Small-cap stocks are tougher to price than large-cap stocks, so there's a 4.7% differential, first to third quartile.

小盘股比大盘股更难定价,第一和第三个四分位数的差距有4.7%

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Of course, in the venture capital world, the least efficiently priced of all, there's a 43.2% differential between the top quartile and the bottom quartile.

当然在最无法有效定价的风险投资领域,第一和第三个四分位数之间的差距,可以达到43.2%

耶鲁公开课 - 金融市场课程节选

Or should I spend my time and energy trying to find the top quartile bond, top quartile real estate manager,or buyout manager, or venture capital manager?

还是说,我应该投入时间和精力,去找一流的债券经理人,一流的不动产或杠杆收购经理人,或者一流的风险投资经理人

耶鲁公开课 - 金融市场课程节选

Then as you move out to the equity markets where it's harder to price things as efficiently--large-cap stocks -there are two-fold percentage points,first to third quartile.

如果你转而观察,难以有效定价的市场,比如大盘股,第一和第三个四分位数相差2个百分点

耶鲁公开课 - 金融市场课程节选

Where even if you can find somebody who's going to be a first quartile manager, there's almost no difference between the first quartile return and the third quartile return.

即使你能找到一位,一流的经理人,但在债券市场收益中,第一和第三个四分位数之间几乎没有区别

耶鲁公开课 - 金融市场课程节选

The hedge fund world is 7.1% first to third quartile, real estate 9.3% per annum, leveraged buyouts 13.7% per annum this is over a ten-year period, so now we're starting to talk about some pretty significant dispersion.

在对冲基金中,这个差距有7.1%,不动产投资中的差距是9.3%,杠杆收购中是每年13.7%,以上都是十年期收益,我们现在谈的是,一些显著的差距

耶鲁公开课 - 金融市场课程节选

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

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Just as I foreshadowed, if you look at the difference between the first and third quartile in the bond market -these are active returns over a ten-year period again ending June 30,2005 -and the fixed income market, the difference between first and third quartile is a half a percent per annum.

如我之前所示,如果观察,债券市场中的第一和第三个四分位数,四分位数即统计学中,把所有数值由小到大排列并分成四等份三个分割点位置分别就是三个四分位数 考虑十年期的主动型的收益,截止于2005年6月30日,在债券这个固定收益市场,第一和第三个四分位数,每年只差0.5%

耶鲁公开课 - 金融市场课程节选