These public-private distinctions are onerous -are offensive--to some people because it seems like the government is acting like a parent.

公共和私募公司之间的划分有些繁琐,对有些人来说有些冒犯的意味,监管机构像是在扮演父母的角色

耶鲁公开课 - 金融市场课程节选

If you're a private company, you're subject to regulation that limits a lot of things you can do.

一家私募公司,同样需要遵守多项规定,许多活动也受到了限制

耶鲁公开课 - 金融市场课程节选

There were precursors to this, but the SEC forces the difference between public and private securities and this is a very important distinction.

例如证交会强制界定了,公共券商与私募券商之间的差异,这是非常重要的划分

耶鲁公开课 - 金融市场课程节选

Now, if you are a private company, you are limited to where you can sell your investments.

如果你的公司是私募性质,在推销投资产品方面会面临许多限制

耶鲁公开课 - 金融市场课程节选

Let's take an example of an important kind of private company, called a hedge fund.

我举个例子,一种重要的私募券商,叫做对冲基金

耶鲁公开课 - 金融市场课程节选

If you are--this is a private investment company -let's think before we talk about hedge--think of -suppose you're a public investment company approved by the SEC.

如果你是...这是一种私募投资公司,...在我们讨论对冲基金之前大家想一想,...假设你有一家经证交会认证的公共券商

耶鲁公开课 - 金融市场课程节选

He created just about the biggest private equity firm from scratch in 1985 and I guess they just went public and they have a huge market cap.

他于1985年白手起家,创建了最大的私募股权公司,后来公司上市,市值相当可观

耶鲁公开课 - 金融市场课程节选

So,70% of the portfolio is in absolute return, real assets,private equity, alternatives--broadly defined.

因此资产的70%分布于绝对收益组合,不动产,私募权益等广泛的投资品种中

耶鲁公开课 - 金融市场课程节选

Public securities are securities that the SEC will accept as suitable for the general public and private securities are securities that have not been vetted by the SEC for the general public.

公共券商是指那些经证交会审核通过,适于面向大众经营证券买卖的证券公司,而私募券商是指那些未经,证交会审查,面向大众的证券公司

耶鲁公开课 - 金融市场课程节选

So 90% of your portfolio is in domestic marketable securities and only 10% is invested in things like real estate or venture capital or private equity -hardly enough to make a difference in terms of the portfolios returns.

于是90%的投资都在本国有价证券中,仅10%用于比如不动产,风险资本或私募股权投资,这一小块几乎对投资回报,没有什么作用

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

Hedge funds do not post their investments on EDGAR, so they're private.

对冲基金不在EDGAR上发布投资情况,所以他们就是私募性质

耶鲁公开课 - 金融市场课程节选