来自《耶鲁大学开放课程：金融市场第9集第9集》

which includes venture capital and leveraged buyouts,

包括风险投资和杠杆收购
is 19% of assets.

占资产的19%
So,70% of the portfolio is in absolute return,

因此资产的70%分布于绝对收益组合
real assets,private equity, alternatives--broadly defined.

不动产私募权益等广泛的投资品种中
If you take this portfolio and apply the tests

如果用今天课程开始时所讲到的原则
that we articulated at the outset of the lecture today

来检视一下耶鲁的投资组合
-equity orientation and diversification

即权益导向和投资多元化
-the portfolio is clearly equity-oriented;

那么这个组合明显就是股权导向的
96% of assets are invested in some type of vehicle

96%的资产都投资于
that we would expect to generate equity-like returns

能在相当长的时期内
over reasonably long periods of time.

产生权益收益的工具中
In terms of diversification,

投资多元化方面