Let's talk portfolio management 让我们聊聊组合管理
So in this first reading we're gonna have an overview of the portfolio management process 因此，在第一读中，我们将对投资组合管理流程进行概述
so this is there's nothing here that is calculation intensive Okay 所以这里没有很多计算
But there are key concepts I mean really key concepts that that are very much pan curriculum, right? 但是有一些重要概念，我的意思是说课程中非常重要的概念，对吧？
So they go across all all three levels of the curriculum 因此，它们涵盖了课程的所有三个级别
and they touch a lot of the things we do in the cfa program and a lot of things in the investment realm 它们涉及了我们在CFA考试中的很多内容以及在投资领域中的很多事情
so anyway we're going to start out with this notion of a portfolio perspective 所以无论如何，我们将从投资组合角度的概念开始
and what that means is that we're going to evaluate investments 这意味着我们将基于他们对整体投资组合的风险和回报的贡献
based on their contribution to the risk and return of the overall portfolio 来评估投资
So there was a um there was a day okay，where we had what wouldn't play 某一天，在这里，我们不能任意而为，
what was in place legally was called a prudent man rule Okay 这在法律上被称为审慎的人规则
well the prudent man rule required that we analyzed securities one at a time 谨慎的人规则要求我们一次分析一种证券
So we looked at the risk and return for the security 因此，我们主要看证券的风险和收益
and decided whether or not it was appropriate or suitable for a client 并决定它是否适合客户
or you know whoever we who what whatever however we had a foot use your responsibility to 或您知道我们是谁，无论我们做什么，以及自己的责任，
a well prudent man rule required that you look at each and security individually 审慎的人规则要求您分别查看每个证券
Well now we use something like a prudent investor rule 好吧，现在我们使用谨慎的投资者规则
which means looking at the risk and return parameters of an individual asset is in fact not appropriate 这意味着查看单个资产的风险和回报参数实际上是不合适的
it is the contribution of the asset to the risk and return of the overall portfolio that's important 是资产对整个投资组合的风险和回报的贡献，这很重要，
and in fact adding a risky asset to portfolio can actually reduce risk 实际上在投资组合中添加风险资产，可以降低风险
That's why you can take you know widows and orphans fund a that has lots of investment grade bonds 因此，您知道，孤寡基金的投资组合有很多投资级债券，
and you know some large cap equity exposure 有一些大盘股敞口
and you can put some really hairy you know private equity hedge fund investment 也有一些你知道的私募股权，对冲基金等投资
that got these wild investment schemes in there and it actually bring down the risk of the portfolio 有了这些风险高的投资计划，实际上降低了投资组合的风险
it's not the idea is diversification right? So in diversification is based on correlation 这不就是多元化的概念吗？因此，多元化是基于相关性
So it's not the not the standard deviation and the return of the asset 所以不是资产的标准差和收益
it's the return of the asset and its contribution to the risk of the overall portfolio 这是资产的收益及其对整个投资组合风险的贡献
And of course the lower the correlation, the greater the diversification of risk 当然，相关性越低，风险的分散性就越大
The other way to say that is the lower the correlation between assets or an asset in the portfolio 换句话说，资产或投资组合中资产之间的相关性较低
The lower the correlation, the lower the standard deviation of risk 相关性越低，风险的标准偏差越小
I think I already said that way 我想我已经说过了
The lower the correlation, the greater the diversification 相关性越低，多元化程度越高
Right? So one way to measure that would be with what's called the diversification ratio 对？因此，一种衡量方式就是所谓的多元化比率
And that is we can look at the standard deviation of an equally weighted of 那就是我们可以看一看相等权重的
look at standard deviation of equally weighted portfolios returns 投资组合收益率的标准差
So here's all the assets we keep in the portfolio Ok 这是我们存放在投资组合中的所有资产
What's the standard deviation of the portfolio returns? 投资组合收益的标准差是多少？
And then you can compare that to the average standard deviation of returns and the portfolio assets 然后，您可以将其与投资组合资产收益的平均标准差进行比较
And what you're gonna see is unless the correlation coefficient between all of the assets in the portfolio is one 而您将看到的是除非投资组合中所有资产的相关系数是1
and nothing is perfectly positively correlated, right? 并且没有完全正相关，对吗？
