Well, those hedge funds charge enormously more than what a standard manager of marketable securities' charges.

那些对冲基金经理的收费,远比证券投资经理的收费高

耶鲁公开课 - 金融市场课程节选

I only started asking this in 1996 when the stock market boom was well under way, but already 69% of my respondents, who were high-income investors, strongly agreed.

996年时我才提出这种疑问,那时股票市场一片欣欣向荣,这些受访者是高收入投资者,但69%的受访者强烈认同这点

耶鲁公开课 - 金融市场课程节选

As a matter of fact, it costs an increasing amount to play the game when you look at the fees that are paid to investment managers and hedge funds.

事实上,当把付给投资经理,和对冲基金的费用都算进去的话,这个博弈的成本越来越高

耶鲁公开课 - 金融市场课程节选

But ultimately, everyone agrees I-- that's the premise here, that for the-- if you're comparing two portfolios with the same variance, then you want the one with the higher expected return.

但归根结底大家都会同意这一点-,这是一个前提-,当你比较两个有相同方差的投资组合时，你会选择预期收益率高的那一个。

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

So, the higher the covariance is, generally, the higher--you can see from here-- 2 of the portfolio.

所以总的来说，你可以从这里看出，协方差越大-,投资组合的σ2越高，the，higher，the，σ

耶鲁公开课 - 金融市场课程节选