来自《耶鲁大学开放课程：金融市场 第9集 第9集》

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  and security selection are costly
  和证券选择是有代价的
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  and lower the community's aggregate investment returns.
  降低了总的投资回报
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  It's a little bit of a digression,
  讲一点稍稍离题的内容
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  but one of the things that I've witnessed
  我发现
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  over the past twenty years is that the leakage of the
  过去的二十年中 这种损耗
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  --the leakage from the system in terms of the returns
  这种减损资本所有者收益所得的
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  that go to the owners of capital
  系统性损耗
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  --leakage has increased enormously.
  有相当巨大的增长
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  Think about the advent of hedge funds
  想想对冲基金刚出现时
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  --twenty or twenty-five years ago,
  差不多20或25年前
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  hedge funds were a blip on the radar screen.
  它就像雷达屏幕上的一个小点
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  Today, they're a very important part
  如今 对冲基金是