If you look at the behavior of groups of active managers and the dispersion of returns, I think it gives you some idea of what the efficiency is with which assets in these individual assets classes are priced.

如果观察一下主动管理型的基金经理们,和他们的投资收益分布,我想它会告诉你一些信息,哪些资产是有效定价

耶鲁公开课 - 金融市场课程节选