来自《耶鲁大学开放课程：金融市场 第9集 第9集》
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for the last five or ten years.普遍来说是12% 13% 14% -
In the case of Burt Malkiel's data,在伯特·麦基尔的数据中 -
more than 11% per year超过11%的年平均收益 -
and in the case of Roger Ibbotson's data在罗杰·伊博森的数据中 -
between 7% and 8% per year of those returns7%到8%的年平均收益 -
can be explained either by backfill bias or survivorship bias.可以用生存偏差或回填偏差来解释 -
If you subtract those numbers from the reported numbers,如果你从公布的数字中减去这些偏差因素 -
the returns that the investors投资者 -
that were actually investing in the funds投资于基金 -
that are defined as part of the universe at the time are low,所获得的实际收益率是很低的 -
maybe mid-single digits可能只有0.5左右 -
--far less than people would expect for the amount of risk远远低于人们预期的