So let's pick on our two managers; let's have two people who have spoken before, so the guy in the red shirt's name is? Steve.
我找两个同学当经理,找两个发过言的人吧,穿红衬衫的男生,叫斯蒂文
Apple has been talking about... my manager and I were discussing online data storage.
苹果公司一直在讨论……我们经理和我也讨论过网络数据仓库。
Or should I spend my time and energy trying to find the top quartile bond, top quartile real estate manager,or buyout manager, or venture capital manager?
还是说,我应该投入时间和精力,去找一流的债券经理人,一流的不动产或杠杆收购经理人,或者一流的风险投资经理人
Depends on--I don't want to be too rigorous about that because you could imagine the other way around, but if you talk to managers this sounds more realistic, at least for retail goods like Coke and Pepsi.
这方面我不想太绝对,因为你们可能会想象其他的情形,但如果你们和那些经理谈过,现在的模型会更贴近现实,至少对于可乐这样的零售产品而言
When I talk about I give up the CEO job and functioned as the project manager, Blitzen we actually named that project as "Project Blitzen".
我曾说过要放弃CEO的职位,而成为一个项目经理,那个项目名叫。
I retired as a watch manager, three months ago.
三个月前,我作为一名值班经理退休了。
Can I speak with your manager?
我可以跟你的经理谈谈吗?
I think the best answer to that is a quote from one of my contemporaries, who I think is one of the best investment managers out there.
我可以用我同行的一句话,来回答这个问题,他在我眼中是最优秀的投资经理
If you look at the Frank Russell data and I just cited ten-year returns ending June 30,2005, so that period started in 1996 -well,in 1996 there were 307 managers that reported returns.
看看罗素公司的数据,我引用了从1996年开始,截至2005年6月30日的十年收益,在1996年有307位经理人公布收益
I mean, you could say, well that means the options are really working well because it really motivated the managers and they did something and made the company worth more.
我的意思是,你可以说,这是因为股票期权激励机制起作用了,因为它的确激励了经理们,这些经理为之付出努力并使公司市值更高
This is true whether you look at the universe of the mutual fund managers that we might have available to us as individuals or whether it's institutional data, such as those that I just cited; that concept is survivorship bias.
的确如此,不论你在观察,可接触到的基金经理个人,还是观察一些机构数据,就像我刚引用过的那些,这个现象就是生存偏差
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
Don't consider me as CEO. Consider me as your project manager.
不要把我当成CEO,就当做是一个项目经理。
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
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