来自《耶鲁大学开放课程：金融市场 第9集 第9集》

• 
  
  Well, I looked at that and I thought,
  我观察和思考
• 
  
  this doesn't really make a lot of sense.
  发现其中并无玄机
• 
  
  You have half of your assets
  你将半数资产
• 
  
  in one single asset class: U.S. Common stocks.
  投资于单一类别 美国普通股
• 
  
  You've got another 40% of your assets in U.S. Bonds and cash.
  另外40%投资于债券和现金
• 
  
  So 90% of your portfolio is in domestic marketable securities
  于是90%的投资都在本国有价证券中
• 
  
  and only 10% is invested in things like real estate
  仅10%用于比如不动产
• 
  
  or venture capital or private equity
  风险资本或私募股权投资
• 
  
  --hardly enough to make a difference
  这一小块几乎对投资回报
• 
  
  in terms of the portfolios returns.
  没有什么作用
• 
  
  Unencumbered by, I guess, the conventional wisdom,
  抛开惯常思维和传统做法
• 
  
  we started out at Yale on a path
  我们在耶鲁开创了一条新路