来自《耶鲁大学开放课程：金融市场 第9集 第9集》

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  How do you hug the market in the venture capital world?
  如何掌控风险投资领域
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  You can't; it's very idiosyncratic.
  你不能 它是非常特殊的
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  If you're doing early-stage venture investing
  如果你做的是早期创业投资
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  you're backing entrepreneurs and ideas
  你是在支持创业者及其创意
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  and they're operating out of their garage.
  而他们可能正在不起眼的地方白手起家
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  I mean,this romantic notion of what goes on in Silicon Valley
  比如 硅谷崛起的故事
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  actually still holds true in a lot of cases
  实际上许多其他地方也有类似的例子
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  but there's absolutely no way,
  但是对于风险投资者来说
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  as a venture capital investor,
  指数化风险资本市场
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  you could index the venture capital market.
  是绝对不可能的
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  If you look at the behavior of groups of active managers
  如果观察一下主动管理型的基金经理们
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  and the dispersion of returns,
  和他们的投资收益分布