耶鲁《金融市场》视频笔记

and we tried to divide up the subject matter of finance

我们将金融这一学科

into two courses

分为两门课

We thought Financial Theory and financial Markets would be the two.

我们决定将其分为金融理论学和金融市场

But the problem was that both John and I are interested in

但问题是，约翰和我

both theory and applications.

对两者的理论及应用都十分感兴趣

John Geanakoplos is actually

约翰

.

吉纳科普洛斯为一家

Chief

Economist

位于康涅狄格州格林威治的

for a large investment company

名为埃林顿基金的大型投资机构

called Ellington Capital in Greenwich, Connecticut,

做首席经济学家

which you

’

ll see a lot in the news

这家公司的大名经常见诸报端

It has been very successful

公司运作十分成功

He is very much interested in the real world

他对真实世界更感兴趣

and I am interested in financial theory

而我更倾向于金融理论学

so we find it --- we decided, after talking about it,

所以我们发现－－在讨论后我们决定

that we really can

’

t divide up the subject matter of finance into

我们不能将金融这个学科分为

separate courses on theory and practice.

两个不同的课程，即理论和应用

If you tried to do one alone it would not work,

非要分开单独来学的话是不可行的

so we decided to divide it up imperfectly

所以我们只能退而求其次

and there may be some repetition between our two courses.

分割后的两门课可能会有重复的部分

Both of them are self-contained courses,

两门课都自成一体

so you could take either 251 or 252,

你可以在

251

号和

252

号中任选一个

or you could take both

或者都选也行

I think maybe the best option is to take both

如果你真的对金融很感兴趣的话

if you

’

re really interested in the subject matter.

我觉得最明智的选择就是都选

It is true though that his course is

他的课确实比我的

more tuned into theoretical detail than min.

更加偏向理论细节

John is a mathematical economist

约翰是个数理经济学家

and we both love mathematics,

我们都热爱数学

but maybe John is going to do more of it than I am.

但是约翰会讲授更多关于数学的内容

This course actually will not use a heavy amount of mathematics.

这门课不会使用太多的数学知识

I try to keep it so that

我可以保证这一点

people who are not comfortable with a lot of math

这样不太喜欢数学的同学

can take this course

也可以选这门课

and I wanted to emphasize that this is --I

’

ve said that it

’

s--

我还想强调的是，我已经说过

I think this course is vocational preparation in a sense.

某种意义上这门课程也与就业有关

I pride myself on the fact that

我很骄傲的说

people who have taken this course

选了这门课的人

find it useful in their subsequent lives,

会在以后的生活中用到这些知识

but on the other hand,

而另一方面

I think that it

’

s really interesting.

我觉着这是门有趣的课

At least I find it really interesting

至少我自己这么觉得

and so I hope that you will too

但愿你们和我有类似的感觉

Now I don

’

t know, I may be different than other people,

但我不确定，也许我和他人不太一样呢

but I think organic chemistry is really interesting.

我认为有机化学很有趣

How many of you have that feeling?

有多少人有同感呢

Can I get a show of hands, who is interested in organic chemistry?

对有机化学感兴趣的同学能举下手吗

I

’

m not getting a lot of hands raised,

挺少的啊

Unfortunately, I

’

ve never taken a course in it,

遗憾的是，我从未上过有机化学课

But I

’

ve started reading it lately

但我最近开始读一些

out of just my broad intellectual interest

这是我广泛爱好中的一种

That is a course that has a bad reputation, doesn

’

t it?

有机化学这门课的名声不太好，对吧

Because people say I

’

ve got to take that if I want to be pre-med.

据说想做医学预科生的人才选那门课吧

But, you know, to me there

’

s a lot of detail in organic chemistry.

但是，对我来说有机化学中有很多细节内容

To me, when you read the detail

对我来说，但你读到细节时

you

’

re getting into something deep and important

你就会了解到事物机制中

about the way everything works

一些深刻并重要的东西了

and so I start to find it interesting.

