Numbers Games–Reflections on the Uses and Abuses of Big Data by John C. Bogle
Jack gave the keynote address at the 2017 Seminar of the Journal of Investment Management in Boston on September 24, 2017. His speech, “Numbers Games–Reflections on the Uses and Abuses of ‘Big Data,'” looks at quantitative investment strategies and the likelihood that some of the most popular such strategies will endure in the years ahead. [The Bogle eBlog]
- Vanguard Total Stock Market ETF VTI
- Vanguard FTSE Europe ETF VGK
- Vanguard FTSE Pacific ETF VPL
- Vanguard FTSE Emerging Markets ETF VWO
- 綠角財經筆記: Vanguard Small-Cap Value ETF分析介紹(VBR,2017年版)
雖然有小型股溢酬與價值股溢酬的說法,但投資人仍需提防風險的存在, 也就是說,沒有保證說長期下來,小型股或價值類股就一定會勝過單純的全市場指數。 - 綠角財經筆記: 指數型基金的雙重領先優勢(Active Mutual Funds Disappoint Investors)
主動型基金不是只有一 個”績效落後指數”的問題而已。它還帶給投資人另一個大問題,就是更容易表現出追高殺低的行為。投資主動型基金不是只有費用較高,落後市場的問題而已,這種基金, 更難讓投資人維持投資紀律。
Numbers Games–Reflections on the Uses and Abuses of Big Data by John C. Bogle
con‧tra‧ri‧an /kənˈtreəriən-ˈtrer-/ noun [countable]an investor who believes in doing the opposite to most other investors at any one timeA long-sighted contrarian might now get rid of equities in favour of real estate.
squarelyadverb
UK /ˈskweə.li/ US /ˈskwer/pristineadjective
UK /ˈprɪs.tiːn/ US /prɪˈstiːn/ formal approvingundisclosedadjective
UK /ˌʌn.dɪsˈkləʊzd/ US /ˌʌn.dɪsˈkloʊzd/implement
Word family noun implementation verb implement
From Longman Dictionary of Contemporary Englishim‧ple‧ment1 /ˈɪmpləment/ ●●○ W3 AWL verb [transitive] to take action or make changes that you have officially decided should happenimplement a policy/plan/decision etc We have decided to implement the committee’s recommendations in full.—implementation /ˌɪmpləmenˈteɪʃən/ noun [uncountable] the implementation of the peace plantrail verb (IN A COMPETITION/GAME)
be trailing
uniformadjective
UK /ˈjuː.nɪ.fɔːm/ US /ˈjuː.nə.fɔːrm/dimensionnoun
UK /ˌdaɪˈmen.ʃən/ /ˌdɪˈmen.ʃən/ US /ˌdaɪˈmen.ʃən/ /ˌdɪˈmen.ʃən/
B2 [ C often plural ] a measurement of something in a particular direction, especiallyits height, length, or width
空間,尺寸
intermediation
dis‧in‧ter‧me‧di‧a‧tion /dɪsˌɪntəmiːdiˈeɪʃən-tər-/ noun [uncountable]when financial products are sold directly to customers rather than through financial institutionsMany banks were keen to move into Stock Exchange activities in order to capture some of the business they were losing through disintermediation.→ opposite intermediation
discreteadjective
UK /dɪˈskriːt/ US /dɪˈskriːt/triteadjective
UK /traɪt/ US /traɪt/ disapprovingto what extent?
periodicadjective
UK /ˌpɪə.riˈɒd.ɪk/ US /ˌpɪr.iˈɑː.dɪk/
happening repeatedly over a period of time
週期(性)的;定期的
He suffers periodic mental breakdowns.他週期性地精神失常。
the uncertainty principle, also known as Heisenberg's uncertainty principle or Heisenberg's indeterminacy principle
differential noun [ C ] (GAP)
an amount of difference between things that are compared
差額;差距
a price differential價格差距
The pay differential between employees and management is too great.工人與管理者之間的工資差距過大。
cadrenoun
UK /ˈkɑː.dər/ US /ˈkɑː.dɚ/sanctitynoun
UK /ˈsæŋk.tə.ti/ US /ˈsæŋk.tə.t̬i/distance yourself from sth
— phrasal verb with distance UK /ˈdɪs.təns/ US /ˈdɪs.təns/ verb
be tempted
reverseverb
UK /rɪˈvɜːs/ US /rɪˈvɝːs/reverse verb (CHANGE TO OPPOSITE)
(使)反向;(使)倒轉;徹底改變;推翻
Now that you have a job and I don't, our situations are reversed.你找到了工作,我倒沒有工作了,我們的情況正好相反。
parallelnoun
UK /ˈpær.ə.lel/ US /ˈper.ə.lel/
B2 a long piece of writing on a particular subject, especially one that is done for a higher college or university degree
論文
a doctoral thesis (= for a PhD)博士論文
B2 to give or to be a good reason for
為…辯護;證明…正當(或有理、正確);是…的正當理由
[ + -ing verb ] I can't really justify taking another day off work.我真的找不出理由再多休一天假了。
justify yourself
B2 If you justify yourself, you give a good reason for what you have done.
