It's the world portfolio, it's everything and we compute the expected return on that portfolio, rm that's rm.
这就产生了世界投资组合,然后我们在此基础上计算出预期收益,所得值就是。
It's a little bit of a digression, but one of the things that I've witnessed over the past twenty years is that the leakage of the -the leakage from the system in terms of the returns that go to the owners of capital -leakage has increased enormously.
讲一点稍稍离题的内容,我发现,过去的二十年中,这种损耗,这种减损资本所有者收益所得的,系统性损耗,有相当巨大的增长
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