-
Underlying this analysis, we have estimates of the expected returns on assets, notably, the expected returns on stocks and bonds.
凭借这个分析，我们可以估算出资产预期投资收益，特别是股票和债券的预期收益。
-
But if I would confine myself just to stocks and bonds, then I would get a much higher standard deviation.
但若组合里只有股票和债券，我的标准差会高得多。
-
That's got the lowest possible standard deviation of expected return and that's 25% stocks and 75% bonds with this sample period.
这个组合预期回报的标准差最小,在这一点上，投资组合,由25%的股票和75%的债券构成。
-
Why would you put any of your assets in bonds if stocks are going to give you 16,000 times your money?
如果股票收益能有16000倍,为什么还要买债券
-
They show the expected return on stocks versus bonds or short-term debt for a whole range of countries.
他们对这些国家的股票预期收益与,国债或者短期债券作出比较。
-
The pink line here is the efficient portfolio frontier when we have only stocks and bonds to invest.
这条粉色曲线就是有效边界,这个投资组合只包括了股票和债券。
-
In other words, you start saving and you own stocks and bonds, and real estate, and other things.
换言之，你有存款了,有股票和债券，房产，以及其他东西。
-
The costs were huge -not just the immediate costs in terms of the move from stocks to bonds.
代价是巨大的,不仅仅是卖掉股票,和买进债券的直接交易成本
-
This portfolio, the minimum variance portfolio, is 9% oil, 27% stocks, and 64% bonds and most of the--many choices you can make.
这个最小方差的资产配置是9%的石油，27%的股票和64%的债券,而大部分。。。你可以有许多选择。
-
I mean, do you really--you might wonder, aren't people missing something if the excess return is so high of stocks over short-term bonds?
我是指，你们真的。。。你们也会怀疑，这里是不是少了点什么,如果股票收益率高出短期债券收益率那么多？
-
In my diagram, I said that the tangency portfolio-- I estimated that the tangency portfolio is 9% oil, 27% stocks, and 64% bonds.
在我的曲线图里我有提到切线资产组合-,我估算出切线资产组合是9%的石油，27%的股票和64%的债券。
-
I computed the average return on stocks over that time period and I computed the average return on bonds over that time period.
我计算了那个时间段的股票平均收益率,和债券平均收益率。
-
The pink line takes two assets, one is stocks and the other is bonds, actually government bonds.
粉色线包含两种资产的投资组合，一个股票，另一个是债券，实际上是政府债券。
-
Stocks have paid 4% more a year over this incredibly long time period than short-term bonds.
股票在相当长的一段时间里,每年都比短期债券投资收益率,高出4个百分点。
-
I can try other portfolios; this one right here--I'm pointing to a point on the pink line-- that point right there, 50% stocks, 50% bonds.
还可以尝试其它组合;,这一点，粉色曲线上我指的这一点-,表示50%的股票，50%的债券。
-
This is a portfolio, which has all oil and stocks and it has no bonds.
这个投资组合，包括有石油，股票，没有债券。
-
But beyond that, if you were confined to just stocks and bonds, it would be a matter of taste where along this frontier you would be.
进一步，若仅限于投资股票和债券的组合，选择哪个组合,取决于个人的兴趣。
-
Oil, bonds, and stocks are all independent-- somewhat independent--they're not perfectly independent, but they're somewhat independent and, to the extent that they are, it lowers the variance.
石油，债券和股票都是互相独立-,一定程度上独立，不是绝对的独立，但一定程度上独立，可以使方差值变小，降低风险。
-
What you could do is, say, borrow $.50 on your $1 and put $1.50 into a portfolio, which consisted of 9% oil, 27% stocks, and 64% bonds.
你所做的就是，这么说吧，你用手上的1美元借来了50美分1,然后以这1。5美元购买投资组合，其中包含9%的石油，27%的股票和64%的债券。
-
The thing that is very interesting that he finds is the difference, 4%, between the historical real return on stocks and the historical real return on bonds.
非常有趣的是,他发现历史实际股票收益，和历史实际债券收益之间,存在4%的差异。
-
That could be investor only in bonds or an investor only in stocks, but I also show on here what some other returns are that are available.
表示投资者只投资了债券或者只投资了股票，同时我在这里也展示了,其它可能性组合的收益。
-
They help prevent fraud, misrepresentation, manipulation of information in stocks and bonds.
它帮助人们防止诈骗，虚报和巧妙利用证券股票市场中，信息不对称而牟利等事情的发生。
-
That is, arranging for the issuance by corporations of stocks and bonds.
也就是，帮助公司安排销售,证券和股份。
-
What Siegel emphasized--the book is really about this-- he talks about what is the expected return of stocks and what is the expected return of bonds and so on.
西格尔强调的是。。。这书真正讲的是-,他讨论了什么是股票预期投资收益,以及什么是预期投资债券等等内容。
-
Well, you could short in the stock market, you could short $.50 worth of stocks and buy $1.50 worth of bonds and that would put you down here.
你可做空股票，卖空价值0。5美元的股票,购买价值1。5美元的债券,这样就落在这一点上。
-
I have stocks, bonds, and oil but I want also to add one more final asset, we'll call it the riskless asset, long-term bonds are somewhat uncertain and variable because they're long-term.
有股票，债券和石油,我还想再增加最后一种资产，我们称之为无风险资产，由于长期债券持有期限很长,存在一定不确定性及风险。
-
So, stocks were cheaper and bonds were more expensive.
于是股票更加便宜,债券更加昂贵
-
If you agree with my estimates, then you should do this as an investor, you should hold only some mixture of this tangency portfolio, which is 9% oil, 27% stocks, and 64% bonds.
如果你赞同我的估计值，那么作为一个投资者的话你应该这么做，你应该只持有,符合这个切线投资组合比例的投资，即9%的石油，27%的股票，和64%的债券。
-
The market portfolio is, if you took all the stocks and bonds, and oil, and real estate, anything that's available to invest in, in the whole world, put them all together in one portfolio.
市场组合则是，假设你在全世界范围内购买了所有，能够投资的股票，债券，石油和房地产，将他们放在同一个投资组合里。
-
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。
应用推荐