所以我觉得它很有趣

So I don

’

t know how people feel about taking--

我不知道你们是怎么想的

maybe I

’

m turning you off by saying this--

也许说这个让你们很倒胃口

There

’

s going to be a lot of detail in this course.

本门课中也有很多细节内容

Maybe I made a big mistake by likening it

也许将其比作有机化学课

to an organic chemistry course--

是个错误

I don

’

t mean to turn you off

我不是故意想倒你们胃口的

The idea in this course is that

这门课的要旨在于

by being a financial markets course,

一门金融市场课

you have to know how the world works,

你会从中学到世界运转的方式

We

’

re going to be thinking about that

我们会学到

in connection with Financial Theory,

它和金融理论之间的联系

but we have to get into the details;

但我们还会学到一些细节内容

so we are going to be --

所以我们将要

--

we are going to be learning about facts.

我们会学习一些实例

Let me start by talking about the textbook.

我先说说课本吧

So the principal textbook is Frank Fabozzi,

首选 教材是弗兰克

.

法博齐的

the other authors are Modigliani, Jones and Ferri,

合作作者有莫迪利亚尼，琼斯和费里

Foundations of Financial Markets and Institutions.

《金融市场与机构通论》

This textbook is very detailed and it may be --

这本教材编写得非常详细，也许会

I

’

ve had some reaction by students--

我听到过许多学生的反馈

More than you wanted to know,

涵盖面实在是太广了

I actually had a great experience reading it.

但我觉得这本书读来还是很棒的

Actually, it was an earlier edition,

我看的是早一些的版本

when I first assigned this book in the year 2000,

2000

年我第一次将其指定为教材

I took it with me on vacation.

我带着这本书去旅行

I was going to the Bahamas with my family

我们家 和杰里米

.

西格尔一家

and with Jeremy Siegel

’

s family--

一起去巴哈马群岛旅行

we

’

ll come back to Jeremy Siegel in a minute.

过会还会提到杰里米

.

西格尔

I sat down by the pool with this book.

我拿着这本书坐在泳池边

Other people were reading novels

其他人在读小说

and I don

’

t know what else,

我两耳不闻窗外事

but I was reading Fabozzi,

一心只读法博齐

I had such a great time with it.

读这本书是种享受

so I

’

m telling you my experience.

跟你们交流下经验吧

Maybe it was because it was filling in gaps in my knowledge--

也许是因为它弥补了我知识上的缺陷

things I

’

ve always wanted to know and was always curious about.

那些知识是我一直想要了解的

That

’

s partly what you have to develop

当你对某个领域非常感兴趣的时候

when you get interested in a field;

你可以培养一种习惯

some sense of curiosity about all the details.

就是对细节的好奇心

So I read the whole book, 650pages,

我读完了整本书， 足足

650

页

maybe I kind of read fast because I knew a lot of it.

也许我读的很快，因为很多内容我都懂

It might take you a little longer to get through it.

你们读的话可能要多花些时间了

but I wanted you to have the same experience.

但我希望你们也能体验相同的乐趣

I

’

ve been assigning this book,

我一直指定这本书为教材

now it

’

s in another edition and--

现在有了新版

Fabozzi is working on a fourth or next edition.

法博齐正在修订第四或者更往后的版本

I forget what number

我忘记版本号了

I

’

ve been assigning--

我一直指定??

I

’

ve gotten some complaints from students that

有些学生向我抱怨说

This book is tough going

这本书很难

because there

’

s so much information in it.

因为信息量太大

I used to tell people.

我过去常常说

I

’

m assigning the whole book

我要求你们掌握整本书

and you have to know everything in the book.

你们要全看懂

That

’

s a little ambitious.

要求有点高了

I finally backed down because

我最终还是让步了

I met a man on Wall Street,

我遇到一个在华尔街工作的人

a very prominent Wall Street person, and he said,

一个非常杰出的华尔街人士，他说

“

You know, my son started to take your course.

”

我儿子原本选了你的课

I said,

“

What do you mean started the course?

”

我说“原本”是什么意思

He said,

“

Well, he dropped out when he saw this book and the requirements.