So unless the standard deviation and less the correlation coefficient between all of the assets is one, 因此，除非所有资产的相关系数和标准差是1，
then the standard deviation of the portfolio will be less than 否则，投资组合的标准偏差将小于
the average standard deviation of the portfolio assets 投资组合资产的平均标准差
So the diversification ratio is going to tell us 因此，多元化比率将告诉我们，
how much are we benefit we get from diversification 多元化带来的收益是多少
So the lower the ratio, the greater the benefit, right? 比率越低，收益越大，对吗？
so this diversification ratio, it in terms of calculations, 这个多元化比例，在计算方面，
I don't know that it's all that important, 我不知道它的重要性，
but understanding what it's telling us here, I think is in fact important 但要了解它在这里告诉我们的内容，我认为实际上很重要
And so what about the portfolio management process? Well, there's going to be several steps here 那么投资组合管理流程又如何呢？好吧，这里将有几个步骤
The first one, not surprisingly, is planning So uh, to and 毫不奇怪，第一个是计划
the best way to to conceptualize this is to think of yourself as a portfolio manager, 将此概念化的最佳方法是将自己视为一个投资组合经理，
and you're dealing with a client to whom you have a fiduciary responsibility 并且您正在与您负有受托责任的客户打交道
And I think in terms of understanding, you know your responsibility 我认为就了解客户而言，您知道自己的责任
and the the ethical imperatives and this isn't ethics, this is portfolio, 和道德要求，这不是道德部分，这是投资组合部分，
but it might be useful as a thought exercise to have a portfolio manager with fiduciary responsibility 但是让一个有信托责任的投资组合经理
and discretionary authority for an unsophisticated investor 对不成熟的投资者有任意处置的权利可能会有用
Right? So if you conceptualize it that way, then I think a few of these things are a little clearer, 对吗？因此，如果您以这种方式将其概念化，那么我认为一些事情会更清晰一些，
but the planning process the first thing you have to do is you have to understand your clients needs and constraints, 但是计划过程中首先要做的就是必须了解客户的需求和约束，
right? So the constraints are a big deal.We'll get to talk about those later 对？因此限制很重要。我们稍后再讨论
and then you're gonna write an IPS an investment policy statement and 然后您要为撰写一份IPS即投资说明书，
and this investment policy statement this is the rule . 而这份投资说明书，这是规则。
So all investment at least all investment where there's fiduciary responsibility 所以至少是所有投资，它的信托责任
has to take place under the auspices of a written investment policy statement 都必须在书面的投资说明书上写清楚
So that's the curriculum position 这就是课程的位置
So if you have produced a fiduciary responsibility, 因此，如果您产生了信托责任，
if you've got especially we have discretionary authority a well 如果您特别喜欢我们，那么我们拥有任意处置权
then you need a written investment policy statement 那么您需要一份书面的投资说明书，
which we'll talk about the parts and things that's gonna contain, 我们将讨论其中包含的部分和内容，
but it's gonna have a big it's going to have a big portion of it that deals with the constraints 但它会很多，它将有很大一部分是关于投资约束的
So once we write the investment policy statement, 因此，一旦我们撰写了投资说明书，
we want to develop an investment strategy that's 我们想制定一项投资策略，
consistent with that IPS and then we also have to specify a performance benchmark 就要与该IPS保持一致，然后我们还必须指定一个投资业绩基准
So how are we gonna evaluate success? Right So is this gonna be something that 那么我们如何评估投资是否成功呢？是的，这将会是
we're gonna compare to you know return on the S & P 500 the return on T bills, 我们将与，您知道的标普500的收益和国债的收益，进行比较
the return on you know what what is it gonna be? 你知道收益是什么？
Maybe it's an absolute return that would be unusual, but nonetheless, 也许这是不常见的绝对的收益，这是，但尽管如此，
we have to have some sort of portfolio benchmark that is specified in the planning process 我们必须在计划过程中指定某种投资组合基准
And we we talk about the IPS okay? 我们谈论的是IPS，好吗？
These last two bullet points would probably be included in the IPS 最后两个要点可能会包含在IPS中
perhaps a third bullet point down there develop an investment strategy 也许那里的第三个要点就是制定投资策略
the outcome of that would probably be at least an appendix in the IPS 投资结果将可能出现在IPS的附录中
Ok Then if you plan then you've got to execute 好吧，如果您计划了，那么您必须执行
So you're going to analyze the risk return characteristics of asset classes 因此，您将分析资产类别的风险收益特征
Right? So when you look at an asset class 对吗？因此，当您查看资产大类时
