来自《耶鲁大学开放课程：金融市场 第9集 第9集》

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  but if you look at the number reported for 2005,
  但是如果你去查2005年公告的数字
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  because bad records had disappeared
  坏记录已经调整而消失
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  and good records had been added,
  有利的投资记录被加入
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  all of a sudden the average experience for that year went up to +1.2%.
  转瞬之间 年平均收益升至1.2%
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  This is incredibly important because,when you look at this number
  这极其重要 因为当你看这些数字时
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  that we started out with,saying the benchmark was 9.9
  刚才说过基准收益是9.9%
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  but net of fees the managers on average
  但是主动管理型基金经理人的平均净利润
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  only lost thirty basis points--or .3%
  只落后了30个基点或者说0.3%
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  --you'd say,well that's a game I don't mind playing.
  你可能会说这个游戏 我不介意玩一玩
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  Then if you adjust for survivorship bias,
  那么如果你算上生存偏差
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  you end up concluding that the deficit wasn't .3%
  你会发现 缺口不是0.3%
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  but the deficit was actually 2%.
  事实上是2%