这个有更好的收益率特征怎么理解

嗨，爱思考的PZer你好：

你说的是第一个小点点吗？李老师说的是“收益率特征”也就是被动因子策略能获得更理想的回报。这是因为主动投资交易频率高、交易费用高，所以会侵蚀整体的收益率。请参考原版书的解释：

Passive factor-based approaches may offer an advantage for those investors who believe it is prudent to seek out groups of stocks that are poised to have desirable return patterns. Active managers also believe in seeking those stocks, but active management brings the burden of higher fees that can eat into any outpperformance.
 

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！