where the correlation between returns within an asset class that ought to be high, 在一个大类资产之间，收益的相关性应该很高，
the record the correlation of returns across asset classes ought to be low 在不同的大类资产之间，收益的相关性应该很低，
That's how you define asset classes 这就是定义资产类别的方式
So we're going to analyze the risk return characteristics of the asset classes 因此，我们将分析资产类别的风险收益特征
Look at market conditions to identify you know what are the attractive asset classes for us 查看市场状况，确定您知道什么是对我们有吸引力的资产类别
identify by attractive securities within those asset classes 在这些资产类别中，识别出有吸引力的证券
And then we're gonna put together a portfolio Right? 然后我们要构建一个投资组合。对吧？
So executions got to have a portfolio at some point 因此，执行是必须在某个时候构建投资组合
we've got to actually take these millions of dollars and buy some assets with them 我们得到数百万美元并购买资产
And so we're gonna have a strategic portfolio 因此，我们将拥有战略投资组合
Maybe we're going to have tactical deviations from that 也许我们会在战术上有所偏差，
and then we're gonna have to decide ，You know these are the assets we're gonna include 然后我们将不得不决定，我们要在投资组合中投资哪些资产
What are gonna be the weights? How are we gonna evaluate those? 权重将是多少？我们将如何评估他们？
Are there any risk management imperatives? 是否有风险管理的必要性？
All that sort of stuff goes into the execution part of the portfolio management process 所有这些东西都进入了投资组合管理流程的执行部分
and then as the last item on all of these types of lists is feedback 然后在这里所列的最后一项是反馈
Right? So we planned we executed 对？所以我们计划，执行
Now we're gonna see how did things go，What can we learn 现在我们要看看情况如何，我们可以学到什么，
and we're gonna go back and look back over to the planning process, 我们将回头，回顾一下计划过程，
but basically we're gonna monitor and update investor's needs 但基本上我们要监视和更新投资者需要
the ethics material says that this needs to be done effectively and at least annually 道德部分说，这需要有效且至少每年进行一次
So as a link to the ethics material, we want to monitor and update market conditions 因此，联系道德部分，我们要监视和更新市场状况
So if things change where we originally started, we were in a booming economy 因此，如果我们最初处于蓬勃发展的经济中，事情改变了
Now we're in the depths of a recession 现在我们正处于深度衰退中
We're gonna re balance the portfolio is needed 我们将重新平衡投资组合
And then of course we're going to measure and report performance 然后我们当然要评估和报告业绩表现
and all of that loops back into well, here's the new assessment needs market conditions 所有这些都循环回去，这是新的评估需要，市场条件
Here's what happened last year 这是去年发生的事情
Well, now let's plan for the coming period 好吧，现在让我们计划下一个阶段
So anyway, so the portfolio management process 所以无论如何，投资组合管理流程
Ok So that's the that is the portfolio management process 好，那就是投资组合管理流程
Now what we're gonna do and where we spend most of the next part of this reading doing anyway 现在我们要做的是，我们将在本阅读的下一部分中花费大部分时间
is thinking about different potential clients 考虑不同的潜在客户
So you're an investment manager .You have a client .Okay 因此，您是一名投资经理。您有一个客户。好吧
Well, what are gonna be there? what what are gonna be there? 好吧，那里会有什么？那里会有什么？
Key parameters that is the constraints that they face 关键参数是他们面临的约束
Ok.So and the first one we're going to talk about is endowments 好，所以我们要讨论的第一个是捐赠
And so we're their endowment is something that's intended to provide ongoing financial support 因此，我们为他们提供的捐赠旨在提供持续的财务支持
So like an endowment at a children's hospital 就像在儿童医院的捐赠
or you know I of course come from academia, 或者你知道，我当然来自学术界
so we put pictures of people up on the walls and all that sort of stuff 所以我们把人们的照片放在墙上以及所有类似的东西
How do you get your picture on the wall in a in a university? 您如何把你的照片放在大学里的墙上？
Well, you give us some money.Right? So anyway, so we create some sort of in demand 好吧，你给我们一些钱，所以无论如何，我们创建某种需求
So we can have the you know the bill and ethyl smith chair in finance 这样我们就可以有账单和smith 主席
or something like that that provides ongoing financial support 或类似的东西提供持续的财务支持
Well endowments .endowments actually have the longest time horizon 对于捐赠，捐赠的投资期限很长
These are supposed to be forever type funds 这些应该是永续基金
