Because investors cannot beat the market in aggregate, all this means is that money is transferred from investors to fund managers.
因为总体上来说投资者无法超越市场的表现,这就意味着资金从投资者手里转移到了基金经理的手里。
3
To balance out the equation, Americans, in the aggregate, either have to sell assets (stocks, real estate) or borrow money from abroad (by issuing Treasury bonds) to pay for the goods they buy.