I don't know what the average would be if I chose a different bias.
我不知道如果我选择别的平均值的话,平均值会是多少。
It would not be possible to make excess returns in finance.
获取超过金融业平均水平的收益,同样是不可能的
and I asked you to give yourself a percentage rating relative to the rest of the class, then if everybody was accurate, or at least not systematically biased, the number should add up to 50%.
我要你相比于其他同学的表现,给自己一个百分数,如果大家都准确地评价自己,或者说大家都不偏心于自己,那么平均百分数应该是50%的。
Maybe on average institutions lose thirty basis points, but it's kind of Lake Wobegon, where we all believe that we're better than average, so we're going to overcome that thirty basis points -that's not such a big hurdle.
可能平均每个机构都会落后30个基点,这就有点像沃比冈湖效应,大家都觉得自己能高过市场平均水平,30个基点会赶上的,不算什么大的差距
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