If an asset class has constituents that are efficiently priced, then it's very hard to generate excess returns.

如果某种资产的构成都是有效定价的,那么就很难产生超额回报

耶鲁公开课 - 金融市场课程节选

When you buy high and sell low it's really hard to generate returns, even if you do it with great enthusiasm and great volume.

当你高价买入低价卖出时,是很难产生回报的,不管你有多大交易热情或有多大交易量

耶鲁公开课 - 金融市场课程节选