来自《耶鲁大学开放课程：金融市场 第9集 第9集》

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  for investors with long time horizons
  是长期投资获利的重要基础
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  but that diversification is important.
  但是分散投资也很重要
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  You have to limit your exposure
  你必须把手中持有的风险资产
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  to risky asset classes to a level
  限制在一个合适的比例水平
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  that allows you to sustain those positions
  并且即使到了最差的市场环境下
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  even in the face of terribly adverse market conditions.
  你依旧能够承受这些风险资产
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  Let's move to the second point: market timing.
  接下来我们讲第二点 市场时机选择
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  I actually have a quotation here.
  这里我要引用一个观点
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  A few months ago, some former students of mine
  数月前 我以前的一些学生
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  --former colleagues of mine
  还有以前的同事
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  --gave this very nice party at the Yale Club.
  在耶鲁俱乐部举办了一次精彩的派对
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  I used to teach a big lecture class
  20世纪80年代我刚到耶鲁时