来自《耶鲁大学开放课程：金融市场 第9集 第9集》

• 
  
  and put all of it into Google stock,
  全部投资于谷歌股票
• 
  
  asset allocation would have very little to say about
  资产配置在这种情况下
• 
  
  what Yale's returns would be.
  对耶鲁的回报率就没有多少影响了
• 
  
  As a matter of fact, security selection
  事实上 在这种情况下
• 
  
  would absolutely dominate the results.
  证券选择将决定回报率
• 
  
  The idiosyncratic behavior of Google stock from the time
  谷歌股票在从买入
• 
  
  that we purchase it to the time that we sell
  到卖出这一段时间里的走势
• 
  
  it would define Yale's returns.
  将决定耶鲁的回报率
• 
  
  Alternatively, if I went back to the office
  或者 如果我回到办公室
• 
  
  and took Yale's $22.5 billion dollars
  把耶鲁的225亿美元
• 
  
  and decided that I was going to day trade bond futures,
  投资于即日平仓的债券期货
• 
  
  security selection wouldn't
  在这种情况下