John Geanakoplos and I had a meeting and we tried to divide up the subject matter of finance into two courses.
约翰·吉纳科普洛斯和我开了个会,我们将金融这一学科,分为两门课
So finance and capital markets and real estate and I will be doing corporate.
它们是关于金融、资本市场和房地产方面的,而且我将要创业了。
The idea that I want to develop is that the history of finance is a history of discrete inventions.
我想详述的观点是,金融学的历史由一项又一项技术发明组成。
I’m doing finance and investments.
我在做金融和投资。
So the democratization of finance is, I think, the ultimate mission of--I find central to this course but it brings with it dangerous hazards and we have to think very carefully about how we do it.
因此,我认为金融民主化,是我们这门课的根本使命,但由此而来的金融危机,使我们深思该如何应对
One thing that I wanted to emphasize in this course, or try to emphasize, is that part of finance is actually philanthropy.
在这堂课上我还要重点强调一点,或者说是试图强调,金融中的一部分,慈善事业
That's what I think finance is about.
这就是我所认为金融学的意义所在。
So, that's why I think finance will be an interesting field for those of you who choose to go into it.
这也是为什么我觉得对于你们这些,立志从事那个行业的人来说,金融是个很有意思的领域。
I'm not assigning it, but I wrote a book called New Financial Order in 2003 about technology and finance.
这不是指定书目,我在2003年写了这本书,《金融新秩序》,主要探讨金融技术和金融学
There's a term--I should write some of my terms down-- a very important term in finance and that's "dilution."
有一个词,我把它写下来,金融学中非常重要的词,叫"摊薄"
But there is hostility toward finance that I think is very fundamental to a lot of our thinking.
但是人们对于金融有敌对情绪,我认为,这种情绪对很多人来说,是深植于心的
Now, you might say, "I could be a poet and what does that have to do with finance?"
也许你会问,我想做个诗人,这跟金融有关系吗
This is another concept that is very basic to statistics, but it has particular use in finance, so I'll give you a financial example.
这是统计学中又一个基本概念,在金融学中广泛使用,那我就举一个金融领域的例子
What I'm really referring to is what I think is the very original, the deep concept that underlies theoretical finance-- I wanted to get that first.
今天我要教授的知识,我认为是金融理论中最基本最核心的概念,我想先说说这个
I think it's the most important revolution in finance of the last couple decades.
我认为行为金融学是近几十年中,金融学所发生的最重要的革命
I thought it was interesting to look at Rupert Murdoch this is finance.
研究鲁珀特·默多克会很有意思,这就是金融
I feel like I have to introduce concepts like variance and co-variance and correlation in order to talk about finance; so that's what we'll do in Lecture Two.
我会讲到像方差,协方差,相关系数,这样的概念,为金融学的内容作一些铺垫,我们会在第二课讲到
I think maybe in the next year I'll do that to offset I'm bringing in a lot of very successful finance practitioners and I don't have any regulators this year.
我认为也许在明年,我能够做一些补偿,我会引进很多,非常成功的金融开业者,并且今年我没有任何调节器。
I see finance as the underpinning of so much that happens.
我将金融视为诸多事物的基础
The institution of insurance is something that really came in--it's one of the earliest-- I consider it a division of finance-- really came in the 1600s when probability theory was invented.
保险机构的出现,我认为这是金融业中,最早的分支之一,大约在17世纪,概率论刚刚诞生
.. I think that what's happening is these ideas-- Everything is evolving, so I'm actually presenting here our modern finance as the outgrowth of socialism, but that's not the usual way to present it.
我认为这些想法观念也正在-,一切都在进步,但我真正想表达的是现代金融,也可以被解读为社会主义的一个产物,这种解读并不常见。
I guess they're elected officials and their voters are not finance theorists and don't think of this in these terms.
我想这是因为他们是当选的官员,而投票的不是金融学家,也就不会用金融术语思考和表达。
.. I wanted to just give some-- often the inventions that occur in finance, they seem in a way obvious.
我想说一些-,在金融领域常见的发明,从某种程度上来看,他们是很显见的。
Now. I want to move away from statistics and talk about present values, which is another concept in finance that is fundamental.
好的,讲到这里我将离开统计学,讨论一下现值,这是金融学中的另一个基本概念
But I'm also proud of my alumni in this course who are not in the world of finance.
同时我也很为那些选修过这课的,却不在金融领域工作的毕业生们自豪
There is some contempt for finance, I believe, because it makes so much money for many people.
我觉得,有人蔑视金融,因为它让人们赚了太多的钱了
The most important--The most successful people in finance, I believe, end up giving the money away and that means--you can't consume a billion dollars.
最重要的...在金融领域最成功的人士,我认为最终会把钱捐出去,这就意味着...你不可能花十亿美元
I've been organizing workshops in behavioral finance at the National Bureau for Economic Research since 1991 with Dick Thaler at the University of Chicago.
从1991年开始,我就和,芝加哥大学的迪克·泰勒一起组建,国家经济研究局,行为金融学工作室
Nonetheless, when I've spoken in less developed countries, I find that they're really interested in finance.
但是,当我在一些较落后的国家演讲时,我发现他们真的对金融很感兴趣
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