Now I realize, for example, that small-cap stocks are more risky than large-cap stocks.

笔者认为，小盘股其实比大盘股更具风险的。

youdao

These might include the difference in returns between small-cap and large-cap stocks (fund managers tend to favour the former) or the level of credit spreads and so on.

大盘股同小盘股的回报差(基金经理比较喜欢前者)、息差水平等都是研究对象。

youdao

Then as you move out to the equity markets where it's harder to price things as efficiently--large-cap stocks -there are two-fold percentage points,first to third quartile.

如果你转而观察,难以有效定价的市场,比如大盘股,第一和第三个四分位数相差2个百分点

youdao

Small-cap stocks are tougher to price than large-cap stocks, so there's a 4.7% differential, first to third quartile.

小盘股比大盘股更难定价,第一和第三个四分位数的差距有4.7%

耶鲁公开课 - 金融市场课程节选

Then as you move out to the equity markets where it's harder to price things as efficiently--large-cap stocks -there are two-fold percentage points,first to third quartile.

如果你转而观察,难以有效定价的市场,比如大盘股,第一和第三个四分位数相差2个百分点

耶鲁公开课 - 金融市场课程节选

If I see them start to utilize the capital, I will be long on large-cap stocks.

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In other words, they are less correlated to large-cap stocks than long-term Treasuries are.

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On the surface, the numbers back this strategy up, at least for large-cap stocks.

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