I'm going to generalize from our simple story even more by saying that, let's not assume that we have equally-weighted.

我要将我们刚才的简单特例,变得更普遍适用一些，现在我们假设这两项资产的权重并不相等。

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There's no correlation between them ... and that means that the variance-- and I want to talk about equally-weighted portfolio.

它们之间没有相关性,也就是说。。。方差-,我想讲一下,权重相等的投资组合。

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Okay, so there was some irony built into it because the program itself was weighted so heavily toward processed packaged foods and eating out.

好的,所以这个项目的讽刺之处在于,项目本身侧重于加工好的,精包装的食品以及餐馆里的食品

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That'll be the weighted average.

这就是成绩的加权比例

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But they're accountable and we can list all possible values when they're discrete and form a probability weighted average of the outcomes.

但随机变量是离散的话,我们可以把所有的可能值列出来,然后算出加权平均值

耶鲁公开课 - 金融市场课程节选

There were seventeen categories of equity mutual funds and they compared the dollar-weighted to the time-weighted returns.

其中一共是17种股权共同基金,将它们的货币加权回报率,和时间加权回报率进行比较

耶鲁公开课 - 金融市场课程节选

In every one of those seventeen categories, the dollar-weighted returns were less than the time-weighted returns.

发现这17种基金中的每一种,货币加权回报率,都是低于时间加权回报率的

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I've made a very special case that this is the case of an equally-weighted portfolio.

在这里我假设了一个特例,即一个各项资产权重相等的投资组合。

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.. I started out with the equally-weighted-- I was talking about stocks-- about n stocks that all have the same variance and are all independent of each other.

开始的时候我讲了等权重的-,我开始时讲了股票-,几支拥有相同方差的股票,彼此间相互独立。

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But if you look at the tech fund category, the difference between the dollar-weighted and the time-weighted returns--this is over a ten-year period -is 13.4% per annum; that's stunning.

但是如果你关注科技投资基金,十年间,货币加权回报率,和时间加权回报率间的差距,是每年13.4%,这是非常夸张的

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If you look at the ten best-performing Internet funds from 1997 to 2002, the time-weighted return is 1.5% per year positive, so the funds went way up and then they went way down.

这十个表现最好的网络投资基金,从1997年到2002年,时间加权回报率是每年1.5%,基金一路涨涨跌跌

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Dollar-weighted obviously takes into account when the cash flows come in and when they go out.

货币加权回报率显然是把现金流入,以及流出考虑在内

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Well, there's another way to look at returns -those are the dollar-weighted returns -and the dollar-weighted returns actually do a better job of describing the experience of the group of investors that participated in these funds.

还有另一种考察回报率的参数,货币加权回报,货币加权回报实际上,是描述基金参与者收益的,一个更好的指标

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But it's positive 1.5% per year, time-weighted--that's the number that you see in the prospectus or the number that you see in the advertisements so you say, what's the big deal, no harm no foul.

但算下来回报率每年还是正的1.5%,时间加权回报率,是你在招股说明书中,或是在广告中会看到的数字,你会说,没什么大不了,既没损失,也不违法

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The equally-weighted case that I gave a minute ago was one where the two assets had--were at the same-- had the same expected return and the same variance; but this is quite a bit more general.

我刚刚举的相同权重的例子,表示两种资产-,有相同的预期收益和相同的方差;,但这种情况更加普遍一些。

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Compound that 13.4% over ten years and there's just an enormous gap between those mutual fund numbers that are in the prospectus and in the advertisement--the time-weighted returns and the dollar-weighted returns that talk about the actual experience of the investment community.

按13.4%复利算一下10年期的结果,你会发现在招股说明书和广告里给出的,用来反映投资机构实际业绩水平的,时间加权回报率,和货币加权回报率数字之间,有着巨大的差异

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