Well, that leakage--that 1.5% or 2% that you pay your hedge fund manager- plus the 20% of profits really reduces the amount of return that's available for the owners of capital.

系统的损耗,大约1.5%或2%的管理费率,用来支付给对冲基金经理,加上20%的利润提成,显著减少了资本所有者,可以得到的回报

耶鲁公开课 - 金融市场课程节选

This is true whether you look at the universe of the mutual fund managers that we might have available to us as individuals or whether it's institutional data, such as those that I just cited; that concept is survivorship bias.

的确如此,不论你在观察,可接触到的基金经理个人,还是观察一些机构数据,就像我刚引用过的那些,这个现象就是生存偏差

耶鲁公开课 - 金融市场课程节选