来自《耶鲁大学开放课程：金融市场 第9集 第9集》

• 
  
  because there's an enormous reward
  因为在那里才能通过一流的风投经理人
• 
  
  for identifying the top quartile venture capitalist
  获得巨额的投资回报
• 
  
  and almost no reward for being in the top quartile of
  而在债券市场 即使债券优质
• 
  
  the high- quality bond universe.
  经理人一流 回报微乎甚微
• 
  
  The overall conclusions are that, with respect to asset allocation,
  总而言之 在资产配置方面
• 
  
  you want to create an equity-oriented diversified portfolio.
  你要创造一个股权导向的多元化投资组合
• 
  
  With regard to market timing, you don't want to do it.
  别太寄望于市场时机选择
• 
  
  And with respect to securities selection, you want to consider
  证券选择方面
• 
  
  your skills and you want to consider the efficiency of markets
  要考虑自身能力与市场有效性
• 
  
  when you're making your decisions
  从而决定
• 
  
  as to whether or not to pursue passive management
  是采用被动型管理
• 
  
  or active management.
  还是主动型管理