I chatted on the phone last week with Tad Rivelle, the chief investment officer for fixed-income at TCW in Los Angeles.

上周，我在电话上与洛杉矶 TCW 的固定收益投资首席投资官 Tad Rivelle 聊天。

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The rate of return an investor receives if a fixed-income security is held to maturity.

如果固定收益证券持有至到期日，则投资人的收益率将得到补偿。

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Performance in fixed-income markets was particularly strong, driven by credit trading, emerging markets and rates.

受信用交易、新兴市场和利率驱动，固定收入市场业绩格外强势。

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But regardless of how you measure it, for a full half-dozen years, in the midst of this bull market, colleges and universities were over-allocated to fixed income relative to where they had been in June of 1987.

但不管你怎么算,整整六年时间,处于牛市之中,大学的基金,由于1987年6月那次崩盘的影响,过度投资于固定收益债券

耶鲁公开课 - 金融市场课程节选

Just as I foreshadowed, if you look at the difference between the first and third quartile in the bond market -these are active returns over a ten-year period again ending June 30,2005 -and the fixed income market, the difference between first and third quartile is a half a percent per annum.

如我之前所示,如果观察,债券市场中的第一和第三个四分位数,四分位数即统计学中,把所有数值由小到大排列并分成四等份三个分割点位置分别就是三个四分位数 考虑十年期的主动型的收益,截止于2005年6月30日,在债券这个固定收益市场,第一和第三个四分位数,每年只差0.5%

耶鲁公开课 - 金融市场课程节选

U.S. fixed income active managers fared no better that equity managers over a five year period.

FORBES: Indexes Beat Active Funds Again in S&P Study

Fixed income funds were the most consistent with about 95 percent holding their original style category.

FORBES: Indexes Beat Active Funds Again in S&P Study

Independent of the other 27 countries, or relative to that same basket of fixed income.

FORBES: 2 Funds for Country and Sector Rotation