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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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。

耶鲁公开课 - 金融市场课程节选

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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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

耶鲁公开课 - 金融市场课程节选

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。

耶鲁公开课 - 金融市场课程节选

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。

耶鲁公开课 - 金融市场课程节选