Or are you going to manage each individual asset class actively, trying to beat the market and generate risk-adjusted excess returns?

还是积极管理每项资产,力求获得市场水平以上的回报率,以及风险调整后的超额收益

耶鲁公开课 - 金融市场课程节选

And the third, securities selection, speaks to how it is you manage each of your individual asset classes.

第三,证券选择,说的是如何管理,每个单独的资产类别

耶鲁公开课 - 金融市场课程节选