It's the product of a lot of luck and so we can't claim that they morally deserve all the money they make.

是有很多运气成分在内的,所以无法断言,在道义上他们的财富都是应得的。

耶鲁公开课 - 公正课程节选

If they do make big bets maybe they get lucky once, or twice,or three times, but ultimately their luck is going to run out.

搏大了,可能会侥幸那么一次,两次或三次,但最终运气是会用完的

耶鲁公开课 - 金融市场课程节选

As a matter of fact,if things were perfectly efficiently priced, there wouldn't be any opportunity to generate excess returns and if you make active bets--if you make bets against the market -then whether you win or lose has to do with luck.

事实上,如果资产都是有效定价的,那么根本不可能获得任何超额收益,如果你主动一搏,要从市场中获利,那么无论得失都只能靠运气了

耶鲁公开课 - 金融市场课程节选