I think the best answer to that is a quote from one of my contemporaries, who I think is one of the best investment managers out there.

我可以用我同行的一句话,来回答这个问题,他在我眼中是最优秀的投资经理

耶鲁公开课 - 金融市场课程节选

As a matter of fact, it costs an increasing amount to play the game when you look at the fees that are paid to investment managers and hedge funds.

事实上,当把付给投资经理,和对冲基金的费用都算进去的话,这个博弈的成本越来越高

耶鲁公开课 - 金融市场课程节选