The second, market timing, deals with short-term deviations from the long-term asset allocations that you establish.

第二,市场时机选择涉及,偏离长期资产配置的短期操作

耶鲁公开课 - 金融市场课程节选

I have stocks, bonds, and oil but I want also to add one more final asset, we'll call it the riskless asset, long-term bonds are somewhat uncertain and variable because they're long-term.

有股票，债券和石油,我还想再增加最后一种资产，我们称之为无风险资产，由于长期债券持有期限很长,存在一定不确定性及风险。

耶鲁公开课 - 金融市场课程节选