First, it is important to know how asset values are reached in an active market.

首先，了解在活跃的市场中资产有多少价值是很重要的。

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"Their new bonds are well subscribed and transactions in the secondary market are active, while liquidity is ample," it said.

“它们新债券的认购情况良好，次级市场上的交易也很活跃，流通性很充分。”网站上这样说。

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The result could be a cheap competitor for the hedge-fund titans, akin to the index-tracking funds that have eaten into the market shares of active fund managers.

最终将形成这些对冲基金巨头的廉价竞争者。 这类似于指数追踪基金（index-tracking fund）已经蚕食了指数基金(active fund)经理们所控制的市场份额。

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This is once you've decided that you're going to be an active manager and try and pursue market beating strategies, how do you decide where it is that you want to spend your time and energy?

一旦你决定了要当主动管理型基金经理人,努力追求高于市场收益的策略,你会如何决定,在哪些方面投入时间和精力

耶鲁公开课 - 金融市场课程节选

As a matter of fact,if things were perfectly efficiently priced, there wouldn't be any opportunity to generate excess returns and if you make active bets--if you make bets against the market -then whether you win or lose has to do with luck.

事实上,如果资产都是有效定价的,那么根本不可能获得任何超额收益,如果你主动一搏,要从市场中获利,那么无论得失都只能靠运气了

耶鲁公开课 - 金融市场课程节选

Just as I foreshadowed, if you look at the difference between the first and third quartile in the bond market -these are active returns over a ten-year period again ending June 30,2005 -and the fixed income market, the difference between first and third quartile is a half a percent per annum.

如我之前所示,如果观察,债券市场中的第一和第三个四分位数,四分位数即统计学中,把所有数值由小到大排列并分成四等份三个分割点位置分别就是三个四分位数 考虑十年期的主动型的收益,截止于2005年6月30日,在债券这个固定收益市场,第一和第三个四分位数,每年只差0.5%

耶鲁公开课 - 金融市场课程节选

They realize the need to keep interest rates low so job-creating corporations can borrow and invest at a reasonable return, and so low mortgage rates can help work through the glut of unsold homes that will gradually get the new home market active again.

FORBES: The Fight of the Century: Bond Buyers versus Gold Bugs

Having product development close to the manufacturing capability can help to accelerate new ideas to market through active collaborations that develop simultaneously the product and manufacturing process.

FORBES: Making It Work: Does Our Future Include Manufacturing?

The dismay of investors was quickly apparent in the market for credit-default swaps (see chart) and in the equally active market for gossip.

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