Shoulders stooped, broad back Bent with weighted expectations from Umi,Khaltu,Fatima and Baba Eagerly awaiting your return, the Conquering hero With Big Macs And blue jeans For all They tricked us.

VOA: special.2009.04.17

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

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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

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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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