在牛市中，对冲基金应该会使投资者收益减少。

In a bull market hedges should diminish returns.

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合格投资者收益实现年度按中国会计年度计算。

The fiscal year for the calculation of a QFII's realized gains shall comply with the Chinese fiscal year.

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如果溢价在8%，则相应的借款人利率会升高，因此相应投资者收益就会提高。

If it's at 8% then the corresponding interest rates for borrower's will go up and therefore corresponding returns to investors will go up.

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Two, what do you think are the best ways an individual ? investor can make the best return in the market these days?

第二个问题，在现在的形势下，你认为个人投资者,怎样才能从市场中获得最大的收益？

耶鲁公开课 - 金融市场课程节选

There's an appendix to one of the chapters in Jeremy Siegel's book where he says that one of the most important applications of this theory is to measure how successful an investor is.

刚才讲的是,杰里米·西格尔书上的附录,他认为这个理论最重要的应用,就是衡量一个投资者的收益

耶鲁公开课 - 金融市场课程节选