由于公司管理松散或者执行错误的战略导向，公司股票价格将会不断地下跌。 公司的股票价格越低，对于其他公司或者投资者群体就越容易购买到公司绝大多数股份。

The further acompany’s stock price falls, due to lax management or wrong-headed policies, the easier it is for another company or group of investors to buy up a majorityof the shares.

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尤其你如果是个价值导向型投资者，会倾向于早早买入。

Particularly if you have a value orientation, you tend to buy things early.

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廉价劳动力成本的良性循环、外国投资和出口导向型的增长模式也已过时。

The virtuous circle of low labour costs, foreign investment and export-led growth is outdated too.

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The overall conclusions are that, with respect to asset allocation, you want to create an equity-oriented diversified portfolio.

总而言之,在资产配置方面,你要创造一个股权导向的多元化投资组合

耶鲁公开课 - 金融市场课程节选

Particularly if you have a value orientation, you tend to buy things early.

尤其你如果是个价值导向型投资者,会倾向于早早买入

耶鲁公开课 - 金融市场课程节选

Over the past twenty years, we've generated 15.6% per annum return, but that headline number obviously has a lot to do with the equity orientationof the portfolio but doesn't describe the importance of the diversification.

过去20年间,我们的年收益率达到15.6%,虽然媒体头条报道这一收益率,总强调与投资组合的股权导向有很大关系,但没有描述出投资多元化的重要性

耶鲁公开课 - 金融市场课程节选