If I'm going to be active in terms of managing my portfolio, should I spend my time and energy trying to beat the bond market?

如果我想主动地管理我的投资组合,是否应投入时间和精力,专注于战胜债券市场呢

耶鲁公开课 - 金融市场课程节选

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

耶鲁公开课 - 金融市场课程节选

That doesn't mean that we don't manage the portfolio actively.

这并不意味着我们不是主动型管理

耶鲁公开课 - 金融市场课程节选

This is once you've decided that you're going to be an active manager and try and pursue market beating strategies, how do you decide where it is that you want to spend your time and energy?

一旦你决定了要当主动管理型基金经理人,努力追求高于市场收益的策略,你会如何决定,在哪些方面投入时间和精力

耶鲁公开课 - 金融市场课程节选

For the ten years ended June 30,2005, it returned 9.9% per year and then the average return for the actively managed equity fund was 9.6% per year, so we're back to that thirty basis points.

截至2005年6月30日的10年间,该指数年收益率为9.9%,而主动管理型股权基金的年平收益率为9.6%,我们落后30个基点

耶鲁公开课 - 金融市场课程节选

If you look at the behavior of groups of active managers and the dispersion of returns, I think it gives you some idea of what the efficiency is with which assets in these individual assets classes are priced.

如果观察一下主动管理型的基金经理们,和他们的投资收益分布,我想它会告诉你一些信息,哪些资产是有效定价

耶鲁公开课 - 金融市场课程节选

And with respect to securities selection, you want to consider your skills and you want to consider the efficiency of markets when you're making your decisions as to whether or not to pursue passive management or active management.

证券选择方面,要考虑自身能力与市场有效性,从而决定,是采用被动型管理,还是主动型管理

耶鲁公开课 - 金融市场课程节选

This is incredibly important because,when you look at this number that we started out with,saying the benchmark was 9.9 but net of fees the managers on average only lost thirty basis points--or .3% -you'd say,well that's a game I don't mind playing.

这极其重要,因为当你看这些数字时,刚才说过基准收益是9.9%,但是主动管理型基金经理人的平均净利润,只落后了30个基点或者说0.3%,你可能会说这个游戏,我不介意玩一玩

耶鲁公开课 - 金融市场课程节选