You want to spend your time and energy pursuing the most inefficiently priced asset classes because there's an enormous reward for identifying the top quartile venture capitalist and almost no reward for being in the top quartile of the high- quality bond universe.

你应该投入所有的时间和精力,去追逐最不能有效定价的资产,因为在那里才能通过一流的风投经理人,获得巨额的投资回报,而在债券市场,即使债券优质,经理人一流,回报微乎甚微

耶鲁公开课 - 金融市场课程节选

Why is it that when we see these law partners, or medical partners, or whatever it happens to be, or students together on a homework assignment, why is it we tend to get inefficiently little effort when we start figuring out the strategy and working through the game?

为什么这些律师事务所的律师,医疗合伙人或者其他类似的机构,还有一起做作业的学生,当我们研究过这些策略和博弈后,为何这样的组合往往是收效甚微的

耶鲁公开课 - 博弈论课程节选