If you looked at the domestic equity return -the average return that was posted in 2000--it was -3.1%.

看看国内证券的收益,2000年公报的平均收益率是负3.1%

耶鲁公开课 - 金融市场课程节选

.. The equity premium is the-- 2.8% this short-term 2.8% is the riskless return, historically, for a period of almost 200 years.

股权溢价就是-,这个短期无风险投资收益率是，是根据近200年的数据得出的。

耶鲁公开课 - 金融市场课程节选

So,70% of the portfolio is in absolute return, real assets,private equity, alternatives--broadly defined.

因此资产的70%分布于绝对收益组合,不动产,私募权益等广泛的投资品种中

耶鲁公开课 - 金融市场课程节选

For the ten years ended June 30,2005, it returned 9.9% per year and then the average return for the actively managed equity fund was 9.6% per year, so we're back to that thirty basis points.

截至2005年6月30日的10年间,该指数年收益率为9.9%,而主动管理型股权基金的年平收益率为9.6%,我们落后30个基点

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

When you look at each of those individual asset classes -domestic equities, foreign equities, bonds, real assets, absolute return and private equity -each of those individual asset classes is going to be relatively well-diversified in terms of exposures to individual positions or individual securities.

当你观察每一种资产,比如国内股权,国外股权,债券,不动产,绝对收益和私募股权,这其中每一种,比起单一头寸或单一证券,风险都是相对分散的

耶鲁公开课 - 金融市场课程节选