The overall conclusions are that, with respect to asset allocation, you want to create an equity-oriented diversified portfolio.

总而言之,在资产配置方面,你要创造一个股权导向的多元化投资组合

耶鲁公开课 - 金融市场课程节选

Over the past twenty years, we've generated 15.6% per annum return, but that headline number obviously has a lot to do with the equity orientationof the portfolio but doesn't describe the importance of the diversification.

过去20年间,我们的年收益率达到15.6%,虽然媒体头条报道这一收益率,总强调与投资组合的股权导向有很大关系,但没有描述出投资多元化的重要性

耶鲁公开课 - 金融市场课程节选