原文:

As a group — I hope you’re sitting down for this astonishing revelation — we investors are average. For each percentage point of extra return above the market that one of us earns, another of our fellow investors suffers a return shortfall of precisely the same dimension. Before the deduction of the costs of investing, beating the stock market is a zero-sum game.

译文:

一个直击心灵的现实。取所有投资者的平均收益,你赚的比平均收益多一点,他赚的就比平均收益少一点。不计投资的成本摩擦,大市的平均收益,就是所谓零和博弈的参照点。

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