这些机构有一个大的股票投资组合，并且总是卖掉不佳表现者，而不是设法解聘其管理层。

These institutions have a large portfolio of shares and will invariably sell the shares of a disappointing performer rather than seek to oust its management.

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You could always find a portfolio that had a higher expected return for the same standard deviation.

你总是可以找到一个投资组合,具有较高的预期回报,而标准差不变。

耶鲁公开课 - 金融市场课程节选

A managed portfolio, you find somebody you think is really smart and you pay them a fair amount of money and in return they assert that they will pick winners for you, and in fact, you will outperform the stock market.

而代管投资组合就是说，你找一个你觉得很聪明的人,给他们一些钱,然后他们会说一定会帮你选出,赚钱的股票，实际上你会比股市整体表现要好。

麻省理工公开课 - 计算机科学及编程导论课程节选