What's happening there? Well, the selection of reactants has been done judiciously to provide either heat or to provide something that's cool.

就会感到这东西，比如说变冷了，对吧？,这里发生了什么？这些反应物都是,被仔细的选出来的，能够提供热量或制冷。

麻省理工公开课 - 热力学与动力学课程节选

This is an interesting question: do they solve the moral hazard and adverse selection problem as well as banks do?

一个有意思的问题出现了,他们可以向银行那样,处理好道德风险以及逆向选择问题吗

耶鲁公开课 - 金融市场课程节选

Well, it can only be true if security selection and market timing detract from institutional returns or individual returns in the aggregate.

唯一的可能性就是证券选择,和市场时机选择,给机构和个人带来的是负的回报

耶鲁公开课 - 金融市场课程节选

Because we hold relatively stable, relatively well-diversified portfolios, security selection turns out not to be an important determinant of returns for most investors and market timing turns out not to be an important determinant of returns.

因为持有相对稳定,和相对分散的投资组合,证券选择不再是,决定投资者回报率的重要因素,而市场时机选择,也不会成为决定回报率的重要因素

耶鲁公开课 - 金融市场课程节选

If security selection is a zero-sum game, the amount by which the winner wins equals the amount by which the loser loses -winners and losers being defined by performance after a security selection that has been made -well, that sounds like a zero-sum game.

如果证券选择是一个零和博弈,赢方赚得的金额,等于输方赔付的金额,谁赢谁输取决于,双方投资在证券选择后的表现,这听起来确实像个零和博弈

耶鲁公开课 - 金融市场课程节选