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That's got the lowest possible standard deviation of expected return and that's 25% stocks and 75% bonds with this sample period.
这个组合预期回报的标准差最小,在这一点上，投资组合,由25%的股票和75%的债券构成。
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So clearly, that's not, thank you, that's not a profitable deviation and it's also not a profitable deviation for people on the left.
所以很明显,那不是,谢谢,那不是个有利的偏离并且,对左边的人来说也不是个有利的偏离
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Let's suppose that all of them are the same-- they all have the same standard deviation.
我们假设这些资产的收益率标准差-,均相等。
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If there's a large standard deviation it would be spread.
如果标准偏差值很大,那么它就比较分散。
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So there's three possible types of deviation here that we need to check.
这有三种可能的偏差,需要我们验证
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But there's a second reason why this is a really bad deviation.
但认为这是很差的偏离还有第二个原因
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You can't come up with a number to describe the twenty-five standard deviation event; it's just too large a number, I think, for any of us to really comprehend.
你根本无法想出一个数字,来描述这个偏离25倍标准差的事件,对我们普通人来说,这是个难以想象的天文数字
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You want to, for any given expected return, you want to minimize the standard deviation, so it's the left-most line and that means that everyone will be holding the same portfolio.
你希望，在期望收益固定的情况下，你肯定希望将标准差最小化，而这条线是最左边的线,这就意味着所有人,都愿意持有这样的投资组合。
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So that's .16/100; so the standard deviation is .04.
那就是0.16/100,所以标准差等于0.04
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So, the optimal thing to do if you live in a world like this n is to get n as large possible and you can reduce the standard deviation of the portfolio very much and there's no cost in terms of expected return.
如果现实中也这样简单的话,那么你就尽量增大,这样就能让投资组合的标准差,就会大大降低,从预期收益率的角度来看,这样做的成本是零。
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We need to check another entrant from the outside, left wing or right wing, we need to check another entrant in the middle, there is only one possible one there, and there's a third kind of deviation we should check, what's the third type of deviation?
我们需要验证另外一个外部的参选人,左派或右派,我们需要验证另外一个中间的参选人,只有一个可能参选的人,还有第三种要验证的偏差类型,第三种偏差类型是什么
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