Moreover, it's had a 17.8% average return for the last ten years, which is number one among university endowments.

甚至,过去十年中,耶鲁基金的年均收益率高达17.8%,依然高居全美高校榜首

耶鲁公开课 - 金融市场课程节选

So Yale had a 28% return on its portfolio last year, which was number one of all college endowments.

去年耶鲁基金获得了28%的收益,收益率高居全美高校榜首

耶鲁公开课 - 金融市场课程节选

You look at the returns that are reported for hedge funds in aggregate--they're generally 12%,13%,14% per year for the last five or ten years.

看一下过去5到10年间,公报中的对冲基金年平均收益率,普遍来说是12%,13%,14%

耶鲁公开课 - 金融市场课程节选

The fact that people look at quarterly returns of mutual funds is incredibly dysfunctional.

只关注基金的季度收益率,是相当不妥当的的

耶鲁公开课 - 金融市场课程节选

So,we're talking about a group of funds that in aggregate probably produced somewhere in the low teens returns and he's got 11.7% per year combined survivorship bias and backfill bias.

因此我们说这组基金总体上,大概产生了略高于10%的收益率,他算出的数字是每年11.7%,结合了生存偏差和回填偏差

耶鲁公开课 - 金融市场课程节选

For the ten years ended June 30,2005, it returned 9.9% per year and then the average return for the actively managed equity fund was 9.6% per year, so we're back to that thirty basis points.

截至2005年6月30日的10年间,该指数年收益率为9.9%,而主动管理型股权基金的年平收益率为9.6%,我们落后30个基点

耶鲁公开课 - 金融市场课程节选