The only numbers that appear for the trailing ten years are numbers that are associated with firms that are still in business.

那些用于分析过去10年市场的数字,只能来自于目前仍在营业的公司

耶鲁公开课 - 金融市场课程节选

Now, that's not a huge number but, obviously, when you're hoping to beat the market by a point or two losing by 0.3% per year because of your market timing inability is a bad thing.

看起来这不是个巨大的数字,明显地,当你希望获得,高于市场水平一到两个百分点的回报率,却由于抓不住市场时机而每年亏个0.3%,就很糟糕了

耶鲁公开课 - 金融市场课程节选