They define four credit risk categories and they define a formula involving the amount of assets in each of the categories.
他们定义了四个风险等级,然后根据每个风险等级下的资产额,定义了一个资产总额的计算公式
I'm going to generalize from our simple story even more by saying that, let's not assume that we have equally-weighted.
我要将我们刚才的简单特例,变得更普遍适用一些,现在我们假设这两项资产的权重并不相等。
Indexed portfolios, you basically say, I want to own all of the stocks that there are, and if the stock market goes up, I make money, if the stock market goes down, I lose money.
指数化资产组合,使之我拥有这些股票,如果股市走高,那么我就赚钱,如果股市走低我就赔钱。
But the Hobbesian point, the paradox being that the Hobbesian bourgeois cannot entirely dispense with the barbarian, even in its own midst.
这就是霍布斯的悖论,他的资产阶级不可能完全免于野蛮人的挑战,甚至这挑战就来自于资产阶级的内部。
In fact, the assets that the Norwegian Government owns is about two-thirds oil and one-third government pension fund assets.
实际上,挪威政府所持有的资产中,大概有三分之二的石油,和三分之一的政府养老基金。
He has a new name for it -I think it's called Home Equity Protection Corporation -but almost the same idea.
他已经想出了一个新名字,我想应该是叫做住房资产保护公司,但是这几乎跟房主贷款公司是一样的
So, if you're a small college with only $20 million in a portfolio you don't come across as a qualified purchaser.
因此,如果是一个,只有2000万资产组合的小学院,是不能通过合格购买者的审核程序的
What I have up there on the diagram are calculations I made for the efficient portfolio frontier with three assets.
上面的图形是我已经算好的,三种资产的有效投资组合边界。
Oil is a very important asset, ... so we want to compute what that-- so now we have lots of inputs.
石油是一种重要的资产,我们想计算-,现在我们有许多参数。
It's like a fourth asset but we're using a special feature of this asset: that it has no risk.
如同第四种资产,我们将利用这个资产的特性:,即无风险特性。
Suppose you could find 10,000 independent assets, then you could drive the uncertainty about the portfolio practically to 0.
假设你能找到一万项相互独立的资产,那么你就可以将这个投资组合的风险,降到几乎为零。
Or are you going to manage each individual asset class actively, trying to beat the market and generate risk-adjusted excess returns?
还是积极管理每项资产,力求获得市场水平以上的回报率,以及风险调整后的超额收益
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。
This is a formula that applies to-- what if an asset pays a fixed amount every period and then stops?
这个公式应用于...,如果一份资产在每段时期都给与支付,然后突然停止了怎么办
That will lead us into the capital asset pricing model, which is the cornerstone of a lot of thinking in finance.
然后引出资本资产定价模型,这个模型是很多金融思想的基础。
If you put a property up as collateral, then the lender knows that they can get the money back from you.
如果你以资产作抵押,贷方就知道债务偿还有了保障
Some people say, well if that's the case I want to invest in nothing more than that one asset.
一些人会说,如果真的如此,我只会投资收益较高的那项资产
This portfolio, the minimum variance portfolio, is 9% oil, 27% stocks, and 64% bonds and most of the--many choices you can make.
这个最小方差的资产配置是9%的石油,27%的股票和64%的债券,而大部分。。。你可以有许多选择。
He founded Whitebox Advisors in 2000 -so that's eight years ago -and it is now up to $1.8 billion assets under management.
他于2000年创立了白盒顾问,也就是8年前,现在这家公司成长为,资产管理规模高达18亿的公司
Those are institutions that arrange for or manage the buying and selling of financial assets, such as the New York Stock Exchange.
经纪机构是指那些安排或,管理买卖的,金融资产的机构,比如说纽约股票交易所
The last man standing is asset allocation and that tends to drive both institutional returns and individual returns.
能决定回报率的只剩下资产配置,它将决定,机构投资和个人投资的回报率
Now, he's using a much longer sample than I did, so he's not going to get this tangency portfolio that I did.
他的样本跨度比我的要大多了,所以他得出的切线资产组合会和我的不同。
That means that if you fail to pay on the loan, the property is taken by the lender to satisfy your debts.
这意味着如果你不能偿付贷款,这项资产会归债权人所有以清偿你的债务
.. You want to get it-- if you keep adding assets, you can do better and better on your portfolio standard deviation.
你想得到-,如果不断增加资产,组合的标准差就会越来越小。
For example, we might have--this is asset 1-- and we might have something here--this could be asset 2.
例如,这个点表示一号资产-,这里这个点表示二号资产。
This is a special case, though, because I've assumed that the assets are independent of each other, which isn't usually the case.
这是一个特例,因为我假设了,这个投资组合里的资产是相互独立的,但现实中通常都不是这样的。
.. Now, once you have more than three-- more than two assets-- it might be possible to get points inside the frontier.
现在,一旦你有超过三种-,超过两种资产-,就有可能取到边界里面的点。
If an asset class has constituents that are efficiently priced, then it's very hard to generate excess returns.
如果某种资产的构成都是有效定价的,那么就很难产生超额回报
And the third, securities selection, speaks to how it is you manage each of your individual asset classes.
第三,证券选择,说的是如何管理,每个单独的资产类别
So you have some asset that nobody trusts the U.S. Federal Reserve will take it on.
所以,我们有了一些没有人信任的资产,美联储将其承担下来。
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