On the other hand, historically, most institutions do both If you go around the world, are also involved in investment banking.
另一方面,从历史上来说,如果你去全球看看,也做银行投资业务。
But think about it, if you were investing your money with someone like that, what did you end up with?
但想一下,如果你去投资,收益和这个人一样,你最后能得到什么
If you will buy stock in an electrical utility which has a guaranteed revenue stream, because no matter how bad the economy gets, a lot of people still use electricity, you don't expect it to fluctuate a lot.
如果你在有着,保障性年收入的电气供应股票投资,因为不管经济变得怎么查,人们还得用电,它不会降多少。
One other remark before we leave this, in the game we played last time, in the investment game, one feature of that game was that the more you thought other people were going to invest, the more you wanted to invest.
在继续讲下面的内容前,我再多说几句,上一讲的投资博弈有一个特征,就是如果你越认为大家会投资,你就越想投资
Mr. Carl Icahn: Well, it's hard to recommend how to invest at this time without knowing how much capital you have.
伊坎先生:嗯,在当今形势下,如果不知道你有多少资本,那就很难给你投资建议。
If you're doing early-stage venture investing you're backing entrepreneurs and ideas and they're operating out of their garage.
如果你做的是早期创业投资,你是在支持创业者及其创意,而他们可能正在不起眼的地方白手起家
So you say, how can I make money beating the market if every quarter I have to tell everybody what I'm doing?
因此你会说,如果我按季度公布所有的投资活动,那我还怎么跑赢市场赚取利润
If you read his Pioneering Portfolio Management on the syllabus, he really has a preference for equities.
如果你阅读他的著作《开拓投资组合的管理》的摘要,他确实对股票有偏好。
Now, if you are a private company, you are limited to where you can sell your investments.
如果你的公司是私募性质,在推销投资产品方面会面临许多限制
I'm transferring this to the portfolio management problem and you can see it's the same idea.
如果将保险转化为投资组合管理的问题,你会发现原理是一样的。
Most of the people are -if you're not accredited as an investor it's like the government doesn't respect you; it's like they're treating you like children.
大多数人...,如果你不符合合资格投资者要求,就像是监管机构不尊重你,把你当成小孩
If you are--this is a private investment company -let's think before we talk about hedge--think of -suppose you're a public investment company approved by the SEC.
如果你是...这是一种私募投资公司,...在我们讨论对冲基金之前大家想一想,...假设你有一家经证交会认证的公共券商
Now, the problem is that if you invest in bonds from some state or local government, they might not pay you back; they can just go bankrupt.
现在的问题是如果你投资了,州或者地方政府发行的债券,他们可能无法支付,他们可能会破产
If you were a Chinese investor in Chinese stocks in 1949, what happened?
如果你是位中国投资者,1949年在股市上投资,结果如何
Particularly if you have a value orientation, you tend to buy things early.
尤其你如果是个价值导向型投资者,会倾向于早早买入
It's probably a good impulse to have if you're going into investment.
如果你要去投资的话,拥有这种本性也许是好的
But if you look at the tech fund category, the difference between the dollar-weighted and the time-weighted returns--this is over a ten-year period -is 13.4% per annum; that's stunning.
但是如果你关注科技投资基金,十年间,货币加权回报率,和时间加权回报率间的差距,是每年13.4%,这是非常夸张的
If you would have stepped further out of the risk spectrum and put your money into a portfolio of small stocks you would have gotten 15,922 times your money.
如果你愿承担更多的风险,将钱投资于小盘股组合,你就能获得本金的15922倍
To do well in investing you have to have your own independent view of things and really be thinking about how things work and he is someone who does that.
如果你想要在投资领域中表现出色,你就必须有独立的观点,了解事物的运行规律,而他正是这样一个人
This would be good luck if you were long and now suddenly you got a huge return that you would not have thought was possible since you've never seen it before.
如果你长期持有这份投资,你就走运了,回报如此之高,你自己都没有料到,可能你也从来没有见过这种情况
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。
That's an incredibly important distinction because, think about it,if what you want to do is get rich, you can put together a reasonable investment record and then raise staggering amounts of money.
这点非常重要,仔细想想,如果你只想着赚钱,你可以拼凑一份合理出色的投资记录,然后募集到巨额资金
What Hicks said--this is the coffee hour conversation at The London School of Economics he said, it's right now 1925 but if you want to invest or borrow in 1926 I can do it for you.
希克斯在伦敦政经学院的那次,咖啡时间中谈到,现在是1925年,但如果你想在1926年投资或贷款,我可以帮你实现
Suppose you are interested in investing in debt of companies, then you as an investor are subject to the problem that you might end up with the worst stuff if you don't watch out.
假设你有兴趣投资于公司债权,那么作为投资人你会面临这样一个问题,如果不谨慎,投资有可能会血本无归
I'm sure you're familiar with the drill -you put a dollar into various asset classes, in this case, at the end of 1925 and hold those asset classes for, in this case, eighty-one years; the numbers go through the end of 2006.
相信大家很熟悉以下计算,如果你在1925年底,把一美元投资于各种资产,然后持续持有这种资产,比如,81年时间,直到2006年底
x1 The portfolio mean and variance will depend on x1 x1=1 in the way that if you put--if you made x1 = 1, it would be asset 1 x1=0 and if you made x1 = 0, then it would be the same as asset 2 returns.
投资组合的均值和方差取决于1,如果你令,投资组合的均值方差就与第一项资产相等1,如果你令,那么它们就会与第二项资产的参数相等。
You don't see advertisements for participation in commercial real estate like this because the government would be on their backs if they did it.
你不会看到,投资商业地产DPP的广告,因为如果这样,政府会陷入困境
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