By the time 2005 rolled around, there were only 177 managers that reported returns, so 130 managers disappeared.

到了2005年底,只有177位经理人公布收益,130位经理人消失了

耶鲁公开课 - 金融市场课程节选

And it's for a lot of business executives

这是为很多商业经理人开办的学校

学习外语的时候 - SpeakingMax英语口语达人

Now,more than 130 managers failed because, in addition to survivorship bias, there's something called backfill bias.

其实失败的经理人超过130位,因为除了生存偏差之外,还有称为回填偏差的影响

耶鲁公开课 - 金融市场课程节选

Or should I spend my time and energy trying to find the top quartile bond, top quartile real estate manager,or buyout manager, or venture capital manager?

还是说,我应该投入时间和精力,去找一流的债券经理人,一流的不动产或杠杆收购经理人,或者一流的风险投资经理人

耶鲁公开课 - 金融市场课程节选

All that is fine, it sounds good that managers should be given options because it will incentivize them to work for the benefit of the corporation.

这样不错,向经理人提供期权激励听起来不错,因为这样可以激励他们,为了公司的利益而努力工作

耶鲁公开课 - 金融市场课程节选

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

This is incredibly important because,when you look at this number that we started out with,saying the benchmark was 9.9 but net of fees the managers on average only lost thirty basis points--or .3% -you'd say,well that's a game I don't mind playing.

这极其重要,因为当你看这些数字时,刚才说过基准收益是9.9%,但是主动管理型基金经理人的平均净利润,只落后了30个基点或者说0.3%,你可能会说这个游戏,我不介意玩一玩

耶鲁公开课 - 金融市场课程节选

If you look at the Frank Russell data and I just cited ten-year returns ending June 30,2005, so that period started in 1996 -well,in 1996 there were 307 managers that reported returns.

看看罗素公司的数据,我引用了从1996年开始,截至2005年6月30日的十年收益,在1996年有307位经理人公布收益

耶鲁公开课 - 金融市场课程节选

Well,that's going to inflate the numbers too because the only managers that kind of raise their hand and say, hey I've got this interesting new approach to managing domestic equities--or whatever the asset class is -are the ones that have succeeded.

当然是会让指数起点偏高,因为经理人倾向于提供那些,举手说找到有趣的新方法,来管理国内股权投资,或其他投资的,成功的历史数据

耶鲁公开课 - 金融市场课程节选