So the time horizons gonna be long a the income needs are gonna be low 所以投资期限会很长，收入需求会很低
because they have very predictable payouts from these and in fact, 因为他们有非常可预见的支出，事实上，
with endowments they could actually reduce payout in times of crisis 有了捐赠，他们实际上可以减少危机时期的支出
Right? at least in some cases 对吧？至少在某些情况下
Ok.So their liquidity needs are low, their income needs are low 好吧，他们的流动资金需求低，他们的收入需求低
so if you put those together, what you see is that they have very high risk tolerance in general 因此，如果将它们放在一起，通常会发现它们具有很高的风险承受能力
Ok.The risk tolerance for endowment fund is probably the highest of 好吧，捐赠基金的风险承受能力可能是
any of the standard standard clients that we're looking at here 我们在这里查看的任何标准客户中最高的
So evaluating time income liquidity a and risk here 所以在这里评估投资期限，收入需求，流动性需求，和风险承受能力
Well, though what we're really getting to I think is risk, 好吧，虽然我认为我们真正得到的是风险承受能力，
but they're gonna have a very high risk tolerance for endowments 但是他们对于捐赠将有很高的风险承受能力
What about insurance companies? Well, insurance companies, there's two types 保险公司呢？好吧，保险公司有两种类型
There's P&C property and casualty and life insurance 有P&C财产和意外保险以及人寿保险
Ok.And we're going what we'll see is that they have different time horizons 好的，我们将要看到的是，它们具有不同的时间范围
and while it doesn't show up here, 虽然它没有显示在这里，
I think this idea of time horizon is a a major determinant of risk tolerance 我认为这种投资期限的想法是风险承受能力的主要决定因素
So if you want to look at correlation between risk 因此，如果您要查看风险之间的相关性
and whatever else is going on here, 不管这里发生了什么
when we talk about the investment parameters and constraints these clients are facing 当我们谈论这些客户面临的投资参数和约束时
Short horizon means low risk bearing ability 短的投资期限意味着低风险承受能力
Longer horizon means higher risk bearing ability 长的投资期限意味着高风险承受能力
In this case we see a short horizon time horizon for P&C companies 在这种情况下，我们看到财产和意外保险的投资期限很短
because they have to be their liquid needs or high they need to know they 因为他们必须满足他们的流动性需求或高需求，所以他们需要知道
they have to have cash on hand or be able to access cash 他们必须手头有现金或能够使用现金
because they don't know when the next hurricane is gonna sweep through florida and wipe out most of the state right? 因为他们不知道下一次飓风何时会席卷佛罗里达，并毁灭州的大部分，对不对？
Whereas the time horizon for life insurance companies is very long 然而寿险公司的投资期限很长
However life insurance companies are also very highly regulated 但是，人寿保险公司也受到严格的监管
Right? So in both cases they end up with low risk tolerance this in this case 对？因此，在两种情况下，它们最终都具有较低的风险承受能力
owing to regulation in the case of life insurance companies their income needs are are relatively low, right? 由于人寿保险公司的监管，他们的收入需求相对较低，对吗？
but their liquidity needs are high just because in particular for 但他们对流动性的需求很高，特别是因为
the property and casualty company they have to be able to pay claims when they're when they're presented 财产和意外保险公司，他们必须能够在事故发生时付款
and so the quid needs be high for the property and casualty companies 因此，财产和意外保险公司的资金需求很高
perhaps somewhat lower for a life insurance company 对于人寿保险公司来说可能更低一些
Okay, what about a bank .a well for a bank that loans are assets , 好吧，那是一家银行呢？对于一家银行来说，贷款是资产，
it's on excess reserves are gonna be invested in you know fixed income and money market securities a 多余的准备金将被投资在，您知道的固定收益和货币市场证券上
but basically it's got loans for assets,and deposits for liabilities.Right? 但基本上，它的贷款是资产，存款是负债。对吗？
So it's time horizon will banks operate short term, right? 因此，现在是银行的投资期限相对较短，对吧？
So they take in they they rent money at one rate and they sublet it at a higher rate and that's the spread 因此，他们以低利率吸收存款，然后以更高的利率发放贷款，中间的价差
That's why they're in business.But typically they're sources of funds 这就是他们开展业务的原因，但通常它们是资金来源
Their liabilities are short term, 他们的负债是短期的
so it's money people keep in their checking deposit or six month or twelve month c ds, something like that 所以这是人们存入银行的支票存款是六个月或十二个月的，等像这样的期限
So they're time horizon is short, so their risk tolerance tends to be very low. 因此他们的投资期限很短，因此他们的风险承受能力往往很低。
