Over this time period, that portfolio had an expected return of something like a little over 9% and it had a standard deviation of a little over 9%.

在这个时间段，这个投资组合的预期收益率是,9%多一点%,标准差是9%多一点。

耶鲁公开课 - 金融市场课程节选

Then, once we did that we could plug that into the formula that I gave you last time and get the standard deviation of the portfolio and the expected return on the portfolio.

再将估算出的数值代入到,上节课给你们的公式中,就能得到资产投资组合的标准差,和该投资组合的预期收益率

耶鲁公开课 - 金融市场课程节选

The writeup at the Economic Policy Institute noted above says Novy-Marx averages the returns of stocks and bonds when he should assume that higher-yielding stocks will become a larger proportion of the fund over time and increase the expected return, even if fund managers rebalance periodically.

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