夸张的增长预测和虚增私有化收益项目讲需要额外的调整。

Exaggerated growth forecasts and inflated privatization revenue projections will require additional adjustments going forward.

youdao

用最好的衡量长期收益的工具——周期性调整市盈率——衡量，华尔街金融市场的溢价为21.9倍，高于历史均值大约33%。

On the best long-term measure, the cyclically adjusted price-earnings ratio, Wall Street looks overvalued on a multiple of 21.9, some 33% above the historic average.

youdao

美国应该根据寿命来调整退休年龄，整改高收入人群的收益计算公式。

America should index the retirement age to longevity and make the benefit formula for upper-income workers less generous.

youdao

Or are you going to manage each individual asset class actively, trying to beat the market and generate risk-adjusted excess returns?

还是积极管理每项资产,力求获得市场水平以上的回报率,以及风险调整后的超额收益

耶鲁公开课 - 金融市场课程节选

You get nineteen times your money over eighty-one years, but then if you take into account the inflation consumes a multiple of eleven and you're an institution like Yale that consumes only after inflation returns, putting your money into treasury bills really didn't get you very much.

1年后你的钱翻了19倍,但是如果考虑通货膨胀,在此期间侵蚀了11倍的收益,而且如果你是像耶鲁这样,减去通货膨胀调整到实际回报后再论支出,那么将钱投资于短期国库券,不会让你赚得多

耶鲁公开课 - 金融市场课程节选