不过这不太可能降低投资者对Zynga公司IPO的热情。此次IPO可能会在今年年底之前进行。

Yet that is unlikely to dampen investors' enthusiasm for a Zynga IPO, which could take place before the end of the year.

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申武投资初期安装了一个热交换器，将进入炉内的空气预热，降低了客户的燃料成本。

Shenwu puts up the initial investment to install a heat exchanger that preheats the air going into the furnace, slashing the client's fuel costs.

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艾伯纳西对汽车制造商的研究表明，一个行业很容易成为自己在削减成本技术上投资的俘虏，从而降低了开发新产品的能力。

As Abernathy's study of automobile manufacturers has shown, an industry can easily become prisoner of its own investments in cost-cutting techniques, reducing its ability to develop new products.

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There's a very important principle that finally comes out here, it is that you always want to reduce the variance of your portfolio as much as you can.

现在这里有一个非常重要的原则，即你总是想要降低你投资组合的方差,降得越低越好。

耶鲁公开课 - 金融市场课程节选

So, it's not surprising that asset allocation explains more than 100% of returns and that, for the community as a whole, market timing and security selection are costly and lower the community's aggregate investment returns.

因此资产配置能解释100%以上的回报,也不足为奇了,对投资者整体来说,市场时机选择,和证券选择是有代价的,降低了总的投资回报

耶鲁公开课 - 金融市场课程节选

So, the optimal thing to do if you live in a world like this n is to get n as large possible and you can reduce the standard deviation of the portfolio very much and there's no cost in terms of expected return.

如果现实中也这样简单的话,那么你就尽量增大,这样就能让投资组合的标准差,就会大大降低,从预期收益率的角度来看,这样做的成本是零。

耶鲁公开课 - 金融市场课程节选