There's a very important phenomenon that you need to take into account when you look at these histories of returns that are generated by active managers.

当查阅这些主动管理型基金经理,留下的历史收益记录时,有个很重要的现象

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选