What I think the mutual fund industry has turned into, largely, is a stock picking industry, not a portfolio diversification industry.

我认为,共同基金行业在很大程度上,已经演变成选股行业,而非投资组合多样化行业

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They like to--when they're computing the investment yield, they want to be completely honest and not use any rules of thumb.

当他们计算投资收益率的时候,他们需要完全精确,而非用经验公式

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Firms that do that are, in practice, however, the minority and most mutual funds have some gimmick or some special-- they claim to be beating the market not forming the optimal portfolio.

然而实际上,这么做的公司很少,大部分共同基金都会耍些花招,或有一些特别的...,他们强调他们的收益率将强于市场平均水平,而非建立最佳投资组合

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