In our first Yeats lecture, I was talking about Yeats's early development and stylistic transformation over the course of, roughly,a twenty-, twenty-five year period.
在我们讲叶芝的第一节课,我谈到叶芝的早期发展,以及他创作风格的转变,在大约20到25年的时间里。
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。
So a hundred-year period of time that these books were probably written in.
所以新约大致创作时间,有100年左右。
And eventually, over this twenty-year period he did get it to work just right.
最后,经过了二十年,他确实做到了
The final exam period is December 13 -17th this year.
考试周是今年的12月13到17号。
And what happened is, over a 30-year or so period, the industry really shifted to be one where industry standards started to come into play, the customers started to have a bigger role.
经过了30年左右,这个行业发生了变化,出现了产业标准,消费者的角色也越来越重要。
There were probably a number of firms that, over that ten-year period, went out of business.
在这10年间,可能有很多企业已经破产
If it was a twenty-year bond, there would be forty coupons, one for each six-month period, and each one would have a date on it.
假如是20年债券,会有40张息票,每六个月一张,并且上面会有日期
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
Over that eighty-one year period you would have gotten a multiple of seventy-two.
经过81年时间,你翻了72倍
Roger Ibbotson took a look at a larger group of funds -3,500--funds over a ten-year period and found survivorship bias at 2.9% per year and backfill bias at 4.6% per year.
罗杰·伊博森研究了更大的样本组,3500支基金10年间的表现,算出其生存偏差是每年2.9%,回填偏差是每年4.6%
If you look at the Frank Russell data and I just cited ten-year returns ending June 30,2005, so that period started in 1996 -well,in 1996 there were 307 managers that reported returns.
看看罗素公司的数据,我引用了从1996年开始,截至2005年6月30日的十年收益,在1996年有307位经理人公布收益
The hedge fund world is 7.1% first to third quartile, real estate 9.3% per annum, leveraged buyouts 13.7% per annum this is over a ten-year period, so now we're starting to talk about some pretty significant dispersion.
在对冲基金中,这个差距有7.1%,不动产投资中的差距是9.3%,杠杆收购中是每年13.7%,以上都是十年期收益,我们现在谈的是,一些显著的差距
That's when a new manager appears subsequent to the beginning of the ten-year period; they'll put not only the new numbers in, but they'll take the history of the new manager and put that history into the database.
即在10年期开始后,每出现一位新的基金经理,不仅是新的业绩数字会进入数据库,新经理的历史记录,也会填入数据库
Just as I foreshadowed, if you look at the difference between the first and third quartile in the bond market -these are active returns over a ten-year period again ending June 30,2005 -and the fixed income market, the difference between first and third quartile is a half a percent per annum.
如我之前所示,如果观察,债券市场中的第一和第三个四分位数,四分位数即统计学中,把所有数值由小到大排列并分成四等份三个分割点位置分别就是三个四分位数 考虑十年期的主动型的收益,截止于2005年6月30日,在债券这个固定收益市场,第一和第三个四分位数,每年只差0.5%
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