So the survivorship bias and the backfill bias would be much,much more of a problem in the hedge fund world.

所以生存偏差和回填偏差,会是对冲基金领域里一个相当重大的问题

耶鲁公开课 - 金融市场课程节选

The problem is even more severe when you look at something that's relatively new, like the hedge fund world.

在相对新鲜的投资领域,你会发现这个问题更加严重,比如在对冲基金领域

耶鲁公开课 - 金融市场课程节选

Barclays sees the pension fund problem being the biggest long term drain on government resources.

FORBES: Is China Next To Suffer A Debt Crisis?

Mr. RALPH HERNDON (Former General Motors Employee): I'm concerned about the security of investments that UAW are going to have to make to try and keep this fund problem.

NPR: Retired UAW Members Analyze New GM Plan

And that's why we have a big problem with fees, we have a big problem with mutual fund governance, we have a big problem with mutual funds participating in the governance of our industrial corporations and other kinds of corporations in the U.S. They don't take the responsibility for ownership, because that doesn't produce any returns for the owners of the management companies.

FORBES: Intelligent Investing Briefing Book