在整个评价期间基金经理表现出明显的择股能力，但不具备择时能力。

As a whole, the funds managers demonstrated significant stock selection ability and little timing ability throughout the evaluation period.

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评价期间基金的市场风险在各个基金的总风险中所占比重很小，非系统风险比重很大；

The proportion in the total risk of each fund of market risk of the fund is very small while appraising, Non- systematic risk proportion is very great;

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从2007年底开始，由于抵押贷款相关证券和其他复合资产在信贷危机期间下滑，许多这类基金都走下坡路。

Starting in late 2007, many of these funds hit the skids, thanks to mortgage-related securities and other complex holdings that dropped during the credit crunch.

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Because of the way that we deal with taxes and mutual funds, you can get a tax bill for gains that were realized by the investment manager turning over the portfolio even though you might not have held the shares during the period when the gains were realized.

因为共同基金的收益还涉及到缴税的问题,所以你会有张税单,上面写着基金的收益部分该缴多少税,即使在实现收益的期间,你并不持有基金股份,但还是要缴税

耶鲁公开课 - 金融市场课程节选