In a good year, active managers, half of them, they beat the index.

在一个好的年份， 活跃的经理人， 其中一半，他们跑赢了指数。

This has become more popular in recent years because most active managers don't beat the index, but you still have to pay their relatively high fees.

这在最近几年变得更加流行，因为大多数主动型经理人并没有战胜指数，但你仍然要支付他们相对高昂的费用。

I think for the average investor, there's absolutely no reason on earth why you would actually choose an active manager or pick stocks yourself.

我认为对于普通投资者来说， 你绝对没有理由真正选择一个活跃的经理或自己挑选股票。

But I think he was the guy who introduced the idea that if you're an active manager winning, there has to be another active manager somewhere else losing.

但我认为是他提出了这样一种观点的人：如果你是一个主动经理人赢了，那么在其他地方一定有另一个主动经理人输了。