Then as you move out to the equity markets where it's harder to price things as efficiently--large-cap stocks -there are two-fold percentage points,first to third quartile.

如果你转而观察,难以有效定价的市场,比如大盘股,第一和第三个四分位数相差2个百分点

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Where even if you can find somebody who's going to be a first quartile manager, there's almost no difference between the first quartile return and the third quartile return.

即使你能找到一位,一流的经理人,但在债券市场收益中,第一和第三个四分位数之间几乎没有区别

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McKinsey discovered that one-third of banks and two-fifths of big American industrial companies dropped out of the first quartile of their industries in the recession of 2001-02.

麦肯锡发现，在2001-2002的衰退中，1/3的银行和2/5的美国实业型公司跌出所在领域的前25%。

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Small-cap stocks are tougher to price than large-cap stocks, so there's a 4.7% differential, first to third quartile.

小盘股比大盘股更难定价,第一和第三个四分位数的差距有4.7%

耶鲁公开课 - 金融市场课程节选

Then as you move out to the equity markets where it's harder to price things as efficiently--large-cap stocks -there are two-fold percentage points,first to third quartile.

如果你转而观察,难以有效定价的市场,比如大盘股,第一和第三个四分位数相差2个百分点

耶鲁公开课 - 金融市场课程节选

Where even if you can find somebody who's going to be a first quartile manager, there's almost no difference between the first quartile return and the third quartile return.

即使你能找到一位,一流的经理人,但在债券市场收益中,第一和第三个四分位数之间几乎没有区别

耶鲁公开课 - 金融市场课程节选

Second-quartile stocks did best with an 11.2% compound annual return through January 2002, followed by the third quartile at 9.1%.

FORBES: Money & Investing

Investors would have been better off in the third quartile, where sales rose a still-impressive 26% a year.

FORBES: Magazine Article

In one generation it has lifted most of the third quartile of the world's population (by income) from poverty to the middle class.

FORBES: Magazine Article