deviation of something like 8% on my portfolio.
例如,在年预期收益12%的情况下%,我有股票,债券和石油的投资组合,在这个组合里,我的投资组合可以取到8%的标准差。
I'll let you read Siegel and his discussion of this possibility, ... but I think that-- what I want to get now is not necessarily any agreement on whether you believe that there's such a high excess return for stocks.
我会要求你们读西格尔的书,以及他对这种可能性的讨论,但是我认为-,你们并不需要,同意炒股的收益,远远高于其他的投资方式。
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