為自己的行為作解釋
It was the only thing that I could do - I don't have to justify myself to anyone.這是我唯一能做的——我不必向任何人解釋。
cancel sth out
— phrasal verb with cancel UK /ˈkæn.səl/ US /ˈkæn.səl/ verb -ll-or us usually -l-
reversalnoun [ C ]
UK /rɪˈvɜː.səl/ US /rɪˈvɝː.səl/
linearadjective
UK /ˈlɪn.i.ər/ US /ˈlɪn.i.ɚ/
C2 to invent a plan, system, object, etc., usually using yourintelligence or imagination
巧妙構思;巧妙設計;發明
The cartoon characters Snoopy and Charlie Brown were devised by Charles M. Schultz.卡通人物史諾比和查理‧布朗是由查爾斯設計的。
imposingadjective
UK /ɪmˈpəʊ.zɪŋ/ US /ɪmˈpoʊ.zɪŋ/
having an appearance that looks important or causes admiration
壯觀的;宏偉的;氣宇不凡的
an imposing mansion雄偉壯觀的大廈
not to be sneezed at
From Longman Dictionary of Contemporary Englishnot to be sneezed atBritish English, nothing to sneeze at American English spoken used about an offer, especially of money, that is very good, and which you should consider carefully In those days, £5 an hour was not to be sneezed at.
perennialadjective
UK /pəˈren.i.əl/ US /pəˈren.i.əl/
a set of mathematical instructions or rules that, especially if given to a computer, will help to calculate an answer to a problem
(尤指電腦使用的)演算法,計算程式
Music apps use algorithms to predict the probability that fans of one particular bandwill like another.
infiniteadjective
UK /ˈɪn.fɪ.nət/ US /ˈɪn.fə.nət/
someone in the financial industry who uses mathematical methods, for example to measure the risk of an investment
滲透;瀰漫;遍佈;充滿
Dissatisfaction with the government seems to have permeated every section ofsociety.社會的每一個角落似乎都瀰漫著對政府的不滿。
canon noun (WRITINGS)
[ C usually singular ] specialized literature all the writings or other works knownto be by a particular person
(某人的)作品全集
the Shakespearean canon莎士比亞作品全集
prologuenoun
UK /ˈprəʊ.lɒɡ/ US /ˈproʊ.lɑːɡ/conviction noun (OPINION)
C2 [ C or U ] a strong opinion or belief
堅定的看法;堅定的信念;堅定的信仰
[ + that ] It's my personal conviction that all rapists should be locked away for life.我個人堅持認爲所有強姦犯都應處以終生監禁。
illustrate verb [ T ] (EXPLAIN)
C1 to show the meaning or truth of something more clearly,especially by giving examples
(尤指用例子)說明,闡明
The lecturer illustrated his point with a diagram on the blackboard.講師在黑板上用圖表來說明自己的觀點。
[ + question word ] The exhibition will illustrate how life evolved from water.這次展覽將展示生命是如何從水中演化而來的。
更多範例
anecdotal
From Longman Dictionary of Contemporary Englishan‧ec‧dot‧al /ˌænɪkˈdəʊtl◂ $ -ˈdoʊ-/ adjective consisting of short stories based on someone’s personal experience His findings are based on anecdotal evidence rather than serious research.
anecdotaladjective
UK /ˌæn.ɪkˈdəʊ.təl/ US /ˌæn.ɪkˈdoʊ.t̬əl/stretch
From our crowdsourced Open Dictionary
an exaggeration
liquidateverb
UK /ˈlɪk.wə.deɪt/ US /ˈlɪk.wə.deɪt/obliterateverb
UK /əˈblɪt.ər.eɪt/ US /əˈblɪt̬.ə.reɪt/
[ T often passive ] to remove all signs of something, either by destroying it or by covering it so that it cannot be seen
徹底毀掉,抹去,覆蓋(使不留痕跡)
The missile strike was devastating - the target was totally obliterated.這次導彈襲擊是毀滅性的——目標蕩然無存。
spiritedadjective
UK /ˈspɪr.ɪ.tɪd/ US /ˈspɪr.ə.t̬ɪd/ approving熱情飽滿的;積極堅定的
The home team's spirited playing ensured them a comfortable victory.地主隊熱情四射的表現使他們輕鬆贏得了比賽的勝利。
shadow noun (SMALL AMOUNT)
rest on/upon sth
formal
— phrasal verb with rest UK /rest/ US /rest/ verb
pathetic
From Longman Dictionary of Contemporary Englishpa‧thet‧ic /pəˈθetɪk/ ●●○ adjective 1 something or someone that is pathetic is so useless, unsuccessful, or weak that theyannoy you You’re pathetic! Here, let me do it. I know it sounds pathetic now, but at the time I was frightened. Vic made a pathetic attempt to apologise.2 making you feel pity or sympathy The child looked a pathetic sight.—pathetically /-kli/ adverb She whimpered pathetically.
statisticaladjective
UK /stəˈtɪs.tɪ.kəl/ US /stəˈtɪs.tɪ.kəl/implicationnoun
UK /ˌɪm.plɪˈkeɪ.ʃən/ US /ˌɪm.pləˈkeɪ.ʃən/
the part of mathematics that involves the adding and multiplying, etc. of numbers
算術
I've never been very good at arithmetic.我從來不擅長算術。
an arithmetic test算術考試
pie in the sky
eclipse verb (IMPORTANCE)
substantiallyadverb
UK /səbˈstæn.ʃəl.i/ US /səbˈstæn.ʃəl.i/spannoun
UK /spæn/ US /spæn/span noun (TIME)
[ C usually singular ] the period of time that sometimes exists or happens
一段時間
He has a short attention/concentration span.他的注意力持續時間很短。
Over a span of just three years, the new government has transformed the country'seconomic prospects.僅僅三年的時間,新政府已經使該國的經濟前景出現改觀。
abusenoun
UK /əˈbjuːs/ US /əˈbjuːs/abuse noun (WRONG USE)
B2 [ C or U ] the use of something in a way that is harmful or morallywrong
(尤指出於個人私利的)虐待,傷害,濫用,妄用
Drug and alcohol abuse (= using these substances in a bad way) contributed to his early death.嗜毒和酗酒導致了他的早逝。