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

And with respect to securities selection, you want to consider your skills and you want to consider the efficiency of markets when you're making your decisions as to whether or not to pursue passive management or active management.

证券选择方面,要考虑自身能力与市场有效性,从而决定,是采用被动型管理,还是主动型管理

耶鲁公开课 - 金融市场课程节选