Much has been said and written about the poor returns achieved by many active fund managers for their clients. Some critics focus on high expense ratios, but my experiences over the past 30 years as a director of seven quoted British companies suggest there is a deeper problem.
有關許多主動型基金經理爲客戶帶來糟糕回報的題材，人們談論了很多，也寫了很多文章。有些批評人士聚焦於高費用比率，但我過去30年擔任7家英國上市公司董事的經驗似乎表明，這其中存在一個更深層次的問題。
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