-
So I started to talk to the VCs and asking for $10 million at a very, very difficult time in Internet history.
就在互联网历史上最艰难的时期，我开始跟风险投资商接洽，向他们要1000万美元。
-
And they go through these arguments, and they find venture money to fund the company, and they get very famous people to endorse them, etcetera.
然后他们就这些论证展开讨论，找风险投资,来资助其公司，还找著名人士,来支持他们，等等等等。
-
I wrote this book in 2000 right at the peak of-- fortunately right at the peak of the stock market.
我2000年写这本书的时候,当时希勒教授在书中提醒投资者注意泡沫风险 股市正处于最高点 2个月后此预言果然应验
-
They say with the contraction in Venture Capital doesn't mean we're not going to get good solutions to the business problems we face.
他们认为风险投资上的契约并不意味着,能有好的方式来解决面临的商业困难。
-
I love this because I would go around to all these angel investors 0 and VCs and charge them $5 or $50 to show them my new idea.
我喜欢这个成果,因为这样我就能四处拜访天使投资者,和风险资本家，收取他们5或50美元的费用0,向他们展示我的新想法。
-
After we took some from these guys, we decided that it is OK to go a few months in cash flow negative while... But very barely cash flow.
当风险投资资金到位之后，有几个月现金流出现负值也可以接受,但其实没有什么现金流。
-
The first phase required them to identify a customer that was not well-served by Merril Lynch, or perhaps a new customer and to profile those customers in terms of their risk and investment profits.
第一个是要求他们找到,未受到美林良好服务的顾客，或者是一个新顾客,并且根据风险和,投资利润对顾客分组。
-
at least as much a distinguishing feature between good venture capitalists among each other as the quality of their ideas.
这至少和创意质量一样,是区别优秀风险投资者,的重要特征之一。
-
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。
-
.. The equity premium is the-- 2.8% this short-term 2.8% is the riskless return, historically, for a period of almost 200 years.
股权溢价就是-,这个短期无风险投资收益率是，是根据近200年的数据得出的。
-
They were making risky investments but they weren't reporting them properly on the SEC forms, so people didn't know how risky Enron was.
从事风险投资,安然并未按照证交会规定适当披露这些消息,所以大众不知安然面临多大风险
-
Suppose you step out in the risk spectrum and put a dollar into the bond market.
假设你愿承担更多风险,将一美元投资于债券市场
-
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
-
As a matter of fact,there might not even be a benchmark against which you can measure results and you'd think about the venture capital world.
事实上,甚至也许没有一个指标,能用来衡量这些市场的投资结果,想想风险投资领域
-
Of course, in the venture capital world, the least efficiently priced of all, there's a 43.2% differential between the top quartile and the bottom quartile.
当然在最无法有效定价的风险投资领域,第一和第三个四分位数之间的差距,可以达到43.2%
-
We have private equity, we have venture capital, and we have employees getting incentive options.
例如私人权益，风险投资，还有用于激励员工的期权工具。
-
You might have brought in investments or something by borrowing money, so the investment--the combined investment and liability could be very volatile.
你可能通过贷款,进行投资或运行某种项目,因而投资...这种兼有投资,和负债性质的项目,风险极高
-
Or should I spend my time and energy trying to find the top quartile bond, top quartile real estate manager,or buyout manager, or venture capital manager?
还是说,我应该投入时间和精力,去找一流的债券经理人,一流的不动产或杠杆收购经理人,或者一流的风险投资经理人
-
There's always a risk that investors will suddenly want their money back.
风险无时不在,投资者会突然要求撤回资金
-
I think reselling is an element of things like venture capital.
我想经销是类似于,风险投资之类的组成部分。
-
How do you hug the market in the venture capital world?
如何掌控风险投资领域
-
If you would have stepped further out of the risk spectrum and put your money into a portfolio of small stocks you would have gotten 15,922 times your money.
如果你愿承担更多的风险,将钱投资于小盘股组合,你就能获得本金的15922倍
-
They have a formula that defines how much Tier I and Tier II capital a bank has to hold and the amount depends on the risk class of their investments.
有一个公式可以计算出,一个银行到底需要持有多少一级和二级资本,其数量取决于他们投资项目的风险等级
-
That would mean that everybody is holding that same portfolio of risky assets and nobody is different, they're only different in how-- what proportions they hold the risky-- the tangency portfolio.
这就意味着每个人,都持有相同风险资产投资组合,每人都是一样的，他们唯一的不同在于-,他们所持有风险资产的比例-,也就是切线资产组合。
-
Well if you're an investor, you don't like variance.
假如你是一个投资者，你不喜欢风险。
-
It's a huge amount of money that they're managing, but I was trying to convince them that they should do something to manage their oil risks because they're way over-invested in oil.
他们管理着一大笔钱，不过我试图说服他们,采取一些措施来应对他们手里石油的风险,因为他们过于侧重在石油上的投资。
-
The minimum variance portfolio is down here.
风险最小的投资组合在这一点取到。
-
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。
-
Our foreign exposure is not limited to the marketable security exposure, which I cited as being 15% of the fund, but there's foreign exposure in real estate, there's foreign exposure in leverage buyouts, there's foreign exposure in venture capital.
我们的境外投资,并不限于可交易证券类,那只占总资产的15%,也有境外不动产投资,境外杠杆收购,以及境外风险投资
-
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
应用推荐