Small-cap stocks are tougher to price than large-cap stocks, so there's a 4.7% differential, first to third quartile.

小盘股比大盘股更难定价,第一和第三个四分位数的差距有4.7%

耶鲁公开课 - 金融市场课程节选

All right. The rules, though, are, they can only move one disk at a time, and they can never cover up a smaller disk with a larger disk. OK. Otherwise you'd just move the whole darn stack, OK?

好，规则是，他们只能一次挪动一个盘子,并且不能把大盘子放在小盘子上,不这样的话你就直接,把这一堆盘子都挪过来了对不对？

麻省理工公开课 - 计算机科学及编程导论课程节选

If you put a dollar into small stocks in June of 1932, by the end of 2006, you would have had 159,000 times your money.

如果你在1932年6月买一美元小盘股,那么到2006年底,你的收益将会有159000倍之多

耶鲁公开课 - 金融市场课程节选

For every dollar that you had in small stocks at the peak of the market, by the end of 1929, you lost 54% of your money.

崩盘前市场达到峰值时,投在小盘股里的每一分钱,到了1929年底,都会损失54%

耶鲁公开课 - 金融市场课程节选

And you would sell your small stocks and put your money where?

那么你要是卖掉小盘股,又会把钱用到哪呢

耶鲁公开课 - 金融市场课程节选

If you would have stepped further out of the risk spectrum and put your money into a portfolio of small stocks you would have gotten 15,922 times your money.

如果你愿承担更多的风险,将钱投资于小盘股组合,你就能获得本金的15922倍

耶鲁公开课 - 金融市场课程节选

At some point, when your dollars were turning into dimes, you'd say, forget this, this is ridiculous, it doesn't make any sense for me to own these risky small-cap stocks.

当一块钱变成一毛钱,你会说,得了吧,这太荒谬,持有这些高风险的小盘股,对我而言没什么好处

耶鲁公开课 - 金融市场课程节选

So, ownership of stocks absolutely crushes buying bonds -almost 16,000 times your money or more than 3,000 times your money in the stock market as opposed to 72 times your money or 19 times your money in the bond market or the bill market.

股票的收益率远远超过债券,小盘股的收益差不多16000倍于本金,而大盘收益也翻了300倍以上,相比长期债券的72倍,和短期债券的19倍

耶鲁公开课 - 金融市场课程节选