The third is, and these are not necessarily in any particular order, how they were governed or rather how they governed themselves.
第三是,这三个问题并,没有主次之分,他们是如何被治理的,或者还不如说他们是如何自我治理的
Small-cap stocks are tougher to price than large-cap stocks, so there's a 4.7% differential, first to third quartile.
小盘股比大盘股更难定价,第一和第三个四分位数的差距有4.7%
I have the freedom to pass that person because I like the trend. Suppose I have somebody else who came here with two years of chemistry in high school, got a 95 on the first test, 70 on the second test, failed the third test, failed the final, has an aggregate score of 48.
我能够选择让那人通过,因为我喜欢他的进步,假设另一个同学,学了2年的化学在高中,第一次测试得到95分,第二次70分,第三次没通过,期末考也没通过。
Of course, in the venture capital world, the least efficiently priced of all, there's a 43.2% differential between the top quartile and the bottom quartile.
当然在最无法有效定价的风险投资领域,第一和第三个四分位数之间的差距,可以达到43.2%
Then as you move out to the equity markets where it's harder to price things as efficiently--large-cap stocks -there are two-fold percentage points,first to third quartile.
如果你转而观察,难以有效定价的市场,比如大盘股,第一和第三个四分位数相差2个百分点
Where even if you can find somebody who's going to be a first quartile manager, there's almost no difference between the first quartile return and the third quartile return.
即使你能找到一位,一流的经理人,但在债券市场收益中,第一和第三个四分位数之间几乎没有区别
Just as I foreshadowed, if you look at the difference between the first and third quartile in the bond market -these are active returns over a ten-year period again ending June 30,2005 -and the fixed income market, the difference between first and third quartile is a half a percent per annum.
如我之前所示,如果观察,债券市场中的第一和第三个四分位数,四分位数即统计学中,把所有数值由小到大排列并分成四等份三个分割点位置分别就是三个四分位数 考虑十年期的主动型的收益,截止于2005年6月30日,在债券这个固定收益市场,第一和第三个四分位数,每年只差0.5%
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