In the long term, when choosing positive feedback strategy, we can obtain about 5% returns in excess of market average return.
而在长期采用动量策略,其年化超额收益率虽然较低,但也显著为正,并维持在5%左右。
That was not the creation of subprime debt, nor the culture of excess on Wall Street, but the decision to grow bigger in their home market rather than try to dominate global banking.
这错误不是制造了次级债券,也不是华尔街上的贪婪文化,而是决定在国内市场不断扩张,而非试图在国际银行业占得上风。
In spite of a higher price expectation and increasingly bullish market sentiment, the local wholesale-retail traders didn't appear to hoard excess oils.
尽管预测价格较高,且市场气氛兴旺,但地方批发、零售商似乎并未囤油。
So there's not a lot of room in the government bond market or other high-quality bond markets to generate excess returns.
所以对于政府债券或者优质债券,超额收益的空间不大
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