The returns would be attributable solely to my ability to market time the bond futures market.

回报率仅仅取决于,我选择买卖期货的市场时机的能力

耶鲁公开课 - 金融市场课程节选

I'm not going to put Yale's entire portfolio in Google stock, I'm not going to go back and take Yale's entire portfolio to day-trade bond futures; in part, because it would be bad for me personally.

我不会用耶鲁的全部资产买谷歌股票,我也不会,用耶鲁的全部资产买债券期货,一方面是因为,这对我个人不利

耶鲁公开课 - 金融市场课程节选

Alternatively, if I went back to the office and took Yale's $22.5 billion dollars and decided that I was going to day trade bond futures, security selection wouldn't have anything to say about the returns; asset allocation wouldn't have anything to say about the returns.

或者,如果我回到办公室,把耶鲁的225亿美元,投资于即日平仓的债券期货,在这种情况下,证券选择不会影响回报率,资产配置也不会影响回报率

耶鲁公开课 - 金融市场课程节选