.. 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。
Then I want to talk about mortgages, which is the way that we finance both commercial and owner-occupied real estate.
然后再讲一下抵押贷款,它可以为,商业地产和自住房产提供融资
I wanted to list a few errors that are well-known and that are exploited by unscrupulous people in finance.
我先罗列一些大家熟知的错误,这些错误常常被无良的人在金融领域中利用
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"
That's what, in principle, we can do and what I think is the most important concept in finance--this concept of risk pooling.
原则上,这就是我们能做的,我认为这也是金融业最重要的概念,即风险汇聚及分摊。
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
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 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 know that undergraduates-- I don't know how you feel about finance.
我知道本科生...,我不知道你们是如何看待金融的
I think they motivate a lot of what -I'm going to write a number of principles of behavioral finance down and just mention them briefly and then return to regulation.
我认为他们促进了这些...,我先写一些行为金融学的原理,只是先简单地过一遍,再回到市场监管
I still want to start with some theory and I thought that--well I will--I plan to start by talking about the most basic concepts of risk management, which underlie finance.
课程开始的时候会涉及一些理论,我认为这些理论,是风险管理最基本的概念,也是金融学中最基础的概念
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'm not going to stress public finance so much in this course but it seems-- I'm going to give the example of nineteenth century information technology and the nineteenth century invention of social security.
在这课上我不想过多强调,财政的重要性-,我将给大家举个例子,关于19世纪的信息技术,和19世纪社会保障的创新。
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
.. The problem is again the ideal-- they're trying to work toward what I think of an ideal that we see in finance-- 1 mainly, the perfect correlation of consumption and the elimination of risk--we all help each other.
问题又回到了理想-,他们为之奋斗的这种理想状态,如果用金融学的理念来解读-,就是消费与风险消除的相关系数为,即完全正相关,所有人都互助互利。
I just want--one point of this lecture is to try to emphasize the real breadth of the concepts of finance and how important they are-- how they reach out into other things that you might not think as associated with finance.
我想要。。。这节课的一个重点是,要强调金融的广义概念,以及它的重要性-,它们如何影响其他事物,你可能认为它们根本跟金融没有联系。
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