Underlying this analysis, we have estimates of the expected returns on assets, notably, the expected returns on stocks and bonds.

凭借这个分析，我们可以估算出资产预期投资收益，特别是股票和债券的预期收益。

耶鲁公开课 - 金融市场课程节选

Looking at this particular group, he estimated survivorship bias to be 4.4% per year and backfill bias to be 7.3% per year.

分析这个特定的样本,他估算其生存偏差每年达到4.4%,回填偏差每年达到7.3%

耶鲁公开课 - 金融市场课程节选

From then on,if you accept the analysis and the assumptions or the estimates that underlie it, then we pretty much know how to construct portfolios.

如果你们理解了整个分析过程,假设前提以及各项资产的有关估算,就能知道该怎样建立一个投资组合

耶鲁公开课 - 金融市场课程节选