So you say, how can I make money beating the market if every quarter I have to tell everybody what I'm doing?

因此你会说,如果我按季度公布所有的投资活动,那我还怎么跑赢市场赚取利润

耶鲁公开课 - 金融市场课程节选

The trading commissions will eat up all of your profits and professionals know that, so it's bad behavior.

交易佣金会吃掉你所有的利润,内行人知道这点,这是不道德的行为

耶鲁公开课 - 金融市场课程节选

Externality When I'm figuring out how much effort to contribute to this firm I don't take into account that other half of profits that goes to you.

外部性,当我计算要为公司付出多少时,我没考虑到利润的一半会归你所有

耶鲁公开课 - 博弈论课程节选

Well, that leakage--that 1.5% or 2% that you pay your hedge fund manager- plus the 20% of profits really reduces the amount of return that's available for the owners of capital.

系统的损耗,大约1.5%或2%的管理费率,用来支付给对冲基金经理,加上20%的利润提成,显著减少了资本所有者,可以得到的回报

耶鲁公开课 - 金融市场课程节选