在大量研究中都讨论到了这种现象，而这种现象被共同基金管理人运用，但是这种现象数十年来也一直困扰着那些学者。
The phenomenon has been noted in a wide range of studies and has often been exploited by fund managers, but it has puzzled academics for decades.
这篇报告的主要观点是多数投资人并不是直接购买股票，而是将钱交给共同基金管理人管理。
The paper’s main insight is that most investors do not buy stocks directly, but give their money to fund managers.
客户都认为自己选了最好的共同基金管理人；价值投资人在尽量避免定价过高的股票；那些增长型基金管理人在尽其职责。
The clients thought they were picking the best fund managers; the value investors were avoiding overpriced stocks; the growth managers were doing what they were paid to do.
索尼的共同创始人，盛田昭夫，还不得不为此与它的工程师们和高层管理人员进行斗争，而那些人认为这一没有录音功能的卡带机将不会有什么作为。
Sony’s co-founder, Akio Morita, had to battle with his own engineers and executives who argued that a tape-player without a recording function would never work.
这篇报告的主要观点是多数投资人并不是直接购买股票，而是将钱交给共同基金管理人管理。
The paper's main insight is that most investors do not buy stocks directly, but give their money to fund managers.
济助令规定的临时管理人则由诉讼双方共同指定。
济助令规定的临时管理人则由诉讼双方共同指定。
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