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。