Since then, David Swensen has invested or has managed the investment of this endowment and it has done phenomenally well.
从那时起,大卫·斯文森投资...,或者说开始管理这笔基金,而且成效相当的明显
We had a lot of arguments within the management, within the board, and among the investors, and I finally decided that's the way to go.
当时在管理层内发生了许多争论,在董事会以及投资方方面也是如此,但我决心要走这条路。
If you read his Pioneering Portfolio Management on the syllabus, he really has a preference for equities.
如果你阅读他的著作《开拓投资组合的管理》的摘要,他确实对股票有偏好。
The general principle of portfolio management is: you want to include as many assets as you can.
投资组合管理总的原则是:,不同的资产越多则组合越佳。
I'm transferring this to the portfolio management problem and you can see it's the same idea.
如果将保险转化为投资组合管理的问题,你会发现原理是一样的。
Portfolio management pools risks in a different way: by assembling a diversified portfolio or a portfolio that's negatively correlated with a risk that someone has.
而投资组合管理采用了不同的方式,多元化的资产配置,或者风险负相关性的,投资组合
With non-participating--with participating, you are participating in the portfolio outcome that the insurance company is experiencing, so you have some uncertainty about your cash value.
所谓参与式分红保险,是指你的收益来自某个投资组合收益,而这个投资组合是由保险公司来管理的,所以保单的现金价值是不确定的
Here I was, back at Yale, with a billion dollar portfolio -it seemed like a lot of money at the time no portfolio management experience.
那时我在耶鲁,要管理上十亿美元的投资组合,在当时,那是笔巨款,而我却没有任何投资组合管理经验
If I'm going to be active in terms of managing my portfolio, should I spend my time and energy trying to beat the bond market?
如果我想主动地管理我的投资组合,是否应投入时间和精力,专注于战胜债券市场呢
So, when we say portfolio management, we mean managing everything that gives you economic benefit.
所以,当谈到管理投资组合的时候,我们管理的是,能够带来经济利益的一切大小事物。
Unencumbered by, I guess, the conventional wisdom, we started out at Yale on a path that I think is--fundamentally that changed the way that institutions manage portfolios.
抛开惯常思维和传统做法,我们在耶鲁开创了一条新路,一条我认为,从根本上,改变了机构投资管理方式的新路
Assets under management" is how much money he has drawn in from investors.
资产管理规模就是,他从投资者那里引进来多少钱
I was just yesterday-- I gave a talk in Montreal at the Caisse de Dep?t,et Placement du Quebec, which is the big wealth management fund for the Province of Quebec.
昨天,我刚在蒙特利的魁北克储蓄投资集团,做了一个讲演,这个投资集团是魁北克省的,一所大型财产管理基金机构。
Bob mentioned in his introduction that I showed up at Yale in 1985, after having spent six years on Wall Street, and I was totally unencumbered by any portfolio management experience.
鲍勃在介绍中提到,我1985年刚来耶鲁时,已经在华尔街待了六年,完全没有任何,投资组合管理的经验
Finally, I just want to say, next lecture is January twenty-eighth and we're going to talk about portfolio diversification, which is one very important application of the fundamental principle of risk management, as applied to securities.
最后,我想说下一讲是在1月28日,到时我们会谈谈资产组合多样化,这是风险管理基本原则中,对证券投资来说,这是非常重要的一项应用。
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?
Anybody whose read a basic finance text, as a matter of fact, I think anybody who thinks about investments in a common sense fashion knows that diversification is an important fundamental tenet of portfolio management.
事实上,任何一个读过金融基础教材的人,任何一个,以正常思维来考虑投资问题的人,都知道分散投资是投资管理的,一条重要的基本原则
Let me start out by putting what I think is a relatively controversial proposition on the table and that's that this investment management business, when stripped down to its bare essentials, is really quite simple.
让我从一个,相对争议的话题开始,投资管理业务,当剥离种种表象追溯到其本质时,其实非常简单
Well,that's going to inflate the numbers too because the only managers that kind of raise their hand and say, hey I've got this interesting new approach to managing domestic equities--or whatever the asset class is -are the ones that have succeeded.
当然是会让指数起点偏高,因为经理人倾向于提供那些,举手说找到有趣的新方法,来管理国内股权投资,或其他投资的,成功的历史数据
If you look at the behavior of groups of active managers and the dispersion of returns, I think it gives you some idea of what the efficiency is with which assets in these individual assets classes are priced.
如果观察一下主动管理型的基金经理们,和他们的投资收益分布,我想它会告诉你一些信息,哪些资产是有效定价
It will be about the securities market line, about the beta, about the mutual fund theorem, and it will also be about institutions that we have--about investment companies and their management.
证券市场的风险线,beta系数,共同基金定律,还有当下的一些金融机构,包括投资公司,以及他们的管理
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