So in fact, it is the case, if you look at data, and by the way, that's the way I ended up setting a lot of these parameters and playing with it, was comparing what my simulation said to historical stock data.
所以实际上,在这个例子中,如果你看到数据,顺便说一下,这就是我设置很多变量,然后编程的方式,也就是把我的仿真程序得到的结果,和历史股票数据进行比较。
The only history that you would have had fifteen years ago would have been those funds that produced great returns, so it's all identified after the fact.
你只会看到在这15年的历史数据中,所有对冲基金都有着极佳的回报,这都是事后调整确认的
That's when a new manager appears subsequent to the beginning of the ten-year period; they'll put not only the new numbers in, but they'll take the history of the new manager and put that history into the database.
即在10年期开始后,每出现一位新的基金经理,不仅是新的业绩数字会进入数据库,新经理的历史记录,也会填入数据库
Well,that's going to inflate the numbers too because the only managers that kind of raise their hand and say, hey I've got this interesting new approach to managing domestic equities--or whatever the asset class is -are the ones that have succeeded.
当然是会让指数起点偏高,因为经理人倾向于提供那些,举手说找到有趣的新方法,来管理国内股权投资,或其他投资的,成功的历史数据
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