Where even if you can find somebody who's going to be a first quartile manager, there's almost no difference between the first quartile return and the third quartile return.

即使你能找到一位,一流的经理人,但在债券市场收益中,第一和第三个四分位数之间几乎没有区别

耶鲁公开课 - 金融市场课程节选

This is once you've decided that you're going to be an active manager and try and pursue market beating strategies, how do you decide where it is that you want to spend your time and energy?

一旦你决定了要当主动管理型基金经理人,努力追求高于市场收益的策略,你会如何决定,在哪些方面投入时间和精力

耶鲁公开课 - 金融市场课程节选

You want to spend your time and energy pursuing the most inefficiently priced asset classes because there's an enormous reward for identifying the top quartile venture capitalist and almost no reward for being in the top quartile of the high- quality bond universe.

你应该投入所有的时间和精力,去追逐最不能有效定价的资产,因为在那里才能通过一流的风投经理人,获得巨额的投资回报,而在债券市场,即使债券优质,经理人一流,回报微乎甚微

耶鲁公开课 - 金融市场课程节选