「The capital asset pricing model was not intended to be a positive theory of equilibrium in capital markets, but rather a normative theory of how prices should behave if investors acted in a certain way.」- 威廉·夏普经典语录

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The capital asset pricing model was not intended to be a positive theory of equilibrium in capital markets, but rather a normative theory of how prices should behave if investors acted in a certain way.

威廉·夏普 威廉·夏普
💡 解读： 资本资产定价模型并非旨在成为资本市场的实证均衡理论，而是一种规范性理论，描述如果投资者以某种方式行事，价格应如何表现。
👤 更多 威廉·夏普 经典语录 10句
The market portfolio is the only risky portfolio that all investors should hold.
威廉·夏普 威廉·夏普
The market portfolio is the only portfolio that all investors should hold.
威廉·夏普 威廉·夏普
Diversification is the only free lunch in finance.
威廉·夏普 威廉·夏普
The market portfolio is efficient if and only if all investors hold mean-variance efficient portfolios.
威廉·夏普 威廉·夏普
In the long run, risk and return are related. But in the short run, the relationship is often perverse.
威廉·夏普 威廉·夏普
In the long run, risk and return are related, but in the short run, they may not be.
威廉·夏普 威廉·夏普
The essence of investment management is the management of risks, not the management of returns.
威廉·夏普 威廉·夏普
Diversification is both observed and sensible; a rule of behavior which does not imply the superiority of diversification must be rejected both as a hypothesis and as a maxim.
威廉·夏普 威廉·夏普
The capital asset pricing model is a simple, yet powerful, tool for understanding the relationship between risk and return.
威廉·夏普 威廉·夏普
In the long run, the risk of not taking risks may be the greatest risk of all.
威廉·夏普 威廉·夏普
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但愿同入梦。
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悲伤就是知识
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表面看起来糟糕的事，本质上却往往并非如此。
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亚历山大·索尔仁尼琴 亚历山大·索尔仁尼琴
我们根本没想到要怀疑或轻视“历史的启示”；历史就是我们的一切。
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奇花与丽日争妍，翠竹共青天斗碧。
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大家礼义教子弟，小家凶恶训儿郎。
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人人为我，我为人人。
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真理就是自由人的祖国。真理不存在于丑化了的现实里。生命的第一个行动就是创造的行动。在争论中是不分高贵卑鄙，也不管称号姓氏的，重要的只是真理，在它面前人人平等。
罗曼·罗兰 罗曼·罗兰
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Money is a veil, but when the veil flutters, real output may be affected.
弗兰科·莫迪利亚尼 弗兰科·莫迪利亚尼
提出莫迪利亚尼-米勒定理
The fundamental principle of corporate finance is that the value of a firm is independent of its capital structure.
弗兰科·莫迪利亚尼 弗兰科·莫迪利亚尼
提出莫迪利亚尼-米勒定理
Inflation is always and everywhere a monetary phenomenon.
弗兰科·莫迪利亚尼 弗兰科·莫迪利亚尼
提出莫迪利亚尼-米勒定理
The most important thing in economics is to understand the role of expectations.
弗兰科·莫迪利亚尼 弗兰科·莫迪利亚尼
提出莫迪利亚尼-米勒定理
The central idea of the Modigliani-Miller theorem is that, under certain conditions, the value of a firm is unaffected by how that firm is financed.
弗兰科·莫迪利亚尼 弗兰科·莫迪利亚尼
提出莫迪利亚尼-米勒定理
The goal of macroeconomic policy should be to stabilize the economy, not to fine-tune it.
弗兰科·莫迪利亚尼 弗兰科·莫迪利亚尼
提出莫迪利亚尼-米勒定理
The most important thing in economics is to understand the behavior of individuals and firms.
弗兰科·莫迪利亚尼 弗兰科·莫迪利亚尼
提出莫迪利亚尼-米勒定理
The most important thing about the MM theorem is not its realism but its simplicity.
默顿·米勒 默顿·米勒
公司资本结构理论开创者
In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.
默顿·米勒 默顿·米勒
公司资本结构理论开创者
The capital structure of a firm is irrelevant to its value.
默顿·米勒 默顿·米勒
公司资本结构理论开创者
Markets can remain irrational longer than you can remain solvent.
默顿·米勒 默顿·米勒
公司资本结构理论开创者
The most important single central fact about a free market is that no exchange takes place unless both parties benefit.
默顿·米勒 默顿·米勒
公司资本结构理论开创者
Diversification is a hedge against ignorance.
