Well, that leakage--that 1.5% or 2% that you pay your hedge fund manager- plus the 20% of profits really reduces the amount of return that's available for the owners of capital.

系统的损耗,大约1.5%或2%的管理费率,用来支付给对冲基金经理,加上20%的利润提成,显著减少了资本所有者,可以得到的回报

耶鲁公开课 - 金融市场课程节选

It's a little bit of a digression, but one of the things that I've witnessed over the past twenty years is that the leakage of the -the leakage from the system in terms of the returns that go to the owners of capital -leakage has increased enormously.

讲一点稍稍离题的内容,我发现,过去的二十年中,这种损耗,这种减损资本所有者收益所得的,系统性损耗,有相当巨大的增长

耶鲁公开课 - 金融市场课程节选