Quant investors argue that any edge they have is soon competed away.

定量投资者辩称，他们拥有的任何优势很快就会被竞争殆尽。

Newer quant outfits, like aqr and Two Sigma, beat humans' returns and gobbled up assets.

较新的量化机构，如 aqr 和 Two Sigma，击败了人类的回报并吞噬了资产。

The quants came back with a vengeance.

宽客们报复性地回来了。

And it's so funny because I kind of see it even today with quants.

这很有趣，因为即使在今天， 我在宽客身上也看到了这一点。

Which I know is a little surprising because you think markets, you think numbers, you think everything's quant.

我知道这有点令人惊讶， 因为你认为市场，你认为数字， 你认为一切都是量化的。

There was a time when everyone thought the quants had figured it out.

曾经有一段时间，每个人都认为宽客们已经弄明白了。

Quantum quants hope their machines will boost profits by speeding up asset pricing, digging up better-performing portfolios and making machine-learning algorithms more accurate.

有量子计算加持的量化投资机构希望通过加速资产定价、挖掘表现更好的投资组合、提高机器学习算法的准确性来提升利润。

There is a good deal of drudgery, of course;but one preserves one's moral freedom, what we call in French one's quant a soi.

有很多苦差事， 当然； 但一个人保持道德自由，我们在法语中称之为 quant a soi。

But life is, as twee as it is, as quant as it is a sentiment, life is the great art, isn't it?

但是，生活既是一种感情，也是一种感情，生活是一门伟大的艺术，不是吗？

The flagship fund of Renaissance Technologies, the first ever quant outfit, established in 1982, earned average annual returns of 66% for decades.

Renaissance Technologies 的旗舰基金是有史以来第一家量化基金，成立于 1982 年， 几十年来的平均年回报率为 66%。

Most quants underperformed the markets, as well as human hedge funds, in 2020 and early 2021. aqr closed a handful of funds after persistent outflows.

在 2020 年和 2021 年初，大多数量化分析师的表现都逊于市场以及人类对冲基金。在持续资金外流后，aqr 关闭了少数基金。

First came the " quants" , or quantitative investors, who use data and algorithms to pick stocks and place short-term bets on which assets will rise and fall.

首先出现的是“宽客” ，即量化投资者，他们使用数据和算法来挑选股票， 并对资产的涨跌进行短期押注。

Looked at in another way, it's very hard to tell because it's a bit like, you know, retail investors in the stock market versus like a very established quant firm.

从另一个角度来看， 这很难说，因为它有点像，你知道，股票市场的散户投资者与一家非常成熟的量化公司。

Markowitz sounds like a really interesting guy. So I didn't get to talk to him much, but I think he sort of like built the moulds of the, like, quant personality.

马科维茨听起来像一个非常有趣的家伙。所以我没有和他聊太多，但我认为他有点像构建了量化人格的模式。

Like, he was apparently like a big wine guy, (Ethan laughs) and I know a bunch of quants who are really into wine and, like, trading wine and, like, it's so funny to see these kinds of parallels, like, decades later.

就像，他显然就像一个葡萄酒大佬，（伊森笑）， 我认识一群真正喜欢葡萄酒的宽客，比如，交易葡萄酒， 比如，看到这些类似的东西很有趣，比如，几十年之后。