来自《耶鲁大学开放课程：金融市场 第9集 第9集》

• 
  
  to beat the market by a point or two
  高于市场水平一到两个百分点的回报率
• 
  
  losing by 0.3% per year because of
  却由于抓不住市场时机而每年亏个0.3%
• 
  
  your market timing inability is a bad thing.
  就很糟糕了
• 
  
  But if you look at the tech fund category,
  但是如果你关注科技投资基金
• 
  
  the difference between the dollar-weighted
  十年间 货币加权回报率
• 
  
  and the time-weighted returns--this is over a ten-year period
  和时间加权回报率间的差距
• 
  
  --is 13.4% per annum;
  是每年13.4%
• 
  
  that's stunning.
  这是非常夸张的
• 
  
  Compound that 13.4% over ten years
  按13.4%复利算一下10年期的结果
• 
  
  and there's just an enormous gap
  你会发现在招股说明书和广告里给出的
• 
  
  between those mutual fund numbers that are in the prospectus
  用来反映投资机构实际业绩水平的
• 
  
  and in the advertisement--the time-weighted returns
  时间加权回报率