There's a very important phenomenon that you need to take into account when you look at these histories of returns that are generated by active managers.

当查阅这些主动管理型基金经理,留下的历史收益记录时,有个很重要的现象

耶鲁公开课 - 金融市场课程节选

So, right now, I'm reading "The Histories" by Herodotus,

现在我在读希罗多德的《历史》，

主修古典文学 - SpeakingMax英语口语达人

Then you see way back in human histories figures like this where people had to go hunt for their food, and of course there was danger involved in this.

让我们回到人类演化史上,如这张图所示,人们不得不去狩猎觅食,当然,这是非常危险的

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They are borrowers that are thought, by the various models, to be likely to fail to pay on their mortgage and to have to be foreclosed; often low income, but also they're people with poor credit histories.

通过一些模型的计算,这些借款人,很有可能无法偿付贷款,抵押房产会被贷款人收回,借款人通常属于低收入人群,而且这些人没有很好的信用记录

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So，the point is,every object falling under gravity is given by the same formula, but there are many, many objects that can have many histories, all falling under gravity, and what's different from one object and the other object is, when was it dropped, from what height, and with what initial speed.

关键是,每一个受重力作用下落的物体,都有同样的表达式,但是各个受重力作用下落的物体,都有不同的初始条件,所以它们的区别在于,下落时刻,下落高度和初始速度

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Study their histories.

研究他们的历史。

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