Their income needs Well they do have to pay interest on the deposits . 他们的收入需求，好吧，他们的确需要为存款支付利息，
but also they don't know when depositors are going to come in and say I need my money back.Right? 但是他们也不知道，什么时间储户进来说，我要取走我的钱，对吗？
So they've got some some some devices in place to reduce that to reduce everybody getting at the same time 所以他们有一些适当的储备金，以减少每个人同时取钱的情况
Right? That's CDs.That's why CDs have a date.Right? 对？那是存单，这就是为什么存单带有日期，对吗？
Well, six months, twelve months, twenty four months 好，六个月，十二个月，二十四个月
because there's substantial interest penalty for early withdrawal 因为提早取款会产生大量的利息罚款
So they're trying to discourage people from taking that money out in a in a sort of willingness basis 因此，银行不鼓励人们随意将钱取出来
Ok.But you can get your money back on a cd 好的，但是你可以把存单利的钱取回来
if you're just willing to pay the substantial interest penalty for withdrawing early 如果您愿意为提早取款支付大量的利息罚款
Right? So anyway, so their liquidity needs tend to be high and their risk tolerance low 对？所以无论如何，他们的流动性需求往往很高，而风险承受能力却很低
So they're very short term ，they're short term players in the capital markets world 所以他们是短期的，他们是资本市场世界的短期投资者
other types of investors ，and mutual funds typically have fairly high liquidity needs 其他类型的投资者，共同基金通常具有较高的流动性需求
because they have to be ready for redemptions 因为他们必须为赎回做好准备
all the other parameters,their time horizon And risk tolerance ,income needs 所有其他参数，他们的投资期限，风险承受能力，收入需求
depend on the type of the fund and the fund objective 取决于基金的类型和基金的目标
And there's an assumption that you have a fund with certain of a certain type and certain objectives, 并假设您拥有某种类型的基金和某些目标，
while people whose personal objectives match with that will be the investors in the in those funds 而个人投资者的目标是找到与之匹配的基金
But they do have to be prepared for redemptions 但是他们必须为赎回做准备
People say, oh I need my money back 投资者说，哦，我需要我的钱
sovereign wealth funds a well of course the sovereign wealth fund is 主权财富基金
is something that is the property of the state 是政府持有的投资基金
Ok.it is a surplus government revenues if you want to think of it that way, 好吧，或者你可以认为是是政府收入的盈余，
and they are invested in a number of different ways 他们以多种不同的方式进行投资
Right? lots of different investment goals for sovereign funds 对？主权基金有许多不同的投资目标
The notion is whether it's actually implemented this way or not 实际上，是否是通过这种方式实现的
I'm not sure.But there are intended to invest for future generations 我不确定。但是可以打算为子孙后代投资
Right? So we've got some we've got wealth 对？所以我们有一些财富
you can think of the big sovereign wealth funds 关于大型主权财富基金
at least the ones that I'm aware of or in the middle east 至少我知道或在中东有一些，
and they are supposed to be investing for you know things 他们可以进行投资，
that are gonna provide wealth and security for you know not just for today, but for future generations 可以带来更多财富和安全性，不仅限于今天，而且也面向子孙后代
This is also how they manage foreign exchange reserves 这也是他们管理外汇储备的方式
and they manage some government assets things like state pensions and the like 他们管理一些政府资产，例如国家养老金等
So sovereign wealth funds are diverse 所以主权财富基金是多种多样的
There are huge sovereign wealth funds out there, 那里有庞大的主权财富基金，
but they tend to be sort of specialized players, 但他们往往是一些专业投资者，
meaning that well what one of them is doing is not very generalizable to what the others doing 意味着他们的投资不是普通投资
other than they've got various goals 不会有各种各样的投资标的
and they're supposed to be investing for future generations 他们应该为子孙后代投资
it's hard to say a lot about this, 对此很难说很多，
although they typically they typically are very patient capital right? 尽管他们通常都是很有耐心的资本吧？
What about pensions a well， there's two things going on here with pensions 养老金怎么样呢，养老金有两种类型
There's the defined contribution plan 缴费确定型计划
This is like in the united states a four o one k ，so you know you put in some money 就像在美国的401 k计划，所以你投入了一些钱
your employer puts in some money they send it to the custodian 您的雇主投入了一些钱，然后将其交给托管人
Well, yes your employer may help you save for retirement, but there's no guarantee a future benefit 好吧，是的，您的雇主可能会帮助您得到退休金，但并不能保证未来的利益
