if an individual sticks to, sort of,

如果某人专注于
areas where they might have an informational advantage

一些他们拥有信息优势的领域
or at least don't have an informational disadvantage,

或者说至少没有信息劣势
they won't own a diversified portfolio of securities

那么他们就不会有分散化的投资组合
because their informational advantage will be narrow.

因为他们的信息优势领域范围太小
They also have sort of limited access to the gamut of products

他们在大范围内获取产品的途径也是有限的
and so forth

诸如此类的
restricted access and restricted offerings.

受限的途径和受限的供应
So, that's a challenge for individuals.

是对个体的考验
Institutions are sort of professional investors;

而机构更像是专业的投资人
all spend a lot of money on information,

他们在信息的获取上花大量的金钱
which requires infrastructure and resources and so forth.

这需要一整套基础架构和资源等等