今年3月份，美联储(Fed)邀请黑岩管理投资银行贝尔斯登(Bear Stearns)290亿美元的不良抵押贷款证券。

In March, the Federal Reserve asked it to manage $29bn in distressed mortgage securities from Bear Stearns, the investment bank.

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摩根大通和其他一些服务公司(这些公司管理贷款并且以住房抵押贷款证券的形式向投资者们支付报酬)也跟着这样做。

JPMorgan Chase and several other servicers (which manage loans and distribute payments to investors in mortgage-backed securities) quickly followed suit.

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当你买了基金，你会跟其他很多投资者将钱放在一起，这样你(作为团体的一部分)就可以雇佣专业的管理者来为你选择特定的有价证券。

When you buy a mutual fund, you are pooling your money with a number of other investors, which enables you (as part of a group) to pay a professional manager to select specific securities for you.

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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。

耶鲁公开课 - 金融市场课程节选