And with this low level power as we'll see, as I hinted before, comes a lot of fun, interesting, scary security implications.
我之前提到过,就是这么点权限,也能带来很多乐趣,还有一些安全方面的东西。
I hope to work for the National Security Agency doing codes and stuff.
我希望能够在国家安全局工作,和密码打交道。
And in social security, I thought, we had the right plan for dealing with the long-term crisis that the program is in.
我认为在社会保障项目方面,我们拥有正确的计划应对,这一项目面临的长期危机。
I want to talk about Social Security as a risk management technique that developed in the nineteenth century and it developed in Germany.
我想谈谈社会保障,作为19世纪出现的,一种风险管理技巧,它最早出现在德国。
I remember when interest rate swap accounting was done on a different market security basis.
我记得利率会换记账法,在不同的证券市场施行时。
I don't know, just a national security level.
我说不好,大概是关于国家安全的事情。
The final point that I want to make with respect to security selection actually is a little bit different with the degree of opportunity.
我想说的最后一点是,就证券选择而言,运气也会带来一些差别
This invention of social security is well over one hundred years old, but I think that, because of the rapid advance of information technology, we're going to see a lot more progress.
社会保障的这种发明,已经经过了一百多年,但我觉得,由于信息技术的飞速发展,我们将会看到许多的进步。
I think energy security is an enormous threat.
我认为能全安全是一个巨大的威胁。
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。
Our foreign exposure is not limited to the marketable security exposure, which I cited as being 15% of the fund, but there's foreign exposure in real estate, there's foreign exposure in leverage buyouts, there's foreign exposure in venture capital.
我们的境外投资,并不限于可交易证券类,那只占总资产的15%,也有境外不动产投资,境外杠杆收购,以及境外风险投资
Alternatively, if I went back to the office and took Yale's $22.5 billion dollars and decided that I was going to day trade bond futures, security selection wouldn't have anything to say about the returns; asset allocation wouldn't have anything to say about the returns.
或者,如果我回到办公室,把耶鲁的225亿美元,投资于即日平仓的债券期货,在这种情况下,证券选择不会影响回报率,资产配置也不会影响回报率
India and Russia... they are bulding ties based on energy and I suspect...strategic security.
印度和俄罗斯。,在能源方面,还有,我想,战略安全方面联系紧密。
Huge, and one of the things that I argue in this book and also in the Princeton Projiect on National Security which I co-directed with John Ikenberry over the last three years is we have been singel-mindedly focused on the war on terror.
很大,我在这本书中试图说明一点,在普林斯顿国家安全项目中也试着强调,这一项目在过去3年内由我和约翰伊肯伯里共同负责,那就是我们仅仅盯在了一点上,我们盯着恐怖主义战争不放。
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