Some of those countries are really reliant on oil, ... so they really have to do-- they really should do a calculation of efficient portfolio frontiers.
有些国家过于依赖石油了,所以他们真的需要-,他们真的应该好好算一算,有效边界。
I went to the Bank of Mexico; I tried to convince the-- I met the president of the Bank of Mexico and tried to tell them that Mexico is too reliant on oil, too much oil--they have to get rid of their risk.
我去了墨西哥银行,我试图说服-,我与墨西哥银行的行长见了面,试图告诉他们墨西哥过于依赖石油了,过多的石油。。。他们得设法摆脱石油风险。
I better say something about oil in the ancient world, so that you get a grip on what's going on here.
我最好说一下油在古代世界的地位,以便你能明白为什么会出售芳香油
It's not just that we need to reduce our indenpendence on foreign oil.
问题不仅仅在于我们需要,减少对国外石油资源的依赖。
The oil futures market is very significant because it represents the price of energy on dates into the future.
石油期货市场对我们来说意义重大,因为它代表,未来的能源价格
The olive itself, you use it to cook with as oil; some people just put oil on their salad.
你可以用它来烹饪,有些人还往沙拉中加入橄榄油
You can blame it on other things like the oil crisis of 1979 nothing is completely simple.
你也可以将其归于另外的原因,比如说1979年的石油危机9,但是没有任何事是完全单纯的。
I computed the returns on the stocks, bonds, and oil for every year from 1983 and I computed the average returns, which I take as the expected returns, I took the standard deviations, and I took the covariance.
我计算了从1983年以来每年的股票,债券和石油的收益,从而得出平均收益率,这些平均收益率作为预期收益率,然后算得标准差及协方差。
Yet, they wanted to get clean and so what device they used was to take oil, typically olive oil, spread it on themselves, then get a scrapper, a metal scrapper, and scrap off the oil with it what was underneath the oil.
当他们想要保持清洁时,他们所使用的东西就是油,通常是橄榄油,把橄榄油抹在身上,然后拿一个刮板,金属刮板,把污垢和油一起刮下来
What you could do is, say, borrow $.50 on your $1 and put $1.50 into a portfolio, which consisted of 9% oil, 27% stocks, and 64% bonds.
你所做的就是,这么说吧,你用手上的1美元借来了50美分1,然后以这1。5美元购买投资组合,其中包含9%的石油,27%的股票和64%的债券。
Where are we on this frontier regarding oil in the United States?
考虑到美国拥有的石油的话我们又在哪呢?
I ended up in the newspaper the next day for having argued that they are way off on their investment opportunities because oil is such a volatile thing.
结果第二天的报纸就报导,我提出,他们在投资的选择上错得离谱,因为石油是易变的。
So, for example, at an annual expected return of 12% if I have a portfolio of stocks, bonds, and oil I can get a standard deviation of something like 8% on my portfolio.
例如,在年预期收益12%的情况下%,我有股票,债券和石油的投资组合,在这个组合里,我的投资组合可以取到8%的标准差。
He said, of course we're worried on reliance, so much of our GDP and of our government revenues is oil-related.
他回答道,我们当然很担心这点,我们大部分的GDP和政府收入,都与石油产业相关。
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