Buy broad, low-fee index funds, rather than individual stocks, to lower your exposure to risk.

买进大范围的低成本指数基金，而不要买某只个股，以减小风险敞口。

But individual stocks or commodities can also fall into a bear market if they decline 20%.

但如果个股或大宗商品下跌20%，也可能陷入熊市。

Now, buying individual stocks is, by its very nature, a high-risk approach to investing.

现在，从本质上讲， 购买个股是一种高风险的投资方式。

Well, as you rightly said earlier, buying individual stocks is very, very risky.

好吧，正如您之前所说的那样， 购买个股的风险非常非常大。

This hypothesis allows individual stocks to be tested against historical data to assess if their value will continue to rise.

该假设允许根据历史数据对个股进行测试，以评估其价值是否会继续上涨。

There's been a lot of attention in the last couple of years on updating rules on trading in individual stocks.

在过去的几年里， 更新个股交易规则引起了很多关注。

And the lesson from that episode seems to just be that it is really, really hard to beat the market by picking individual stocks.

那一集的教训似乎就是，通过挑选个股来击败市场真​​的很难。

Most individual stocks actually do worse than the overall stock market, which means that if you're actively trying to pick stocks, the odds are stacked against you from the beginning.

实际上，大多数个股的表现都比整体股市差，这意味着如果您积极尝试挑选股票，那么从一开始就不太可能。

First, Mihir, as you just said, because it is just impossible to predict the future, so it's hard to pick which specific individual stocks are going to be great, not just now, but years from now.

首先，Mihir， 正如你刚才所说， 因为预测未来是不可能的，所以很难选择哪些特定的个股会表现出色，不仅是现在， 而是多年后。

I want to just stop for a second and tease apart this idea because it really does get at why buying an index fund gives you that better trade-off of risk and reward than picking individual stocks.

我想停下来梳理一下这个想法， 因为它确实说明了为什么购买指数基金比选择个股能更好地权衡风险和回报。

So, it's something where you're not buying the individual stock directly; you're buying ownership in this mutual fund, and the fund will then go out and buy the stocks or bonds or whatever investment they are investing in.

所以， 这是你不直接购买个股的地方；你正在购买这个共同基金的所有权，然后该基金将出去购买股票或债券或他们投资的任何投资。