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Now, the interest rate in Irving Fisher's world has to equate supply and demand in the market for debt.
在费雪的理论里,利率必须与,债券市场的供需关系保持平衡
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So the debt market is something worthy of studying because it really represents a market for time itself.
债券市场很值得研究,因为它恰恰代表着,证券市场的时间价值
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Suppose you step out in the risk spectrum and put a dollar into the bond market.
假设你愿承担更多风险,将一美元投资于债券市场
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The bond markets,in general, and the high-quality bonds in particular are probably easiest to value.
一般来说,债券市场,尤其是优质债券,可能是最容易定价的
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If I'm going to be active in terms of managing my portfolio, should I spend my time and energy trying to beat the bond market?
如果我想主动地管理我的投资组合,是否应投入时间和精力,专注于战胜债券市场呢
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Where even if you can find somebody who's going to be a first quartile manager, there's almost no difference between the first quartile return and the third quartile return.
即使你能找到一位,一流的经理人,但在债券市场收益中,第一和第三个四分位数之间几乎没有区别
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After that, I want to talk about the debt markets.
在这之后,我想讲讲债券市场
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But, when you move from lending money to the government -either short-term with bills or longer term with bonds -to investing in the equity market, there's a stunning difference in terms of the returns.
当你转变投资方式,从借钱给政府,即通过短期债券或长期债券的形式,变成投资于股票市场,回报率的差别会大到让你吃惊
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Well, it went into the bond market.
流入了债券市场
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The other thing that I mentioned last time was that there seems to be a really big difference between the expected return on the stock market and the expected return on short-term debt.
上节课提到的另一条内容是,股票市场的预期收益,与短期债券的预期收益,存在着巨大差异
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You want to spend your time and energy pursuing the most inefficiently priced asset classes because there's an enormous reward for identifying the top quartile venture capitalist and almost no reward for being in the top quartile of the high- quality bond universe.
你应该投入所有的时间和精力,去追逐最不能有效定价的资产,因为在那里才能通过一流的风投经理人,获得巨额的投资回报,而在债券市场,即使债券优质,经理人一流,回报微乎甚微
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Just as I foreshadowed, if you look at the difference between the first and third quartile in the bond market -these are active returns over a ten-year period again ending June 30,2005 -and the fixed income market, the difference between first and third quartile is a half a percent per annum.
如我之前所示,如果观察,债券市场中的第一和第三个四分位数,四分位数即统计学中,把所有数值由小到大排列并分成四等份三个分割点位置分别就是三个四分位数 考虑十年期的主动型的收益,截止于2005年6月30日,在债券这个固定收益市场,第一和第三个四分位数,每年只差0.5%
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What they did instead of just-remember the Federal Funds Rate is a target interest rate that the Fed attempts to hit through buying and selling treasury bills in the U.S. or in other countries buying and selling government bonds to affect the market.
他们真正做的事-记住,联邦资金利率是,美联储试图通过在美国,买进和卖出国库券,或在其他国家买进和卖出政府债券,来影响市场的目标利率。
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