When you look at this theory, you realize that it suggests a very important technology for improving human welfare and by spreading risks.

这一理论，提出了一个重要的技术,即可以通过分散风险，提高收益。

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Insurance pools risks like life risks or fire risks by writing policies to individual policyholders.

保险业分散风险是通过,与个人签订保险合同,比如寿险合同,或者火险合同

耶鲁公开课 - 金融市场课程节选

That is, even leaving the risks as they are and just sharing them better.

那就是，相对于改变风险的大小,分散风险才是上策。

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But, the real technology is-- the technology that works to eliminate risks is to spread them out, to pool them, to share them among many different people.

但是真正的技术-,能够降低风险,通过风险汇聚，将风险分散，让很多人共同承担。

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The idea is that if you spread risks they don't disappear, they're still there, but they're spread out over many people and the impact on any one person is reduced.

这种观念就是说如果你把风险分散...,风险仍然存在,并没有消失,但如果风险分散到许多人身上,那每一个人受到风险的冲击就会减少

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I think they will help us to diversify our risks.

共同基金能帮我们分散风险

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When you look at each of those individual asset classes -domestic equities, foreign equities, bonds, real assets, absolute return and private equity -each of those individual asset classes is going to be relatively well-diversified in terms of exposures to individual positions or individual securities.

当你观察每一种资产,比如国内股权,国外股权,债券,不动产,绝对收益和私募股权,这其中每一种,比起单一头寸或单一证券,风险都是相对分散的

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