Moreover, it's had a 17.8% average return for the last ten years, which is number one among university endowments.

甚至,过去十年中,耶鲁基金的年均收益率高达17.8%,依然高居全美高校榜首

耶鲁公开课 - 金融市场课程节选

So Yale had a 28% return on its portfolio last year, which was number one of all college endowments.

去年耶鲁基金获得了28%的收益,收益率高居全美高校榜首

耶鲁公开课 - 金融市场课程节选

What I did was I took the ten best-performing Internet funds and looked at the returns from 1997 to 2002.

我选了十个表现最好的投资网络的基金,分析它们1997至2002年的收益情况

耶鲁公开课 - 金融市场课程节选

You look at the returns that are reported for hedge funds in aggregate--they're generally 12%,13%,14% per year for the last five or ten years.

看一下过去5到10年间,公报中的对冲基金年平均收益率,普遍来说是12%,13%,14%

耶鲁公开课 - 金融市场课程节选

So, in addition to losing $9.9 billion, there were capital gains' distributions of $3.3 billion dollars representing about 24% of the money that was invested.

所以,除了损失的99亿美元以外,基金中的另外33亿美元还是有收益的,占投资金额的24%

耶鲁公开课 - 金融市场课程节选

The fact that people look at quarterly returns of mutual funds is incredibly dysfunctional.

只关注基金的季度收益率,是相当不妥当的的

耶鲁公开课 - 金融市场课程节选

This is a year of financial crises, so I'm warning you ahead that -don't expect a 28% return on the Yale portfolio for the coming year.

金融危机爆发,所以我先提前给大家打预防针,别期望今年耶鲁基金,能延续28%的收益

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

Half of the returns are within a spread of a half-percent.

半数基金收益都集中于0.5%大小的区间

耶鲁公开课 - 金融市场课程节选

So,we're talking about a group of funds that in aggregate probably produced somewhere in the low teens returns and he's got 11.7% per year combined survivorship bias and backfill bias.

因此我们说这组基金总体上,大概产生了略高于10%的收益率,他算出的数字是每年11.7%,结合了生存偏差和回填偏差

耶鲁公开课 - 金融市场课程节选

Well, there's another way to look at returns -those are the dollar-weighted returns -and the dollar-weighted returns actually do a better job of describing the experience of the group of investors that participated in these funds.

还有另一种考察回报率的参数,货币加权回报,货币加权回报实际上,是描述基金参与者收益的,一个更好的指标

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

So that staggering amount of money then impairs the fund managers' ability to continue generating excellent returns, but they can stay in business and collect the fees that they get for having this huge pile of money.

于是这巨额的资金,会削弱基金经理,持续创造高收益的能力,但经理们依旧能保住饭碗,一如既往地从巨额资金中获得佣金

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

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

Because of the way that we deal with taxes and mutual funds, you can get a tax bill for gains that were realized by the investment manager turning over the portfolio even though you might not have held the shares during the period when the gains were realized.

因为共同基金的收益还涉及到缴税的问题,所以你会有张税单,上面写着基金的收益部分该缴多少税,即使在实现收益的期间,你并不持有基金股份,但还是要缴税

耶鲁公开课 - 金融市场课程节选