Measuring the price-earnings ratio of share is important for determining the expected holding-period return which can be used as a basis for valuing any portfolio.

测算市盈率对于确定证券组合预期的持有期收益率非常重要，这正是估价任何证券组合的基础。

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It shows the standard deviation of the return on the portfolio as a function of the expected return on the portfolio.

它是投资组合的收益标准差,关于预期收益率的函数图像。

耶鲁公开课 - 金融市场课程节选

2% You could say, I think my portfolio has an expected return of 12%-- that would be better than if it had an expected return of 10%.

如果一个投资组合的预期收益率有-,那就比一个只有10%的投资组合要好。

耶鲁公开课 - 金融市场课程节选

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

In June of 2012, Calpers lowered the expected rate of return on its portfolio to 7.5% from 7.75%.

WSJ: Andy Kessler: The Pension Rate-of-Return Fantasy

But if you could build a portfolio where half of the expected return is cash dividends, to which you could depend on buybacks and debt pay downs of another 150 basis points, we now have a 6% yield.

FORBES: Good Returns With Less Risk? High Priest Of Dividends Shows How!

Actuaries guess, er, compute how much money is needed today based on life expectancies of retirees as well as the expected investment return on the pension portfolio.

WSJ: Andy Kessler: The Pension Rate-of-Return Fantasy