来自《耶鲁大学开放课程：金融市场 第9集 第9集》

• 
  
  the overwhelmingly important
  是学校投资回报率的
• 
  
  determinant of the University's results.
  支配性的决定因素
• 
  
  Because we hold relatively stable,
  因为持有相对稳定
• 
  
  relatively well-diversified portfolios,
  和相对分散的投资组合
• 
  
  security selection turns out not to be
  证券选择不再是
• 
  
  an important determinant of returns for most investors
  决定投资者回报率的重要因素
• 
  
  and market timing turns out not to be
  而市场时机选择
• 
  
  an important determinant of returns.
  也不会成为决定回报率的重要因素
• 
  
  The last man standing is asset allocation
  能决定回报率的只剩下资产配置
• 
  
  and that tends to drive
  它将决定
• 
  
  both institutional returns and individual returns.
  机构投资和个人投资的回报率
• 
  
  Roger Ibbotson, who is a colleague of
  罗格·伊博森是