极低的短期利率也促使投资者寻找更高的回报进而将资金转移至如股票和公司债券的风险资产中。

Very low short-term interest rates also encourage investors to seek higher returns by moving into risky assets such as equities and corporate bonds.

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国债的低收益也促使投资者在风险更大的资产上寻找更高的回报，比如抵押证券。

Low yields also encouraged investors to seek higher returns in riskier assets, such as mortgage-backed securities.

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投资者对持有股票等风险更高的资产也可能要求更高的回报率，这就通常意味着更低的价格。

Investors are also likely to demand higher returns for owning for riskier assets such as stocks, which usually means lower prices.

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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

耶鲁公开课 - 金融市场课程节选

Because that's true, then asset allocation ends up being the overwhelmingly important determinant of the University's results.

因为在这种情况下,资产配置,是学校投资回报率的,支配性的决定因素

耶鲁公开课 - 金融市场课程节选

Are you going to hold the market portfolio, index your assets, match the markets results?

你是应该持有市场投资组合,指数化资产,获取与市场一致的回报率

耶鲁公开课 - 金融市场课程节选