也许你很容易把不稳定的证券和花样游泳联系起来，但今年或许会是一个例外。

It's not often you can make a connection between shaky securities and synchronized swimming, but this year may prove an exception.

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防守型证券被认为比一般证券更稳定的证券，即使在动荡的市场上仍能获得稳定的股息。

Stocks which are considered to be more stable than average and provide a dependable return through dividends even in shaky markets.

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但是进一步说，扣减率的高级债务和类似于救市计划发行的证券的优先股，都会由于自身的不稳定性，给决策者带来难以承受的风险。

To go further, however, and "haircut" senior debt or even existing preferred stock similar to that issued via the TARP would create an instability policymakers should not want to risk.

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Because we hold relatively stable, relatively well-diversified portfolios, security selection turns out not to be an important determinant of returns for most investors and market timing turns out not to be an important determinant of returns.

因为持有相对稳定,和相对分散的投资组合,证券选择不再是,决定投资者回报率的重要因素,而市场时机选择,也不会成为决定回报率的重要因素

耶鲁公开课 - 金融市场课程节选