来自《耶鲁大学开放课程：金融市场第9集第9集》

In every one of those seventeen categories,

发现这17种基金中的每一种
the dollar-weighted returns were

货币加权回报率
less than the time-weighted returns.

都是低于时间加权回报率的
Well, how does that happen?

这是怎么回事呢
The same way that these investors

这与这些投资者和网络技术基金
and the Internet tech funds lost their money.

蒙受损失的道理是一样的
They bought after the funds had gone up

基金上涨后他们买入
and they sold after they had gone down.

基金下跌他们就卖出
When you buy high and sell low

当你高价买入低价卖出时
it's really hard to generate returns,

是很难产生回报的
even if you do it with great enthusiasm and great volume.

不管你有多大交易热情或有多大交易量
The Morningstar study is incredibly damning

晨星公司这一研究结果