”

他说：他看了这本书和你的要求就退课了。

I didn

’

t like that, I don

’

t want students to drop out.

我不希望这样，我不希望学生中途退出。

So what I decided is that

所以我决定了

you need to know the whole book in the sense that

我把掌握整本书的要求改为

you need to know all of the key terms and key points.

你需要知道所有的关键词和关键点

Now if you look at the structure of this book.

如果你看了整本书的结构

It has sections that say Key Points and Key Terms.

就会看到有个关键点和关键词的部分。

Anything that

’

s mentioned there

在这部分出现的内容

is fair game for me in an exam

都可能在考试中出现

And that

’

s the way I

’

ve done it.

这就是我考试的方式

There are key points and key terms.

这些关键点和关键词

Also, anything in my lecture is

还有我课程中出现的内容

of course fair game for the exam.

都是可能考到的内容

Let me also add that I have a reading list

还有一点，我还有个阅读材料列表

that has clickable things on it and also things that are on reserve in the library.

其中有可点击的网络连接

,

也有可以在图书 馆读到的内容。

Anything that

’

s clickable is required reading.

可点击内容都需要阅读

I don

’

t expect you go to the library, however.

我不指望你们去图书馆

because I think that we

’

re moving into an age.

因为我觉得我们进入了一个新时代

where you tend to want to be online, right?

在这个时代里，人人都想挂在网上吧

So the library books are

所以图书馆内的书

all optional background.

都是可供选择的背景资料

Fabozzi, a faculty member here at Yale,

法博齐是我们耶鲁的一位老师

has offered to give me--

他提议先给我－－

we have at least one chapter

这本尚未发行的新版中

from the new edition that hasn

’

t come out yet.

至少一个重新编写的章节

I

’

m going to put that on reserve in the library;

之后我会将它放入图书馆里

but again, I think that the edition that you have

不过，我认为你们手上的版本

is reasonably up to date and so that

’

s all

已经包含了最新的信息

that I

’

m expecting you to read.

我觉得你们看这个就行

The other author, Franco M odigliani--in the book,

这本书的另一位作者，弗兰克

.

莫迪利阿尼< /p>

the second author-- was my teacher at MIT.

是第二作者，他是我在麻省理工大学的老师

He died in 2003

他在

2003

年过世了

He is also a Nobel Prize winner and

他也是一位诺贝尔奖获得者

I think has a remarkable intellect.

我认为他有着非凡的才华

So this book, Fabozzi, et al.--

所以这本由法博齐等人

Fabozzi, Modigliani, Jones and Ferri--

包括法博齐，莫迪利亚尼，琼斯以及费里

is a very solid book about financial markets.

这是一本关于金融市场的非常完备的书

The second book that I

’

m assigning

第二本指定教材是

is Jeremy Siegel,

杰里米

.

西格尔所著

Stocks for the Long Run.

《长期股票投资》

This is an old friend of mine.

他是我的一位老友

I met him in graduate school.

我在读研究生时与他相识

Funny story, I met him because at MIT

有趣的是，我在

MIT

遇到他是因为

they signed us all up for chest x-rays alphabetically--

我们按姓氏字母顺序，排队去照胸透

that

’

s the way MIT does things, an orderly way.

MIT

做事总是用这种有条理的方式

Shiller and Siegel are next to each other in the alphabet,

希勒和西格尔按字母顺序是相邻的

so I was standing in line with him for an x-ray

所以我和他站在一起排队照

X

光

and I got to talking with him and I

’

ve known him ever since.

我们开始聊天，从此我就认识他了。

A funny coincidence is that

巧合的是

since our names are close in the alphabet--

因为我们的姓氏在字母表中排在一起

you often find our books right together in bookstores.

所以书店里常见到我们的书也摆放在一起

because Shiller and Siegel--

因为希勒和西格尔

if they

’

re shelving alphabetically--

如果书店按字母顺序摆放书籍的话

would end up together.

我们的书就会放在一起

He wrote a book called Stocks for the Long Run, starting in 1993.

他

1993