The problem is even more severe when you look at something that's relatively new, like the hedge fund world.

在相对新鲜的投资领域,你会发现这个问题更加严重,比如在对冲基金领域

耶鲁公开课 - 金融市场课程节选

In every one of those seventeen categories, the dollar-weighted returns were less than the time-weighted returns.

发现这17种基金中的每一种,货币加权回报率,都是低于时间加权回报率的

耶鲁公开课 - 金融市场课程节选

they can be found to have breached their fiduciary duty, I'm on the hedge fund side and against the sort of company management side.

他们可以被发现存在渎职行为，我站在对冲基金的阵营上并且反对,公司管理的主张。

耶鲁公开课 - 金融市场课程节选

The problem is even more severe when you're looking at mutual funds because there's kind of a cynical game that mutual fund management companies play.

当你去观察基金市场,会发现问题更严重,因为基金管理公司,会玩一个偷梁换柱的把戏

耶鲁公开课 - 金融市场课程节选

They found, not surprisingly, that it tends to--mutual funds have been growing more rapidly in countries that have stronger securities laws and institutions, especially laws that protect individual shareholders rights.

他们发现,那些共同基金发展较迅速的国家,都拥有比较健全的证券法规和完善的证券制度,其中保护个人股东权利的法律尤为完善

耶鲁公开课 - 金融市场课程节选