默顿·米勒 默顿·米勒
公司资本结构理论开创者
If you want to know the value of a firm, look at its stock price.
默顿·米勒 默顿·米勒
公司资本结构理论开创者
Taxes are the only market imperfection that matters for corporate finance.
默顿·米勒 默顿·米勒
公司资本结构理论开创者
The capital asset pricing model is a simple, yet powerful, tool for understanding the relationship between risk and return.
威廉·夏普 威廉·夏普
资本资产定价模型奠基人
Diversification is the only free lunch in finance.
威廉·夏普 威廉·夏普
资本资产定价模型奠基人
In the long run, the risk of not taking risks may be the greatest risk of all.
威廉·夏普 威廉·夏普
资本资产定价模型奠基人
The market portfolio is the only portfolio that all investors should hold.
威廉·夏普 威廉·夏普
资本资产定价模型奠基人
The essence of investment management is the management of risks, not the management of returns.
威廉·夏普 威廉·夏普
资本资产定价模型奠基人
Diversification is both observed and sensible; a rule of behavior which does not imply the superiority of diversification must be rejected both as a hypothesis and as a maxim.
威廉·夏普 威廉·夏普
资本资产定价模型奠基人
In the long run, risk and return are related. But in the short run, the relationship is often perverse.
威廉·夏普 威廉·夏普
资本资产定价模型奠基人
The market portfolio is efficient if and only if all investors hold mean-variance efficient portfolios.
威廉·夏普 威廉·夏普
资本资产定价模型奠基人
The capital asset pricing model was not intended to be a positive theory of what investors actually do, but rather a normative theory of what rational investors should do.
威廉·夏普 威廉·夏普
资本资产定价模型奠基人
In the long run, risk and return are related, but in the short run, they may not be.
威廉·夏普 威廉·夏普
资本资产定价模型奠基人
The market portfolio is the only risky portfolio that all investors should hold.
威廉·夏普 威廉·夏普
资本资产定价模型奠基人
The beauty of the Black-Scholes formula is that it depends on only one unobservable parameter, the volatility of the stock.
费希尔·布莱克 费希尔·布莱克
提出布莱克-斯科尔斯模型
Noise is information that hasn’t been processed yet.
费希尔·布莱克 费希尔·布莱克
提出布莱克-斯科尔斯模型
The key to understanding the behavior of financial markets is to understand the behavior of the people who participate in them.
费希尔·布莱克 费希尔·布莱克
提出布莱克-斯科尔斯模型
In the long run, the market is a weighing machine, but in the short run, it is a voting machine.
费希尔·布莱克 费希尔·布莱克
提出布莱克-斯科尔斯模型
The most important thing in life is not to capitalize on your gains, but to avoid your losses.
费希尔·布莱克 费希尔·布莱克
提出布莱克-斯科尔斯模型
The beauty of a living thing is not the atoms that go into it, but the way those atoms are put together.
费希尔·布莱克 费希尔·布莱克
提出布莱克-斯科尔斯模型
Noise makes financial markets possible, but also makes them imperfect.
费希尔·布莱克 费希尔·布莱克
提出布莱克-斯科尔斯模型
The key to understanding the Black-Scholes model is recognizing that it is based on the idea of a risk-neutral world, where investors are indifferent to risk.
迈伦·斯科尔斯 迈伦·斯科尔斯
期权定价模型开创者
Markets are not perfectly efficient, but they are efficient enough that most people cannot consistently outperform them.
迈伦·斯科尔斯 迈伦·斯科尔斯
期权定价模型开创者
The real value of an option is not in its price, but in the flexibility it provides to the holder.
迈伦·斯科尔斯 迈伦·斯科尔斯
期权定价模型开创者
In finance, the only certainty is uncertainty, and the only way to manage it is through diversification and hedging.
迈伦·斯科尔斯 迈伦·斯科尔斯
期权定价模型开创者
The key to understanding the Black-Scholes model is to recognize that it is based on the idea of creating a riskless hedge.
迈伦·斯科尔斯 迈伦·斯科尔斯
期权定价模型开创者
The only way to beat the market is to have information that others do not or to interpret available information better than others.
迈伦·斯科尔斯 迈伦·斯科尔斯
期权定价模型开创者
Risk management is not about eliminating risk but understanding it and ensuring that the risks taken are the ones you want to take.
迈伦·斯科尔斯 迈伦·斯科尔斯
期权定价模型开创者
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