When repairs are not possible, Pat Metheny returns to what he is famous for --- simply great jazz guitar.

VOA: special.2010.03.12

.. And so we are not talking about anything that... Processing our tax returns, unfortunately And it's a one-time check.

所以我们讲的并不是。,不巧正在处理退税事宜,而且这个是一次性支票。

斯坦福公开课 - 经济学课程节选

One more thing, I said they're not independent, so we have to talk about the covariance between the returns.

还有，我说过它们不是相互独立的，因此我们还需要讨论两个收益率的协方差。

耶鲁公开课 - 金融市场课程节选

And a twenty-four-year-old Milton, after seven years of education, simply decides not to go. Instead of joining the ministry, Milton instead returns home and he stays at home without any means of supporting himself for six years.

而24岁的弥尔顿，在结束了7年的学业之后，却决定不那么做,他反而是回到了家中,在家里呆了6年。

耶鲁公开课 - 弥尔顿课程节选

So there's not a lot of room in the government bond market or other high-quality bond markets to generate excess returns.

所以对于政府债券或者优质债券,超额收益的空间不大

耶鲁公开课 - 金融市场课程节选

Let's put zero here because these are not gross returns these are returns, so they're often negative.

这里做零点,注意这不是总收益,而是年度收益,有可能是负数的

耶鲁公开课 - 金融市场课程节选

It would not be possible to make excess returns in finance.

获取超过金融业平均水平的收益,同样是不可能的

耶鲁公开课 - 金融市场课程节选

Because we hold relatively stable, relatively well-diversified portfolios, security selection turns out not to be an important determinant of returns for most investors and market timing turns out not to be an important determinant of returns.

因为持有相对稳定,和相对分散的投资组合,证券选择不再是,决定投资者回报率的重要因素,而市场时机选择,也不会成为决定回报率的重要因素

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

I don't find that my analysis is profound in the final answer, I just took some estimates using my data and, again, we could-- if someone wanted to argue with us they could argue with my estimates of the expected returns of the standard deviations and the covariances, but not with this theory.

我在计算过程中并没有做太深入的分析，我只是用我的数据做了一下大概的估计,我再说一次，我们可以-,如果有人想就这个问题与我们争辩,他们可以争论我对期望收益的估计,或是争论标准差和协方差的估计值，但并不会针对理论本身。

耶鲁公开课 - 金融市场课程节选