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。
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.
这些账户已经成熟,如你所见,如果较之过往的收益记录,现在的收益相对稳定。
These accounts are mature and have suffered hundreds of defaults. The returns are now relatively stable as you can see if you compare the results to my previous returns.
在这段时间里,我们的销量、收入和收益都创造了新记录。
During this period, we achieved new records for sales volume, revenues, and earnings.
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
As reported contemporaneously in 2000,the number was -3.1% but if you look at the number reported for 2005, because bad records had disappeared and good records had been added, all of a sudden the average experience for that year went up to +1.2%.
000年期的公告中这个数字为负3.1%,但是如果你去查2005年公告的数字,坏记录已经调整而消失,有利的投资记录被加入,转瞬之间,年平均收益升至1.2%
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