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