Let's move to the second point: market timing.

接下来我们讲第二点,市场时机选择

耶鲁公开课 - 金融市场课程节选

Now, that's not a huge number but, obviously, when you're hoping to beat the market by a point or two losing by 0.3% per year because of your market timing inability is a bad thing.

看起来这不是个巨大的数字,明显地,当你希望获得,高于市场水平一到两个百分点的回报率,却由于抓不住市场时机而每年亏个0.3%,就很糟糕了

耶鲁公开课 - 金融市场课程节选