尽管在过去20年间投资者持有股票的比重过高，如今的资产配置比重却在向固定收益型债券倾斜。

Although over the past 20 years investors have been overweight in equities, asset allocation is now tipping in favour of fixed-income bonds.

youdao

随着最近股票证券和固定收入债券市场的大动荡，金融业陷入沉思：接下来会发生什么变化？

And with the recent upheavals in equity and fixed income markets, the financial industry is left to ponder: What change is next?

youdao

正如股票指数有衡量由公司的市场价值，固定收入基准测定债券价值。

Just as equity indices are weighted by the market value of the constituent companies, fixed-income benchmarks are weighted by the value of the debt.

youdao

But regardless of how you measure it, for a full half-dozen years, in the midst of this bull market, colleges and universities were over-allocated to fixed income relative to where they had been in June of 1987.

但不管你怎么算,整整六年时间,处于牛市之中,大学的基金,由于1987年6月那次崩盘的影响,过度投资于固定收益债券

耶鲁公开课 - 金融市场课程节选

Just as I foreshadowed, if you look at the difference between the first and third quartile in the bond market -these are active returns over a ten-year period again ending June 30,2005 -and the fixed income market, the difference between first and third quartile is a half a percent per annum.

如我之前所示,如果观察,债券市场中的第一和第三个四分位数,四分位数即统计学中,把所有数值由小到大排列并分成四等份三个分割点位置分别就是三个四分位数 考虑十年期的主动型的收益,截止于2005年6月30日,在债券这个固定收益市场,第一和第三个四分位数,每年只差0.5%

耶鲁公开课 - 金融市场课程节选