投资人不愿将金钱投向为贫穷的乡村用户构成的分散市场服务的产品，他们认为风险太大。

Investors are reluctant to pour money into products that serve a dispersed market of poor rural consumers because they see the risk as too high.

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理论上，这些金融产品可以帮助投资人和公司分散风险，但是要给这些产品估值几乎是不可能的。

In theory, those products can help investors and companies diversify risk, but they are nearly impossible to value.

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规模更大一些的联邦计划是《劳动力投资法（WIA）》（1998），它将以前分散的联邦培训计划转变为一个协调的、综合性、一站式的服务体系。

The more sweeping federal initiative is the Workforce Investment Act (WIA) of 1998, which sought to replace jumbled federal schemes with a streamlined system for workers and employers.

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figuring out there is no such thing as a free lunch but Markowitz tells us that diversification is a free lunch.

知道世上没有免费的午餐这回事,但马科维茨称分散投资是免费的午餐

耶鲁公开课 - 金融市场课程节选

The mutual fund theory that we gave last time said, no the mutual fund is just supposed to be diversifying for you.

但上节课讲到的共同基金定理认为,共同基金的目的是分散投资

耶鲁公开课 - 金融市场课程节选

The take-aways are that an equity bias is an absolutely sensible underpinning for investors with long time horizons but that diversification is important.

对于长期投资者来说,股权偏好的存在,是长期投资获利的重要基础,但是分散投资也很重要

耶鲁公开课 - 金融市场课程节选