Basically what they do is, rather than the asset manager trying to beat the market, they just buy the market.

总的来说，他们所做的是，与其说资产经理试图击败市场，不如说他们在购买市场。

But back to the subject of this podcast, the four ways to beat the market.

但回到本播客的主题， 击败市场的四种方法。

You've written this book, Four Ways to Beat the Market.

您写了这本书《击败市场的四种方法》。

You can't beat the market, right?

你无法战胜市场， 对吧？

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。

So tell us a little bit about this book that you've written, Four Ways to Beat the Market.

请告诉我们一些关于您所写的书《击败市场的四种方法》的一些信息。

You probably can't beat the market unless you're very, very lucky.

除非你非常非常幸运， 否则你可能无法击败市场。

KESTENBAUM: Isn't it also possible that it is just very, very hard to beat the market?

KESTENBAUM：是不是也有可能非常非常难以击败市场？

Like, I do think there are some people out there who really can beat the market, who are not just getting lucky.

就像，我确实认为有些人真的可以击败市场，而不仅仅是走运。

And that particular endowment, the Yale endowment, is run by this guy who has been beating the market for decades.

那个特殊的捐赠基金， 耶鲁大学捐赠基金，是由这个几十年来一直跑赢市场的人经营的。

This idea of " beating the market" is a source of debate among investors— in fact, investors break into two main groups over it.

这种“跑赢市场” 的想法在投资者中引起了争论——事实上，投资者为此分成了两个主要群体。

And the lesson from that episode seems to just be that it is really, really hard to beat the market by picking individual stocks.

那一集的教训似乎就是，通过挑选个股来击败市场真​​的很难。

KESTENBAUM: If you took a bunch of professional investors and looked at how they did over a long time and you took the average, they did not beat the market.

KESTENBAUM：如果你找了一群专业投资者， 看看他们在很长一段时间内的表现， 然后取平均数，他们并没有跑赢市场。

Active investors believe it is possible to beat the market by strategically selecting specific stocks and timing their trades, while passive investors believe it isn't usually possible to beat the market, and don't subscribe to stock picking.

主动投资者认为有可能通过战略性地选择特定股票和交易时机来战胜市场，而被动投资者认为通常不可能战胜市场，并且不赞成选股。

Fantastic. Well, a great little summer reading list there for all of our dedicated investor listeners. And of course, add to it Algy's own book, Four Ways to Beat the Market, which is published by Harriman House.

极好的。好吧，这里有一个很棒的夏季阅读清单，供我们所有忠实的投资者听众使用。当然，还要加上阿尔吉自己的书《击败市场的四种方法》，该书由哈里曼出版社出版。

On today's investment masterclass, we'll be exploring the data-driven world of stock screening — what it is, how to do it, and why today's special guest thinks there are four main ways to try to beat the market.

在今天的投资大师班上， 我们将探索数据驱动的股票筛选世界——它是什么、如何做，以及为什么今天的特邀嘉宾认为有四种主要方法可以试图击败市场。