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

耶鲁公开课 - 金融市场课程节选

Then as you move out to the equity markets where it's harder to price things as efficiently--large-cap stocks -there are two-fold percentage points,first to third quartile.

如果你转而观察,难以有效定价的市场,比如大盘股,第一和第三个四分位数相差2个百分点

耶鲁公开课 - 金融市场课程节选

So even if, on average, the stock is expected to not move at all from where it starts, some stocks will be expected to just trundle along without much change, not very volatile.

所以即使平均而言，股票应该是不会,和开盘的时候有什么区别，有一些股票可能会,没什么变化，不是很反复无常。

麻省理工公开课 - 计算机科学及编程导论课程节选

The different stocks tend to move up and down together.

不同的股票会同时涨跌。

耶鲁公开课 - 金融市场课程节选

If I came to the office next week and decided domestic stocks were too high -I want to move that target down to 8% -in the way that I've described market timing, that would be a market timing move and we're very careful not to do that.

如果下周我上班时,认为国内股票价格偏高,我会把权重调低到8%,用我描述过的方式,这就是个市场时机选择的操作,我们一般很谨慎,并不会轻易那么做

耶鲁公开课 - 金融市场课程节选