Right? So they're trying to compete for good employees by helping with this retirement plan 对？因此，他们正在尝试通过这项退休计划来争取优秀员工
that is incentivised by the government 那是政府的激励
Who wants to encourage savings? Right? 谁想要鼓励储蓄？对？
so the contribute something the employee contributes something perhaps 因此，可能是做出贡献的员工
but the employee bears the investment risk 但员工承担投资风险
So if you have a a defined contribution plan and you put in a hundred dollars 因此，如果您有一个缴费确定型计划，并且投入了一百美元
and your pension and your company puts in a hundred dollars 关于你的退休金，你的公司投入一百美元
and then you invest it all in money market mutual funds 然后将其全部投资于货币市场共同基金
Well, if you do that for thirty or forty years until you get ready to retire 好吧，如果您这样做三十或四十年，直到您准备退休
Don't be surprised if you're disappointed with the amount of money that you have 如果钱的数额感到失望，不要感到惊讶
we'll know exactly how much you're gonna have 我们会确切地知道你会得到多少
or they'll be low very tight confidence bounds on how much you're gonna have 否则对于你将得到多少钱，他们将要没有多少信心
You're effectively guaranteeing yourself that you're gonna have to choose between food and medicine 您可以有效地保证自己，必须在食物和药物之间进行选择
Right? So so the employee there is the investment risk 对？所以员工有投资风险
If you're an invested in higher risk assets? 如果您投资了较高风险的资产？
Well, you have higher expected returns, 好吧，您的预期收益更高，
but also wider confidence bounds on the retirement income that you're generating 而且您所产生的退休收入的自信范围更广
Now, the defined benefit plan 现在，待遇确定型计划
This is something else.So when we talk about pension plans, okay, 这是另一回事。所以当我们谈论退休金计划时，
this is generally what we're talking about 这通常是我们在谈论的
So this is where the employer promises specific payments 所以在这里，雇主承诺特定付款
or specific payment stream at the beginning of retirement 或退休开始时的特定付款
So you work for a company and they have some sort of formula 因此，您在一家公司工作，他们有一些方案
based on years of service and your compensation at or near the end of your your working life 是基于你的服务年限，以及你退休前后的薪资
and some other rules that go around that 以及其他一些规则
But but what basically happens is you work until you get to be a certain age 但是，基本上发生的事情是你工作到一定年龄
and then you retire and the company keeps paying you based on this formula that they have 然后您退休，公司会根据他们的方案继续向您付款
Right? So in this case, the employee doesn't contribute anything 对？因此，在这种情况下，员工没有任何贡献
the employer contributes makes all the contributions 雇主出资
a and the major difference here is that the employer 这里的主要区别是雇主
in particular the shareholders of the employing entity, 特别是用人单位的股东，
they are the ones that um bear bear the investment risk 他们是那些承担投资风险的人
Right? So this is in the the plan，is a separate legal entity 对？所以这是一个独立的法人实体
that's gonna or there's a separate legal entity that manages the plan assets 那将是一个单独的法人实体来管理计划资产
although it is still technically the property of employer ,it's a weird asset 尽管从技术上讲,它仍然是雇主的一种奇怪的资产
because it is owned by the employer but structured for the benefit of a third party 因为它是由雇主所有，但为了第三方的利益而构造的
In this case the third parties third party is the employee base 在这种情况下，第三方是以员工为基础的
but nonetheless it is the employer that if they don't put enough money in 但是尽管如此，如果雇主没有投入足够的钱
or the returns are high enough they're the ones that bear the risk 或投资收益足够高，他们就是承担风险的人
These tend to be relatively long term a long time horizon 他们往往有较长的投资期限
and fairly a risk tolerant types of investments or types of funds 是相当具有风险承受能力的投资类型或资金类型
So so defined defined benefit pension plans 因此，关于待遇确定型养老金计划，
new plans are not create being created very commonly at least not in the united states 新计划不会被创建，至少在美国不是很常见
but the ones that are out there are huge 但是外面有很多
So the amount of the number of dollars invested in these 因此，在这些投资中的金额
Defined or supporting these defined benefit pension plans is just a huge huge number 在待遇确定型养老金计划中，是一个很大的数字
And this is a tolerant capital source of funds 这是一个宽容的资金来源
and the investment strategies here would adhere to that type of a framework 而且这里的投资策略将遵循这种框架