But it's positive 1.5% per year, time-weighted--that's the number that you see in the prospectus or the number that you see in the advertisements so you say, what's the big deal, no harm no foul.

但算下来回报率每年还是正的1.5%,时间加权回报率,是你在招股说明书中,或是在广告中会看到的数字,你会说,没什么大不了,既没损失,也不违法

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Compound that 13.4% over ten years and there's just an enormous gap between those mutual fund numbers that are in the prospectus and in the advertisement--the time-weighted returns and the dollar-weighted returns that talk about the actual experience of the investment community.

按13.4%复利算一下10年期的结果,你会发现在招股说明书和广告里给出的,用来反映投资机构实际业绩水平的,时间加权回报率,和货币加权回报率数字之间,有着巨大的差异

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