The real difference between Federal Reserve Bank System of 1913 the most important difference and the Federal Reserve System of today is that we are no longer on the gold standard.

913年的联邦储备银行系统与,当今的联邦储备银行系统之间3,不同点在于,最重要的不同点,我们不再以金本位为基础了。

耶鲁公开课 - 金融市场课程节选

Of two pleasures, if there be one to which all or almost all who have experience of both give a decided preference, irrespective of any feeling of moral obligation to prefer it -- in other words, no outside, no independent standard -- then, that is the more desirable pleasure."

这两种快乐中，如果所有或几乎所有,两种都体验过的人，都更偏好其中一种，而且并不是出于任何道德责任-,换句话说，没有外界的，独立的标准影响-,那么该快乐就是更令人满意的“

耶鲁公开课 - 公正课程节选

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