What this parable really teaches us is that we do best to wait, we do best to consider the command, to consider all of the possible investment strategies.

这个寓言真正教会我们的是我们最好等着，我们最好仔细考虑要求，考虑所有可能的投资策略。

耶鲁公开课 - 弥尔顿课程节选

The problem with being a public investment company is you have to file quarterly reports about all the things you've invested in.

而公共券商的困难在于,你必须按季度向证交会报告,公司所有的投资活动

耶鲁公开课 - 金融市场课程节选

And...so those issues added up is a democratic context which you can't be certain of what the policies will be, so all of these make it sort of somewhat trickier than a place like China.

所以，所有因素加起来,就造成了投资者的困惑,你无法确定,下一秒会出台什么政策,这就使得在印度投资比在中国,这样的国家来说棘手多了。

普林斯顿公开课 - 国际座谈会课程节选

You remember he's written his father in "Ad Patrem" that the trade, the vocation of poetry -- it may be homely and slighted in his father's eyes, but it was of course worth all of Milton's time, all of Milton's uncessant care and investment.

他在写给父亲的Ad，Patrem中说，写诗这个职业在父亲看来或许,简单无趣，却值得弥尔顿付出所有的时间，精力，和投资。

耶鲁公开课 - 弥尔顿课程节选

So you say, how can I make money beating the market if every quarter I have to tell everybody what I'm doing?

因此你会说,如果我按季度公布所有的投资活动,那我还怎么跑赢市场赚取利润

耶鲁公开课 - 金融市场课程节选

But the very, sort of, nature of being an institution constrains almost everybody whether it's, in our case, all our investors have thirty-day liquidity.

但是，投资机构的本质在一定程度上束缚了,它所处市场里的每一个人，在我们的案例中，我们所有的投资者都拥有强大的现金流。

耶鲁公开课 - 金融市场课程节选

You want to, for any given expected return, you want to minimize the standard deviation, so it's the left-most line and that means that everyone will be holding the same portfolio.

你希望，在期望收益固定的情况下，你肯定希望将标准差最小化，而这条线是最左边的线,这就意味着所有人,都愿意持有这样的投资组合。

耶鲁公开课 - 金融市场课程节选

Obviously you don't invest in every company, so I was wondering what factors you look for in identifying companies that you want to invest in and ? that you think are especially poorly managed?

很明显你不会投资于所有的公司，所以我想知道当你考察你想投资的公司时,或者是管理情况很糟糕的公司时,你都会考虑哪些因素呢？

耶鲁公开课 - 金融市场课程节选

The market portfolio is, if you took all the stocks and bonds, and oil, and real estate, anything that's available to invest in, in the whole world, put them all together in one portfolio.

市场组合则是，假设你在全世界范围内购买了所有，能够投资的股票，债券，石油和房地产，将他们放在同一个投资组合里。

耶鲁公开课 - 金融市场课程节选

Everyone would do that, no one would ever hold some other portfolio ... because you can see that this line is the lowest-- it's far--you want to get to the left as far as possible.

所有人都会这么做，没人会选择其他的投资组合,因为你们可以看到这条线是最低的-,你希望他越靠左越好。

耶鲁公开课 - 金融市场课程节选

Why isn't there something offered to me that's like a DPP that's available to everyone?

为什么没有像DPP一样,面向所有人的投资工具呢

耶鲁公开课 - 金融市场课程节选

he says, all investing is about coupon clipping and the difference between equities and bonds are that bonds come with a coupon that's known and equities have earnings in the future that you don't know.

他说，所有的投资都是关于票息剪券的,股票和债券的区别是,债券有确定的票息,而股票的收益发生在未来,你是无法确定的。

耶鲁公开课 - 金融市场课程节选