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.
有关许多主动型基金经理为客户带来糟糕回报的题材，人们谈论了很多，也写了很多文章。有些批评人士聚焦于高费用比率，但我过去30年担任7家英国上市公司董事的经验似乎表明，这其中存在一个更深层次的问题。
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