There's a very important phenomenon that you need to take into account when you look at these histories of returns that are generated by active managers.

当查阅这些主动管理型基金经理,留下的历史收益记录时,有个很重要的现象

耶鲁公开课 - 金融市场课程节选

If I had a competition where I'd give $100,000 to the person who looks the most as if they are in pain, it is a very good tactic to take a pen and jam it into your groin because you will look extremely persuasively as if you are in pain.

如果我在这里举行一个竞赛,谁最能将痛苦表演的和真的一样,谁就能拿到10万美元，那么最好用的一招莫过于拿根笔,狠狠地戳进你的腹股沟,因为此时的你看上去真的,足以使他人相信你非常痛苦。

耶鲁公开课 - 心理学导论课程节选