Other leading hedge fund indices report average returns of between 12 and 18 per cent, after fees.

其它领先的对冲基金指数也报告，在扣除费用后，平均回报率达到12%至18%。

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The RBA said hedge funds returned the same as local shares over the past five years, or 12% a year after fees, albeit with lower volatility.

RBA说在过去的5年中，对冲基金和本地股票的回报相同，扣去费用之后为12%每年，尽管拥有较低的波动性。

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So,after taking into account the market impact, and the commissions,and the fees, this zero-sum game becomes a negative-sum game.

所以,考虑到市场冲击,佣金,规费,这一零和博弈变成了负和博弈

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