And so it's usually the case that you can get a higher return if you're willing to take more risk.
同样很常见的例子是,所以如果你愿意冒高风险,你可能就会有高回报。
If you're comparing two portfolios with the same expected return, then you want the one with the lower variance.
比较两个有相同预期收益率的投资组合时,你会选择方差小的那一个。
So you're implementing this black box, and if its purpose in life is to actually return a value, you have to tell the compiler what kind of value to expect, and this is going to have ripple effects.
你在实现这个黑盒子,如果它的目的是,返回一个值,你必须告诉编译器你期望的是什么类型的值,这个将是一个连锁反应。
there that we want to highlight. In particular, -- notice-- let me highlight it for you, if I can find it with the wrong glasses on-- we've got these return commands.
这里还有一些我们要引起注意的变化,特别是注意这个,让我给你们强调一下-,看看我能不能戴着这副度数不对的眼镜。
Then if you fast forward to 2005 and look at the average return that was posted for 2000,it was +1.2%.
如果把时间快进至2005,5年后公报的2000年平均收益,变成了1.2%
And if it returns a value, you've got to do something with that return value too, much like we did up here.
如果它返回了一个值,你便用那个返回值,做一些事情,就像我们刚在上面做的。
If we add one to the return, then you've got a number that's never negative and we can then use geometric returns.
然后加上1,你永远也得不到一个负数,然后我们对这个值求几何平均
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%
I mean, do you really--you might wonder, aren't people missing something if the excess return is so high of stocks over short-term bonds?
我是指,你们真的。。。你们也会怀疑,这里是不是少了点什么,如果股票收益率高出短期债券收益率那么多?
And if you've never used those, they're usually above your Return key.
如果你从来没用过这些竖线,它们在,回车键的上面。
This would be good luck if you were long and now suddenly you got a huge return that you would not have thought was possible since you've never seen it before.
如果你长期持有这份投资,你就走运了,回报如此之高,你自己都没有料到,可能你也从来没有见过这种情况
But ultimately, everyone agrees I-- that's the premise here, that for the-- if you're comparing two portfolios with the same variance, then you want the one with the higher expected return.
但归根结底大家都会同意这一点-,这是一个前提-,当你比较两个有相同方差的投资组合时,你会选择预期收益率高的那一个。
If you look at the ten best-performing Internet funds from 1997 to 2002, the time-weighted return is 1.5% per year positive, so the funds went way up and then they went way down.
这十个表现最好的网络投资基金,从1997年到2002年,时间加权回报率是每年1.5%,基金一路涨涨跌跌
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