The rise of passive investing reflects the fact that few stockpickers are able persistently to outperform the overall market.

被动投资的兴起反映出很少有股票挑选者能够持续跑赢市场的整体状况。

Theories about why innovation is sometimes disruptive and sometimes not are more often discussed by students of business and management than stockpickers.

为什么创新有时具有颠覆性，有时不具有颠覆性，关于这个问题的理论更多的是工商管理专业的学生在讨论，而不是选股票的人。

That kind of value is bait for stockpickers, who hope to sort good long-term bets from the ones that might turn ugly.

对那些希望从可能变糟糕的长期投资中挑选出好股票的选股者而言，这种价值对他们而言是诱饵。

KESTENBAUM: Seides knows all that data that John Bogle mentioned about how stockpickers can't beat the market.

KESTENBAUM：Seides 知道 John Bogle 提到的关于选股者如何无法击败市场的所有数据。