The problem with being a public investment company is you have to file quarterly reports about all the things you've invested in.

而公共券商的困难在于,你必须按季度向证交会报告,公司所有的投资活动

耶鲁公开课 - 金融市场课程节选

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