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

耶鲁公开课 - 金融市场课程节选

In that year, we were early on in terms of diversifying the portfolio -we'd only been working on that program for two years -and even so,the negative return was less than 1%, so it was a modest negative return.

在那一年,我们还处于投资组合多元化的初期,刚刚开始2年,即便如此,股灾时我们的亏损小于1%,这只是一个轻微的亏损

耶鲁公开课 - 金融市场课程节选